Nike Inc (NKE) 2019 Q4 法說會逐字稿

Good afternoon, everyone.

大家下午好。

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

歡迎來到 NIKE, Inc. 的 2019 財年第四季度電話會議。

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

對於那些想要參考今天的新聞稿的人，您可以在 http://investors.nike.com 找到它。

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

領導今天的電話會議的是投資者關係副總裁兼財務主管 Nitesh Sharan。

Before we 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.

在我們將電話轉給 Sharan 先生之前，讓我提醒您，本次電話會議的參與者將根據當前的預期做出前瞻性陳述，這些陳述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提交給 SEC 的報告中有詳細說明，包括以 10-K 表提交的年度報告。

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，參與者可以討論非 GAAP 財務指標，包括對固定美元收入的引用。

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

提及不變的美元收入旨在提供有關業務績效的背景，消除外匯波動。

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

參與者還可以參考其他非公開財務和統計信息以及非公認會計原則財務措施。

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，可在 NIKE 的網站 http://investors.nike.com 上提供可比較的 GAAP 措施和定量對賬的介紹。

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

現在我想把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 fourth quarter and full year results.

大家好，感謝您今天加入我們，討論 NIKE, Inc. 的 2019 財年第四季度和全年業績。

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

正如運營商所說，今天電話會議的參與者可能會討論非公認會計原則的財務措施。

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 上找到適當的對賬。

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

加入我們今天電話會議的將是 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；和我們的首席財務官安迪·坎皮恩。

Following their prepared remarks, we will take your questions.

在他們準備好的評論之後，我們將回答您的問題。

(Operator Instructions) Thanks for your cooperation on this.

（操作員說明）感謝您在此方面的合作。

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, and good afternoon, everyone.

謝謝，Nitesh，大家好，大家下午好。

NIKE delivered strong results in fiscal year '19, growing 11% on a currency-neutral basis, which outpaced our expectations from the beginning of the year.

耐克在 19 財年取得了強勁的業績，在貨幣中性的基礎上增長了 11%，超出了我們年初的預期。

Our results are further proof that the demand for sport performance and athletic lifestyle product is thriving, and our Consumer Direct Offense is capturing more of that opportunity every day.

我們的結果進一步證明了對運動表現和運動生活方式產品的需求正在蓬勃發展，我們的消費者直接進攻每天都在抓住更多的機會。

What's most exciting is that we delivered broad-based growth through our complete portfolio.

最令人興奮的是，我們通過完整的產品組合實現了廣泛的增長。

We saw that balance across our geographies, men's and women's and key categories.

我們在我們的地區、男性和女性以及關鍵類別中看到了這種平衡。

Overall, fiscal '19 was a defining year for NIKE as we accelerated the high-impact capabilities of innovation, direct and speed that fuel our Triple Double.

總體而言，19 財年對耐克來說是決定性的一年，因為我們加快了創新、直接和速度的高影響力，為我們的三倍提供了動力。

Innovation continues to win with consumers not only in performance product but also in Sportswear.

創新不斷贏得消費者的青睞，不僅在性能產品方面，而且在運動裝方面。

In fiscal '19, new innovation platforms drove roughly 100% of our total incremental growth, which is exceeding the long-term target we laid out at Investor Day 2017.

在 19 財年，新的創新平台推動了我們總增量增長的大約 100%，這超出了我們在 2017 年投資者日制定的長期目標。

In Digital, we know we're just getting started.

在數字領域，我們知道我們才剛剛開始。

NIKE is accelerating our digital advantage, and that focus led to 35% digital revenue growth.

NIKE 正在加速我們的數字優勢，而這一重點導致了 35% 的數字收入增長。

Speed remains an incredible opportunity, and we're well on our way towards cutting our product creation cycle in half, and we're investing in responsive manufacturing, connected inventory and optimizing data to capitalize on real-time consumer demand.

速度仍然是一個令人難以置信的機會，我們正在努力將我們的產品創建週期縮短一半，我們正在投資於響應式製造、互聯庫存和優化數據，以利用實時消費者需求。

And finally, throughout the year, our brand connected emotionally with a wider audience in more meaningful ways.

最後，在這一年中，我們的品牌以更有意義的方式與更廣泛的受眾建立了情感聯繫。

Our Triple Double or our focus on the Triple Double is especially important in an environment like we're in right now where geopolitical dynamics have led to trade tensions and foreign exchange volatility.

在地緣政治動態導致貿易緊張和外匯波動的環境中，我們的三倍或我們對三倍的關注尤其重要。

We're certainly mindful of the risks, and more importantly, we're in command of the conditions that are under our control.

我們當然注意到風險，更重要的是，我們掌握在我們控制之下的條件。

And that's serving the consumer and managing the levers we have, delivering great product, engaging experiences and building our brand.

那就是為消費者服務並管理我們擁有的槓桿，提供出色的產品，引人入勝的體驗並建立我們的品牌。

Our Greater China business is the blueprint for how all those dimensions come together.

我們的大中華區業務是所有這些維度如何融合的藍圖。

We added more than $1 billion of incremental growth in the geography over this past year.

在過去的一年裡，我們在地理上增加了超過 10 億美元的增量增長。

We are and remain a brand of China and for China.

我們是中國品牌，也是中國品牌。

NIKE is proud of the investments we've made and the relationships we've developed in energizing this marketplace.

NIKE 為我們所做的投資以及我們在為這個市場注入活力而建立的關係而感到自豪。

We're confident that we'll continue to grow sport and our business in China for decades to come.

我們有信心在未來幾十年繼續發展體育和我們在中國的業務。

Now let's go deeper on the 3 capabilities that are NIKE's greatest catalysts for growth, and that's innovation, direct and speed.

現在讓我們更深入地了解 NIKE 最大的增長催化劑的 3 項能力，那就是創新、直接和速度。

And I'll start with innovation.

我將從創新開始。

The consumer continues to tell us they want innovation to perform better as well as innovation that creates distinction in their lifestyle product.

消費者繼續告訴我們，他們希望創新能夠更好地發揮作用，並希望創新能夠在他們的生活方式產品中創造差異。

We're fueling that demand with styles like the Max 270, VaporMax and Max 720, which were amongst NIKE's top volume drivers for the year.

我們正在通過 Max 270、VaporMax 和 Max 720 等款式來滿足這一需求，這些款式是 NIKE 當年銷量最高的驅動器之一。

The React platform, too, expanded into Sportswear led by the React Element 55, 87 and the Presto.

React 平台也擴展到以 React Element 55、87 和 Presto 為首的運動服領域。

And both React and Air innovations helped fuel Sportswear to another 20% plus growth quarter in Q4.

React 和 Air 的創新都幫助 Sportswear 在第四季度實現了另一個 20% 以上的增長。

Looking ahead to fiscal year '20, we see great opportunity for both platforms to continue to carve out new space in the lifestyle market.

展望 20 財年，我們認為這兩個平台都有很好的機會繼續在生活方式市場開拓新空間。

In performance footwear, Basketball accelerated in Q4.

在性能鞋類方面，籃球在第四季度加速增長。

The greatest growth continues to come from NIKE's own digital platforms, where we have the most direct connection with the passionate basketball consumer.

最大的增長繼續來自耐克自己的數字平台，在那裡我們與熱情的籃球消費者有著最直接的聯繫。

And signature shoes continue to lead the way with KD, LeBron and Kyrie all growing double digits.

而簽名鞋繼續領跑，KD、勒布朗和凱里都在增長兩位數。

And next month, we're looking forward to adding another exciting personality to the mix with the addition of Giannis and his first signature collection following his incredible MVP season.

下個月，我們期待著在他不可思議的 MVP 賽季之後加入揚尼斯和他的第一個簽名系列，為組合增添另一個令人興奮的個性。

The Jordan Brand had a very strong year growing 12%.

喬丹品牌今年增長了 12%，表現非常強勁。

Jordan returned to a pull market in North America after we reset the marketplace earlier in the year.

在我們在今年早些時候重置市場後，Jordan 回到了北美的拉動市場。

The Air Jordan 1 continues to be a global phenomenon as we see success in both high heat and in-line styles.

Air Jordan 1 繼續成為一種全球現象，因為我們看到了高熱量和直排款式的成功。

In China, we see a healthy balance between Jordan Lifestyle and performance product, and we know there's still more opportunity for performance footwear in all geos.

在中國，我們看到了 Jordan Lifestyle 和高性能產品之間的健康平衡，並且我們知道在所有地區都存在更多的高性能鞋履機會。

The new chapters of the Jordan growth story, apparel, women's and international, are showing great potential.

喬丹成長故事的新篇章，服裝，女裝和國際，正顯示出巨大的潛力。

It's hard to overstate how important this year has been to the evolution of the Women's offense at NIKE.

今年對於 NIKE 女子進攻的發展有多麼重要，怎麼強調都不為過。

The business grew double digits in fiscal '19, accelerating in the back half of the year.

該業務在 19 財年實現了兩位數的增長，並在下半年加速增長。

Our momentum in women's is a great example of how our renewed focus is really moving the needle through thoughtful design, powerful brand messages and digitally led distribution.

我們在女裝領域的發展勢頭是一個很好的例子，說明我們如何重新關注如何通過周到的設計、強大的品牌信息和數字主導的分銷來真正推動潮流。

You're obviously seeing it now with all the energy around World Cup.

你現在顯然已經看到了世界杯周圍的所有能量。

To start the tournament, nearly 2/3 of the team wore NIKE kits and half the players wore our boots.

比賽開始時，近 2/3 的球隊穿著 NIKE 球衣，一半的球員穿著我們的球鞋。

The exposure is driving outstanding sell-through in kits, high-performance bras and lifestyle extensions.

這種曝光正在推動套件、高性能胸罩和生活方式延伸產品的出色銷售。

In fact, the U.S.A.

事實上，美國

women's home jersey is now the #1 soccer jersey, men's or women's, ever sold on NIKE.com in one season.

女式主場球衣現在是 NIKE.com 單賽季銷售量排名第一的男式或女式足球球衣。

For me personally, the groundswell of support around the world for the athletes and teams has been truly inspiring.

對我個人而言，世界各地對運動員和團隊的大力支持確實令人鼓舞。

Tomorrow, all eyes are going to be in the U.S. versus France.

明天，所有的目光都將集中在美國與法國的比賽上。

I know I can't wait to watch these 2 NIKE teams in what should be 1 of the top matches of the tournament.

我知道我迫不及待地想觀看這 2 支 NIKE 球隊參加本應是錦標賽頂級比賽之一的比賽。

We're equally focused on delivering for the everyday athlete as we continue to fuel the broader movement of health and wellness around the world.

我們同樣專注於為日常運動員提供服務，因為我們繼續推動世界各地更廣泛的健康運動。

Across the portfolio, we're serving women in more dimensions.

在整個投資組合中，我們在更多方面為女性服務。

This quarter, we claimed the #1 position in market share for bras in North America for the first time in NIKE's history.

本季度，我們在 NIKE 的歷史上首次獲得了北美胸罩市場份額第一的位置。

Through Tech Fleece and women-specific sneakers like the Air Max Dia, we fueled sportswear and apparel to strong double-digit growth this quarter.

通過 Tech Fleece 和 Air Max Dia 等女性專用運動鞋，我們推動運動裝和服裝在本季度實現兩位數的強勁增長。

And we're expanding our inclusive sizing collections with over 90 styles across run, train and live.

我們正在擴展我們的包容性尺碼系列，在跑步、訓練和現場提供超過 90 種款式。

And later this year, we'll unveil geography-specific women's apparel for the Asian market based on our research of body types and sizes.

今年晚些時候，我們將根據我們對體型和尺寸的研究，為亞洲市場推出針對特定地域的女裝。

One question I get asked a lot is how we plan to accelerate the growth in our women's business.

我經常被問到的一個問題是，我們計劃如何加速女性業務的增長。

In addition to the right product and inspirational brand experiences, the major unlock we see over the next several years is the opportunity that digital provides.

除了合適的產品和鼓舞人心的品牌體驗之外，我們在未來幾年看到的主要解鎖是數字化提供的機會。

Distribution is often one of our biggest barriers, and we continue to find that when we present product in a more future-forward way, we're able to take the female consumer someplace new, and they're responding.

分銷通常是我們最大的障礙之一，我們繼續發現，當我們以更面向未來的方式展示產品時，我們能夠將女性消費者帶到一個新的地方，並且她們正在做出回應。

Our women's business in NIKE Direct and through our digital platforms continues to outpace our performance in the wholesale channels.

我們在 NIKE Direct 和通過我們的數字平台的女裝業務繼續超過我們在批發渠道中的表現。

Digital and where digital meets physical will be tremendous sources of growth in women's moving forward.

數字化以及數字化與實體化的結合將成為女性前進的巨大增長源。

Another massive opportunity that we continue to obsess is apparel.

我們繼續關注的另一個巨大機會是服裝。

At NIKE, we have a number of advantages in our favor that we leverage.

在 NIKE，我們擁有許多對我們有利的優勢。

We work with the best athletes, leagues and federations, and we celebrate them through moments like the World Cup, leagues like the NBA and partnerships like Jordan and PSG.

我們與最優秀的運動員、聯盟和聯合會合作，我們通過世界杯、NBA 等聯盟以及喬丹和巴黎圣日耳曼這樣的合作夥伴關係來慶祝他們。

We have multiple categories that surface deep consumer insights.

我們有多個類別可以提供深刻的消費者洞察。

Our apparel business this quarter grew double digits across Basketball, Training and Women's, and we have a world-class design team that connects culture to sport in very creative ways.

本季度我們的服裝業務在籃球、訓練和女裝領域實現了兩位數的增長，我們擁有世界一流的設計團隊，以非常有創意的方式將文化與體育聯繫起來。

In fiscal year '19, we grew NIKE Sportswear apparel over 20% into an over $3 billion business.

在 19 財年，我們的 NIKE Sportswear 服裝業務增長了 20% 以上，業務價值超過 30 億美元。

With our core footwear business, we've talked about the importance of refreshing our collections for today's demanding consumer.

在我們的核心鞋類業務中，我們談到了為當今苛刻的消費者更新我們的系列的重要性。

Looking ahead, we're doing that with the steady flow of new core footwear that features Air Max and Zoom Air, and we'll introduce more innovation in the space, one example being our Renew platform.

展望未來，我們將通過源源不斷的 Air Max 和 Zoom Air 新核心鞋款來實現這一目標，我們將在該領域引入更多創新，例如我們的 Renew 平台。

You'll also see added retail support from many of the new collections in this price range.

您還將看到這個價格範圍內的許多新系列增加了零售支持。

As we start fiscal '20, we're reloading with new platforms that'll shape our innovation agenda for years to come.

隨著我們開始 20 財年，我們正在重新加載新平台，這些平台將塑造我們未來幾年的創新議程。

This week, we launched an issue that merges 2 of our most celebrated platforms, the Air Max React 270, and we have more hybrids in footwear on the way for the next several seasons.

本週，我們發布了一個合併了我們最著名的兩個平台的問題，即 Air Max React 270，我們將在接下來的幾個季節中推出更多混合鞋類。

In the end of Q1, we'll unveil Joyride, which is a platform that I'm incredibly excited about.

在第一季度末，我們將推出 Joyride，這是一個讓我非常興奮的平台。

This new approach to cushioning will deliver a more personalized feeling for runners at every level.

這種新的緩衝方法將為各個級別的跑步者帶來更加個性化的感覺。

I've been wearing different versions over the last year, and it's extremely comfortable.

去年我一直穿著不同的版本，而且非常舒適。

We think the design has great potential to stand out with the consumer in both performance and lifestyle.

我們認為該設計具有在性能和生活方式方面在消費者中脫穎而出的巨大潛力。

And finally, as we head into the back half of the fiscal year, we'll give full view into NIKE's innovation pipeline for the Tokyo Olympics.

最後，隨著我們進入本財年的後半段，我們將全面了解耐克為東京奧運會準備的創新渠道。

We'll evolve 4%, a shoe that dominated metal stands into what we call Next%, which will deliver even greater measurable benefits to more athletes.

我們將把 4% 的鞋款，一種以金屬為主的鞋款發展成我們所說的 Next%，這將為更多的運動員帶來更大的可衡量的好處。

You'll see sustainability that plays an even more elevated role in our design, and we will deliver collections with more commercial potential than any other Olympics in our history.

你會看到可持續性在我們的設計中扮演著更加重要的角色，我們將提供比我們歷史上任何其他奧運會都更具商業潛力的系列。

As we look ahead, these innovations will serve as the foundation for NIKE products and collections well into fiscal '21 and beyond.

展望未來，這些創新將成為耐克產品和系列在 21 財年及以後的基礎。

These platforms are the launch pads for the future growth of our company.

這些平台是我們公司未來發展的跳板。

Fiscal year '19 was also a year that we saw NIKE accelerate our digital advantage.

19 財年也是我們看到耐克加速我們的數字優勢的一年。

I noted earlier that the 2X Direct is catalyzing our growth.

我之前指出，2X Direct 正在促進我們的增長。

Within direct is digital.

直接內部是數字的。

Within digital is mobile, and within mobile is our apps.

數字化是移動的，移動是我們的應用程序。

And all of this leverages and builds membership.

所有這些都利用並建立了會員資格。

Our investments are enabling us to identify and better serve our members personally, which is driving higher consumer lifetime value.

我們的投資使我們能夠識別並更好地為我們的會員提供個人服務，從而推動更高的消費者終身價值。

We've just passed 170 million total members in the NikePlus ecosystem, ahead of the pace we communicated at Investor Day.

我們的 NikePlus 生態系統成員總數剛剛超過 1.7 億，領先於我們在投資者日交流的速度。

The SNKRS App has become an incredible asset to our brand with users checking in daily and has acquired more new members than any other digital channel for NIKE.

SNKRS 應用程序已成為我們品牌的一項令人難以置信的資產，用戶每天都在簽到，並且獲得的新會員比耐克的任何其他數字渠道都多。

For the fiscal year, SNKRS more than doubled its business, doubled its number of monthly active users and now accounts for roughly 20% of our overall digital business.

在本財年，SNKRS 的業務翻了一番多，每月活躍用戶數量翻了一番，現在約占我們整體數字業務的 20%。

The Nike App, our most comprehensive one-stop shop for NIKE product, is quickly expanding with triple-digit revenue growth in Q4.

Nike App 是我們最全面的 NIKE 產品一站式商店，正在迅速擴張，第四季度收入增長達到三位數。

And in the first half of fiscal year '20, we will launch the Nike App in China and in 13 new markets in EMEA.

在 20 財年上半年，我們將在中國和歐洲、中東和非洲的 13 個新市場推出 Nike App。

This will be an incredible addition to our business for a potential pool of hundreds of millions of new members.

對於潛在的數億新成員來說，這將是對我們業務的不可思議的補充。

The digital opportunity alone is tremendous, but just as promising is how digital and physical environments are intersecting and amplifying each other.

數字化機會本身就是巨大的，但同樣有希望的是數字和物理環境如何相互交叉和放大。

Our most effective test case thus far has been the Nike App at Retail, which links features of the Nike App to our physical retail experiences.

迄今為止，我們最有效的測試案例是 Nike App at Retail，它將 Nike App 的功能與我們的實體零售體驗聯繫起來。

The Nike App at Retail is alive in over 30 doors across the U.S., the U.K. and France and will be scaling considerably throughout fiscal '20, including in select factory stores.

Nike 零售應用程序在美國、英國和法國的 30 多家門店中活躍，並將在整個 20 財年大幅擴展，包括在部分工廠商店。

A few of the insights that we've gained in our early pilots are that physical retail can be an exponential driver of membership.

我們在早期試點中獲得的一些見解是，實體零售可以成為會員的指數驅動力。

Product scans in-store often fuel online purchases later.

店內的產品掃描通常會促進以後的在線購買。

And in-store, exclusive offers through mobile tend to drive higher conversion rates and outsized spending.

通過移動設備提供的店內獨家優惠往往會推動更高的轉化率和超額支出。

We're in the early stages of this elevated way of serving the consumer in our own environments.

我們正處於這種在我們自己的環境中為消費者服務的提升方式的早期階段。

At the same time, we're moving quickly to scale these features and connecting inventory with our wholesale partners.

同時，我們正在迅速擴展這些功能並將庫存與我們的批發合作夥伴聯繫起來。

A stronger use of digital and physical retail is everyone's opportunity.

更多地使用數字和實體零售是每個人的機會。

Seamless, frictionless shopping is what the consumer expects today.

無縫、無摩擦的購物是當今消費者所期望的。

This quarter, we introduced a new digital concept to address one of the most significant problems consumers face, and that's sizing in footwear.

本季度，我們引入了一個新的數字概念來解決消費者面臨的最重要的問題之一，那就是鞋的尺碼。

Our solution, Nike Fit, scans the foot either through your smartphone camera or through an in-store experience.

我們的解決方案 Nike Fit 通過您的智能手機攝像頭或通過店內體驗掃描足部。

We believe a more accurate understanding of a consumer's size will not only minimize returns, reduce costs and drive healthier growth, the insights we gain will also improve the way NIKE designs and manufactures product.

我們相信，更準確地了解消費者的體型不僅可以最大限度地減少退貨、降低成本並推動更健康的增長，我們獲得的洞察力還將改進耐克設計和製造產品的方式。

We're excited to roll out Nike Fit in the U.S. and EMEA later in 2019.

我們很高興能在 2019 年晚些時候在美國和歐洲、中東和非洲地區推出 Nike Fit。

Our success through digital also relies on getting product to market faster.

我們通過數字化取得的成功還依賴於更快地將產品推向市場。

One way we do that is through more responsive manufacturing.

我們這樣做的一種方法是通過更具響應性的製造。

This summer, we're making significant -- a significant investment in our manufacturing capabilities with an additional NIKE Air manufacturing center here in the United States.

今年夏天，我們進行了重大投資——在我們的製造能力上進行了重大投資，並在美國增設了 NIKE Air 製造中心。

The consumer demand for NIKE Air is currently outpacing supply.

目前，消費者對 NIKE Air 的需求超過了供應。

This investment will help us better meet that demand and accelerate new innovations for one of our most distinct platforms.

這項投資將幫助我們更好地滿足這一需求，並為我們最獨特的平台之一加速新的創新。

We'll have more details coming in July.

我們將在 7 月發布更多詳細信息。

We also continue to build our capabilities in data and analytics, digital demand sensing and connected inventory to create a supply chain that anticipates and responds to shifts in consumers' demand quickly.

我們還將繼續建立我們在數據和分析、數字需求感知和互聯庫存方面的能力，以創建一個能夠快速預測和響應消費者需求變化的供應鏈。

Beginning in Q1, we've placed RFID in nearly all NIKE footwear and apparel, which is hundreds of millions of products.

從第一季度開始，我們幾乎在所有耐克鞋類和服裝中都安裝了 RFID，這是數以億計的產品。

RFID gives us the most complete view of our inventory that we've ever had.

RFID 為我們提供了有史以來最完整的庫存視圖。

It's quickly becoming the most precise tool in our arsenal to meet an individual consumer's specific need at the exact right moment.

它正迅速成為我們武器庫中最精確的工具，可以在正確的時刻滿足個人消費者的特定需求。

We'll go live with this capability in Q1 across 20 NIKE Direct doors and then continue to scale across the fleet.

我們將在第一季度通過 20 個 NIKE Direct 門啟用此功能，然後繼續在整個車隊中擴展。

Our sharper understanding of what's selling will also continue to inform our Express Lane, which is already driving higher full-price sell-through and better gross margins.

我們對銷售內容的更深入了解也將繼續為我們的 Express Lane 提供信息，這已經推動了更高的全價銷售和更高的毛利率。

In EMEA, the Express Lane now totals over 20% of their business.

在 EMEA，Express Lane 現在佔其業務的 20% 以上。

A smarter use of data is also providing even more value to our most engaged NIKE consumers.

更智能地使用數據也為我們最活躍的耐克消費者提供了更多價值。

One new model we're testing offers concept car footwear innovation from NIKE's leading designers to our most valued members in North America.

我們正在測試的一款新型號為我們在北美最尊貴的會員提供了來自 NIKE 領先設計師的概念車鞋類創新。

This is a great opportunity to leverage member insights to serve them better and inform which products to scale.

這是利用會員洞察力更好地為他們服務並告知要擴展哪些產品的絕佳機會。

Finally, 2019 was a year in which the NIKE Brand rose above and connected emotionally with consumers on another level.

最後，2019 年是耐克品牌超越並在另一個層面與消費者建立情感聯繫的一年。

We broke through with a number of Just Do It campaigns that celebrated our athletes' dreams.

我們通過一系列慶祝運動員夢想的 Just Do It 活動取得了突破。

Over the course of fiscal '19, Just Do It generated an unprecedented 1.5 billion consumer engagements across our geographies, and versus last year, Google Search volume for the words NIKE and Just Do It increased well over 100%.

在 19 財年期間，Just Do It 在我們的地區產生了前所未有的 15 億消費者互動，與去年相比，NIKE 和 Just Do It 的 Google 搜索量增長了 100% 以上。

This quarter, we also released our Impact Report, showing the various ways that NIKE's taking meaningful action to protect the future of sport.

本季度，我們還發布了影響報告，展示了耐克採取有意義的行動保護體育未來的各種方式。

We're working with communities of young people to increase activity with programs like Made To Play that reached 16 million kids, and we're investing in the training of over 100,000 coaches this year to mentor girls worldwide.

我們正在與年輕人社區合作，通過“Made To Play”等項目來增加活動，該項目惠及 1600 萬兒童，今年我們正在投資培訓超過 100,000 名教練，以指導全球女孩。

We're also minimizing our environmental footprint with a target of 100% renewable energy globally by 2025.

我們還在盡量減少我們的環境足跡，目標是到 2025 年在全球實現 100% 可再生能源。

We're driving sustainability at scale through recycled material in our aerosols, which is diverting 50 million pounds of waste from landfills each year.

我們通過氣溶膠中的回收材料大規模推動可持續發展，每年從垃圾填埋場轉移 5000 萬磅廢物。

These are the kinds of steps and transparency that consumers expect today.

這些是當今消費者所期望的步驟和透明度。

And as we share our stories, we're bringing even more dimension and value to the NIKE Brand.

隨著我們分享我們的故事，我們為 NIKE 品牌帶來了更多維度和價值。

NIKE excels in making amazing products, inspiring through an iconic brand and leading through a digital advantage.

耐克擅長製造令人驚嘆的產品，通過標誌性品牌激發靈感，並通過數字優勢引領潮流。

We're pushing the pace in all 3 facets, and added up, it's a formula for creating strong shareholder value.

我們正在推動所有三個方面的步伐，加起來，這是創造強大股東價值的公式。

We're proud of the results our team delivered in fiscal '19, but more importantly, with an eye to the future, we're confident that NIKE is investing in the right areas to extend our competitive advantage and continue to deliver sustained growth over the long term.

我們為我們的團隊在 19 財年取得的成果感到自豪，但更重要的是，著眼於未來，我們相信耐克正在正確的領域進行投資，以擴大我們的競爭優勢並繼續實現持續增長長期。

With that, here's Andy.

有了這個，這裡是安迪。

Thank you, Mark, and good afternoon to everyone on the call.

謝謝你，馬克，大家下午好。

As we close fiscal year '19 and we look ahead to fiscal year '20, 3 key themes stand out from a financial perspective.

隨著我們關閉 '19 財年並展望 '20 財年，從財務角度來看，有 3 個關鍵主題脫穎而出。

First, NIKE is a growth company.

首先，耐克是一家成長型公司。

Growth is how we measure the value we're creating for consumers, and growth is paramount in terms of how NIKE creates value for shareholders.

增長是我們衡量我們為消費者創造的價值的方式，而增長對於耐克如何為股東創造價值而言至關重要。

Second, NIKE's growth is being fueled by strategic transformation.

其次，NIKE 的增長正受到戰略轉型的推動。

Transformation is about deliberately driving acceleration toward what you aspire to be in the future, not about just extrapolating what you are today.

轉型是有意識地推動加速朝著你未來的目標前進，而不僅僅是推斷你今天的樣子。

Accordingly, transformation requires innovation.

因此，轉型需要創新。

It requires continuous learning, and it requires investment.

它需要不斷的學習，也需要投資。

Third, especially in times of geopolitical and FX volatility, NIKE's currency-neutral financial performance provides a clear view into our fundamentally strong growth, expanding profitability and potential to create extraordinary value for our shareholders.

第三，特別是在地緣政治和外匯波動時期，耐克的貨幣中性財務業績清楚地說明了我們基本強勁的增長、不斷擴大的盈利能力以及為我們的股東創造非凡價值的潛力。

Let's first go a little deeper on growth.

讓我們首先更深入地了解增長。

At our Investor Day in October 2017, we said that our new Consumer Direct Offense would generate high single-digit revenue growth on average over the next 5 years.

在 2017 年 10 月的投資者日，我們表示，我們新的消費者直接攻擊將在未來 5 年內平均產生高個位數的收入增長。

In our first full year executing this new strategy, we accelerated out of the blocks with growth in fiscal year '19 that exceeded expectations.

在我們執行這一新戰略的第一個全年，我們在 19 財年的增長超出了預期，加快了步伐。

For the full year, NIKE, Inc.

全年，NIKE, Inc.

revenue grew 11% on a currency-neutral basis and 10% in the most recent quarter.

在貨幣中性的基礎上，收入增長了 11%，最近一個季度增長了 10%。

At NIKE's scale, that is roughly $4 billion of incremental revenue in just 1 year.

在耐克的規模上，這大約是 40 億美元的增量收入在短短 1 年內。

Our growth is also broad-based with all 4 geographies growing at or above the long-term targets that we communicated for each geography at our Investor Day.

我們的增長也很廣泛，所有 4 個地區的增長都達到或高於我們在投資者日為每個地區傳達的長期目標。

Now that brings me to the second key theme: Our growth is being fueled by a strategic transformation of NIKE globally.

現在這讓我想到了第二個關鍵主題：耐克的全球戰略轉型推動了我們的增長。

At our Investor Day, we said that, over the next 5 years, we aspire to double the cadence and impact of innovation, to operate with greater speed and agility, and to double our direct connection to consumers leading with digital.

在我們的投資者日，我們表示，在接下來的 5 年中，我們希望將創新的節奏和影響加倍，以更快的速度和敏捷性運營，並通過數字化引領我們與消費者的直接聯繫。

These 3 pillars of our strategy were designed to drive global transformation and growth across our 12 key cities and 10 key countries.

我們戰略的這 3 個支柱旨在推動我們 12 個主要城市和 10 個主要國家的全球轉型和增長。

To help gauge the quality and impact of our growth, we also communicated several key measures of success.

為了幫助衡量我們增長的質量和影響，我們還傳達了幾個成功的關鍵衡量標準。

Today, we are on pace to exceed on all of those measures.

今天，我們正在努力超越所有這些措施。

Take, for example, innovation.

以創新為例。

In fiscal year '19, we have already doubled the percentage of total revenue generated by recently launched innovation platforms as compared to fiscal year '17.

在 19 財年，與 17 財年相比，我們已經將最近推出的創新平台產生的總收入的百分比翻了一番。

We are delivering 2x innovation by prioritizing investment in platforms like React and Air that have greater potential to scale across both performance and Sportswear.

我們通過優先投資 React 和 Air 等平台來實現 2 倍的創新，這些平台在性能和運動服方面具有更大的擴展潛力。

As for Direct, we're also ahead of pace.

至於 Direct，我們也領先一步。

NIKE Direct drove roughly 50% of our incremental revenue growth in fiscal year '19 with NIKE Digital growing 35% for the full year.

NIKE Direct 在 19 財年推動了我們大約 50% 的增量收入增長，NIKE Digital 全年增長了 35%。

Digital commerce, owned and partnered, is on track to comprise at least 30% of our business by 2023.

到 2023 年，擁有和合作的數字商務有望占到我們業務的至少 30%。

And longer term, we see digital driving the majority of our business.

從長遠來看，我們看到數字化推動了我們的大部分業務。

This kind of transformational growth doesn't happen by accident.

這種轉型式增長並非偶然發生。

Transformation requires investment.

轉型需要投資。

In fiscal year '19, we invested over $1 billion in new capabilities and consumer concepts.

在 19 財年，我們在新功能和消費者概念方面投入了超過 10 億美元。

That includes significant investment in the SNKRS App, the Nike App, new store concepts leveraging digital, our NikePlus membership platform and enterprise-wide data and analytics capabilities that are helping us serve NIKE consumers in new and better ways.

這包括對 SNKRS 應用程序、耐克應用程序、利用數字化的新商店概念、我們的 NikePlus 會員平台以及企業範圍的數據和分析能力的重大投資，這些能力正在幫助我們以新的和更好的方式為耐克消費者提供服務。

With these long-term, focused transformational investments equating to nearly all of our incremental SG&A versus prior year, we're clearly also editing and shifting within our legacy expenditures.

由於這些長期的、有針對性的轉型投資幾乎相當於我們與上一年相比增加的所有 SG&A，我們顯然也在對遺留支出進行編輯和轉移。

As for the SNKRS App, we acquired Virgin Mega 2 years ago, a little over 2 years ago, and have since invested organically in the team, digital tools, content creation and the geographic rollout of SNKRS into 22 countries, and the returns on our investment have been extraordinary.

至於 SNKRS 應用程序，我們在 2 年前，也就是 2 年多前收購了 Virgin Mega，並從那時起對團隊、數字工具、內容創作和 SNKRS 在 22 個國家/地區的地理推廣以及我們的回報進行了有機投資。投資非同尋常。

The SNKRS App has accelerated from less than $70 million in revenue in fiscal year '16 to an annual run rate of over $750 million based on Q4 fiscal year '19 performance.

根據 19 財年第四季度的業績，SNKRS 應用程序的收入從 16 財年的不到 7000 萬美元加速到超過 7.5 億美元的年運行率。

We've also invested significantly in the Nike App.

我們還在 Nike App 上進行了大量投資。

The Nike App has extraordinary growth potential, offering broader mobile access to NIKE's portfolio of products.

耐克應用程序具有非凡的增長潛力，為耐克產品組合提供更廣泛的移動訪問。

In North America, Nike App revenue is growing triple digits, and we're just starting to roll it out globally.

在北美，Nike App 的收入正以三位數的速度增長，而我們剛剛開始在全球推廣。

As Mark mentioned, we'll launch the Nike app in Greater China in fiscal year '20.

正如馬克所說，我們將在 20 財年在大中華區推出耐克應用程序。

We're also investing in new store concepts that leverage digital, including our 2 new houses of innovation in New York and Shanghai and the smaller digitally enhanced format, Nike Live.

我們還在投資利用數字化的新商店概念，包括我們在紐約和上海的 2 家新的創新之家，以及更小的數字增強形式 Nike Live。

These store concepts are exceeding planned revenue as they bring to life new ways of serving a consumer through the use of the Nike App at Retail.

這些商店概念正在超過計劃的收入，因為它們通過在零售店使用 Nike 應用程序為消費者帶來了新的服務方式。

That brings me to the significant investments we're making in our NikePlus membership platform.

這讓我想到了我們在 NikePlus 會員平台上進行的重大投資。

These investments have been largely organic, focused on building capabilities that help us know our consumers better to serve them in new ways.

這些投資在很大程度上是有機的，專注於建立能力，幫助我們更好地了解我們的消費者，以新的方式為他們服務。

That said, we also acquired both Zodiac and Invertex roughly 1 year ago to accelerate our membership offense.

也就是說，大約 1 年前，我們還收購了 Zodiac 和 Invertex，以加速我們的會員進攻。

Zodiac has accelerated our ability to measure the impact of targeted service and product offerings on an individual's consumer lifetime value, while Invertex brought us computer visioning and volumetric-based data and analytics that helped us create and bring Nike Fit to market within just 1 year.

Zodiac 加快了我們衡量目標服務和產品對個人消費者終生價值影響的能力，而 Invertex 為我們帶來了計算機視覺和基於體積的數據和分析，幫助我們在短短 1 年內創建了 Nike Fit 並將其推向市場。

As I said earlier, the third key theme from a financial perspective is that, in times like these, NIKE's currency-neutral financial performance offers a clear reflection of NIKE's fundamentally strong growth, expanding profitability and potential to create value for shareholders.

正如我之前所說，從財務角度來看的第三個關鍵主題是，在這種情況下，耐克的貨幣中性財務業績清楚地反映了耐克從根本上強勁的增長、不斷擴大的盈利能力和為股東創造價值的潛力。

18 months ago, it appeared that harmonized global growth was beginning to turn foreign exchange into a slight tailwind for NIKE.

18 個月前，全球協調一致的增長似乎開始將外匯兌換為耐克的順風。

However, geopolitical dynamics over the past year have led to dollar strengthening, fueled largely by uncertainty around Brexit and U.S.-China trade.

然而，過去一年的地緣政治動態導緻美元走強，主要是由於英國退歐和美中貿易的不確定性。

So within fiscal year '19 alone, dollar strengthening drove FX headwinds of over $1.4 billion on our reported revenue versus our plan entering fiscal year '19 and nearly $300 million in EBIT after taking into account our hedges.

因此，僅在 19 財年，美元走強就導致我們報告的收入超過 14 億美元的外匯逆風，而我們的計劃進入 19 財年和考慮到我們的對沖後的息稅前利潤近 3 億美元。

We know that the foreign exchange headwinds of late may be transient, so we remain primarily focused on the levers we can control and executing our strategy.

我們知道最近的外匯逆風可能是短暫的，因此我們仍然主要關注我們可以控制和執行策略的槓桿。

And you see that in our currency-neutral performance.

你在我們的貨幣中性表現中看到了這一點。

Our strong currency-neutral growth and margin expansion reflect NIKE's brand heat and distinction in North America and in all key international markets, the strength of our product portfolio and the transformation we are driving in the marketplace leveraging digital.

我們強勁的貨幣中性增長和利潤率擴張反映了耐克在北美和所有主要國際市場的品牌熱度和獨特性、我們產品組合的實力以及我們利用數字化推動的市場轉型。

Our SG&A growth in fiscal year '19 was a function of accelerating the investments required to drive transformation while gaining leverage in our core legacy expenditures.

我們在 19 財年的 SG&A 增長是加速推動轉型所需的投資，同時在我們的核心遺留支出中獲得槓桿作用的一個功能。

We are editing and shifting to gain leverage most notably within our geographies where we're creating differentiated Consumer Experiences leveraging digital while optimizing undifferentiated retail.

我們正在編輯和轉移以獲取影響力，尤其是在我們利用數字化創造差異化消費者體驗的地區，同時優化無差異化零售。

That includes, for example, shifting many wholesale customers to what we call Nike.net, an efficient digital platform for buying at wholesale.

例如，這包括將許多批發客戶轉移到我們所謂的 Nike.net，這是一個高效的批發購買數字平台。

We're also testing new digital business models with respect to off-price sales and optimizing our NIKE Factory Store fleet.

我們還在折扣銷售和優化我們的耐克工廠店車隊方面測試新的數字商業模式。

Over the next 3 years, as we scale digital and drive more focused growth, we will increasingly edit and shift resources in targeted areas.

在接下來的 3 年中，隨著我們擴大數字化規模並推動更集中的增長，我們將越來越多地編輯和轉移目標領域的資源。

One key financial measure that reflects NIKE's unrivaled ability to turn strategic investment into competitive advantage and growth is return on invested capital.

反映耐克將戰略投資轉化為競爭優勢和增長的無與倫比能力的一項關鍵財務指標是投資資本回報率。

In fiscal year '19, NIKE's industry-leading adjusted ROIC expanded over 400 basis points.

在 19 財年，耐克行業領先的調整後的投資回報率擴大了 400 多個基點。

Going forward, we see continued strong growth, expanding margins and high returns on invested capital as we drive strategic transformation at NIKE through the Consumer Direct Offense.

展望未來，隨著我們通過消費者直接進攻推動耐克的戰略轉型，我們看到持續強勁的增長、不斷擴大的利潤率和高投資資本回報。

But before I share our outlook for fiscal year '20, let's briefly touch on our strong Q4 results.

但在我分享我們對 20 財年的展望之前，讓我們簡要介紹一下我們強勁的第四季度業績。

NIKE, Inc.

耐克公司

Q4 revenue increased 4% on a reported real dollar basis and 10% on a currency-neutral basis with both meaningfully exceeding the expectations we communicated 90 days ago.

在報告的實際美元基礎上，第四季度的收入增長了 4%，在貨幣中性基礎上增長了 10%，兩者都大大超出了我們 90 天前傳達的預期。

For the full year, NIKE, Inc.

全年，NIKE, Inc.

revenue increased 7.5% on a reported basis as strong 11% currency-neutral growth was partially offset by FX headwinds.

收入在報告的基礎上增長了 7.5%，因為強勁的 11% 的貨幣中性增長被外匯逆風部分抵消。

Gross margin expanded 80 basis points in Q4, also exceeding our guidance.

第四季度毛利率擴大了 80 個基點，也超出了我們的預期。

Margin expansion was driven by strong full-price sales, enhanced product profitability and NIKE digital growth.

強勁的全價銷售、增強的產品盈利能力和耐克數字業務的增長推動了利潤率的增長。

For the full year, gross margin expanded 90 basis points.

全年，毛利率擴大了 90 個基點。

SG&A grew 9% in Q4 and 10% for the full year as we drove brand distinction and heat through the Just Do It, Dream Crazy campaign and by amplifying the biggest moments in sport while accelerating our investment in NIKE's digital transformation.

SG&A 在第四季度增長了 9%，全年增長了 10%，因為我們通過 Just Do It、Dream Crazy 活動推動品牌知名度和熱度，並通過放大體育界最重要的時刻，同時加快我們對 NIKE 數字化轉型的投資。

Our effective tax rate was 20.4% for the quarter and 16.1% for the full year, slightly above our guidance, driven by earnings mix and quarterly volatility associated with the continuing impacts of U.S. tax reform.

我們本季度和全年的有效稅率分別為 20.4% 和 16.1%，略高於我們的預期，這是由於收益組合和與美國稅制改革的持續影響相關的季度波動所致。

Fourth quarter diluted EPS was $0.62, and full year diluted EPS increased to $2.49.

第四季度攤薄後每股收益為 0.62 美元，全年攤薄後每股收益增至 2.49 美元。

As of May 31, inventories were up 7%, reflecting continued strong full-price sell-through and tight supply in support of strong forward-looking demand.

截至 5 月 31 日，庫存增加 7%，反映出持續強勁的全價銷售和供應緊張，以支持強勁的前瞻性需求。

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

現在讓我們轉向我們運營部門的財務業績。

In North America, Q4 revenue grew 8% on a currency-neutral basis with NIKE Digital leading all channels up strong double digits.

在北美，在貨幣中性的基礎上，第四季度的收入增長了 8%，NIKE Digital 引領所有渠道實現兩位數的強勁增長。

While NIKE Digital continues to power our growth, NIKE is also growing double digits and gaining significant share with our strategic wholesale partners.

在 NIKE Digital 繼續為我們的增長提供動力的同時，NIKE 也在以兩位數的速度增長，並在我們的戰略批發合作夥伴中獲得了重要份額。

That includes strong double-digit growth for NIKE within Foot Locker, DICK'S Sporting Goods and Nordstrom.

這包括耐克在 Foot Locker、DICK'S Sporting Goods 和 Nordstrom 的強勁兩位數增長。

Growth in share gains with these leading wholesale partners reflect NIKE's branding distinction in North America and the strength of our product portfolio.

這些領先批發合作夥伴的份額增長反映了耐克在北美的品牌知名度和我們產品組合的實力。

Our footwear innovation continues to resonate, and in apparel, we see very strong demand, in some classifications so strong that it's putting pressure on our supply short term.

我們的鞋類創新繼續引起共鳴，在服裝方面，我們看到非常強勁的需求，在某些類別中如此強勁，以至於在短期內給我們的供應帶來壓力。

For the full year, North America's revenue increased 7%, amplified by strong gross margin expansion.

全年，北美的收入增長了 7%，這得益於強勁的毛利率擴張。

Now let's move to EMEA where the NIKE Brand continues to lead and drive meaningful separation.

現在讓我們轉到 NIKE 品牌繼續引領和推動有意義的分離的歐洲、中東和非洲地區。

Revenue grew 9% in EMEA on a currency-neutral basis in Q4 driven by double-digit growth in NIKE Direct across footwear and apparel and in all territories.

在不影響貨幣因素的情況下，第四季度歐洲、中東和非洲地區的收入增長了 9%，這得益於 NIKE Direct 在鞋類和服裝以及所有地區的兩位數增長。

In EMEA, the NIKE Brand is stronger than ever.

在歐洲、中東和非洲，耐克品牌比以往任何時候都強大。

We are the #1 brand in all 5 key cities in this region, and as we speak, we're creating an even deeper emotional connection to consumers through the Woman's World Cup in France.

我們是該地區所有 5 個主要城市的第一品牌，正如我們所說，我們正在通過法國女足世界杯與消費者建立更深層次的情感聯繫。

NIKE Digital continues to lead in EMEA, up 35% in the fourth quarter.

NIKE Digital 在歐洲、中東和非洲地區繼續領先，第四季度增長 35%。

Yet EMEA is another market where we are truly just getting started.

然而，歐洲、中東和非洲是我們真正剛剛起步的另一個市場。

As Mark mentioned, we will more fully leverage the power of mobile launching the Nike App into 13 additional countries in fiscal year '20.

正如馬克所提到的，我們將在 20 財年更充分地利用移動設備將 Nike 應用程序推出到另外 13 個國家/地區的力量。

The strength of the NIKE Brand in EMEA is also translating into strong double-digit growth and significant share gains with our strategic wholesale partners, most notably JD and Zalando.

NIKE 品牌在歐洲、中東和非洲地區的實力也轉化為強勁的兩位數增長和與我們的戰略批發合作夥伴（尤其是京東和 Zalando）的顯著份額增長。

Note that our strong overall growth in EMEA in Q4 was also comping strong football apparel growth in the prior year fueled by the Men's World Cup.

請注意，我們在第四季度在歐洲、中東和非洲地區的整體強勁增長也與上一年在男子世界杯的推動下強勁的足球服裝增長相提並論。

For the full year, currency-neutral revenue grew 11% and was amplified by strong gross margin expansion.

全年，不受貨幣影響的收入增長了 11%，並被強勁的毛利率擴張所放大。

On a reported basis, fiscal year '19 revenue grew 6%.

據報導，19 財年的收入增長了 6%。

Next, let's turn to Greater China, which grew 22% on a currency-neutral basis in Q4.

接下來，讓我們看看大中華區，在貨幣中性的基礎上，第四季度增長了 22%。

This marks the 20th consecutive quarter of double-digit growth in China.

這標誌著中國連續第20個季度實現兩位數增長。

Growth was broad-based across men's and women's, performance and sportswear and led by digital.

男裝和女裝、性能和運動裝的增長基礎廣泛，並以數字為主導。

NIKE Digital grew 37% in Q4, fueled by the SNKRS App and the strength of NIKE Brand and experiences with partners such as Tmall and WeChat.

NIKE Digital 在第四季度增長了 37%，這得益於 SNKRS 應用程序、耐克品牌的實力以及與天貓和微信等合作夥伴的經驗。

For the full year, revenue in Greater China increased 24% on a currency-neutral basis.

在貨幣中性的基礎上，大中華區的全年收入增長了 24%。

On a reported basis, FY '19 revenue was up 21%.

據報導，19 財年的收入增長了 21%。

We see continued strong growth in China in fiscal year '20.

我們看到中國在 20 財年持續強勁增長。

As a brand of China, for China, we are building deep and meaningful relationships with the Chinese consumer.

作為中國品牌，對於中國，我們正在與中國消費者建立深厚而有意義的關係。

We are investing in our local team and talent, creating products specifically designed for the Chinese consumer, sponsoring China's top athletes, federations and team, and working closely with the Ministry of Sport and Education to fuel the passion for and increasing participation in sport and fitness in China.

我們正在投資本地團隊和人才，打造專為中國消費者設計的產品，贊助中國頂級運動員、聯合會和團隊，並與體育和教育部密切合作，激發人們對體育和健身的熱情和更多參與在中國。

On that note, we're excited to amplify consumers' passion for basketball around the FIBA World Cup coming to China in Q1.

在這方面，我們很高興能夠在第一季度來到中國的國際籃聯世界杯期間擴大消費者對籃球的熱情。

Let's turn to APLA, where Q4 revenue grew 9% on a currency-neutral basis.

讓我們看看 APLA，在貨幣中性的基礎上，第四季度的收入增長了 9%。

Growth was strong across nearly all territories.

幾乎所有地區的增長都很強勁。

NIKE is the #1 favored brand in all 3 of our key cities in this diverse geography: Tokyo, Seoul and Mexico City.

NIKE 是我們在這個多元化地區的所有 3 個主要城市：東京、首爾和墨西哥城的首選品牌。

NIKE's also the leading brand in Southeast Asia, growing strong double digits.

NIKE 也是東南亞的領軍品牌，以兩位數的強勁增長勢頭。

Our growth in APLA is led by digital, fueled by the entrepreneurial mindset we're taking with digital partners such as ZOZOTOWN, Flipkart and others.

我們與 ZOZOTOWN、Flipkart 等數字合作夥伴的創業思維推動了我們在 APLA 的增長。

Looking ahead to fiscal year '20, we will significantly expand our NIKE-owned digital footprint through the scaling of our app ecosystem.

展望 20 財年，我們將通過擴展我們的應用生態系統來顯著擴大耐克擁有的數字足跡。

For the full fiscal year, APLA revenue increased 13% on a currency-neutral basis and 2% on a reported basis.

在整個財年，APLA 收入在貨幣中性基礎上增長 13%，在報告基礎上增長 2%。

And finally, at Converse, fiscal year '19 revenue increased 3% on a currency-neutral basis and 1% on a reported basis, fueled by China and Converse's new digital commerce platform.

最後，在中國和 Converse 新的數字商務平台的推動下，Converse 19 財年的收入在貨幣中性的基礎上增長了 3%，在報告的基礎上增長了 1%。

Looking forward, we have a new, energized leadership team in Converse focused on fueling growth through product diversification, including reigniting Converse's authentic brand positioning in basketball, and that began with the launch of the All Star Pro BB basketball shoe in Q4.

展望未來，我們在 Converse 擁有一支充滿活力的新領導團隊，專注於通過產品多樣化推動增長，包括重新點燃 Converse 在籃球領域的真實品牌定位，這始於第四季度推出的 All Star Pro BB 籃球鞋。

With that, let's turn to our outlook for fiscal year '20.

有了這個，讓我們轉向我們對 20 財年的展望。

FX has intensified over the past couple of months, creating more of a headwind on a reported basis than we envisioned when we spoke with you last quarter.

外彙在過去幾個月中愈演愈烈，在報告的基礎上產生了比我們上個季度與您交談時所設想的更多的逆風。

That said, our currency-neutral outlook continues to improve.

也就是說，我們的貨幣中性前景繼續改善。

Taking these offsetting dynamics into account, we are reiterating our guidance for fiscal year '20.

考慮到這些抵消動態，我們重申我們對 20 財年的指導。

Our outlook for full year reported revenue growth remains in the high single-digit range, slightly exceeding our reported revenue growth in fiscal year '19.

我們對全年報告收入增長的展望保持在高個位數範圍內，略高於我們在 19 財年報告的收入增長。

We expect another year of broad-based growth with all 4 geographies delivering on our long-term financial model.

我們預計，在所有 4 個地區都實現我們的長期財務模型的情況下，將再有一年基礎廣泛的增長。

As for gross margin, we expect expansion potentially approaching 50 basis points.

至於毛利率，我們預計擴張可能接近 50 個基點。

To be clear, we see continued strong operational margin expansion that would otherwise exceed our long-term financial model but for 2 items: Foreign exchange and strategic supply chain investments such as RFID and expanding Air manufacturing innovation will create a roughly 50 basis point headwind on margin.

需要明確的是，我們看到持續強勁的運營利潤率擴張，否則將超過我們的長期財務模型，但有兩個方面：利潤。

That headwind is factored in to our guidance.

我們的指導考慮了這種逆風。

As for SG&A, we currently expect strategic investments, offset by our productivity initiatives, to result in very slight SG&A leverage in fiscal year '20.

至於 SG&A，我們目前預計戰略投資（被我們的生產力計劃所抵消）將導致 20 財年的 SG&A 槓桿率非常低。

SG&A should essentially grow in line with revenue growth.

SG&A 應該基本上與收入增長保持一致。

As for OIE, net of interest expense, we expect $50 million to $100 million of income for the year.

至於 OIE，扣除利息費用後，我們預計今年的收入為 5000 萬至 1 億美元。

We see our effective tax rate in the mid- to high teens range.

我們看到我們的有效稅率在中高青少年範圍內。

That said, we expect continued quarterly volatility based on the publishing of guidance relative to the U.S. Tax Reform and other discrete items.

話雖如此，我們預計基於與美國稅收改革和其他離散項目相關的指導發布，季度波動將持續。

Our primary focus is on the full year and long term.

我們的主要重點是全年和長期。

However, I'll provide a few specifics with respect to dynamics impacting Q1.

但是，我將提供一些關於影響第一季度的動態的細節。

In Q1, we expect reported revenue growth in line to slightly above our reported revenue growth in Q4.

在第一季度，我們預計報告的收入增長將略高於我們在第四季度報告的收入增長。

We expect currency-neutral revenue growth squarely within the high single-digit range offset by 4 points of FX headwinds.

我們預計貨幣中性收入增長正處於高個位數範圍內，被 4 個外匯逆風所抵消。

Based on current FX rates, the FX impact on revenue should largely abate from Q2 forward.

根據當前的匯率，從第二季度開始，外匯對收入的影響應該會大大減弱。

It's also worth noting that in Q1 of fiscal year '19, we were already scaling React and Air Max 270, which had been launched in late fiscal year '18.

還值得注意的是，在 19 財年第一季度，我們已經在擴展 React 和 Air Max 270，它們是在 18 財年末推出的。

And in fiscal year '20, we'll launch Joyride at the tail end of Q1 with scale and the launch of other new innovative products coming from Q2 forward.

在 20 財年，我們將在第一季度末推出規模化的 Joyride，並從第二季度開始推出其他新的創新產品。

As for gross margin, we expect to deliver flat to potentially 25 basis points of gross margin expansion in Q1.

至於毛利率，我們預計第一季度毛利率將持平至潛在的 25 個基點。

This reflects very strong underlying margin expansion fueled by NIKE Direct growth and strong full-price sales.

這反映了耐克直接增長和強勁的全價銷售推動的非常強勁的潛在利潤率擴張。

That said, FX will be an anomaly within gross margin in Q1.

也就是說，外彙在第一季度的毛利率中將是一個異常現象。

FX will be a 50 to 70 basis point headwind based on year-over-year foreign exchange rates, which move significantly within Q1 of last year as well as the timing of our hedge gains and losses.

外匯將是 50 到 70 個基點的逆風，基於去年第一季度的匯率以及我們對沖損益的時間點的同比匯率。

Assuming current rates, we expect the impact of FX on margin to be much less material over the balance of the year.

假設目前的利率，我們預計外匯對利潤率的影響在今年餘下時間將小得多。

As for SG&A, we are projecting growth in the high single-digit range, in line with the rate of currency-neutral revenue growth.

至於 SG&A，我們預計將在高個位數範圍內增長，與貨幣中性收入增長率一致。

As for OIE, net of interest expense, we expect roughly $0 million to $15 million of income in Q1, and we see our effective tax rate in the mid- to high teens range in Q1.

至於 OIE，扣除利息費用後，我們預計第一季度的收入約為 000 萬美元至 1500 萬美元，我們看到第一季度的有效稅率處於中高水平。

As we enter fiscal year '20, we are poised for another year of strong, sustainable profitable growth and value creation.

隨著我們進入 20 財年，我們準備迎接又一年強勁、可持續的盈利增長和價值創造。

The NIKE Brand is stronger than ever.

NIKE 品牌比以往任何時候都更強大。

We have a robust pipeline of innovation to bring to market, and we will continue to strategically transform NIKE and extend our digital advantage.

我們有強大的創新渠道可以推向市場，我們將繼續對耐克進行戰略轉型並擴大我們的數字優勢。

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

有了這個，我現在開始提問。

(Operator Instructions) Your first question comes from Bob Drbul with Guggenheim Securities.

（操作員說明）您的第一個問題來自古根海姆證券公司的 Bob Drbul。

I guess just the first question I have is, on China, I was just wondering if you could go a little deeper in terms of strength of basketball in China, apparel, running and just sort of what you see on the ongoing basis with the strong results and your expectation.

我想我的第一個問題是，關於中國，我只是想知道你是否可以更深入地了解中國的籃球實力、服裝、跑步以及你在持續的基礎上看到的強者結果和您的期望。

I think you said continued growth in the next decade.

我想你說未來十年會持續增長。

Just are you seeing any pressure there from the consumer around American brands?

您是否看到消費者對美國品牌的壓力？

It doesn't appear so on the numbers, but I'm just wondering if anything's changing from that perspective.

數字上並沒有這樣顯示，但我只是想知道從這個角度來看是否有任何變化。

And I just wondered if you could maybe just update us a little bit on how you guys are thinking about some of the trade discussions that continue to unfold here in the U.S.

我只是想知道您是否可以向我們介紹一下你們如何考慮在美國繼續展開的一些貿易討論。

Great.

偉大的。

Thanks for the question, Bob.

謝謝你的問題，鮑勃。

First, your first question, which was around the drivers of growth in China categorically, the short answer is, over the course of fiscal year '19, all categories drove growth in China with the exception of Global Football, and that relates to the comp versus last year's World Cup.

首先，你的第一個問題是圍繞中國增長的驅動因素，簡短的回答是，在 19 財年期間，除全球足球外，所有類別都推動了中國的增長，這與競爭與去年的世界杯相比。

The primary drivers of growth or the biggest drivers of growth were NIKE Sportswear, Basketball, Jordan.

增長的主要驅動力或最大的增長驅動力是耐克運動服、籃球、喬丹。

Running grew, Training but in general, extremely broad-based across men's and women's and well led by digital, also broad-based across the marketplace.

跑步增長，訓練，但總的來說，在男性和女性中的基礎非常廣泛，並且在數字化的引領下，在整個市場上也很廣泛。

And then to your question about seeing impact from the U.S.-China dynamics of late, we have not seen any impact on our business to date.

然後關於你看到最近美中動態的影響的問題，到目前為止，我們還沒有看到對我們的業務產生任何影響。

And we continue to see strong momentum as we enter fiscal year '20.

隨著我們進入 20 財年，我們繼續看到強勁的勢頭。

Got it.

知道了。

The consumer sentiment around NIKE in China has been actually quite strong.

在中國，圍繞耐克的消費者情緒實際上相當強勁。

We've made a lot of effort through the years to connect with the marketplace to take insights to use to drive innovation and messaging that is really, as we said, of and for China.

多年來，我們付出了很多努力與市場建立聯繫，以獲取洞察力來推動創新和信息傳遞，正如我們所說，這確實是為中國服務的。

So we're seeing that continue and it's showing up in the results.

因此，我們看到這種情況仍在繼續，並顯示在結果中。

I'm really proud of the team in China we have and the complete offense kind of results that we're seeing coming out of China.

我真的為我們在中國的球隊以及我們在中國看到的完整的進攻結果感到自豪。

Got it.

知道了。

And just on Basketball, I was wondering if I could just zone in on a follow-up.

就籃球而言，我想知道我是否可以進行後續跟進。

But it sounds as if NIKE has capitalized on the NBA jersey opportunity recently created by Zion and RJ Barrett.

但聽起來 NIKE 似乎利用了 Zion 和 RJ Barrett 最近創造的 NBA 球衣機會。

Ahead of the NBA-free agency, what raw material colors have you guys staged?

在NBA自由球員之前，你們上演了哪些原材料色？

Blue and orange or purple and gold?

藍色和橙色還是紫色和金色？

Can you just give us some insight in terms of how you're positioning for this weekend and the next few weeks?

您能否就本週末和接下來幾週的定位向我們提供一些見解？

Oh, good one.

哦，好一個。

Okay.

好的。

You want me to figure it out.

你要我弄清楚。

Mark's in my hometown.

馬克在我的家鄉。

Yes, that's right.

是的，這是正確的。

We got the coast covered.

我們覆蓋了海岸。

Well, okay, we got the spectrum covered, the color spectrum, so we're ready for anything.

好吧，我們得到了光譜，色譜，所以我們準備好了。

Certainly blue and orange and purple and gold but yes, no other insights other than I think we got the bases covered, yes.

當然是藍色、橙色、紫色和金色，但是是的，除了我認為我們已經覆蓋了基礎之外，沒有其他見解，是的。

Your next question comes from Lauren Cassel with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Lauren Cassel。

Could you maybe quantify the impacts that the supply chain investments had on gross margin during the fourth quarter?

您能否量化供應鏈投資對第四季度毛利率的影響？

And then my second question was just where do we sit here at the end of the fiscal year in terms of your manufacturing exposure to China?

然後我的第二個問題是，就您在中國的製造業敞口而言，在本財政年度結束時我們處於什麼位置？

What percentage of that is coming into the U.S.?

其中有多少百分比進入美國？

And then just any commentary on if you would raise prices, et cetera, should List 4 go through?

然後只是任何關於你是否會提高價格等的評論，清單 4 是否應該通過？

Lauren, I'll take your first question.

勞倫，我會回答你的第一個問題。

On supply chain investments, the short answer is roughly 30 basis points in the fourth quarter.

在供應鏈投資方面，簡短的回答是第四季度大約 30 個基點。

And just to clarify, those -- that is because we capture investments that may be for the long term in our other cost of goods sold within margins.

只是為了澄清，那些 - 那是因為我們捕獲了可能是長期的投資，我們在利潤內銷售的其他商品成本。

So it can be somewhat distorted in terms of current quarter product profitability.

因此，就當前季度的產品盈利能力而言，它可能會有些失真。

And Lauren, your second question again, sorry, was pricing leverage with respect to China, is that...

勞倫，你的第二個問題，對不起，是關於中國的定價槓桿，是...

Yes, just the current manufacturing exposure to China.

是的，只是當前製造業對中國的敞口。

I think you guys have been actively sort of trying to diversify.

我認為你們一直在積極嘗試多樣化。

Just where do we sit at the end of the year?

我們在年底坐在哪裡？

And how much of that is coming into the U.S.?

其中有多少進入美國？

Sure.

當然。

I'll take that one as well.

我也會拿那個。

We continue to source product in China.

我們繼續在中國採購產品。

We do externally report that we produce about 1/4 of our product in China for the globe.

我們確實對外報告說，我們在中國為全球生產了大約 1/4 的產品。

Our exposure in terms of product produced in China to North America is relatively modest.

我們在中國生產的產品對北美的敞口相對較小。

At the same time, we see a great opportunity to continue and potentially expand the production of product in China for China and for other markets.

與此同時，我們看到了一個很好的機會，可以為中國和其他市場繼續並可能擴大在中國的產品生產。

The short of it is we've got a relatively agile approach to sourcing multiple nodes from a production and distribution perspective.

簡而言之，我們有一種相對靈活的方法來從生產和分銷的角度採購多個節點。

And so while the dynamics are certainly -- while it is certainly dynamic out there with respect to trade, we're relatively well positioned, as we always have been, for macro dynamics.

因此，雖然動態肯定是 - 雖然它在貿易方面肯定是動態的，但我們在宏觀動態方面一直處於相對有利的位置。

And we see China continuing to be a critical part of our source base for China but also other parts of the world, and that will continue.

我們認為中國將繼續成為我們對中國以及世界其他地區的來源基地的重要組成部分，而且這種情況將繼續下去。

Your next question comes from Brian Nagel with Oppenheimer.

您的下一個問題來自奧本海默的 Brian Nagel。

So first, I want to talk a bit.

所以首先，我想談談。

I believe there -- clearly, your currency-neutral results were quite strong here -- actually, even very strong.

我相信那裡——顯然，你的貨幣中性結果在這裡非常強勁——實際上，甚至非常強勁。

There were indications of weakness elsewhere and saw flights in the United States.

其他地方有疲軟跡象，並在美國看到了航班。

The question I have on that is, as you look at the data closer then we could, was there any -- where there any more top line challenges through the period that maybe have not been totally reflected in the aggregate results.

我的問題是，當您仔細查看數據時，是否有任何 - 在此期間可能沒有完全反映在總體結果中的更多頂線挑戰。

One challenge from a top line perspective is, is frankly a nice problem to have, Brian, which is, as we enter the year, we've got particularly strong demand that is broad-based, and a couple of the areas where we have very strong demand relate to Air, NIKE Air, which is obviously a distinctive innovation relative to NIKE.

從頂線的角度來看，一個挑戰是坦率地說是一個很好的問題，布賴恩，也就是說，隨著我們進入這一年，我們的需求特別強勁，而且基礎廣泛，我們在幾個領域都有對 Air 的需求非常旺盛，NIKE Air 相對於 NIKE 來說顯然是一項與眾不同的創新。

So to your point about dynamics out there in the marketplace, we've got an innovation that is obviously closely tied to and really powerful within our portfolio, that being NIKE Air.

因此，就您關於市場動態的觀點而言，我們有一項創新顯然與我們的產品組合密切相關並且在我們的產品組合中非常強大，那就是 NIKE Air。

And as Mark mentioned in his remarks, we are actually expanding our investment in Air manufacturing in the U.S., and that is directly related to demand that we weren't able to fully capture in the second half of this past year.

正如馬克在他的講話中提到的那樣，我們實際上正在擴大我們對美國空氣製造的投資，這與我們在過去一年下半年未能完全捕捉到的需求直接相關。

In other areas in apparel, we've got very strong growth in apparel, and we're ramping up supply with respect to a few classifications where our revenue growth could have been greater based on the demand in the marketplace, particularly around fleece.

在服裝的其他領域，我們的服裝增長非常強勁，我們正在增加一些類別的供應，根據市場需求，我們的收入增長可能會更大，尤其是在羊毛方面。

And then just overall, when we speak about our growth, we said that it's not really an extrapolation.

然後總體而言，當我們談到我們的增長時，我們說這並不是真正的推斷。

It's not really just a correlation of what's going on in the market.

這不僅僅是市場上正在發生的事情的相關性。

It's about a transformation in NIKE.

這是關於耐克的轉型。

And most notably, that transformation is being fueled by innovation, so we're creating something new and different in the marketplace and digital.

最值得注意的是，這種轉變是由創新推動的，因此我們正在市場和數字領域創造新的和不同的東西。

Again, we're creating something new and different in the marketplace in terms of the digital connection we have with consumers.

同樣，就我們與消費者的數字聯繫而言，我們正在市場上創造一些新的和不同的東西。

A couple of areas I'd call out quickly, there's -- the performance has actually been very strong, but I think there's more opportunity for us going forward.

我會快速指出幾個方面，有 - 表現實際上非常強勁，但我認為我們有更多的機會前進。

I mentioned women's and how we have double-digit growth for the year, and it's been accelerating through the fourth quarter.

我提到了女性以及我們今年如何實現兩位數的增長，並且在第四季度一直在加速。

But we're actually very bullish on the opportunity in women's going forward as we move into fiscal '20.

但實際上，隨著我們進入 20 財年，我們非常看好女性前進的機會。

And then I also called out a core product, under $100 price point product within footwear, and we have a whole refresh coming in the sort of core zone not only with existing technologies being leveraged in that space but unique design work that is going to refresh about 75% of that -- the styles in that product zone for NIKE.

然後我還提出了一款核心產品，鞋類產品價格低於 100 美元，我們在核心區域進行了全面更新，不僅在該領域利用現有技術，而且將更新獨特的設計工作其中大約 75%——NIKE 產品區的款式。

So that's going to create some more opportunity for us.

所以這將為我們創造更多的機會。

Your next question comes from Omar Saad with Evercore ISI.

您的下一個問題來自與 Evercore ISI 的 Omar Saad。

Two questions actually.

其實是兩個問題。

I wanted to ask first about your comments on RFID, inventory, sharing the inventory in the wholesale channel.

我想先問一下您對RFID、庫存、批發渠道共享庫存的意見。

Kind of wondering what you're thinking about longer term how you see inventory and inventory management evolving, what the opportunities are to either manage it differently, especially as you talk about matching kind of more diverse consumer demand more accurately.

有點想知道從長遠來看你在想什麼，你如何看待庫存和庫存管理的發展，以不同方式管理它的機會是什麼，特別是當你談論更準確地匹配更多樣化的消費者需求時。

And then my second question on the SNKRS App, obviously explosive growth there.

然後是我關於 SNKRS 應用程序的第二個問題，那裡顯然是爆炸性增長。

How do you think about, as you scale that platform -- I don't know if saturation is the right word -- but how do you keep it growing and also keep it special?

您如何看待，當您擴展該平台時——我不知道飽和是否是正確的詞——但你如何保持它的增長並保持它的特殊性？

Do you see -- how big is that runway to kind of create those unique experiences for consumers through that platform before it starts to lose its specialness?

你看到了嗎——在它開始失去它的特殊性之前，通過那個平台為消費者創造那些獨特的體驗的跑道有多大？

Let me just touch on the RFID question first, Omar.

讓我先談談 RFID 問題，Omar。

As I mentioned, we're launching RFID across essentially all of footwear and apparel beginning in the fall '19 season, and that's going to enable all of footwear, the majority, I should say, of nonlicensed apparel through RFID and the QR technology.

正如我所提到的，我們將從 19 年秋季開始在基本上所有的鞋類和服裝上推出 RFID，這將使所有鞋類，我應該說，大多數非許可服裝都可以通過 RFID 和 QR 技術實現。

So that's a big upside for us in terms of our capability to dramatically improve our inventory visibility and accuracy I think across the marketplace and throughout the supply chain.

因此，就我們在整個市場和整個供應鏈中顯著提高庫存可見性和準確性的能力而言，這對我們來說是一個很大的優勢。

And ultimately, that's going to allow us to serve consumers with the product that they want when they want it so that the consumer upside on this is actually quite powerful.

最終，這將使我們能夠在消費者想要的時候為他們提供他們想要的產品，這樣消費者在這方面的優勢實際上是非常強大的。

And then we're going to roll out through fiscal '20 and scale the capabilities that we have within RFID globally across our own doors.

然後我們將在 20 財年推出，並在全球範圍內擴展我們在 RFID 中擁有的能力。

And over time, I think we see RFID as a key capability throughout owned and partner retail supply chains.

隨著時間的推移，我認為我們將 RFID 視為貫穿自有和合作夥伴零售供應鏈的關鍵能力。

So -- and so I think this will help us create the capability to grow profitably across the breadth of the portfolio, and ultimately, again, it's putting ourselves in a position to serve consumers in a way that gets them the product that they need when they want it and where they want it.

所以 - 所以我認為這將幫助我們創造在整個投資組合範圍內實現盈利增長的能力，最終，它再次使我們能夠以一種為消費者提供服務的方式為他們提供他們需要的產品他們想要它以及他們想要它的地方。

And then, Omar, I'll take your question on SNKRS.

然後，奧馬爾，我會回答你關於 SNKRS 的問題。

We still see tremendous opportunity with respect to SNKRS.

我們仍然看到 SNKRS 的巨大機遇。

It -- I'll give you some dimension on where we see that opportunity.

它——我會給你一些關於我們在哪裡看到這個機會的維度。

In terms of what you referred to as the kind of special nature of the product that we're launching on SNKRS, we still supply a very small percent of the demand that we're seeing on SNKRS.

就您所說的我們在 SNKRS 上推出的產品的特殊性質而言，我們仍然提供了我們在 SNKRS 上看到的一小部分需求。

In fact, just this morning, we launched a few -- a pretty unique collaboration and again, saw sellout within minutes.

事實上，就在今天早上，我們推出了一些 - 一個非常獨特的合作，並在幾分鐘內再次看到售罄。

That's both fantastic in terms of the heat that some of our styles create but also an opportunity.

就我們的一些風格創造的熱度而言，這既是美妙的，也是一個機會。

Couple of other areas of opportunities within SNKRS are apparel.

SNKRS 的其他幾個機會領域是服裝。

What we've done with apparel and the limited cases where we've launched apparel either collaboration or apparel innovation, we see an incredible demand, and we really have -- it's almost overstating it to say we've scratched the surface in terms of the heat we can create and connectivity to consumers around apparel.

我們在服裝方面所做的工作以及我們推出服裝合作或服裝創新的有限案例，我們看到了令人難以置信的需求，而且我們確實有 - 說我們已經在我們可以創造熱量並與服裝周圍的消費者建立聯繫。

Women's is another great opportunity through the SNKRS App.

通過 SNKRS 應用程序，女裝是另一個絕佳機會。

And then 2 last dimensions I'd speak to, product creation that's done with the membership data that we get through the SNKRS App in mind, we launched the shoe in this past year based on data and analytics relative to the Dominican community in New York, which was incredibly well received, very strong demand and brand heat around that.

然後是我要談到的最後兩個維度，即使用我們通過 SNKRS 應用程序獲得的會員數據完成的產品創建，我們在過去一年根據與紐約多米尼加社區相關的數據和分析推出了這款鞋，非常受歡迎，非常強勁的需求和品牌熱度。

We also see the opportunity, as Mark touched on, to launch innovation directly to members.

正如馬克所提到的，我們還看到了直接向會員推出創新的機會。

Sneakerheads are just people who love the innovation that we provide in the app.

運動鞋迷只是喜歡我們在應用程序中提供的創新的人。

And then finally, what both of us touched on is we often focus on the businesses that we have here in North America because we all experience the most consumers here in North America, but we've got a tremendous potential to continue to expand the SNKRS App globally and geographically in markets around the world.

最後，我們倆談到的是我們經常關注我們在北美的業務，因為我們都在北美體驗到最多的消費者，但我們擁有繼續擴大 SNKRS 的巨大潛力應用程序全球和地理在世界各地的市場。

I have to add that the core answer to your question about sustaining the heat in SNKRS is going to be the product itself.

我必須補充一點，您關於維持 SNKRS 熱量的問題的核心答案將是產品本身。

So the strength of the product, how we refresh it, making sure supply and demand is in the right ratio.

所以產品的實力，我們如何更新它，確保供需處於正確的比例。

And then the whole experience on SNKRS is going to continue to evolve, I think, to make it a very compelling, "kind of have to check back in" day-to-day kind of experience.

然後，我認為 SNKRS 的整個體驗將繼續發展，使其成為一種非常引人注目的“必須重新簽到”的日常體驗。

Your next question is from Jim Duffy with Stifel.

您的下一個問題來自 Stifel 的 Jim Duffy。

I'm interested in the -- call it, in the digital and physical intersection and how successful that's been recruiting new customers to the digital ecosystem.

我對數字和物理交叉點以及在數字生態系統中招募新客戶方面的成功程度很感興趣。

Does that make you rethink the role of physical retail and the go-to-market strategies?

這是否讓您重新思考實體零售和上市策略的作用？

And then maybe this will dovetail with my second question.

然後也許這將與我的第二個問題相吻合。

With respect to the key city strategies, are there cities you would highlight as being further along in demonstration of the efficacy of that strategy?

關於重點城市戰略，您是否會強調哪些城市在展示該戰略的有效性方面更進一步？

Well, we see the -- first of all, the intersection of physical and digital is going to continue to be more and more intimate relationship.

好吧，我們看到——首先，物理和數字的交集將繼續成為越來越親密的關係。

I think we're looking at a lot of experimentation, trial and error learning from some of the tests that we're doing.

我認為我們正在從我們正在進行的一些測試中進行大量實驗、反複試驗和學習。

Ultimately, it's about making the experience physically or digitally more richer, more dimensionalized experience for consumers.

歸根結底，它是為了讓消費者的物理或數字體驗更豐富、更立體化。

And what we're seeing where we have those digital connections through like NIKE App at Retail, we're seeing the engagement from consumers rise significantly, and the actual spend per consumer in those cases actually jumps up dramatically.

我們看到我們通過 NIKE 零售應用程序在哪裡建立了這些數字連接，我們看到消費者的參與度顯著上升，在這些情況下，每位消費者的實際支出實際上急劇上升。

So this is something that we don't think is just a -- it's not just a current trend.

因此，我們認為這不僅僅是一個 - 這不僅僅是當前的趨勢。

This is the future of -- the fusion of digital and physical is going to continue.

這就是數字和物理融合的未來。

And this is a huge priority.

這是一個重要的優先事項。

It's a source of investment for us.

這是我們的投資來源。

It's ultimately around how do we better serve customers, members.

最終是圍繞著我們如何更好地為客戶和會員服務。

And you'll continue to see us evolve that dramatically, and our ambition is to lead in that space.

您將繼續看到我們的巨大發展，我們的雄心是在該領域處於領先地位。

And then to your question on key cities, we're seeing over indexing growth in our key cities as compared to the countries in which they are.

然後對於您關於主要城市的問題，與所在國家/地區相比，我們看到我們的主要城市的指數增長過度。

We're also seeing over indexing results from a brand perspective.

從品牌的角度來看，我們也看到了過度的索引結果。

Our brand is the #1 brand in each of those key cities.

我們的品牌是每個主要城市的第一品牌。

I would tell you that in terms of prioritization, which I think was the spirit of your question, our priorities have been in bringing our Consumer Direct Offense to life, first, in London, New York and Shanghai, and so that's where you see us having invested in the new houses of innovation in New York and Shanghai, which do that as a bit of a segue from what Mark was just speaking to, merging physical and digital and experience that the consumer really hasn't had from NIKE or anyone else in the marketplace.

我會告訴你，在優先級方面，我認為這是你問題的精神，我們的優先事項是首先在倫敦、紐約和上海將我們的消費者直接攻擊付諸實踐，這就是你看到我們的地方在紐約和上海投資了新的創新公司，這與馬克剛才所說的有點不同，融合了消費者真正從耐克或其他任何人那裡獲得的實體和數字體驗在市場上。

They've -- those experiences have well exceeded our expectations.

他們——這些經歷遠遠超出了我們的預期。

L.A. is another market where we've started to bring this to life with our smaller format concept, Nike Live.

洛杉磯是另一個我們已經開始通過我們的小尺寸概念 Nike Live 將其變為現實的市場。

So I would say, to answer your question in short, London, New York and Shanghai I think are the cities where we're furthest along, but we've got really energized teams in each of the key cities.

所以我想說，簡而言之，倫敦、紐約和上海是我們走得最遠的城市，但我們在每個主要城市都有非常充滿活力的團隊。

In fact, we just had all of our key city teams, not just GMs, together here a couple of weeks ago at our headquarters to share best practices and learning and align on how to leverage what we can create globally or in 1 key city and another key city.

事實上，幾週前，我們所有的主要城市團隊，不僅僅是總經理，在我們的總部聚集在一起，分享最佳實踐和學習，並就如何利用我們在全球或一個主要城市創造的東西和另一個重點城市。

So we really feel great about the progress we're making against that offense.

所以我們真的對我們在對抗這種進攻方面取得的進展感覺很好。

Your last question comes from Sam Poser with Susquehanna.

您的最後一個問題來自 Sam Poser 和 Susquehanna。

I was really wondering about how you view your brands -- as a follow-up, on how you view your brands perceived in China.

我真的很想知道您如何看待您的品牌——作為後續行動，您如何看待您的品牌在中國的認知度。

Somebody said that you were perceived -- other brands were perceived as American or U.S. brands or German brands, but NIKE is perceived as NIKE.

有人說你被認為是——其他品牌被認為是美國或美國品牌或德國品牌，但 NIKE 被認為是 NIKE。

I'd love to get your comment on that, and I have one other question.

我很想听聽您對此的評論，我還有另一個問題。

Sure, Sam.

當然，山姆。

Thanks for the question.

謝謝你的問題。

I'll start.

我會開始的。

As both Mark and I said, our approach has been to be of China, for China, and that's not a new approach.

正如馬克和我所說，我們的做法是為中國服務，為中國服務，這不是一種新的做法。

That approach is not based on dynamics of late.

這種方法不是基於最近的動態。

That's been the approach we've had in China for 2, 3 decades.

這就是我們在中國 2、3 年來一直採用的方法。

And it ranges from the strong leadership team we have in place there with local talent that understands the consumer.

它的範圍包括我們在那裡擁有的強大的領導團隊以及了解消費者的本地人才。

Obviously in our history, it dates back to our sourcing of product in China.

顯然，在我們的歷史中，它可以追溯到我們在中國採購產品。

Over the years, it's been about us fueling the passion for sport and participation in sport, not simply being a commercial enterprise in China but having a bigger view in terms of the purpose and the impact that we could create in terms of the lively consumers in China.

多年來，我們一直在激發對體育運動的熱情和參與體育運動，不僅僅是在中國做一家商業企業，而是對我們可以創造的目標和影響力有更大的視野，因為我們可以在活躍的消費者方面創造中國。

And then that last point extends to our relationship with the Ministries of Sport and Education, our partnerships there as well as our partnerships.

然後最後一點延伸到我們與體育和教育部的關係，我們在那裡的伙伴關係以及我們的伙伴關係。

We're probably out in front in terms of the global impact of the teams, athletes and federations in China, but why we're invested in sponsoring those teams and athletes and federations is because of their impact on local consumers in China.

在中國隊、運動員和聯合會的全球影響方面，我們可能處於領先地位，但我們投資贊助這些團隊、運動員和聯合會的原因是因為它們對中國當地消費者的影響。

And then secondly...

然後其次...

And also, the insights that we're getting for China are actually helping us create China -- or products that's more relevant for China but also other parts of the world.

而且，我們獲得的關於中國的見解實際上正在幫助我們創造中國——或者與中國以及世界其他地區更相關的產品。

So this isn't about importing western concepts into China as much as it is trying to actually take the insights we gain in China and use it to enrich our global position as a brand and as a product offering.

因此，這並不是將西方概念引入中國，而是試圖真正利用我們在中國獲得的洞察力，並利用它來豐富我們作為品牌和產品的全球地位。

So it's truly not just local for local.

所以它真的不僅僅是本地的。

It's China putting us in a position to be a better global company.

是中國讓我們能夠成為一家更好的全球公司。

And then just a follow-up on a prior question.

然後只是對先前問題的跟進。

The RFID, does this mean with your core partners, Nordstrom, Foot Locker and so on, DICK'S and so on, that you will be able to, over time, interact with them and maybe interact between your systems to be able to make your inventory act as whole more efficiently?

RFID，這是否意味著與您的核心合作夥伴 Nordstrom、Foot Locker 等、DICK'S 等，隨著時間的推移，您將能夠與他們互動，並可能在您的系統之間互動，以便能夠製作您的庫存整體行動更有效？

Yes.

是的。

Oh, sorry, Sam, did you add more to that question?

哦，對不起，山姆，你在這個問題上添加了更多內容嗎？

Go ahead.

前進。

Well, yes, and I'd love color.

嗯，是的，我喜歡顏色。

And I may add -- I may have to add something else, but I'll go from there.

我可以補充——我可能需要補充一些其他的東西，但我會從那裡開始。

Yes.

是的。

RFID provides us an opportunity to do what we aspire to do, which is connect the marketplace and do that through our NIKE Direct business but also through strategic wholesale partners, partners that we view as being part of the NIKE network of the future.

RFID 為我們提供了實現我們渴望做的事情的機會，即連接市場，並通過我們的 NIKE Direct 業務以及戰略批發合作夥伴來實現這一目標，我們認為這些合作夥伴是未來 NIKE 網絡的一部分。

We are already testing the use of RFID in being able to give consumers greater visibility into product down to the style, color and size that they're looking for.

我們已經在測試 RFID 的使用，以使消費者能夠更好地了解產品的款式、顏色和尺寸。

And I'd say that's probably the sharpest and most intuitive aspect of this opportunity, is visibility into the inventory for a company like NIKE with the breadth and depth of our portfolio is somewhat limited across our broad distribution within the marketplace.

我想說這可能是這個機會最敏銳和最直觀的方面，是對像耐克這樣的公司的庫存可見性，我們的產品組合的廣度和深度在我們在市場上的廣泛分佈中受到一定限制。

Being able to leverage our RFID to give almost 100% visibility into what we have by style, color and size across our marketplace is an incredible opportunity in terms of meeting consumer demand realtime in the moment.

能夠利用我們的 RFID 幾乎 100% 地了解我們在整個市場上的款式、顏色和尺寸，這對於實時滿足消費者需求而言是一個難得的機會。

And then lastly, for the speed initiative, with your speed initiative, how long till you get to double the speed or beyond that, this RFID will certainly help that?

最後，對於速度主動性，以你的速度主動性，你需要多長時間才能達到兩倍或更高的速度，這個 RFID 肯定會有所幫助？

Yes.

是的。

Well, as you know, that is one of the measures of success.

嗯，如你所知，這是衡量成功的標準之一。

We feel really good about the progress we're making on doubling the percentage of product in what we call 1/2 the time to market.

我們對我們在將產品比例翻倍方面取得的進展感到非常滿意，我們稱之為 1/2 的上市時間。

We've seen some really strong results over the past year, and we expect that to continue through the next year.

在過去的一年裡，我們看到了一些非常強勁的結果，我們預計這種情況會持續到明年。

And a lot of that effort is led by what we called Express Lane.

很多努力都是由我們所謂的 Express Lane 領導的。

And Express Lane, as I mentioned, I think I commented that 20% of our product sales revenue in EMEA is actually coming from our Express Lane initiative.

Express Lane，正如我所提到的，我想我評論說，我們在 EMEA 的 20% 的產品銷售收入實際上來自我們的 Express Lane 計劃。

So we see the speed initiative for NIKE, the time to market cut in half initiative really accelerating through this next fiscal year.

因此，我們看到 NIKE 的速度計劃，將上市時間減少一半的計劃在下一個財政年度真正加速。

And it's ultimately going to be a big competitive advantage for us.

這最終將成為我們的巨大競爭優勢。

Thank you, Sam, and thank you, everybody.

謝謝你，山姆，謝謝大家。

Thanks.

謝謝。

Thank you for joining us today, and we look forward to speaking with you next quarter.

感謝您今天加入我們，我們期待在下個季度與您交談。

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。