Nike Inc (NKE) 2019 Q3 法說會逐字稿

Good afternoon, everyone.

大家下午好。

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

歡迎參加 NIKE, Inc. 2019 財年第三季度電話會議。

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增長或毛利率的預期。

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 fiscal information and non-GAAP financial measures.

參與者還可以參考其他非公開財務和財務信息以及非公認會計準則財務措施。

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信息的範圍內，可比較的 GAAP 衡量標準和定量調節表將在耐克網站 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，接線員。

Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2019 third quarter results.

大家好，感謝您今天加入我們討論 NIKE, Inc. 2019 財年第三季度業績。

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.

參加今天電話會議的有 NIKE, Inc.。

Chairman, President and CEO, Mark Parker; and our Chief Financial Officer, Andy Campion.

董事長、總裁兼首席執行官馬克·帕克；以及我們的首席財務官安迪·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 NIKE, Inc.。

Chairman, President and CEO, Mark Parker.

董事長、總裁兼首席執行官馬克·帕克。

Thanks, Nitesh, and hello, everyone.

謝謝，Nitesh，大家好。

In Q3, our teams once again drove healthy growth across NIKE's complete portfolio, leading to balanced results in our key dimensions.

第三季度，我們的團隊再次推動了耐克整個產品組合的健康增長，在關鍵維度上實現了平衡的結果。

In our geographies, for example, the continued growth in North America was fueled by NIKE Consumer Experiences (sic - Customer Experience), where we have our most direct connection with the consumer.

例如，在我們的地區，北美地區的持續增長是由耐克消費者體驗（原文如此——客戶體驗）推動的，在這裡我們與消費者有最直接的聯繫。

China earned its 19th consecutive quarter of high quality, double-digit growth, as the Chinese consumer increasingly makes sport a part of their daily lives.

隨著中國消費者越來越多地讓體育成為日常生活的一部分，中國連續第 19 個季度實現兩位數的高質量增長。

And the NIKE brand continues to accelerate in EMEA and APLA as we go deep into our key cities to seize new opportunities quickly.

隨著我們深入重點城市，快速抓住新機遇，NIKE 品牌在 EMEA 和 APLA 的發展持續加速。

In innovation, we led with bold platforms like Air Max and sportswear and adaptive technology in basketball.

在創新方面，我們以 Air Max 和運動服等大膽平台以及籃球自適應技術為主導。

We kept consumers coming back for more with the fast pace of fresh options in our Power Franchises.

我們通過在我們的強力特許經營中快速提供新鮮選擇來吸引消費者的回頭客。

And with the energy for sportswear at an all-time high, NIKE continues to stand out in the active lifestyle marketplace through our authentic position in sport.

隨著運動服裝的熱度空前高漲，耐克憑藉我們在運動領域的真實地位，繼續在積極的生活方式市場中脫穎而出。

And through our digital transformation, we're scaling the digital capabilities that will serve consumers more personally.

通過數字化轉型，我們正在擴展數字化能力，為消費者提供更個性化的服務。

And we're driving significant growth through our digital ecosystem, making Q3 NIKE Digital's first billion-dollar quarter.

我們正在通過數字生態系統推動顯著增長，使耐克數字第三季度成為第一個價值十億美元的季度。

Put together, all of this work led to strong results for the quarter.

總而言之，所有這些工作為本季度帶來了強勁的業績。

NIKE, Inc.

耐克公司

revenues grew 7%.

收入增長 7%。

On a currency-neutral basis, NIKE, Inc.

在貨幣中性的基礎上，NIKE, Inc.

revenue increased 11%.

收入增長 11%。

Gross margin was up 130 basis points to prior year, and earnings per share was $0.68.

毛利率比上年增長 130 個基點，每股收益為 0.68 美元。

Diving into the details, we launched some incredible innovations this quarter.

深入研究細節，我們本季度推出了一些令人難以置信的創新。

Let's start with Nike Air.

讓我們從 Nike Air 開始。

The major leaps we've made in new designs for the Air Max, like VaporMax and Max 270 continued to energize the consumers' ongoing love for the whole platform.

我們在 Air Max 的新設計（例如 VaporMax 和 Max 270）方面取得的重大飛躍繼續激發了消費者對整個平台的持續喜愛。

Icons like the Max 95 and 97 and Tuned Air are a hit with both men and women.

Max 95 和 97 以及 Tuned Air 等標誌性產品深受男士和女士的歡迎。

The Air Max Dia, our new women-specific design, is performing extremely well across the globe; and the Air Max 720, a radically unique silhouette was released in a number of bold colorways, creating a strong consumer response right out of the gate.

Air Max Dia 是我們專為女性設計的全新設計，在全球範圍內表現出色； Air Max 720 則以多種大膽的配色發布了極其獨特的廓形，一推出就引起了消費者的強烈反響。

We don't, however, take this high demand for granted.

然而，我們並不認為這種高要求是理所當然的。

It requires constant fine-tuning and the right balance of ceding and scaling to ensure a healthy position in the marketplace.

它需要不斷的微調以及放棄和擴展的適當平衡，以確保在市場上的健康地位。

But we know as long as we're making an impact with distinctive innovation, like Air Max, our top platforms will continue to fuel our long-term growth.

但我們知道，只要我們通過像 Air Max 這樣的獨特創新產生影響，我們的頂級平台就將繼續推動我們的長期增長。

At the same time, we're delivering a faster cycle of fresh assortments of our Power Franchises.

與此同時，我們正在以更快的速度提供我們的 Power Franchise 的新鮮品種。

We do that by offering more options of colors and materials inspired by more targeted and relevant storytelling, and the strategy is paying off.

我們通過提供更多的顏色和材料選擇來做到這一點，這些選擇的靈感來自更有針對性和相關的故事講述，這一策略正在取得回報。

For example, in our sportswear category, which continues to grow double digits, the Air Force 1 is accelerating growth in both men's and women's.

例如，在我們的運動裝類別中，該類別繼續以兩位數的速度增長，其中男裝和女裝的 Air Force 1 都在加速增長。

In the Jordan Brand, where the business grew at a very healthy rate this quarter, the Jordan 1 is a top seller across all geographies.

在 Jordan Brand 中，本季度業務增長非常健康，Jordan 1 是所有地區的暢銷產品。

And in basketball, we drove energy with the Kyrie 5 and the LeBron 16 through multiple colorways and creative product storytelling.

在籃球領域，我們通過多種配色和富有創意的產品故事講述了 Kyrie 5 和 LeBron 16 的能量。

We also know there are several untapped opportunities within our innovation agenda, and we've intensified our focus to amplify them.

我們還知道我們的創新議程中有一些尚未開發的機會，我們已經加強了重點來擴大這些機會。

For example, we're energizing the marketplace with statement innovation, and going forward, you'll see us bring more distinction at the core level.

例如，我們通過聲明創新為市場注入活力，展望未來，您將看到我們在核心層面帶來更多差異。

Specifically for next fiscal year, we fast-tracked new collections under the $100 price point, and we're aligning the merchandising and marketing teams to support them throughout the marketplace.

具體來說，在下一財年，我們將快速推出 100 美元價位以下的新系列，並且我們正在調整銷售和營銷團隊以在整個市場上為它們提供支持。

Apparel, as we've said, is another outsized growth opportunity.

正如我們所說，服裝是另一個巨大的增長機會。

Over the course of the next year, you're going to see a sharper focus on key classifications in NIKE apparel.

在接下來的一年裡，您將看到耐克服裝的關鍵類別受到更加關注。

We'll accelerate growth by offering fresh options in our top sellers, much like we do on footwear with our Power Franchises.

我們將通過在最暢銷產品中提供新的選擇來加速增長，就像我們通過 Power Franchise 在鞋類領域所做的那樣。

Our goal is to provide great apparel for every step of the sport journey.

我們的目標是為運動之旅的每一步提供優質服裝。

For workouts, we're offering the best core items.

對於鍛煉，我們提供最好的核心項目。

This quarter, the bra business continued to expand, and our athletic take on yoga apparel has moved us into a new market.

本季度，文胸業務繼續擴張，我們對瑜伽服裝的運動風格使我們進入了一個新市場。

For day-to-day life, we're designing for added versatility.

對於日常生活，我們正在設計增加多功能性。

In this quarter, the new Tech Knit has been very successful, helping to grow Tech Pack unit sales nearly 200% compared to last year.

本季度，新的 Tech Knit 非常成功，幫助 Tech Pack 單位銷售額比去年增長了近 200%。

And to feed a passion for teams and athletes, we're offering premium products, like the NBA Showtime Hoodie and then cascading to core level fleece, tees and shorts.

為了激發球隊和運動員的熱情，我們提供優質產品，例如 NBA Showtime 連帽衫，以及核心級別的羊毛衫、T 恤和短褲。

In just our second year with the NBA, this is tracking to be the largest merchandising season in its history.

今年是我們加入 NBA 的第二年，這將成為其歷史上規模最大的營銷季。

We're at our best when we're leveraging sports moments through our athletes and league partnerships.

當我們通過運動員和聯盟合作夥伴關係來利用體育時刻時，我們就處於最佳狀態。

And looking ahead, the sports calendar is full of moments to elevate, starting from today's first round of March Madness all the way through the Tokyo Olympics in 2020.

展望未來，體育日曆上充滿了值得提升的時刻，從今天的瘋狂三月第一輪一直到 2020 年東京奧運會。

In the next few months, we'll celebrate World Cup with our most innovative team kits and sportswear collections.

在接下來的幾個月中，我們將用最具創新性的球隊球衣和運動服系列來慶祝世界杯。

In the spring marathons, we'll unveil the next generation of the ZoomX platform.

在春季馬拉鬆比賽中，我們將推出下一代 ZoomX 平台。

And building on the energy of the NBA Playoffs, Giannis will cap off his incredible season with the reveal of his first signature shoe.

憑藉 NBA 季后賽的能量，揚尼斯將以他的第一款簽名鞋的亮相結束他令人難以置信的賽季。

We'll also continue our streak of industry-defining innovation for the everyday athlete.

我們還將繼續為日常運動員提供行業定義的創新。

We'll introduce a completely new cushioning system designed to get more people running.

我們將推出一種全新的緩衝系統，旨在讓更多的人跑步。

And in women's, we'll launch more than 40 new styles of bras to expand our inclusive sizing considerably.

在女裝方面，我們將推出 40 多種新款文胸，以大幅擴展我們的尺碼包容性。

And building off the successful adaptive basketball launch this quarter, we'll expand the platform into new categories and embed the Adapt technology even further into our digital ecosystem.

在本季度成功推出自適應籃球的基礎上，我們將將該平台擴展到新的類別，並將 Adapt 技術進一步嵌入到我們的數字生態系統中。

The innovation pipeline is full at NIKE, and it gives us great confidence that we'll continue to win with the consumers for years to come.

耐克的創新渠道很齊全，這讓我們充滿信心，相信我們將在未來幾年繼續贏得消費者的青睞。

While we view innovation as NIKE's #1 competitive advantage, our digital transformation will create even further separation.

雖然我們將創新視為耐克的第一大競爭優勢，但我們的數字化轉型將造成進一步的分離。

There are teams all over NIKE piloting new ideas and proving out concepts.

耐克各地的團隊都在嘗試新想法並驗證概念。

We're testing, learning and optimizing at an incredible pace.

我們正在以令人難以置信的速度進行測試、學習和優化。

But the real key is to turn these new digital capabilities into growth at scale.

但真正的關鍵是將這些新的數字能力轉化為大規模增長。

There's a lot to talk about here, and I'll highlight a few areas that are leading to broad-based growth.

這裡有很多東西要談，我將重點介紹幾個導致廣泛增長的領域。

First, we're supercharging NikePlus membership for even greater personalization with consumers.

首先，我們對 NikePlus 會員資格進行了超級收費，以便為消費者提供更多的個性化服務。

When we offer more tailored product and experiences, we bring more value to the consumer, and it opens up more opportunities to grow our business.

當我們提供更量身定制的產品和體驗時，我們就會為消費者帶來更多價值，並為我們的業務發展帶來更多機會。

So this quarter, we extended a new advanced algorithm in our apps that allows us to reward our most active members.

因此，本季度，我們在應用程序中擴展了一種新的高級算法，使我們能夠獎勵最活躍的會員。

We added this data driven format to the release of the Nike App in Japan, and it helped lead to the most successful launch ever.

我們在日本發布的 Nike 應用程序中添加了這種數據驅動格式，它幫助實現了有史以來最成功的發布。

We continue to show how important membership is to creating an increasingly seamless physical to digital retail experience.

我們繼續展示會員資格對於創造日益無縫的實體到數字零售體驗的重要性。

In our House of Innovation stores in New York and Shanghai, over 50% of transactions are with members.

在我們位於紐約和上海的 House of Innovation 商店中，超過 50% 的交易是與會員進行的。

Across our wider fleet, consumers using the Nike App at Retail average 40% higher sales than those who don't.

在我們更廣泛的產品中，使用 Nike App at Retail 的消費者的銷售額平均比不使用的消費者高 40%。

Our sneakers app in particular continues to be a powerhouse in the world of digital commerce.

尤其是我們的運動鞋應用程序仍然是數字商務領域的強大力量。

For the quarter, sneakers traffic and revenue were up triple digits.

本季度，運動鞋流量和收入增長了三位數。

17 of the top 20 sneakers launches had 100% sell-through.

排名前 20 的運動鞋中，有 17 款的銷售率為 100%。

And during the record-breaking Air Jordan XI Concord launch, our digital ecosystem showed its ability to handle scale and drive unrivaled energy, processing, on average, 300 transactions per second.

在破紀錄的 Air Jordan XI Concord 發布期間，我們的數字生態系統展示了其處理規模和驅動無與倫比的能源的能力，平均每秒處理 300 筆交易。

As a whole, our digital business was up an impressive 36% in the quarter on a constant currency basis.

總體而言，按固定匯率計算，本季度我們的數字業務增長了 36%，令人印象深刻。

Another area where digital is creating company-wide efficiencies is within our product creation teams.

數字化提高全公司效率的另一個領域是我們的產品創建團隊。

We've fully digitized our palette of over 6,000 footwear materials, allowing our design teams to build on one another's work and adapt to market trends more quickly.

我們已將 6,000 多種鞋類材料的調色板完全數字化，使我們的設計團隊能夠在彼此的工作基礎上進行構建並更快地適應市場趨勢。

With fewer physical samples, it also plays an important role in minimizing our environmental impact.

由於物理樣本較少，它在最大限度地減少對環境的影響方面也發揮著重要作用。

Overall, our advanced digital tools are reducing lead times, driving sustainability and leading to faster design cycles.

總體而言，我們先進的數字工具正在縮短交付週期，推動可持續性並縮短設計週期。

The third highlight is how we're connecting the marketplace by digitally tagging and tracking NIKE products, all the way from production through retail.

第三個亮點是我們如何通過數字化標記和跟踪耐克產品（從生產到零售的整個過程）來連接市場。

Our RFID initiative, for example, is improving product visibility and is an important step toward integrating our diverse ecosystem of physical and digital experiences, distribution centers and contract factories.

例如，我們的 RFID 計劃正在提高產品可視性，是整合我們的物理和數字體驗、配送中心和合同工廠多元化生態系統的重要一步。

This will give the consumer easier access to product and allow NIKE to more accurately match supply to demand across the world and ultimately, fuel better, higher-quality growth.

這將使消費者更容易獲得產品，並使耐克能夠更準確地匹配全球的供應與需求，並最終推動更好、更高質量的增長。

We're seeing the early wins pile up in our digital transformation, and it's bringing scale to every facet of our Triple Double strategy.

我們看到數字化轉型中的早期勝利不斷積累，並且它為我們的三雙戰略的各個方面帶來了規模。

What's so exciting is the more we invest in stronger digital capabilities, the more growth opportunities we uncover.

令人興奮的是，我們對更強的數字能力的投資越多，我們發現的增長機會就越多。

And today, the consumer rewards agility.

如今，消費者獎勵敏捷性。

The companies who adapt and scale first are the companies who grow fastest.

最先適應並擴大規模的公司是增長最快的公司。

To do that, NIKE is looking across the spectrum of the value chain from our factory partners to key cities, so we can advance -- take advantage of our most important opportunities.

為此，耐克正在審視從工廠合作夥伴到主要城市的整個價值鏈，這樣我們就可以前進——利用我們最重要的機會。

At the factory level, that means staging raw materials so they can be quickly deployed to fill requests for our most in-demand products.

在工廠層面，這意味著儲存原材料，以便能夠快速部署它們來滿足我們最暢銷產品的需求。

We did this in anticipation of LeBron's move to a new team last summer, and it cut our jersey lead times nearly in half.

我們這樣做是因為預計勒布朗去年夏天會轉會到新球隊，這將我們的球衣交付時間縮短了近一半。

Expect more of that with all the high profile free agency moves this summer.

今年夏天，隨著自由球員市場的高調轉會，預計會有更多這樣的事情發生。

But more broadly, this process is a critical component of our 2X Speed initiative and fuels our key city execution, so we can quickly adapt our assortments based on the demands of local consumers.

但更廣泛地說，這個過程是我們 2X Speed 計劃的關鍵組成部分，並推動我們主要城市的執行，因此我們可以根據當地消費者的需求快速調整我們的產品組合。

The Express Lane is another important enabler to 2X Speed, continuing to scale and grow as a percentage of NIKE's overall business.

Express Lane 是 2X Speed 的另一個重要推動因素，在耐克整體業務中所佔的比例不斷擴大和增長。

In this quarter in our geographies, the Express Lane in Greater China was responsible for over half of the products in our Chinese New Year collection.

本季度，在我們的地區，大中華區的 Express Lane 負責我們農曆新年系列中超過一半的產品。

In North America, the top 10 styles in our Nike App all came out of Express Lane.

在北美，我們的 Nike App 中排名前 10 的款式均來自 Express Lane。

And in EMEA, it contributed over 20% of our business.

在 EMEA 地區，它貢獻了我們超過 20% 的業務。

Express Lane is just one of the ways we're driving agility in our value chain to serve consumer demand.

Express Lane 只是我們提高價值鏈敏捷性以滿足消費者需求的方式之一。

We're also investing in responsive manufacturing and faster delivery capabilities for our key cities.

我們還投資於我們主要城市的響應式製造和更快的交付能力。

Overall, Q3 demonstrated the strength of NIKE's complete portfolio.

總體而言，第三季度展示了耐克完整產品組合的實力。

The Consumer Direct Offense is connecting our powerful brand to compelling innovation to operational excellence, all in service of the consumer.

消費者直接進攻將我們強大的品牌與引人注目的創新和卓越運營聯繫起來，一切都是為了消費者服務。

And it's a strategy that gives us a very clear path to sustain that momentum over the long term.

這一戰略為我們提供了一條非常明確的道路，可以長期維持這一勢頭。

This quarter, one of our greatest growth opportunities, our women's offense, experienced an important inflection point.

本季度，我們最大的增長機會之一，即我們的女子進攻，經歷了一個重要的拐點。

I was fortunate enough to join our team in Paris for a powerful launch for the upcoming Women's World Cup, where we hosted some of the greatest athletes in the world.

我很幸運能夠加入我們在巴黎的團隊，為即將到來的女足世界杯舉辦一場強有力的發布會，我們在世界杯上接待了世界上一些最偉大的運動員。

We were excited to unveil 14 National Team kits for World Cup 2019, a tournament record for NIKE.

我們很高興推出 2019 年世界杯的 14 套國家隊球衣，這創下了耐克的賽事紀錄。

And that energy of the moment is building on our Dream Crazier, Just Do It campaign, as narrated by Serena Williams.

正如塞雷娜·威廉姆斯 (Serena Williams) 所講述的那樣，當前的能量正建立在我們的 Dream Crazier, Just Do It 活動的基礎上。

The campaign is a great example of how NIKE is leveraging the power of social media platforms to carry our message.

該活動是耐克如何利用社交媒體平台的力量來傳播我們的信息的一個很好的例子。

Dream Crazier has broken several of our own consumer engagement records across all 4 geographies.

Dream Crazier 打破了我們在所有 4 個地區的多項消費者參與記錄。

For example, in North America, it's NIKE's most shared Instagram post ever and one of the most successful NIKE tweets of all time.

例如，在北美，這是耐克有史以來分享次數最多的 Instagram 帖子，也是耐克有史以來最成功的推文之一。

In Greater China, the campaign reached 600 million views in just the first 3 days.

在大中華區，該活動僅前三天的觀看次數就達到了 6 億次。

This inspiring work from our brand teams is just part of our broader strategy to shift resources and accelerate our women's business.

我們品牌團隊的這些鼓舞人心的工作只是我們轉移資源和加速女性業務的更廣泛戰略的一部分。

In products, we've aligned our merchandising teams for one unified women's vision at retail, and our R&D teams are quickly moving to create the platforms of the future.

在產品方面，我們已經調整了我們的銷售團隊，以實現統一的女性零售願景，而我們的研發團隊正在迅速採取行動，創建未來的平台。

A more complete offense is taking shape, and it's incredibly energizing.

更完整的進攻正在形成，而且令人難以置信的充滿活力。

This quarter, you began to see the early results from those teams.

本季度，您開始看到這些團隊的早期成果。

Our Nike 1 tight fueled our training tights business to strong double-digit growth.

我們的 Nike 1 緊身褲推動我們的訓練緊身褲業務實現了兩位數的強勁增長。

Plus-size bras launched this quarter and are off to an amazing start.

大碼文胸於本季度推出，並取得了令人驚嘆的開端。

Jordan Women's is growing strong double digits, and our women's sneakers offering is diversifying and growing, with products that range from reimagined retro styles like the Air Force 1 Sage Low and the M2K to new innovations like the Air Max 270 and the Air Max Dia.

Jordan Women's 正以兩位數的速度強勁增長，我們的女式運動鞋產品也在多元化且不斷增長，產品範圍從Air Force 1 Sage Low 和M2K 等重新設計的複古款式到Air Max 270 和Air Max Dia 等創新產品。

In Paris, the celebration of Nike Women was unlike any moment I've experienced.

在巴黎，耐克女足的慶祝活動與我經歷過的任何時刻都不一樣。

The best part is the world -- the work that we're doing this summer is just the start.

最好的部分是世界——我們今年夏天所做的工作只是一個開始。

We want to help create the next wave of growth for women in sport, and with a fully dedicated women's offense, we see an even healthier, longer-term future for NIKE.

我們希望幫助女性在體育運動中掀起新一輪的增長浪潮，通過全力投入女性進攻，我們看到耐克擁有更健康、更長遠的未來。

It's a great time to be in the business of sport.

現在是從事體育事業的好時機。

The larger movement of health and fitness is growing the athletic apparel and footwear market all over the world, and we're excited about our role in fueling that energy and capturing even more of that opportunity ahead.

更大規模的健康和健身運動正在推動全球運動服裝和鞋類市場的發展，我們對自己在推動這種能量和抓住未來更多機遇方面所發揮的作用感到興奮。

Thanks.

謝謝。

And now here's Andy.

現在安迪來了。

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

謝謝你，馬克，並向通話中的每個人問好。

In Q3, we once again delivered very strong growth and profitability, with 11% currency-neutral revenue growth, amplified by 130 basis points of gross margin expansion.

第三季度，我們再次實現了非常強勁的增長和盈利能力，匯率中性收入增長了 11%，毛利率擴大了 130 個基點。

Most importantly, our growth was high quality, strategic and broad-based.

最重要的是，我們的增長是高質量、戰略性和基礎廣泛的。

Our execution of the Consumer Direct Offense is fueling strong demand across all 4 of our geographies, led by the 12 key cities that we believe offer the greatest platform to impact the world through sports and create brand distinction.

我們對消費者直接進攻的執行正在推動我們所有 4 個地區的強勁需求，其中以 12 個主要城市為首，我們相信這些城市提供了通過體育影響世界並創造品牌特色的最佳平台。

Our broad-based global growth is being fueled by 4 underlying strategic drivers: one, editing our product portfolio, while amplifying the styles that consumers love most; two, doubling the cadence and impact of innovation that we're bringing to market; three, operating with greater agility; and four, transforming the consumer experience through digital.

我們廣泛的全球增長由四個基本戰略驅動力推動：一是編輯我們的產品組合，同時擴大消費者最喜歡的款式；第二，使我們推向市場的創新節奏和影響加倍；三、操作更加敏捷；第四，通過數字化改變消費者體驗。

This is the Consumer Direct Offense in action, and the direct impact on NIKE's growth is tangible.

這是消費者直接進攻的實際行動，對耐克增長的直接影響是有形的。

First, by editing to amplify, we've reduced the total number of styles in our portfolio significantly, while bringing much greater dimension and choice to what we call our Power Franchises.

首先，通過編輯放大，我們顯著減少了產品組合中的款式總數，同時為我們所謂的“強力特許經營”帶來了更大的維度和選擇。

In any given season, our Power Franchises includes select icons within sportswear, such as the Air Force 1 and Air Jordan 1, performance franchises such as the Pegasus as well as new innovation platforms such as the VaporMax, Air Max 270 and React.

在任何特定季節，我們的Power 系列產品都包括運動服中的精選標誌性產品，例如Air Force 1 和Air Jordan 1，高性能係列產品，例如Pegasus，以及新的創新平台，例如VaporMax、Air Max 270 和React。

The new dimension we're bringing ranges from collaborations with athletes and influencers to compelling new elements of design, to infusing new innovation into long-standing performance franchises.

我們帶來的新維度包括與運動員和影響者的合作，引人注目的新設計元素，以及將新的創新註入長期的表演特許經營中。

Second, we are well on our way to doubling the cadence and impact of innovation on our business.

其次，我們正在努力使創新對我們業務的節奏和影響加倍。

Once again, in Q3, new innovation platforms comprised the vast majority of our incremental revenue growth.

在第三季度，新的創新平台再次佔據了我們增量收入增長的絕大多數。

And as Mark said, our innovation pipeline is more robust than ever.

正如馬克所說，我們的創新渠道比以往任何時候都更加強大。

In Q3, we launched the Air Max 720 to strong demand as well as the Adapt BB on court in the NBA, which was a leap forward into the future of adaptive performance footwear.

第三季度，我們在需求旺盛的情況下推出了 Air Max 720 以及 NBA 球場上的 Adapt BB，這是向自適應性能鞋類未來邁進的一次飛躍。

And we're scaling innovation faster than ever before, with React and our new Max Air platforms being leveraged across multiple performance categories and in sportswear within just the first year of launch.

我們比以往任何時候都更快地擴展創新，React 和我們的新 Max Air 平台在推出的第一年就在多個性能類別和運動服裝中得到了利用。

Third, we're bringing innovation and our Power Franchises to market with greater speed and agility.

第三，我們正在以更快的速度和敏捷性將創新和我們的電力特許經營權推向市場。

Through our Express Lane initiative, we're using closer-to-market consumer insights to update key styles with new materials, prints and colors on significantly shorter time lines.

通過我們的 Express Lane 計劃，我們利用更貼近市場的消費者洞察，在顯著縮短的時間內用新材料、印花和顏色更新關鍵款式。

In Q3, product updated and fulfilled through our Express Lane drove well over 10% of our revenue.

第三季度，通過我們的 Express Lane 更新和履行的產品為我們帶來了超過 10% 的收入。

These efforts, editing to amplify, doubling the cadence and impact of innovation and operating with greater speed and agility, all come together with the greatest consumer impact through NIKE Direct.

這些努力，包括編輯以放大、加倍創新的節奏和影響以及以更快的速度和敏捷性運營，所有這些努力都通過 NIKE Direct 帶來了最大的消費者影響。

NIKE Direct is where the NIKE Brand experience comes to life in its fullest sense.

NIKE Direct 是 NIKE 品牌體驗得以最充分體現的地方。

And increasingly, that experience is being elevated by digital.

而且，數字化正在日益提升這種體驗。

Once again in Q3, our growth was led by NIKE Digital, which on a currency-neutral basis grew 36% globally.

第三季度，我們的增長再次由 NIKE Digital 引領，在貨幣中性的基礎上，該公司的全球增長了 36%。

We continue to expand our digital footprint with the launch of the Nike App in Japan, and we continue to enhance our digital ecosystem through the rollout of the Nike App in our own retail stores across North America and Europe.

通過在日本推出 Nike 應用程序，我們繼續擴大我們的數字足跡，並通過在北美和歐洲我們自己的零售店推出 Nike 應用程序，繼續增強我們的數字生態系統。

Our expansion is fueling the acquisition of new members at a strong double-digit rate.

我們的擴張正在以兩位數的強勁速度推動新會員的招募。

And the new experiences that we're creating are also driving strong double-digit increases in member engagement and buying.

我們正在創造的新體驗也推動會員參與度和購買量實現兩位數的強勁增長。

Our vision is to create direct, unbreakable relationships with our consumers, and we know the most direct connection is through the mobile device they carry with them everywhere they go.

我們的願景是與消費者建立直接、牢不可破的關係，我們知道最直接的聯繫是通過他們隨身攜帶的移動設備。

As Mark referenced, we are driving a digital transformation of NIKE with an emphasis on mobile.

正如馬克提到的，我們正在推動耐克的數字化轉型，重點是移動領域。

Over the balance of this fiscal year and through fiscal year '20, we will continue investing in this digital transformation.

在本財年剩餘時間以及整個 20 財年，我們將繼續投資於數字化轉型。

While many companies can build a technology stack, no other brand is able to leverage technology to create the kinds of amazing consumer experiences that only NIKE can.

雖然許多公司可以構建技術堆棧，但沒有其他品牌能夠利用技術來創造只有耐克才能做到的令人驚嘆的消費者體驗。

Our most significant investments will continue to be in the capabilities that enable us to better serve consumers and extend our brand leadership.

我們最重要的投資將繼續集中在使我們能夠更好地服務消費者並擴大我們的品牌領導地位的能力上。

These include investments in new digital member services; in data and analytics; in demand-sensing technology; in technologies such as RFID that enable connected inventory across the marketplace; and in a new editorial content engine that will keep us engaged with our members 365 days a year.

其中包括對新數字會員服務的投資；數據和分析；需求感知技術； RFID 等技術可實現整個市場的互聯庫存；新的編輯內容引擎將使我們一年 365 天與會員保持互動。

More so than ever, our investments are directly translating into strong and sustainable growth.

我們的投資比以往任何時候都更能直接轉化為強勁且可持續的增長。

But before providing more context on our positive outlook, I'll first reflect on our Q3 results.

但在提供有關我們積極前景的更多背景之前，我將首先回顧一下我們第三季度的業績。

NIKE, Inc.

耐克公司

Q3 revenue grew 7%, up 11% on a currency-neutral basis.

第三季度收入增長 7%，在匯率中性的基礎上增長 11%。

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

我們的增長反映了國際上兩位數的貨幣中性勢頭和北美的高個位數增長。

Gross margin expanded by 130 basis points in Q3 as average gross selling prices expanded, strong demand drove higher full price sales and higher-margin NIKE Direct growth outpaced wholesale growth.

第三季度毛利率增長了 130 個基點，原因是平均總銷售價格上漲、強勁需求推動全價銷售增加以及利潤率更高的 NIKE Direct 增長超過了批發增長。

Q3 gross margin was also favorably impacted by the shift of supply chain investments out of Q3 and into Q4.

第三季度毛利率也受到供應鏈投資從第三季度轉移到第四季度的有利影響。

Demand creation was flat in the third quarter as other demand creation increased, and sports marketing declined based on the timing of investments.

第三季度需求創造持平，因為其他需求創造增加，而體育營銷根據投資時機而下降。

Operating overhead increased 17%, driven by continued investment in NIKE's digital transformation as well as year-over-year compensation-related accruals.

由於耐克數字化轉型的持續投資以及與薪酬相關的應計費用同比增長，運營管理費用增長了 17%。

Our effective tax rate for the quarter was 14.7%, and third quarter diluted EPS was $0.68.

我們本季度的有效稅率為 14.7%，第三季度攤薄後每股收益為 0.68 美元。

As of February 28, inventories were up just 1%, reflecting a continued healthy pull market for NIKE globally and our stronger supply and demand management.

截至 2 月 28 日，庫存僅增長 1%，反映出耐克全球市場的持續健康拉動以及我們更強有力的供需管理。

With that, let's turn to some of the highlights across our reported operating segments.

接下來，讓我們來看看我們報告的運營部門的一些亮點。

In North America, Q3 revenue grew 7% on a reported and currency-neutral basis.

在北美，按報告和匯率中性計算，第三季度收入增長了 7%。

sportswear, Jordan, Nike Kids and Running led our growth across the geography.

運動裝、Jordan、Nike Kids 和 Running 引領了我們在整個地區的增長。

From a product perspective, the majority of our incremental growth was driven by our Power Franchises, ranging from the Air Force 1 and Air Jordan 1, to the Pegasus and Kyrie, to the Max Air family of products, including the new Air Max Dia for women.

從產品角度來看，我們的增量增長大部分是由 Power Franchise 推動的，從 Air Force 1 和 Air Jordan 1，到 Pegasus 和 Kyrie，再到 Max Air 系列產品，包括新款 Air Max Dia女性。

As Mark referenced, the Jordan XI Concord was also the biggest launch in our history, with the product selling out in hours.

正如 Mark 提到的，Jordan XI Concord 也是我們歷史上規模最大的一次發布，該產品在數小時內就售罄。

The strength of our product portfolio and the fastest digital deliveries in our industry fueled a strong -- or I should say, very strong holiday season for NIKE, in that we outpaced the broader retail market by roughly 2x.

我們產品組合的優勢和業內最快的數字交付為耐克帶來了強勁的——或者我應該說，非常強勁的假日季，因為我們的銷售速度比更廣泛的零售市場快了大約兩倍。

We also have very strong brand momentum in North America, fueled by the powerful Just Do It Dream Crazier campaign, which Mark referenced as well as our executions around NBA All-Star Weekend.

我們在北美也擁有非常強勁的品牌勢頭，這得益於 Mark 提到的“Just Do It Dream Crazier”活動以及我們在 NBA 全明星周末期間的執行活動。

Creating differentiated retail experiences remains a significant opportunity as the physical retail marketplace in North America continues to go through consolidation.

隨著北美實體零售市場繼續經歷整合，創造差異化的零售體驗仍然是一個重要的機會。

At the same time, we are catalyzing the next generation of retail in North America, and that begins with digital.

與此同時，我們正在推動北美下一代零售業的發展，而這一切都從數字化開始。

NIKE Digital grew 30% in Q3, faster than all other channels.

NIKE Digital 在第三季度增長了 30%，快於所有其他渠道。

We're also disrupting the physical marketplace in a positive sense, leveraging digital through new NIKE Direct concepts, such as our House of Innovation in New York and Nike Live in Los Angeles.

我們還以積極的方式顛覆實體市場，通過新的 NIKE Direct 概念利用數字技術，例如紐約的 House of Innovation 和洛杉磯的 Nike Live。

Accordingly, our growth in New York and L.A. is overindexing the broader market.

因此，我們在紐約和洛杉磯的增長超過了整個市場的指數。

We're also continuing to create new differentiated consumer experiences through the rollout of the Nike App at Retail in our own stores and the testing of new services and concepts with our strategic retail partners, such as Foot Locker and DICK'S Sporting Goods.

我們還通過在自己的商店中推出 Nike 應用零售應用程序以及與 Foot Locker 和 DICK'S Sporting Goods 等戰略零售合作夥伴測試新服務和概念，繼續創造新的差異化消費者體驗。

We expect our strong pipeline of innovative product, the brand heat we've created and an acceleration in our creation of new digitally led consumer experiences to continue driving healthy sustainable growth in North America going forward.

我們期望我們強大的創新產品系列、我們創造的品牌熱度以及我們加速創造新的數字主導的消費者體驗，以繼續推動北美地區未來的健康可持續增長。

Now let's turn to EMEA, where we continue to build extraordinary brand momentum.

現在讓我們轉向歐洲、中東和非洲地區，我們在那裡繼續打造非凡的品牌勢頭。

In Q3, revenue in EMEA grew 12% on a currency-neutral basis, driven by double-digit growth in sportswear and Jordan.

第三季度，在運動裝和喬丹服飾兩位數增長的推動下，歐洲、中東和非洲地區的收入在匯率中性的基礎上增長了 12%。

NIKE Digital led all dimensions of the marketplace, growing at a strong double-digit pace.

NIKE Digital 在市場的各個方面都處於領先地位，並以兩位數的強勁速度增長。

One of the underlying drivers of our sustained growth in EMEA is the ever-increasing strength of our brand across this diverse geography.

我們在歐洲、中東和非洲地區持續增長的根本驅動力之一是我們的品牌在這個多元化地區不斷增強的實力。

EMEA is home to 5 of our 12 key cities.

我們 12 個主要城市中有 5 個位於歐洲、中東和非洲地區。

In all 5, NIKE is rated the #1 favorite brand by consumers, and our growth is far outpacing the broader market.

在所有 5 個品牌中，耐克被評為消費者最喜歡的品牌第一名，我們的增長遠遠超過了更廣闊的市場。

Take Paris, for example.

以巴黎為例。

Mark mentioned our -- Women's World Cup launch there last week, which was by all accounts, powerful.

馬克提到了我們上週在那裡舉辦的女足世界杯，從各方面來看，這都是一次強有力的活動。

It was just earlier this year that we launched the Jordan PSG partnership, which drove incredible energy in the style, culture and football-obsessed city.

就在今年早些時候，我們啟動了與喬丹巴黎圣日耳曼的合作夥伴關係，這為這座對時尚、文化和足球痴迷的城市帶來了令人難以置信的活力。

And of course, looking ahead, Paris will host the 2024 Olympics.

當然，展望未來，巴黎將舉辦 2024 年奧運會。

It's a great reminder that our 12 key cities were not chosen based on size alone, but instead, because we see these key cities as having the greatest potential impact on our brand and business.

這是一個很好的提醒，我們選擇 12 個重點城市並不是僅僅根據規模，而是因為我們認為這些重點城市對我們的品牌和業務具有最大的潛在影響。

In our APLA geography, revenue grew 14% on a currency-neutral basis, fueled by balanced double-digit growth across both footwear and apparel.

在我們的 APLA 地區，在鞋類和服裝領域均衡的兩位數增長的推動下，收入在貨幣中性的基礎上增長了 14%。

From a country perspective, growth was led by Japan and Korea, catalyzed by the great momentum we have in the key cities of Tokyo and Seoul.

從國家角度來看，增長由日本和韓國引領，東京和首爾等主要城市的強勁勢頭推動了這一增長。

Across APLA, NIKE Digital is continuing to accelerate, with revenue growing over 60% in Q3.

在 APLA，NIKE Digital 持續加速發展，第三季度收入增長超過 60%。

We continue to expand our digital ecosystem across this region and leverage digital partnerships.

我們繼續在該地區擴展我們的數字生態系統並利用數字合作夥伴關係。

As we look ahead to the Tokyo 2020 Olympics, we could not be more thrilled with the momentum we are building in Japan.

當我們展望 2020 年東京奧運會時，我們對日本正在形成的勢頭感到無比興奮。

Both the sneakers app and newly launched Nike App are resonating strongly with consumers.

運動鞋應用程序和新推出的耐克應用程序都引起了消費者的強烈共鳴。

Our Running innovation has also resonated with the highly discerning Japanese running consumer, with NIKE now having ascended to the #1 position in running across Japan.

我們的跑步創新也引起了高度挑剔的日本跑步消費者的共鳴，耐克現在已躋身日本跑步領域第一名。

So now let's turn to China.

現在讓我們把目光轉向中國。

This past quarter, we delivered 24% currency-neutral revenue growth in Greater China, led by NIKE Direct, with digital commerce up well over 60%.

上個季度，在 NIKE Direct 的帶動下，我們在大中華區實現了 24%（匯率中性）收入增長，其中數字商務增長遠超 60%。

We have great momentum in China, but we are still far from realizing the long-term opportunity in this market.

我們在中國發展勢頭強勁，但距離實現這個市場的長期機遇還很遠。

On our last call, we spoke about 4 epic growth opportunities for NIKE: international, digital, apparel and women's.

在上次電話會議中，我們談到了耐克的 4 個史詩般的增長機會：國際、數字、服裝和女裝。

China is perhaps the best example of our outsized growth potential internationally.

中國也許是我們在國際上巨大增長潛力的最好例子。

China is already the largest footwear and apparel market in the world, but athletic footwear and apparel represents a smaller share of total than in more developed markets, such as the U.S. That said, within that broader market, athletic footwear and apparel is growing double digits in China.

中國已經是世界上最大的鞋類和服裝市場，但運動鞋類和服裝所佔的份額比美國等更發達的市場要小。也就是說，在更廣闊的市場中，運動鞋類和服裝正在以兩位數的速度增長在中國。

Sport has increasingly become more a part of life for consumers in China.

體育運動日益成為中國消費者生活的一部分。

While basketball has long been popular with the Chinese consumer, we are now also seeing a running boom.

雖然籃球長期以來一直受到中國消費者的歡迎，但我們現在也看到了跑步熱潮。

And that is why NIKE has always been a brand of China for China.

這就是為什麼耐克一直是中國的中國品牌。

We have always believed that by being authentically connected to the Chinese consumer, we could help catalyze the rise of sport participation and sport culture in this market, from sponsoring the Shanghai Marathon to our partnerships with the Chinese Super League, to working with the Ministry of Sport to expand physical education in schools.

我們始終相信，通過與中國消費者建立真正的聯繫，我們可以幫助促進這個市場的體育參與和體育文化的興起，從贊助上海馬拉松到與中超聯賽的合作，再到與體育部的合作開展體育運動，擴大學校體育教育。

That is why even amidst current geopolitical dynamics, NIKE continues to deliver strong and sustainable growth in China.

這就是為什麼即使在當前的地緣政治動態中，耐克仍繼續在中國實現強勁和可持續的增長。

That said, we are not taking our current momentum for granted.

也就是說，我們並不認為當前的勢頭是理所當然的。

Rather, we are more focused than ever on creating products specifically tailored to the Chinese consumers' preferences and fit and creating digital experiences that connect us more deeply to consumers through China's unique digital ecosystem.

相反，我們比以往任何時候都更加專注於創造專門針對中國消費者喜好和需求的產品，並創造數字體驗，通過中國獨特的數字生態系統將我們與消費者更深入地聯繫起來。

With that, I'll now share our outlook for the remainder of fiscal year '19 and provide an early read on fiscal year '20.

現在，我將分享我們對 19 財年剩餘時間的展望，並提供對 20 財年的初步解讀。

For the full year fiscal year '19, our outlook for constant currency revenue growth and gross margin continues to improve.

對於 19 財年全年，我們對貨幣收入持續增長和毛利率的預期持續改善。

At the same time, we will continue to invest in the capabilities that are fueling our strong sustainable growth.

與此同時，我們將繼續投資於推動我們強勁可持續增長的能力。

For Q4 specifically, we expect continued strong growth, with constant currency revenue growth being squarely in the high single-digit range.

具體到第四季度，我們預計將持續強勁增長，貨幣收入增長將保持在高個位數範圍內。

It's important to note that we expect roughly 6 points of FX headwinds in Q4, which would result in low single-digit reported revenue growth.

值得注意的是，我們預計第四季度將出現大約 6 個百分點的外匯逆風，這將導致報告的收入增長較低。

As you may recall, in Q4 of last year, we delivered 8% currency-neutral revenue growth with 13% reported revenue growth.

您可能還記得，去年第四季度，我們實現了 8%（匯率中性）收入增長，報告收入增長 13%。

In that quarter, the launch of new innovation platforms, such as React and the Air Max 270, began to materially impact our performance, along with the impact of World Cup.

在該季度，React 和 Air Max 270 等新創新平台的推出以及世界杯的影響開始對我們的業績產生重大影響。

So our outlook for strong currency-neutral revenue growth this Q4 is a testament to the sustainability of the growth that we are delivering through the continued execution of our new offense.

因此，我們對第四季度強勁的貨幣中性收入增長的展望證明了我們通過繼續執行新舉措所實現的增長的可持續性。

We also see the disparity between currency-neutral and reported revenue growth peaking in Q4 before narrowing significantly as we enter fiscal year '20 based on current FX rates.

我們還看到，貨幣中性和報告的收入增長之間的差距在第四季度達到頂峰，然後根據當前匯率進入 20 財年，然後大幅縮小。

Recall that during Q4 of last year, the euro approached $1.25 before depreciating to as low as $1.15 in Q1 of this fiscal year.

回想一下，去年第四季度，歐元逼近 1.25 美元，然後在本財年第一季度貶值至 1.15 美元。

A similar dynamic exists with respect to the renminbi.

人民幣也存在類似的動態。

As a result, we currently expect the FX headwind on reported revenue to largely dissipate as we enter fiscal year '20.

因此，我們目前預計，隨著進入 20 財年，報告收入所面臨的外匯阻力將基本消失。

For gross margin in Q4, we expect expansion of roughly 75 basis points, ending the fiscal year with gross margin expansion that would have exceeded our long-term financial model.

對於第四季度的毛利率，我們預計將增長約 75 個基點，以超出我們長期財務模型的毛利率增長結束本財年。

While we expect continued strong full price sell-through and strong growth through our higher-margin NIKE Direct businesses, that is partially offset in Q4 by higher input costs, specifically cotton, chemicals and labor; FX sourcing headwinds; and the shift of supply chain investments from Q3 into Q4.

雖然我們預計全價銷售將持續強勁，並通過利潤率較高的 NIKE Direct 業務實現強勁增長，但第四季度投入成本（特別是棉花、化學品和勞動力）的增加將部分抵消這一影響；外匯採購逆風；供應鏈投資從第三季度轉移到第四季度。

As for SG&A, we expect growth in the high single-digit range in Q4 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戰略投資，我們預計第四季度將實現高個位數增長。

We project other expense net of interest expense to be roughly flat in Q4.

我們預計第四季度扣除利息費用後的其他費用將大致持平。

We expect our effective tax rate in Q4 to be roughly 18% to 20%.

我們預計第四季度的有效稅率約為 18% 至 20%。

With the ongoing finalization of regulations related to U.S. tax reform, we've experienced volatility in our tax rate due to nonrecurring items, which favorably impacted Q3 on a net basis.

隨著美國稅制改革相關法規的不斷敲定，我們的稅率因非經常性項目而出現波動，這對第三季度的淨值產生了有利影響。

We will likely continue experiencing near-term volatility in our tax rate based on the finalization of regulations.

根據法規的最終確定，我們的稅率可能會繼續經歷近期波動。

That said, due to the uncertain timing of finalizations, we have not factored all of the potential nonrecurring impacts into our guidance for Q4.

也就是說，由於最終確定的時間不確定，我們尚未將所有潛在的非經常性影響納入第四季度的指導中。

Now let me share some preliminary thoughts on our positive outlook for fiscal year '20.

現在讓我分享一些關於我們對 20 財年積極前景的初步想法。

We are still in the early stages of our annual planning process.

我們仍處於年度規劃過程的早期階段。

That said, our expectations are buoyed by our current momentum, our brand heat with consumers, our robust innovation pipeline and the positive early signals we are receiving from our NIKE Direct business and our strategic wholesale partners.

也就是說，我們當前的勢頭、我們在消費者中的品牌熱度、我們強大的創新渠道以及我們從 NIKE Direct 業務和戰略批發合作夥伴收到的積極的早期信號，都增強了我們的期望。

Overall, we expect to deliver high single-digit revenue growth as well as gross margin expansion and profitability in line with the long-term financial model we communicated at our Investor Day in October 2017.

總體而言，我們預計將實現高單位數收入增長以及毛利率擴張和盈利能力，符合我們在 2017 年 10 月投資者日上傳達的長期財務模型。

Of course, we continue to operate in a dynamic environment, so we'll share more specific guidance for fiscal year '20 in our next earnings call.

當然，我們將繼續在充滿活力的環境中運營，因此我們將在下一次財報電話會議上分享 20 財年的更具體指導。

We are thrilled with our current momentum.

我們對目前的勢頭感到非常興奮。

That said, we are still in the early stages of executing the Consumer Direct Offense with much more opportunity ahead of us.

也就是說，我們仍處於執行消費者直接進攻的早期階段，我們面前還有更多機會。

So we will continue to focus our investments on the digital transformation of NIKE and in the areas of our business where we see the greatest potential to grow and create value for both consumers and shareholders.

因此，我們將繼續將投資重點放在耐克的數字化轉型以及我們認為最具增長潛力並為消費者和股東創造價值的業務領域。

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 Omar Saad with Evercore ISI.

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

Another great quarter; congratulations.

又一個偉大的季度；恭喜。

I wanted to ask a question on the women's business, actually.

事實上，我想問一個關於女性事務的問題。

We've noticed a greater focus on the marketplace, marketing, messaging.

我們注意到人們更加關注市場、營銷和信息傳遞。

On the product side too, there seems to be a lot of innovation, obviously, you talked about it on the call as well.

在產品方面，似乎也有很多創新，顯然，您在電話會議上也談到了這一點。

Maybe give us an update on where you stand on that opportunity.

也許可以告訴我們您對這個機會的最新看法。

Obviously it's a key focus of the company and important part of a long-term plan.

顯然，這是公司的重點關注點，也是長期計劃的重要組成部分。

Is it growing as a mix of the business?

它是否作為業務組合而增長？

Or is the men's business just too strong for women's at this point still really become a more material mix driver?

或者說男裝業務對於女裝來說太過強大，目前仍然真正成為更多材料組合的驅動力？

And then I have one follow-up.

然後我有一個後續行動。

Thanks, Omar.

謝謝，奧馬爾。

Yes, actually, the women's business is overindexing our men's growth.

是的，事實上，女性業務的增長過度依賴於男性業務的增長。

And we see, as we said earlier, tremendous opportunity moving forward.

正如我們之前所說，我們看到了前進的巨大機遇。

We are underindexed in terms of our percentage of business in the women's area, as you know.

如您所知，就女性領域的業務百分比而言，我們的指數較低。

So the upside there, particularly with the consumer or the market being bigger than the men's, is tremendous upside.

因此，特別是在消費者或市場比男性更大的情況下，其上行空間是巨大的。

We had a great quarter in Q3.

我們在第三季度度過了一個很棒的季度。

The good news, it's driven by balanced growth, I think, across footwear and apparel.

好消息是，我認為這是由鞋類和服裝領域的平衡增長推動的。

We had particularly great momentum in Greater China and APLA, so this is obviously a global opportunity.

我們在大中華區和 APLA 的發展勢頭尤其強勁，因此這顯然是一個全球機遇。

We see women embracing the sneaker culture more and more every day, so we're scaling up popular models and creating new models for women specifically, and the response like with the Air Max Dia for example, one of the newer models, has been tremendous.

我們看到女性每天越來越多地擁抱運動鞋文化，因此我們正在擴大流行款式的規模，並專門為女性打造新款式，例如新款式之一的 Air Max Dia，其反應非常熱烈。

Also a great opportunity in apparel.

服裝方面也是一個很好的機會。

We've had real strong response to the NIKE yoga collection and the tights business, driven by the 1 tight, some innovation there as well.

在 1 緊身褲的推動下，我們對耐克瑜伽系列和緊身褲業務產生了真正強烈的反響，那裡也有一些創新。

And as I said, the bra business is actually a great opportunity for us, and we've expanded the bra collection considerably, particularly in the plus-size area of the business, and we're seeing strong consumer demand there.

正如我所說，胸罩業務實際上對我們來說是一個很好的機會，我們已經大大擴展了胸罩系列，特別是在大碼業務領域，我們看到那裡的消費者需求強勁。

So it's really an opportunity across all dimensions of our business.

因此，這確實是我們業務各個方面的一個機會。

Jordan is another one.

喬丹是另一位。

Women's in Jordan grew a strong double-digit number this past quarter.

約旦女足上個季度實現了兩位數的強勁增長。

And the focus for us, this is a huge priority, is editing and shifting the resources we have internally to serve women more completely.

對我們來說，這是一個巨大的優先事項，重點是編輯和轉移我們內部擁有的資源，以更全面地為女性服務。

We're definitely looking at how we elevate our female athletes and influencers more completely, providing membership and access to sport, being very thoughtful in terms of design and our innovation agenda specifically for women.

我們肯定會考慮如何更全面地提升女性運動員和影響力人士的水平，提供會員資格和參與體育運動的機會，在設計和專門針對女性的創新議程方面考慮得非常周到。

So again, a simple -- the conclusion there is underindexed opportunity for us at this point, huge opportunity for us going forward as we shift focus.

再說一次，一個簡單的結論是，目前我們的機會指數不足，但隨著我們轉移焦點，我們將面臨巨大的機會。

And Omar, an area in which we will deliberately shift investment from product creation through to retail experience is to accelerate against what we see as a tremendous growth opportunity.

奧馬爾，我們將刻意將投資從產品創造轉向零售體驗，以加速我們認為巨大的增長機會。

Understood, that's helpful.

明白了，很有幫助。

And then, while I have you, maybe a bigger picture on the digital capabilities.

然後，當我有你的時候，也許會對數字能力有一個更大的了解。

Very clear the company has developed outstanding expertise in a lot of areas and learning how to scale it.

很明顯，該公司在很多領域都積累了出色的專業知識，並正在學習如何擴展它。

When you look at the other brands in the portfolio, Converse maybe isn't performing as well.

當你看看產品組合中的其他品牌時，匡威的表現可能不太好。

Is there something about the digital learnings you're developing in the NIKE Brand that's scalable or not scalable across other brands in your portfolio?

您在耐克品牌中開發的數字化學習是否可以在您的產品組合中的其他品牌中進行擴展或不可擴展？

Is there a way we should think about that?

我們是否應該思考這個問題？

Because it's clearly working in the NIKE Brand.

因為它顯然在耐克品牌中發揮著作用。

Absolutely.

絕對地。

Lots of opportunities to leverage learnings in NIKE Digital across the portfolio.

在整個產品組合中，有很多機會利用 NIKE Digital 的知識。

Certainly in Jordan, we're seeing tremendous success.

當然，在約旦，我們看到了巨大的成功。

As I mentioned, on our sneakers app platform, Jordan is a major part of that energy.

正如我所提到的，在我們的運動鞋應用程序平台上，喬丹是這種能量的主要組成部分。

Converse, we just launched Converse.com, and the early response to that is incredibly positive, and we see tremendous upside opportunity for the Converse brand as well.

Converse，我們剛剛推出了 Converse.com，早期的反應非常積極，我們也看到了 Converse 品牌巨大的上昇機會。

Overall, I think the brands in the portfolio, Converse -- particularly Converse, Jordan and, of course, NIKE, are all lined up to share learnings and leverage what we -- the expertise and the capabilities we're building in digital.

總的來說，我認為匡威系列中的品牌——特別是匡威、喬丹，當然還有耐克，都在排隊分享經驗教訓並利用我們在數字領域建立的專業知識和能力。

So we're going to see a lift, I think, across the portfolio.

因此，我認為我們將看到整個投資組合的提升。

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。

You talked a little bit about the -- in terms of the digital investments, the Nike App at Retail.

您談到了數字投資方面的一些內容，即零售業的耐克應用程序。

Can you just talk about where you are in that process and what you're seeing in terms of response and sort of connection from consumers as you've done that?

您能談談您在這個過程中所處的位置以及您在完成此操作時所看到的消費者反應和聯繫嗎？

That would be my first one.

那將是我的第一個。

Okay.

好的。

Well, first of all, obviously, digital is up significantly for the quarter.

嗯，首先，很明顯，本季度的數字化顯著增長。

So we are leveraging what we're learning, and it's showing up in the results, up 36% for the quarter.

因此，我們正在利用我們所學到的知識，並且它已體現在結果中，本季度增長了 36%。

I mentioned the sneakers app.

我提到了運動鞋應用程序。

Sneakers app to me is really a signal of what's -- the future potential of how we connect with consumers in a deeper way with storytelling as part of that effort.

對我來說，運動鞋應用程序實際上是一個信號，表明我們如何以更深入的方式與消費者建立聯繫，並將講故事作為這一努力的一部分。

And then the connection we're making with physical to digital through Nike Live in L.A. and then our House of Innovation in New York and Shanghai, we're learning a lot.

然後，我們通過洛杉磯的 Nike Live 以及紐約和上海的創新之家建立物理與數字的聯繫，我們學到了很多東西。

I mean, every day, we're learning, and then we're applying those learnings to the rest of our business across our own direct business, but also in partnership with our wholesale digital partners at the same time.

我的意思是，我們每天都在學習，然後將這些知識應用到我們自己的直接業務中的其他業務中，同時也與我們的批發數字合作夥伴合作。

So we're seeing a healthy lift.

所以我們看到了健康的提升。

And we know membership is a key part of this as well.

我們知道會員資格也是其中的關鍵部分。

And the membership is really driving a lot of the increased -- the improved performance in direct retail at the same time.

會員資格確實在很大程度上推動了直接零售業績的增長和改善。

We've seen some impressive numbers on that as well.

我們也看到了一些令人印象深刻的數字。

Okay, great.

好的，太好了。

And then can you just talk a little bit about apparel in North America?

那麼您能簡單談談北美的服裝嗎？

You've talked about women's and apparel as being 2 areas particularly where you're focused in terms of driving growth and clearly seeing great results from women's.

您談到了女裝和服裝這兩個領域，特別是您重點關注推動增長並清楚地看到女裝取得的巨大成果。

But can you just talk a little bit about the initiative then in apparel?

但您能簡單談談服裝方面的舉措嗎？

And specifically, just wondering about North America as well.

具體來說，我也想知道北美的情況。

Yes.

是的。

Well, first of all, we continue to see great momentum in our apparel business, not just in North America but across all geographies.

首先，我們的服裝業務繼續保持強勁勢頭，不僅在北美，而且在所有地區。

And it's a balance between both performance and sportswear.

這是性能和運動裝之間的平衡。

That said, we see a lot more upside potential particularly as we 2X our innovation agenda in apparel, we see tremendous opportunity to start to echo much of what we've seen on the footwear side of the business.

也就是說，我們看到了更多的上行潛力，特別是當我們將服裝領域的創新議程擴大兩倍時，我們看到了巨大的機會來開始呼應我們在鞋類業務方面看到的大部分內容。

And we're having -- we're putting particular emphasis too on the women's innovation agenda in apparel as well.

我們也特別強調女性在服裝方面的創新議程。

So we've seen some early positive response to some of that product, some of those launches, but we see much more upside for apparel around the world, really, for NIKE, in both sportswear and in performance, for women and for men, for that matter.

因此，我們看到了一些產品的早期積極反應，其中一些產品的發布，但我們看到世界各地的服裝有更多的優勢，實際上，對於耐克來說，無論是在運動服還是在性能方面，無論是針對女性還是男性，對於這個問題。

Yes, I'll just add that one of the reasons we call out apparel as such an extraordinary or outsized opportunity for us long term is athletic apparel, as a percent of total apparel, is much smaller than is athletic footwear as a percent of total footwear.

是的，我只想補充一點，我們稱服裝對我們長期來說是一個非凡或巨大的機會的原因之一是運動服裝佔服裝總量的百分比遠小於運動鞋佔總量的百分比鞋類。

And what we're really focused on is the opportunity to go deeper in some of the classifications where we have been a player and had great response from consumers, but we haven't gone as deep as consistently.

我們真正關注的是有機會深入某些分類，我們一直是參與者，並得到了消費者的強烈反響，但我們還沒有一直深入下去。

And that extends to offering product that is well suited for new occasions.

這延伸到提供非常適合新場合的產品。

Again, think apparel Monday through Friday as well as on court, in the gym and over the weekend.

再次考慮週一至週五以及球場、健身房和周末的服裝。

And then that extends the price points, up and down the price points, from premium apparel through to the more affordable price points.

然後，價格點的上下延伸，從優質服裝到更實惠的價格點。

So we see a pretty extraordinary opportunity to both catalyze the growth of athletic apparel within the broader apparel industry and also extend the offerings that we're bringing to market.

因此，我們看到了一個非常難得的機會，既可以促進運動服裝在更廣泛的服裝行業內的增長，又可以擴展我們推向市場的產品。

I'd just add that we're in the infancy stages of apparel opportunity on the Jordan side of the business as well.

我想補充一點，約旦方面的服裝業務也正處於起步階段。

We've seen a taste of the response to the women's apparel business in Jordan, but we see a lot of upside opportunity for apparel in our overall Jordan business.

我們已經看到了約旦女裝業務的反應，但我們在整個約旦業務中看到了服裝的很多上昇機會。

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。

I know it's early in the fiscal '20 planning process, so I appreciate the color given.

我知道現在還處於 20 財年規劃過程的早期，所以我很欣賞所給出的顏色。

But just wanted to see if there's any other puts and takes you can provide as we think about maybe the composition of the high single-digit revenue growth outlook as well as puts and takes on margins.

但只是想看看您是否可以提供任何其他看跌期權和看跌期權，因為我們考慮的可能是高單位數收入增長前景以及看跌期權和看跌期權利潤率的構成。

In particular, your long-term algorithm is inclusive of slight leverage on SG&A, which we haven't seen this year.

特別是，你們的長期算法包括對SG&A的輕微槓桿作用，這是我們今年沒有看到的。

So just curious on how we should think about that going forward.

所以只是好奇我們應該如何思考未來。

We're still in the early stages of our planning process.

我們仍處於規劃過程的早期階段。

I appreciate that you noted that.

我很感激你注意到這一點。

But we do have increasing confidence in the expectations that we've just shared for fiscal year '20.

但我們確實對我們剛剛分享的 20 財年的預期越來越有信心。

We have incredibly strong momentum and demand across both footwear and apparel, brand heat and as we have shared, an incredible pipeline of innovation both in the early part of the year as well as in the latter part of the year as we ramp up to Tokyo 2020.

我們在鞋類和服裝方面擁有令人難以置信的強勁勢頭和需求，品牌熱度，正如我們所分享的，在今年年初和下半年，隨著我們向東京進軍，我們擁有令人難以置信的創新渠道2020.

We're already receiving very positive signals from our NIKE Direct business and our wholesale partners, as I shared.

正如我所分享的，我們已經從 NIKE Direct 業務和批發合作夥伴那裡收到了非常積極的信號。

All of these really contribute to our confidence in our outlook for growth.

所有這些確實增強了我們對增長前景的信心。

Our outlook for growth is broad-based.

我們的增長前景是廣泛的。

We expect growth largely in line with the guardrails that we've shared in terms of our long-term algorithm across our geographies.

我們預計增長很大程度上與我們在各個地區的長期算法中共享的護欄一致。

So continued momentum internationally as well as continued healthy, sustainable growth in North America.

因此，國際上的勢頭持續強勁，北美地區也持續健康、可持續的增長。

I would keep in mind that we're operating in a dynamic environment, and so we'll update you with more specifics when we get to our Q4 call.

我要記住，我們是在一個動態的環境中運營的，因此，當我們進行第四季度的電話會議時，我們將向您提供更多具體信息。

As for SG&A, we see the investments that we're making translating into this extremely strong currency-neutral revenue growth and margin expansion.

至於SG&A，我們看到我們正在進行的投資轉化為極其強勁的貨幣中性收入增長和利潤率擴張。

And so that correlation has probably been more direct than ever, which is leading us to continue to invest in the capabilities that are going to drive the digital transformation we've spoken about and fuel that growth.

因此，這種相關性可能比以往任何時候都更加直接，這促使我們繼續投資於能夠推動我們所說的數字化轉型並推動增長的能力。

Our investments in innovation, which we've spoken about, in speed and digital are clearly having a tangible impact, so we'll continue to make those investments.

我們在創新、速度和數字方面的投資顯然產生了切實的影響，因此我們將繼續進行這些投資。

At the same time, as we said at our Investor Day, we do expect to be able to both make those investments and deliver slight SG&A leverage over that 5-year horizon.

與此同時，正如我們在投資者日所說，我們確實希望能夠在 5 年範圍內進行這些投資並提供輕微的 SG&A 槓桿。

So that is very much still a goal in terms of the profitability of our business going forward.

因此，就我們未來業務的盈利能力而言，這仍然是一個目標。

And I'll quickly add that the growth that we're seeing, that makes up that high single-digit guidance at this stage, is a very -- it's as balanced as I think we've seen it in terms of complete offense.

我會很快補充說，我們所看到的增長，構成了現階段高個位數的指導，是非常平衡的，正如我認為我們在完整的進攻方面所看到的那樣。

Men's and women's, performance and sportswear, I think, across the geos driven by the key cities, categories, price points.

我認為，男裝和女裝、功能性和運動裝都受到主要城市、類別和價格點的推動。

We do have some opportunity, I think, in core, particularly as we head into fiscal '20, and you're going to see a whole refreshed core offering from NIKE that we think is going to help to fill in our complete offense there as well.

我認為，在核心方面，我們確實有一些機會，特別是當我們進入 20 財年時，您將看到耐克提供全新的核心產品，我們認為這將有助於充實我們的整體進攻，因為出色地。

And then as Andy said, and we say all the time but it's true, it's the innovation pipeline is full.

正如安迪所說，我們一直在說，但這是事實，創新渠道已滿。

And I think it's going to drive some great upside for us.

我認為這將為我們帶來巨大的好處。

And the only thing I'd add is I think it is important to note that a lot of the investments we're making are really long term in nature.

我唯一要補充的是，我認為值得注意的是，我們正在進行的許多投資本質上都是長期投資。

They have a compounding impact.

它們具有復合影響。

Innovation platforms that we can leverage obviously and scale faster over time as well as the investments we're making in digital.

隨著時間的推移，我們可以明顯利用並更快地擴展的創新平台以及我們在數字領域進行的投資。

As we've said before, from a long-term perspective, we see digital comprising the majority of our business.

正如我們之前所說，從長遠角度來看，我們認為數字化構成了我們業務的大部分。

And so these are investments that we think will have a compounding effect as we make them year-over-year.

因此，我們認為這些投資將在我們逐年進行時產生復合效應。

My follow-up is just to circle back on North America, and I think part of the question Jamie was asking, which was around the apparel.

我的後續行動只是回到北美，我認為傑米提出的部分問題與服裝有關。

Just is there anything from a timing standpoint that led to the deceleration in apparel in the third quarter?

從時間角度來看，是否有什麼因素導致第三季度服裝行業增速放緩？

And any other kind of just comments you can provide in North America around what you're seeing with your wholesale partners?

關於您在北美看到的批發合作夥伴的情況，您還可以提供任何其他公正的評論嗎？

Yes.

是的。

Very intuitive, insightful question.

非常直觀、富有洞察力的問題。

There were some timing impacts related to our NBA business and the launch of certain products year-over-year.

我們的 NBA 業務和某些產品的推出同比產生了一些時間影響。

There are always timing impacts in terms of product launches.

產品發布總是會產生時間影響。

So yes, nothing in terms of a turn or change in consumer demand.

所以，是的，消費者需求沒有任何轉變或變化。

In fact, consumer demand for our apparel in North America is very strong.

事實上，北美消費者對我們服裝的需求非常強勁。

Frankly, to some extent, it puts pressure on supply, but that's a great point of pressure to have.

坦率地說，在某種程度上，這對供應造成了壓力，但這是一個很大的壓力點。

We've got really strong demand for our apparel in North America, so I wouldn't overly index on the quarterly rate of growth.

北美對我們的服裝的需求非常強勁，所以我不會過度評價季度增長率。

Your next question is from Alexandra Walvis with Goldman Sachs.

您的下一個問題來自高盛的 Alexandra Walvis。

You mentioned in response to Paul's question that there was some work that you guys were doing refreshing the core products and driving more growth across different price points.

您在回答保羅的問題時提到，你們正在做一些工作來更新核心產品並推動不同價格點的更多增長。

You also mentioned in your prepared remarks that you'd be giving more distinction to some of the core level products, that product under $100, and you mentioned that you'd be introducing some new cushioning product to get people -- more people running.

您還在準備好的發言中提到，您將對一些核心級產品（100 美元以下的產品）給予更多區分，並且您提到您將推出一些新的緩衝產品來讓人們——更多的人跑步。

I wonder if you could dig a little bit more into -- or dive a little bit more into those strategies.

我想知道您是否可以更深入地研究或深入研究這些策略。

And then more broadly, why is now the time to bring some of that product innovation and process innovation to those lower price points and broader consumer groups?

更廣泛地說，為什麼現在是時候將一些產品創新和工藝創新帶給那些較低的價格點和更廣泛的消費群體了？

Well, it's basically a part of our ongoing complete offense strategy, is we see where we have opportunity to improve our offering and to create more opportunity.

嗯，這基本上是我們正在進行的完整進攻策略的一部分，我們看到哪裡有機會改進我們的產品並創造更多機會。

And certainly, as we look at footwear, or our complete footwear offering not just in North America but around the world, we see the opportunity to strengthen the price to value opportunity for our footwear.

當然，當我們審視鞋類，或者我們不僅在北美而且在世界各地提供的完整鞋類產品時，我們看到了提高鞋類價格的機會。

So part of that is bringing innovation into that price point, not just taking it down, but creating unique innovation for those price points and those consumers.

因此，其中一部分是將創新帶入該價位，而不僅僅是將其降低，而是為這些價位和消費者創造獨特的創新。

We have to be competitive at every level, and I think that's part of our offense, and I think there's a great opportunity for us, and I think that can drive some of the under-indexing in the marketplace now versus the opportunity.

我們必須在各個層面都具有競爭力，我認為這是我們進攻的一部分，我認為這對我們來說是一個很好的機會，我認為這可能會導致市場上的一些索引不足的情況與機會相比。

So that, yes, we have -- about 3/4 of our product at the core level in footwear is going to be refreshed starting in back-to-school, and it's not a takedown.

所以，是的，我們大約有 3/4 的鞋類核心產品將在返校後進行更新，而且不是撤下。

It's a making sure that we have that value at that price point, again, creating some unique innovation platform opportunities.

這是為了確保我們在這個價位上擁有這樣的價值，再次創造一些獨特的創新平台機會。

And as far as the new cushioning platform goes, I can't really talk a lot about it other than it's incredibly comfortable, and I think it is going to open up an opportunity for part of the running population that actually we don't -- might not have at this stage or at least invite more people in to it.

就新的緩衝平台而言，除了它非常舒適之外，我真的無法談論太多，而且我認為這將為部分跑步人群提供一個實際上我們沒有的機會 - - 現階段可能還沒有，或者至少邀請更多的人參與其中。

I'm actually wearing a pair now, and I will tell you, it's one of the most comfortable platforms that we've had.

我現在實際上穿著一雙，我會告訴你，這是我們擁有的最舒適的平台之一。

So incredibly exciting and visually very distinctive.

非常令人興奮並且視覺上非常獨特。

Great.

偉大的。

That's very clear.

這非常清楚。

My second question was on Jordan.

我的第二個問題是關於喬丹的。

The brand is back to strong growth, and you've called out several drivers of it.

該品牌已恢復強勁增長，您已經指出了其幾個驅動因素。

I wonder if you could reflect on some of the actions taken there in the last 1.5 year-or-so to reset that North American market, how you're feeling about the health of inventory in the channel today and about the growth opportunities for that brand going forward.

我想知道您是否可以反思一下過去 1.5 年左右為重置北美市場而採取的一些行動，您對當今渠道中庫存的健康狀況以及該渠道的增長機會有何看法品牌不斷向前發展。

Yes, we -- as you know, we had -- this time last year, we were on a reset mode on Jordan, and we're very pleased with where we've come in terms of cleaning up the product in terms of the marketplace.

是的，我們——如你所知，我們——去年的這個時候，我們在喬丹上處於重置模式，我們對我們在清理產品方面所取得的進展感到非常滿意市場。

I think we over -- probably overindexed a bit on the retro market.

我認為我們在復古市場上的指數可能有點過高。

We've got a rein on that, so it's a very balanced management of the Jordan product portfolio, not just in terms of retro, but actually balancing that out with our performance product as well.

我們對此進行了控制，因此這是對 Jordan 產品組合的非常平衡的管理，不僅僅是在復古方面，而且實際上也與我們的性能產品相平衡。

And that's the story in Jordan too, is we're beginning to see a much more balanced product offering, both performance and sportswear, new performance platforms with retro and retro refreshed, but making sure that we're managing that in terms of the marketplace.

這也是喬丹的故事，我們開始看到更加平衡的產品供應，包括性能和運動服，新的性能平台與復古和復古刷新，但確保我們在市場方面進行管理。

The inventory is actually quite healthy.

庫存實際上相當健康。

It's in a good position right now.

現在它處於一個很好的位置。

Women's is just coming on, so we -- I mentioned that women's apparel, but also footwear for Jordan, a big opportunity for us.

女裝剛剛推出，所以我們——我提到了女裝，還有喬丹的鞋類，這對我們來說是一個很大的機會。

And there's a lot of great brand energy around Jordan right now, not just here in North America but around the world.

現在喬丹周圍有很多偉大的品牌能量，不僅在北美，而且在全世界。

It's APLA, EMEA, China, a huge brand presence for Jordan in China.

這是 APLA、EMEA、中國，Jordan 在中國擁有巨大的品牌影響力。

So again, we're bullish, and we feel like we've got a good rein on managing that in a healthy and balanced way.

所以，我們再次感到樂觀，我們覺得我們已經以健康和平衡的方式很好地控制了這一點。

And I'd just add that, as we've said, the demand for the Jordan Brand has been strong.

我想補充一點，正如我們所說，對 Jordan 品牌的需求一直很強勁。

It was strong.

它很強大。

Even when we are in a reset mode, it still is strong.

即使我們處於重置模式，它仍然很強大。

And our opportunity was to, as both Mark and others have said, bring new dimension to the brand.

正如馬克和其他人所說，我們的機會是為品牌帶來新的維度。

Mark touched on women's, a couple of other areas of dimension.

馬克談到了女性以及其他幾個維度的領域。

Performance basketball product, we've seen extremely strong demand for the Air Jordan XXXIII game shoe, which we amplified with the Chinese New Year and Travis Scott editions.

作為高性能籃球產品，我們看到了對 Air Jordan XXXIII 比賽鞋的極其強勁的需求，我們通過農曆新年和 Travis Scott 版本放大了這一需求。

We're seeing incredibly strong demand for Russell Westbrook's signature shoe, Why Not, also a performance silhouette.

我們看到對拉塞爾·威斯布魯克 (Russell Westbrook) 的簽名鞋 Why Not 的需求非常強勁，這也是一款高性能鞋款。

And then, as Mark touched on in response to the earlier question on apparel, the apparel coming out of Jordan is extremely strong, and we see a big opportunity there.

然後，正如馬克在回答之前關於服裝的問題時談到的那樣，來自約旦的服裝非常強大，我們在那裡看到了巨大的機會。

In fact, as I talked about in my prepared remarks, the Jordan PSG launch was largely an apparel launch.

事實上，正如我在準備好的發言中談到的，Jordan PSG 的發布主要是服裝的發布。

We did have footwear in that launch, but what was really a shock and surprise to consumers in a very positive way was what we are able to do with the Jordan Brand on football apparel.

我們在那次發布中確實推出了鞋類產品，但真正以非常積極的方式讓消費者感到震驚和驚喜的是我們能夠在足球服裝上使用 Jordan 品牌所做的事情。

Your last question comes from Lauren Cassel with Morgan Stanley.

你的最後一個問題來自摩根士丹利的勞倫·卡塞爾。

Just a quick follow-up on Paul's question.

只是對保羅問題的快速跟進。

Looking to 2020 on gross margins specifically, are there any specific factors, if any, that would prevent 2020 gross margin from being up as much as they have been here in 2019?

具體展望 2020 年的毛利率，是否有任何具體因素（如果有的話）會阻止 2020 年的毛利率上升至 2019 年的水平？

And then my second question, just bigger picture, how do you guys view the resale markets role, the StockXs, the GOATs of the world, in the context of the overall industry?

然後我的第二個問題，更大的前景，你們如何看待轉售市場的角色，StockXs，世界上的山羊，在整個行業的背景下？

Do you think there would ever come a point in time where you would partner with them directly, whether that be for collaborations or exclusive products?

您是否認為有一天您會直接與他們合作，無論是合作還是獨家產品？

Just any thoughts on how you view that portion of the market.

只是關於您如何看待這部分市場的任何想法。

Lauren, sorry, can you quickly repeat the second part of your question?

勞倫，抱歉，您能快速重複一下您問題的第二部分嗎？

Yes, just how you guys view the resale market within the overall industry, the StockXs, the GOATs of the world?

是的，你們如何看待整個行業的轉售市場、StockX、世界山羊？

Do you think there would ever come a point in time where you collaborate with those sites?

您認為您是否會在某個時間點與這些網站進行合作？

Thank you.

謝謝。

We'll start with the gross margin question.

我們將從毛利率問題開始。

As we communicated at our Investor Day, our goal, a very ambitious but we believe achievable goal, was to deliver as much as 50 basis points of gross margin expansion over the next 5 years.

正如我們在投資者日所傳達的那樣，我們的目標是在未來 5 年內實現毛利率增長多達 50 個基點，這是一個非常雄心勃勃但我們相信可以實現的目標。

Obviously, in this fiscal year, we are exceeding that goal, and that's fueled by a number of factors: very strong full price sell-through; the continued outpacing growth in our NIKE Direct business.

顯然，在本財年，我們超越了這一目標，這是由許多因素推動的：非常強勁的全價銷售；我們的 NIKE Direct 業務持續增長。

As we look ahead to fiscal year '20, as I said in our guidance, we expect gross margin to be largely in line with the long-term objective that we communicated on Investor Day, which is, again, a robust amount of margin expansion, especially on top of what we have delivered this year.

正如我在指導中所說，當我們展望 20 財年時，我們預計毛利率將在很大程度上符合我們在投資者日傳達的長期目標，即利潤率大幅擴張，特別是在我們今年交付的成果之上。

Much like this year, as we get into the fiscal year, we may see opportunities to expand on that.

就像今年一樣，當我們進入本財年時，我們可能會看到擴大這一範圍的機會。

Certainly this year, we've just had incredibly strong brand momentum and an incredibly strong product pipeline that have -- afforded us the opportunity to outperform in that regard.

當然，今年，我們剛剛擁有令人難以置信的強大品牌動力和令人難以置信的強大產品線，這為我們提供了在這方面表現出色的機會。

At the same time, I would -- it's important to note that there are a myriad of factors within gross margin, ranging from the impact of real-time foreign exchange rates to the timing of the hedges that we put on from a sourcing perspective.

與此同時，我要指出的是，毛利率中有很多因素，從實時外匯匯率的影響到我們從採購角度進行對沖的時機。

So we'll update you with more specifics when we get to our Q4 earnings call on gross margin.

因此，當我們召開有關毛利率的第四季度財報電話會議時，我們將向您提供更多具體信息。

But suffice it to say, we are really pleased with the drivers of gross margin expansion that we've had in this fiscal year.

但可以說，我們對本財年毛利率擴張的推動因素感到非常滿意。

And as we shared, we expect to see continued strong margin expansion next year.

正如我們所分享的，我們預計明年利潤率將繼續強勁增長。

And just quickly on the resale market, we're not focused on that slice of the market.

很快，在轉售市場上，我們就不再關注這部分市場。

At this time, we don't have anything to sort of add to that.

目前，我們沒有任何可添加的內容。

We are fully aware that we're a huge part of creating that market, and that's our focus, is how do we deliver the innovation and the creative energy to the product that ultimately is going to -- it's going to create an opportunity there for others.

我們充分意識到，我們是創造這個市場的重要組成部分，這就是我們的重點，就是我們如何為產品提供創新和創意能量，最終將在那裡創造機會其他的。

Right now, we're looking at it, but we have no plans in terms of partnerships or business strategy in that particular area.

目前，我們正在考慮這一問題，但我們在該特定領域沒有合作夥伴關係或業務戰略方面的計劃。

Thank you.

謝謝。

Thank you, Lauren, and thank you, everybody, for listening in today.

謝謝勞倫，也謝謝大家今天的收聽。

We look forward to speaking with you next quarter.

我們期待下個季度與您交談。

Take care.

小心。

Bye.

再見。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。