Nike Inc (NKE) 2022 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal '22 Fourth Quarter Conference Call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, VP of Investor Relations and Strategic Finance.

大家下午好。歡迎來到 NIKE, Inc. 的 22 財年第四季度電話會議。對於那些想要參考今天的新聞稿的人，您可以在investors.nike.com 上找到它。領導今天的電話會議的是投資者關係和戰略財務副總裁 Paul Trussell。

Before I turn the call over to Mr. Trussell, let me remind you that participants on this call may make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in the reports filed with the SEC, including the annual report filed on Form 10-K. Some forward-looking statements may concern expectations of future revenue growth or gross margin.

在我將電話轉給 Trussell 先生之前，讓我提醒您，本次電話會議的參與者可能會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。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。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. References to constant dollar revenue are intended to provide context as to the performance of the business, eliminating foreign exchange fluctuations. Participants may also make references to other nonpublic financial and statistical information and non-GAAP financial measures. To the extent nonpublic financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, investors.nike.com.

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。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。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。在討論非公開財務和統計信息的範圍內，可在 NIKE 的網站 Investors.nike.com 上提供可比較的 GAAP 措施和定量對賬的介紹。

Now I'd like to turn the call over to Paul Trussell.

現在我想把電話轉給 Paul Trussell。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2022 fourth quarter results. As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You will find the appropriate reconciliations in our press release, which was issued about an hour ago or at our website, investors.nike.com.

謝謝你，接線員。大家好，感謝您今天加入我們討論 NIKE, Inc. 的 2022 財年第四季度業績。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。您可以在我們大約一小時前發布的新聞稿或在我們的網站investors.nike.com 上找到適當的對賬。

Joining us on today's call will be NIKE, Inc. President and CEO, John Donahoe; and our Chief Financial Officer, Matt Friend. Following their prepared remarks, we will take your questions. (Operator Instructions)

加入我們今天電話會議的將是 NIKE, Inc. 總裁兼首席執行官 John Donahoe；和我們的首席財務官 Matt Friend。在他們準備好的評論之後，我們將回答您的問題。 （操作員說明）

I will now turn the call over to NIKE, Inc. President and CEO, John Donahoe.

我現在將把電話轉給 NIKE, Inc. 總裁兼首席執行官 John Donahoe。

Thank you, Paul, and hello to everyone on today's call. This quarter, NIKE celebrated our 50th anniversary. On May 1, 1972, NIKE became its own company, a new stand-alone brand with its own mission and vision. As Phil and I put it recently, back then, all we had was a dream, a ton of ambition, a trunk full of shoes and a big swoosh on all of them. And over the 50 years since, NIKE has been a growth company. For 5 decades now, we innovated for athletes, redefining sport for generation after generation. And today, we're the biggest champion in the world for athletes and for sport, and we've inspired a global community and remain driven by the power of sport to create a better world.

謝謝你，保羅，今天的電話大家好。本季度，NIKE 慶祝了我們的 50 週年。 1972 年 5 月 1 日，NIKE 成為自己的公司，一個新的獨立品牌，擁有自己的使命和願景。正如菲爾和我最近所說的那樣，那時，我們所擁有的只是一個夢想，一個巨大的野心，一個裝滿鞋子的箱子，然後所有人都大呼過癮。從那以後的 50 年裡，耐克一直是一家成長型公司。 5 年來，我們為運動員創新，為一代又一代重新定義運動。今天，我們是世界上最大的運動員和體育冠軍，我們激勵了一個全球社區，並繼續以體育的力量為動力，創造一個更美好的世界。

This spring, we've been celebrating our 50th anniversary across the globe, and these moments have been particularly special as many of us have now returned to our workplaces. It's been great to see the collaboration and creativity as we strengthen our culture of innovation, team and community. I have personally loved feeling the energy of our teammates being back together again. In fact, I got to feel that energy not just here in our campus in Oregon, but also across Europe when a group of us visited our team there a few weeks back. After a couple of years of virtual meetings, it was great to finally spend time with our European teammates in person.

今年春天，我們在全球慶祝了我們的 50 週年紀念日，這些時刻特別特別，因為我們中的許多人現在已經回到了我們的工作場所。在我們加強創新、團隊和社區文化的過程中，看到協作和創造力真是太好了。我個人很喜歡感受我們的隊友重新聚在一起的能量。事實上，我不僅在俄勒岡州的校園裡感受到了這種能量，而且在幾週前我們一群人訪問了我們那裡的團隊時，我也感受到了整個歐洲的能量。經過幾年的虛擬會議，最終能親自與我們的歐洲隊友共度時光真是太好了。

Another highlight from that trip was touring our European Logistics Center in Laakdal, Belgium and getting to see firsthand how efficiency and sustainability help us serve our consumers while minimizing our environmental impact. And I love getting a chance to spend some time with some of the players on England's women's national football team, the Lionesses, who were inspiring as they prepare for the Women's Euro Champs in England this summer.

那次旅行的另一個亮點是參觀了我們位於比利時拉克達爾的歐洲物流中心，並親眼目睹了效率和可持續性如何幫助我們為消費者提供服務，同時最大限度地減少對環境的影響。我喜歡有機會與英格蘭女子國家足球隊的一些球員共度時光，這些球員在為今年夏天在英格蘭舉行的女子歐洲冠軍賽做準備時鼓舞人心。

Seeing our European teammates in person again reminds me of how deeply grateful I am to all of our 79,000 global teammates. As we conclude this fiscal year, our NIKE, Inc. team has navigated so much together, working with commitment and resilience to serve our consumers and our communities. And our teams have proven their ability to be unrelenting and executing against the macro complexities while also building our future. In particular, I want to acknowledge Greater China team, who have managed the business through a challenging period for them and their families. I've said it before and I'll say it again, this team is the greatest collection of talent in the world, and I sincerely thank them.

再次親眼見到我們的歐洲隊友讓我想起了我對我們所有 79,000 名全球隊友的感激之情。在本財年結束之際，我們的 NIKE, Inc. 團隊攜手共進，以承諾和堅韌的精神為我們的消費者和社區服務。我們的團隊已經證明了他們在應對宏觀複雜性的同時堅持不懈和執行的能力，同時也建立了我們的未來。我要特別感謝大中華區團隊，他們為他們和他們的家人在充滿挑戰的時期管理了業務。我已經說過了，我會再說一遍，這支球隊是世界上最偉大的人才集合，我真誠地感謝他們。

This fiscal year and certainly this past quarter, macroeconomic challenges have created a dynamic environment. And yet looking at our full fiscal year '22 results, it's clear that our strategy is working and that NIKE's unique competitive advantages continue to drive the business. Today, we're better positioned to drive sustainable long-term growth than we were before the pandemic. Over the past 2 years, we've transformed our business, building a muscle that won't just help us navigate future adversity, but one that gives us the ability and agility to continue to drive our growth. We now have a proven operational playbook with many levers at our disposal.

本財年，當然還有上個季度，宏觀經濟挑戰創造了一個充滿活力的環境。然而，從我們完整的 22 財年業績來看，很明顯我們的戰略正在奏效，耐克獨特的競爭優勢繼續推動業務發展。今天，我們比大流行之前更有能力推動可持續的長期增長。在過去的 2 年裡，我們已經改變了我們的業務，建立了一種力量，不僅可以幫助我們度過未來的逆境，還可以讓我們有能力和敏捷性繼續推動我們的增長。我們現在擁有一個經過驗證的運營手冊，其中包含許多可供我們使用的槓桿。

Fiscal '22 posed operational headwinds throughout the year, but we continue to invest. As other companies have pulled back, our investments have made us stronger. And we're excited by what we see as we look at our growth opportunities and the strong consumer demand we continue to enjoy. And as we look ahead to fiscal '23, we remain very confident in our long-term strategy and our growth outlook.

'22 財年全年都在運營上遇到逆風，但我們會繼續投資。隨著其他公司的撤退，我們的投資使我們變得更強大。當我們看到我們的增長機會和我們繼續享受的強勁消費者需求時，我們對所看到的感到興奮。當我們展望 23 財年時，我們對我們的長期戰略和增長前景仍然充滿信心。

Our structural tailwinds, which include the expanded definition of sport, the societal movement toward health and wellness and comfort and the fundamental shift in consumer behavior toward digital, continue to create energy for us. These advantages, along with our size and scale, the strength of our portfolio of brands and having the right strategy, give us the confidence to move even faster against the opportunities we see ahead.

我們的結構性順風，包括運動的擴展定義、向健康和舒適的社會運動以及消費者行為向數字化的根本轉變，繼續為我們創造能量。這些優勢，加上我們的規模和規模、我們品牌組合的實力和正確的戰略，使我們有信心更快地應對我們看到的未來機遇。

Now NIKE's growth has been and will continue to be the result of 3 areas I'll walk through today. First, our brand deeply connects with consumers, fueled by authenticity in sport and compelling storytelling. Second, our culture of innovation drives a continuous pipeline of new products. And third, we continue to have a competitive advantage in digital as one of the few brands that can connect with and directly serve consumers at scale.

現在 NIKE 的增長已經並將繼續是我今天將介紹的 3 個領域的結果。首先，我們的品牌與消費者有著深厚的聯繫，這得益於運動的真實性和引人入勝的故事講述。其次，我們的創新文化推動了新產品的源源不斷。第三，作為少數能夠大規模連接並直接服務於消費者的品牌之一，我們繼續在數字領域保持競爭優勢。

So let's start with the strength of the NIKE brand. You've heard me say that these are times when strong brands can get stronger, and that has never been more clear than it is today. Our passion for sport continues to drive our deep connections with consumers. While visiting our team in Europe, I was able to attend the NIKE versus NIKE FA Cup Final, which Liverpool won in the thrilling penalty shoot-out over Chelsea at Wembley Stadium. In April, Scottie Scheffler won the Masters. And earlier this month, Rafael Nadal won his 14th French Open.

那麼就從NIKE品牌的實力說起吧。你聽我說過，現在是強大的品牌可以變得更強大的時代，這一點從未像今天這樣清晰。我們對運動的熱情繼續推動我們與消費者的深厚聯繫。在歐洲訪問我們的球隊時，我有幸參加了耐克對耐克的足總杯決賽，利物浦在溫布利球場對切爾西的激動人心的點球大戰中獲勝。 4 月，斯科蒂·舍夫勒贏得美國大師賽冠軍。本月早些時候，拉斐爾·納達爾贏得了他的第 14 次法網公開賽冠軍。

And it's been a great month for basketball as the WNBA season kicked off and an incredible NBA season concluded. The power of our full portfolio of brands was felt with NIKE basketball highly visible as the official supplier and partner for both leagues and Converse and Jordan showing up proud in the NBA Finals with Draymond Green and Jayson Tatum, respectively.

隨著 WNBA 賽季的開始和令人難以置信的 NBA 賽季的結束，這對籃球來說是一個偉大的月份。耐克籃球作為兩個聯盟的官方供應商和合作夥伴備受矚目，匡威和喬丹分別與德雷蒙德格林和傑森塔圖姆一起在 NBA 總決賽中自豪地亮相，這讓我們感受到了我們完整品牌組合的力量。

It was also a quarter defined by a series of only NIKE moments, none bigger than the April unveiling of the Serena Williams Building here in our campus. This 1 million square foot building is the new home for our design and product creation teams. More than 200,000 square feet is dedicated to lab space, which allows our innovation and product creation teams to test new ideas in developing, presenting and merchandising products. And along with the LeBron James Innovation Center that opened last fall, these facilities represent the single greatest investment in sports science, research, innovation and design in the world.

它也是由一系列僅有的耐克時刻定義的四分之一，沒有比四月份在我們校園裡揭幕的塞雷娜威廉姆斯大廈更大。這座 100 萬平方英尺的建築是我們設計和產品創造團隊的新家。超過 200,000 平方英尺的空間專門用於實驗室空間，這使我們的創新和產品創造團隊能夠測試開發、展示和銷售產品的新想法。連同去年秋天開放的勒布朗詹姆斯創新中心，這些設施代表了世界上對體育科學、研究、創新和設計的最大投資。

Also in the quarter, we were thrilled to launch the Nike Athlete Think Tank, which brought a group of female athletes together on our campus to share their experience and insight. The 13 athletes, including Serena, Sabrina and Shalane, also selected community organizations that NIKE will help fund through grants. Soon, we plan to grow the think tank, creating even more long-term impact at the grassroots level, fueled by our goal of empowering the next generation of women in sport.

同樣在本季度，我們興奮地推出了耐克運動員智囊團，它將一群女運動員聚集在我們的校園裡，分享她們的經驗和見解。包括 Serena、Sabrina 和 Shalane 在內的 13 名運動員還選擇了 NIKE 將通過贈款資助的社區組織。很快，我們計劃發展智囊團，在基層產生更長期的影響，這得益於我們賦予下一代女性運動能力的目標。

This quarter, we also connected with our consumer through a powerful brand campaign tied to our 50th anniversary. The film, directed by and starring Spike Lee, celebrates NIKE's past and the promise of our future. The film was complemented by programming across our app ecosystem, Nike.com, social media and more to incredibly strong consumer response. In fact, our 50th anniversary campaign led to the highest NIKE commerce app traffic in our history, even higher than some of the major commercial moments in the past, which once again shows how brand heat can translate to member engagement. We saw particular energy with Gen Z as our campaign song went viral on TikTok, reaching #1 on the list of top trending TikTok songs.

本季度，我們還通過與我們 50 週年相關的強大品牌活動與我們的消費者建立聯繫。這部電影由斯派克·李執導並主演，歌頌了耐克的過去和我們對未來的承諾。我們的應用生態系統、Nike.com、社交媒體等方面的節目對這部電影進行了補充，得到了令人難以置信的強烈消費者反響。事實上，我們的 50 週年紀念活動帶來了我們歷史上最高的 NIKE 商業應用流量，甚至高於過去的一些主要商業時刻，這再次表明品牌熱度如何轉化為會員參與度。隨著我們的競選歌曲在 TikTok 上風靡一時，我們看到 Z 世代的特別活力，在 TikTok 熱門歌曲列表中排名第一。

Another only NIKE moment in Q4 was the launch of No Off-Season, our podcast focused on mental health and starring athletes including Karl-Anthony Towns and Laurie Hernandez. We created this podcast to help redefine sport for a new generation as another new and creative way that we drive relationships with consumers with an energy and scale that only likely NIKE can.

第四季度 NIKE 的另一個唯一時刻是推出了 No Off-Season，我們的播客專注於心理健康，由 Karl-Anthony Towns 和 Laurie Hernandez 等運動員主演。我們創建這個播客是為了幫助將運動重新定義為新一代的運動，將其作為另一種新的和創造性的方式，我們以只有耐克才能做到的能量和規模來推動與消費者的關係。

And finally, we began the next chapter of our relationship with Kobe Bryant and his family this quarter as we launched a new Kobe shoe that pays honor to Gigi Bryant, with all profits donated to the Mamba and Mambacita Sports Foundation. This was a launch with deep global resonance from L.A. to Shanghai, with much more to come as we continue to build our Kobe business within our portfolio of signature franchises.

最後，我們在本季度開始了與科比及其家人關係的新篇章，我們推出了一款新的科比鞋，向吉吉·布萊恩特致敬，所有利潤都捐贈給了曼巴和曼巴西塔體育基金會。這是一個從洛杉磯到上海引起全球共鳴的發布，隨著我們繼續在我們的標誌性特許經營組合中建立我們的神戶業務，還有更多的事情要做。

My second point today is our relentless pipeline of innovative products, which continues to drive separation between us and our competition. No other brand has our ability to resource, solve and scale in response to a consumer opportunity. In Q4, we again introduced new performance innovations to the market, including new footwear technology from both NIKE women's and the Jordan brand.

我今天的第二點是我們不斷推出的創新產品，它繼續推動我們與競爭對手之間的分離。沒有其他品牌有我們的資源、解決方案和擴展能力來響應消費者機會。在第四季度，我們再次向市場推出了新的性能創新，包括來自 NIKE 女裝和 Jordan 品牌的新鞋類技術。

In women's, we launched the Nike Spark Flyknit, a new lifestyle shoe that introduces NIKE Running's latest innovation, the Spark cushioning system. Spark offers a new sense of comfort and energy return through its dual density on midsole. The Spark Flyknit is one of the first projects from our Nike Sports Research Lab focused on injecting performance technology into lifestyle products, in this case responding to the consumer insight requesting a women's shoe for those who are on their feet all day long. Moving forward, we will be scaling our use of performance innovation into lifestyle footwear with a special focus on the opportunity we see in the women's business.

在女裝方面，我們推出了 Nike Spark Flyknit，這是一款全新的生活方式鞋，它引入了 NIKE Running 的最新創新——Spark 緩震系統。 Spark 通過其在中底的雙重密度提供了一種新的舒適感和能量回饋。 Spark Flyknit 是我們耐克運動研究實驗室的首批項目之一，專注於將性能技術注入生活方式產品，在這種情況下，響應消費者洞察力要求為那些整天站立的人提供女鞋。展望未來，我們將把我們對性能創新的使用擴展到生活方式鞋類，特別關注我們在女性業務中看到的機會。

And in Jordan, this quarter, Luka Doncic debuted his hotly anticipated Luka 1 signature shoe during the NBA Playoffs. The Luka 1 introduces a brand-new performance foam called Formula 23, which provides a lightweight and responsive ride, befitting of one of the game's best players. Formula 23 is one of the most sustainable performance foams ever made by NIKE, and Jordan now plans to scale it across its product line, including into its next Air Jordan shoe.

而在喬丹，本季度，盧卡·東契奇在 NBA 季后賽期間推出了他備受期待的 Luka 1 簽名鞋。 Luka 1 引入了一種名為 Formula 23 的全新性能泡沫，它提供了輕量級和響應性的騎行，適合遊戲中最好的球員之一。 Formula 23 是 NIKE 有史以來最可持續的高性能泡沫之一，Jordan 現在計劃將其擴展到其產品線，包括其下一款 Air Jordan 鞋。

And speaking of sustainability, we continue to scale our industry-leading solutions in this space. In April, we launched new sustainable iterations of 2 footwear icons, the Pegasus Turbo Next Nature running shoe and the Mercurial Vapor Next Nature football boot, both of which are made with at least 50% recycled content by weight. Next Nature continues the work we started with Space Hippie, with plans to scale even further across our franchises.

說到可持續性，我們繼續在這個領域擴展我們行業領先的解決方案。 4 月，我們推出了 2 種鞋類標誌的新可持續迭代，即 Pegasus Turbo Next Nature 跑鞋和 Mercurial Vapor Next Nature 足球鞋，這兩款鞋均由至少 50% 重量的可回收成分製成。 Next Nature 繼續我們從 Space Hippie 開始的工作，併計劃在我們的特許經營權中進一步擴大規模。

And we're also innovating how we reduce waste beyond individual products and franchises. This led to the Nike Re-Creation program, in which vintage and obsolete products are collected and used to create new, locally designed and manufactured products. The program, which combines design, retail and distribution, launched in L.A. with plans to expand to London and Paris in fiscal '23, building a local ecosystem in all 3 cities. We know that singularity is the future of sustainability and these local ecosystems creating the exciting beginnings of a fully circular infrastructure at NIKE.

我們還在創新如何減少單個產品和特許經營之外的浪費。這導致了耐克再創造計劃，在該計劃中，老式和過時的產品被收集並用於創造新的、本地設計和製造的產品。該項目結合了設計、零售和分銷，在洛杉磯啟動，併計劃在 23 財年擴展到倫敦和巴黎，在所有 3 個城市建立本地生態系統。我們知道，奇點是可持續發展的未來，而這些當地生態系統為耐克打造了一個完全循環的基礎設施令人興奮的開端。

And looking ahead, we're excited to soon introduce a new platform that we believe has the potential to change the apparel industry. It's a new material that brings together scale, innovation, sustainability and design like only NIKE can. This material isn't a knit or a woven, and it significantly reduces environmental impact through fewer carbon emissions and by not using water or dyes. We believe this platform could do for apparel what Flyknit did for footwear. Its first products will be unveiled this September, and we can't wait for all of you to see it.

展望未來，我們很高興很快推出一個新平台，我們相信該平台有可能改變服裝行業。這是一種將規模、創新、可持續性和設計融為一體的新材料，只有 NIKE 才能做到。這種材料不是針織或機織材料，它通過減少碳排放和不使用水或染料顯著減少對環境的影響。我們相信這個平台可以為服裝做 Flyknit 為鞋類做的事情。它的首批產品將於今年 9 月亮相，我們已經迫不及待地想要看到它。

Now for my third and final point today, NIKE's increasing digital advantage. With an own digital business that grew 18% in fiscal '22, we continue to set the pace in our industry by creating a premium, consistent and seamless experience that drives one-to-one consumer experiences at scale.

現在我要談談今天的第三點也是最後一點，NIKE 日益增長的數字優勢。憑藉自己的數字業務在 22 財年增長了 18%，我們通過創造優質、一致和無縫的體驗，大規模推動一對一的消費者體驗，繼續引領行業發展。

This quarter, our app ecosystem grew into an even greater share of our total digital demand, helping our digital share of the business reach 24% in Q4. This is a shift being led by the consumer as they pursue the most personalized shopping experience NIKE provides. And we do not take lightly the choice made by consumers to put us in the most prized real estate that exists today, the home screen of their phone. No other brand occupies that space globally like NIKE, and it remains one of our biggest competitive advantages.

本季度，我們的應用生態系統在我們的總數字需求中所佔的份額更大，幫助我們的數字業務份額在第四季度達到 24%。這是由消費者引領的轉變，因為他們追求耐克提供的最個性化的購物體驗。我們不會輕視消費者做出的選擇，將我們置於當今最珍貴的房地產——他們手機的主屏幕上。沒有其他品牌像耐克這樣在全球範圍內佔據這一空間，這仍然是我們最大的競爭優勢之一。

Moving to physical retail. We continue to bring to life our vision of giving consumers personalized digital experiences regardless of channel. We know that consumers expect us to know who they are online or offline and across the full array of mono-brand stores, NIKE Digital and our wholesale partners. Within our NIKE-owned stores, higher levels of connectivity across physical and digital are simply driving a better consumer experience. Online to off-line services, such as buy online pick up in-store and ship from store, are driving growth with 100% of our North America stores now offering at least one element of O2O.

轉向實體零售。我們繼續實現我們的願景，即為消費者提供個性化的數字體驗，無論渠道如何。我們知道，消費者希望我們知道他們在線上或線下的身份，以及在所有單一品牌商店、NIKE Digital 和我們的批發合作夥伴中的身份。在我們的耐克旗下門店內，實體店和數字店之間更高水平的連接正在推動更好的消費者體驗。線上到線下服務（例如在線購買店內提貨和店內發貨）正在推動增長，我們 100% 的北美商店現在提供至少一種 O2O 元素。

And in addition to our owned physical retail, we continue to innovate and codesign great partner experiences and business models to better know and serve consumers. We started this journey through connected inventory to provide better allocation, extend product choice for consumers and reduce friction such as products being out of stock.

除了我們自有的實體零售店外，我們還將繼續創新和共同設計出色的合作夥伴體驗和商業模式，以更好地了解和服務消費者。我們通過互聯庫存開始了這一旅程，以提供更好的分配、為消費者擴展產品選擇並減少產品缺貨等摩擦。

And increasingly, we're moving beyond inventory to a broader approach of knowing and serving our consumers as NIKE members particularly when shopping through our retail partners. As you know, this is a journey we announced in Q2 through our partnerships with Dick's Sporting Goods to connect member accounts. And then we continued in Q3 with NSP partners in Greater China. And with clear success thus far in knowing our shared members better, our strategy expanded in Q4 to serving our shared members one-to-one through connected data.

而且，我們越來越多地從庫存轉向更廣泛的方法，以了解和服務作為 NIKE 會員的消費者，尤其是在通過我們的零售合作夥伴購物時。如您所知，這是我們在第二季度通過與 Dick's Sporting Goods 建立合作夥伴關係來連接會員賬戶的旅程。然後我們在第三季度繼續與大中華區的 NSP 合作夥伴合作。迄今為止，在更好地了解我們的共享成員方面取得了明顯的成功，我們的戰略在第四季度擴展到通過連接數據為我們的共享成員提供一對一的服務。

Consumers are responding to the meaningful benefits we're now testing, and we'll continue to extend the best of NIKE to our members across the marketplace with additional partners and expanded services in fiscal '23. At the same time, our growing participation in new digital platforms continues to expand access points to NIKE across the digital ecosystem.

消費者正在響應我們現在正在測試的有意義的好處，我們將在 23 財年通過更多的合作夥伴和擴展的服務，繼續將 NIKE 的精華擴展到我們整個市場的會員。與此同時，我們越來越多地參與新的數字平台，繼續在整個數字生態系統中擴大 NIKE 的接入點。

After last quarter's first official NIKE NFT collaboration with RTFKT, we took another step in our journey to serve our community with innovative virtual products in Q4. Our first co-branded virtual sneaker, the RTFKT x Nike Dunk Genesis CRYPTOKICKS, continues our connection with an audience that will help shape the future of sport and culture.

繼上個季度 NIKE NFT 與 RTFKT 的首次正式合作之後，我們在第四季度以創新的虛擬產品為社區服務的旅程又邁出了一步。我們的第一款聯合品牌虛擬運動鞋 RTFKT x Nike Dunk Genesis CRYPTOKICKS 繼續與觀眾建立聯繫，這將有助於塑造體育和文化的未來。

In the end, as we look to start a new fiscal year, NIKE will do what we've done for 50 years now, and that's staying on the offense. We have a proven playbook, and our unique strengths and competitive advantages give us even more confidence about our future. Our focus is on the long term, and we're not slowing down.

最後，當我們期待開始一個新的財政年度時，耐克將做我們 50 年來所做的事情，那就是繼續進攻。我們擁有成熟的劇本，我們獨特的優勢和競爭優勢讓我們對未來更有信心。我們的重點是長期的，我們不會放慢腳步。

And with that, I'll now turn the call over to Matt.

有了這個，我現在把電話轉給馬特。

Thanks, John, and hello to everyone on the call. NIKE's 50th year has been a year of transformation. Through dynamic conditions, our team has remained focused on what we can control, continuing to lead with speed, agility and responsiveness. Most importantly, we stayed focused on accelerating our strength and building NIKE for the future. In this environment, what guides us is a relentless focus on creating value for our consumer, and what fuels our confidence is the way our consumer is responding.

謝謝，約翰，向電話中的每個人問好。 NIKE 的 50 週年是轉型的一年。在動態條件下，我們的團隊始終專注於我們可以控制的事情，繼續以速度、敏捷性和響應能力領先。最重要的是，我們始終專注於增強我們的實力並為未來打造耐克。在這種環境下，指導我們的是堅持不懈地為消費者創造價值，而增強我們信心的是消費者的反應方式。

Fiscal '22 was our largest revenue year ever, even with supply constraints challenging our ability to serve consumer demand. We are optimistic as we enter fiscal '23, with our source base fully operational, production surpassing pre-pandemic levels and inventory flowing again into our largest geographies.

'22 財年是我們有史以來最大的收入年度，即使供應限制挑戰了我們滿足消費者需求的能力。當我們進入 23 財年時，我們持樂觀態度，我們的貨源基礎全面投入運營，產量超過大流行前水平，庫存再次流入我們最大的地區。

As we set the foundation for another year of strong growth, I'd like to provide some broader context around our strategic transformation. Two years ago, we introduced a bold new phase of our strategy, our Consumer Direct Acceleration. In the early months of the pandemic, we set our sights beyond simply navigating through short-term volatility. Instead, we outlined a clear vision to pursue even further competitive separation by expanding our digital advantage, reshaping the marketplace of the future and creating deeper, more direct consumer relationships.

隨著我們為又一年的強勁增長奠定基礎，我想圍繞我們的戰略轉型提供一些更廣泛的背景。兩年前，我們引入了我們戰略的一個大膽的新階段，即消費者直接加速。在大流行的最初幾個月，我們的目光不僅僅局限於簡單地度過短期波動。相反，我們提出了一個明確的願景，即通過擴大我們的數字優勢、重塑未來市場和建立更深入、更直接的消費者關係來進一步實現競爭分離。

Today, NIKE's continued momentum shows that our strategy is working. As we look forward, let me briefly highlight 3 of NIKE's foundational elements for long-term value creation, our global portfolio, our consumer-led digital transformation, and our expanding direct-to-consumer operational capabilities.

今天，耐克的持續勢頭表明我們的戰略正在奏效。展望未來，讓我簡要介紹耐克長期價值創造的三個基本要素、我們的全球產品組合、我們以消費者為主導的數字化轉型，以及我們不斷擴大的直接面向消費者的運營能力。

First, one of NIKE's greatest strengths is our unrivaled global portfolio. Together, NIKE, Jordan and Converse represents 3 of the world's most connected consumer brands, dimensionalized across sport and lifestyle, footwear and apparel, up and down price points, throughout geographies, at the center of cultural relevance.

首先，耐克最大的優勢之一是我們無與倫比的全球產品組合。 NIKE、Jordan 和 Converse 共同代表了世界上聯繫最緊密的 3 個消費品牌，其維度涵蓋運動和生活方式、鞋類和服裝、上下價位、跨越地域、處於文化相關性的中心。

Today, NIKE is the #1 cool and #1 favorite brand in all 12 of our key cities around the world, leading as the champion for athletes and sport. With a sharpened consumer construct across men's, women's and kids, we're deepening our sport focus, expanding our product pipeline and accelerating our long-term growth potential. The next chapter of our partnership with Kobe Bryant and the Bryant family is just one example of how we continue to bring new energy and dimension to our portfolio.

如今，NIKE 是我們在全球所有 12 個主要城市中排名第一的酷炫和最受歡迎的品牌，成為運動員和運動的冠軍。隨著男裝、女裝和童裝的消費者結構更加清晰，我們正在深化我們的運動重點，擴大我們的產品線並加速我們的長期增長潛力。我們與科比·布萊恩特和布萊恩特家族合作的下一章只是我們如何繼續為我們的投資組合帶來新能量和維度的一個例子。

Jordan Brand's momentum has also been unstoppable, with some of the most exciting young athletes in sport and some of the most iconic products in the world. Since fiscal '20, Jordan women's has tripled, international geographies have grown over 60% and apparel has grown over 50%. Now with approximately $5 billion in revenue, fiscal '22 was Jordan's biggest year ever, with epic growth potential ahead.

Jordan Brand 的勢頭也是不可阻擋的，擁有一些運動界最令人興奮的年輕運動員和一些世界上最具標誌性的產品。自 20 財年以來，約旦女裝銷量增長了兩倍，國際地區增長超過 60%，服裝增長超過 50%。現在擁有約 50 億美元的收入，22 財年是約旦有史以來最大的一年，未來具有巨大的增長潛力。

Converse also delivered incredible milestones in fiscal '22. Product and storytelling through the lens of youth and creativity are resonating deeply, with growing strength among women consumers. As Converse scaled its digital offense and invest in new product creation, the impact is clear with global revenue approaching $2.3 billion, total digital penetration reaching 27% globally and EBIT more than doubling since fiscal '20. Across all 3 of our brands, we're driving a more direct, digital and differentiated future and I wouldn't trade our position with anyone.

匡威還在 22 財年實現了令人難以置信的里程碑。以年輕和創意為視角的產品和講故事正在引起強烈共鳴，女性消費者的力量越來越大。隨著 Converse 擴大其數字業務並投資於新產品創造，其影響顯而易見，全球收入接近 23 億美元，全球總數字滲透率達到 27%，息稅前利潤自 20 財年以來翻了一番以上。在我們所有的三個品牌中，我們正在推動一個更加直接、數字化和差異化的未來，我不會與任何人交換我們的立場。

Next, our consumer-led digital transformation is driving long-term growth and value. A more digitally connected NIKE is a more valuable NIKE. Today, our own digital business, representing over $10 billion in revenue, is more than double in size versus pre-pandemic levels. After increasing market share and gaining 3 percentage points from the prior year, NIKE Digital now represents 24% of total brand revenue.

接下來，我們以消費者為主導的數字化轉型正在推動長期增長和價值。一個更數字化的耐克是一個更有價值的耐克。今天，我們自己的數字業務收入超過 100 億美元，其規模是大流行前水平的兩倍多。在增加市場份額並比上一年增加 3 個百分點之後，NIKE Digital 現在佔品牌總收入的 24%。

More importantly, we are accelerating the pace and scale of NIKE's direct consumer connections. With growing digital traffic and Nike App downloads, our apps now represent almost 50% of total digital demand. In turn, increased digital engagement is translating into more repeat buyers, a higher buying frequency and increased average order value, ultimately driving higher lifetime value through membership. And as retail consolidation continues and consumers converge around fewer digital platforms, a distinct NIKE consumer experience is driving more direct connections, positioning us well for long-term growth.

更重要的是，我們正在加快 NIKE 直接連接消費者的步伐和規模。隨著數字流量和 Nike App 下載量的不斷增長，我們的應用程序現在佔總數字需求的近 50%。反過來，增加的數字參與度正在轉化為更多的重複購買者、更高的購買頻率和更高的平均訂單價值，最終通過會員資格推動更高的生命週期價值。隨著零售整合的繼續，消費者聚集在更少的數字平台上，獨特的耐克消費者體驗正在推動更多的直接聯繫，為我們的長期增長做好準備。

Lastly, we are transforming our operating model with new capabilities in order to move at the speed of the consumer. This year, we will begin to see value from our biggest investment in NIKE's digital transformation, our new ERP. As we shift to an increasingly direct-to-consumer future, a new ERP will be foundational for increasing speed and agility across our supply chain. This will give us real-time visibility to inventory across our network plus dynamic transactional capabilities to optimize consumer demand and inventory productivity. We will go live with our new ERP in Greater China in July and continue building and testing in North America for deployment in fiscal '24.

最後，我們正在用新的能力改變我們的運營模式，以便以消費者的速度前進。今年，我們將開始看到我們對耐克數字化轉型的最大投資——我們的新 ERP ——的價值。隨著我們轉向越來越直接面向消費者的未來，新的 ERP 將成為提高整個供應鏈速度和敏捷性的基礎。這將使我們能夠實時了解整個網絡中的庫存以及優化消費者需求和庫存生產力的動態交易能力。我們將於 7 月在大中華區推出新的 ERP，並繼續在北美進行構建和測試，以便在 24 財年部署。

We will also see a new consumer marketing offense in action in fiscal '23. Through new capabilities activated in partnership with Adobe, we will unlock additional productivity and demand creation and member retention across our NIKE ecosystem. We have started testing audience segmentation in North America with real-time data and personalized journeys on the Nike App, with plans for further expansion in the coming months.

我們還將在 23 財年看到一項新的消費者營銷違規行為。通過與 Adobe 合作啟動的新功能，我們將在整個 NIKE 生態系統中釋放額外的生產力和需求創造以及會員保留。我們已開始使用 Nike App 上的實時數據和個性化旅程測試北美的受眾細分，併計劃在未來幾個月內進一步擴展。

In Greater China, we are also accelerating our digital capabilities, building on our 40-year history in the market with an ecosystem from China for China. In fiscal '23, we will deliver a new suite of commerce and sport activity apps, deepening our connections with Chinese consumers through an enhanced user experience, including locally relevant features across our digital apps, services and our owned and partner retail stores.

在大中華區，我們也正在加速我們的數字化能力，以我們在市場上 40 年的歷史為基礎，建立從中國到中國的生態系統。在 23 財年，我們將推出一套新的商業和體育活動應用程序，通過增強用戶體驗加深我們與中國消費者的聯繫，包括我們的數字應用程序、服務以及我們擁有和合作夥伴零售店的本地相關功能。

Finally, we continue to scale our Express Lane, which combines hyper-local consumer insights with improved responsiveness and speed to market. In fiscal '22, Express Lane drove approximately 25% of total NIKE Brand revenue with higher profitability. We expect to build Express Lane into a larger portion of our business in fiscal '23 and beyond.

最後，我們繼續擴展我們的 Express Lane，它將超本地消費者洞察與改進的響應能力和上市速度相結合。在 22 財年，Express Lane 以更高的盈利能力推動了耐克品牌總收入的約 25%。我們希望在 23 財年及以後將 Express Lane 建設成我們業務的更大部分。

Now let me turn to NIKE, Inc. fourth quarter financial results and operating segment performance.

現在讓我談談耐克公司第四季度的財務業績和運營部門的業績。

In Q4, NIKE, Inc. revenue declined 1% and grew 3% on a currency-neutral basis. This was led by 11% growth in NIKE Direct, offset by a 3% decline in wholesale. NIKE Digital grew 18%, fueled by strong demand across our app ecosystem.

在貨幣中性的基礎上，NIKE, Inc. 第四季度的收入下降了 1%，增長了 3%。這得益於 NIKE Direct 11% 的增長，但被批發業務下降 3% 所抵消。在我們應用生態系統的強勁需求推動下，NIKE Digital 增長了 18%。

Fourth quarter reported gross margin declined 80 basis points versus the prior year. This was primarily due to specific actions taken to manage supply and demand in Greater China following COVID-related disruption as well as elevated freight and logistics costs. Headwinds were partially offset by benefits from strategic pricing actions, favorable foreign currency exchange rates, improved NIKE Direct margins and a higher full-price mix.

第四季度報告的毛利率與去年同期相比下降了 80 個基點。這主要是由於在與 COVID 相關的中斷以及貨運和物流成本上升之後，為管理大中華區的供需而採取的具體行動。不利因素被戰略定價行動、有利的外匯匯率、提高的 NIKE Direct 利潤率和更高的全價組合帶來的好處部分抵消。

SG&A grew 8% in Q4, primarily due to strategic technology investments, increased NIKE Direct variable costs, wage-related expenses and increased demand creation expenses. Our effective tax rate for the quarter was negative 4.7%. This was due to a shift in our earnings mix and a noncash onetime benefit related to the onshoring of our non-U.S. intangible property.

SG&A 在第四季度增長了 8%，主要是由於戰略技術投資、NIKE Direct 可變成本增加、工資相關費用和需求創造費用增加。我們本季度的有效稅率為負 4.7%。這是由於我們的收入組合發生了變化，以及與我們的非美國無形資產的外包相關的非現金一次性收益。

Fourth quarter diluted earnings per share was $0.90. This includes a $0.10 nonrecurring noncash charge related to both the deconsolidation of our Russian operations as well as the transition of our Argentina, Chile and Uruguay businesses to a strategic distributor model.

第四季度每股攤薄收益為 0.90 美元。這包括與我們俄羅斯業務的拆分以及我們的阿根廷、智利和烏拉圭業務向戰略分銷商模式的過渡相關的 0.10 美元的非經常性非現金費用。

Finally, inventories were $8.4 billion, up 23% compared to the prior year period. This was driven by elevated in-transit inventories due to extended lead times from ongoing supply chain disruptions, partially offset by strong consumer demand.

最後，庫存為 84 億美元，比去年同期增長 23%。這是由於持續的供應鏈中斷導致交貨時間延長，導致在途庫存增加，部分被強勁的消費者需求所抵消。

Now let's move to our operating segments. In North America, Q4 revenue declined 5% and EBIT declined 18%, in line with our expectations as we lapped supply shifts in the previous year. Elevated ocean freight and logistics costs continue to dampen near-term profitability in this geography. NIKE-owned inventory grew 30% versus the prior year, with extended lead times causing in-transit inventory to be 65% of our total inventory at the end of the quarter. Wholesale revenue declined 12% due to inventory supply constraints. Strong marketplace demand drove closeout units down double digits versus the prior year.

現在讓我們轉到我們的運營部門。在北美，第四季度的收入下降了 5%，息稅前利潤下降了 18%，這符合我們的預期，因為我們在上一年經歷了供應變化。海運和物流成本上漲繼續抑制該地區的近期盈利能力。耐克擁有的庫存與去年同期相比增長了 30%，交貨時間延長導致在途庫存佔本季度末總庫存的 65%。由於庫存供應限制，批發收入下降了 12%。強勁的市場需求推動清倉單位與去年相比下降了兩位數。

NIKE Direct grew 5% versus the prior year, delivering its highest quarterly revenue ever. Marketplace channel growth was led by 11% growth in NIKE Digital with another quarter of historically low markdown rates and lower available inventory supply. NIKE Digital total penetration reached 27% for the quarter, led by strong NIKE app growth. Even with lean available inventory, our power franchises continue to resonate deeply. Pegasus led the way for performance footwear, Jordan launch delivered a record-breaking quarter, and classics such as Dunk and Blazer drove strong full-price growth. Meanwhile, we continue to test and learn across our newest retail concepts, such as our Nike Live doors, which are increasing member buying amongst women.

NIKE Direct 與去年同期相比增長了 5%，實現了有史以來最高的季度收入。市場渠道增長由 NIKE Digital 增長 11% 引領，另外四分之一的降價率處於歷史低位，可用庫存供應減少。在耐克應用強勁增長的帶動下，NIKE Digital 本季度的總滲透率達到 27%。即使可用庫存稀少，我們的電力特許經營權仍會引起深刻的共鳴。 Pegasus 引領了高性能鞋履的發展，Jordan 的發布帶來了創紀錄的季度業績，Dunk 和 Blazer 等經典鞋款推動了全價的強勁增長。與此同時，我們繼續測試和學習我們最新的零售概念，例如我們的 Nike Live 門，這些概念正在增加女性會員的購買量。

In EMEA, Q4 revenue grew 20% on a currency-neutral basis. EBIT grew 63% on a reported basis. With broad-based growth across channels, consumer dimensions and product engines, NIKE Direct grew 25% on a currency-neutral basis, powered by healthy retail traffic as we anniversary COVID-related closures from the prior year. NIKE Digital grew 21%, driven by positive launch sell-through, improved full-price selling mix and lower markdown rates.

在歐洲、中東和非洲地區，在貨幣中性的基礎上，第四季度的收入增長了 20%。根據報告，息稅前利潤增長了 63%。隨著渠道、消費者維度和產品引擎的廣泛增長，NIKE Direct 在貨幣中性的基礎上增長了 25%，這得益於我們上一年與 COVID 相關的關閉週年紀念日時健康的零售流量。 NIKE Digital 增長了 21%，這得益於積極的發布銷售、改進的全價銷售組合和更低的降價率。

Sport continues to power our EMEA marketplace, highlighted by growth in running and fitness, performance franchises such as Metcon and Mercurial and apparel launches such as the elite bra in women's. Looking ahead, EMEA will kick off the most unprecedented 12 months of global football in NIKE's history, starting with the Women's Euro Champs this summer, Men's World Cup in the fall and Women's World Cup next summer. NIKE is meeting the moment with a complete offense, including new kit launches, new training and lifestyle assortments, and a Mercurial, Tiempo and Phantom footwear innovations across men's, women's and kids.

運動繼續為我們的歐洲、中東和非洲市場提供動力，尤其是跑步和健身的增長、Metcon 和 Mercurial 等性能特許經營權以及女性精英文胸等服裝的推出。展望未來，歐洲、中東和非洲地區將開啟耐克歷史上前所未有的 12 個月全球足球賽，從今年夏天的歐洲女足冠軍賽、秋季的男足世界杯和明年夏天的女足世界杯開始。 NIKE 以全面的進攻迎接這一時刻，包括新套件的發布、新的訓練和生活方式分類，以及男、女和兒童的 Mercurial、Tiempo 和 Phantom 鞋類創新。

Next, I'll provide some deeper color around our results in Greater China. In Q4, revenue declined 20% on a currency-neutral basis and EBIT declined 55% on a reported basis. This follows the region's most widespread COVID disruption since 2020, impacting over 100 cities and over 60% of our business. As conditions shifted, our experienced local team acted quickly and decisively. We leveraged the diverse logistics network and strong local partnerships, returning to 100% capacity at our central logistics center within 3 weeks. Our marketplace team also adjusted inventory to meet digital demand. As a result, NIKE Digital landed Q4 with low single-digit growth.

接下來，我將為我們在大中華區的結果提供一些更深層次的色彩。第四季度，在貨幣中性的基礎上，收入下降了 20%，在報告的基礎上，息稅前利潤下降了 55%。這是繼該地區自 2020 年以來最廣泛的 COVID 中斷之後，影響了 100 多個城市和我們 60% 以上的業務。隨著情況的變化，我們經驗豐富的當地團隊迅速果斷地採取了行動。我們利用多元化的物流網絡和強大的本地合作夥伴關係，在 3 週內恢復了我們中央物流中心的 100% 產能。我們的市場團隊還調整了庫存以滿足數字化需求。結果，NIKE Digital 在第四季度以低個位數的增長登陸。

Despite a dynamic operating environment, NIKE extended its leadership position as Chinese consumers' #1 cool and #1 favorite brand. We saw this translate into positive business impact on NIKE Tmall's Super Brand Day, which drove 90% member demand penetration and nearly 1 billion impressions. NIKE also created a clear separation on 6/18 as the undisputed #1 store and #1 brand on Tmall sport channel, outperforming the market. In addition, as lockdowns lifted in specific trade zones in late April, May and early June, we saw improved store traffic and overall consumer demand.

儘管經營環境充滿活力，NIKE 仍繼續鞏固其作為中國消費者#1 酷和#1 喜愛品牌的領導地位。我們看到這轉化為對耐克天貓超級品牌日的積極業務影響，推動了 90% 的會員需求滲透和近 10 億次展示。 NIKE 也在 6/18 日創造了一個明確的分界線，成為天貓體育頻道無可爭議的#1 商店和#1 品牌，表現優於市場。此外，隨著 4 月底、5 月和 6 月初特定貿易區的封鎖解除，我們看到商店客流量和整體消費者需求有所改善。

Key footwear franchises continue to win in the marketplace, led by GT Cut as the #1 style in performance basketball and Pegasus 39, which drove strong results in men's and women's running. Express Lane also drove incredible sell-through with locally inspired launches such as the Air Force 1 logo and the head-to-toe street dance pack in footwear and apparel. As I mentioned earlier, we took specific actions in Q4 to recalibrate forward-looking supply and demand, prioritizing the return to a healthy pull market by the end of the second quarter. While there may be near-term risk of further COVID disruption, longer term, we continue to be encouraged by another quarter of brand momentum in the marketplace.

主要的鞋類特許經營權繼續在市場上獲勝，其中 GT Cut 作為高性能籃球排名第一的款式和 Pegasus 39 引領了男子和女子跑步的強勁業績。 Express Lane 還推出了受當地啟發的產品，例如 Air Force 1 標誌以及鞋類和服裝中從頭到腳的街舞包，從而推動了令人難以置信的銷售。正如我之前提到的，我們在第四季度採取了具體行動來重新調整前瞻性供需，優先考慮到第二季度末恢復健康的拉動市場。儘管短期內可能存在進一步破壞 COVID 的風險，但從長期來看，我們繼續對市場上另一季度的品牌勢頭感到鼓舞。

As we turn to APLA, Q4 revenue grew 24% on a currency-neutral basis and EBIT grew 31% on a reported basis, reflecting our largest quarter ever in the geography. We saw double-digit currency-neutral growth across Korea, Mexico, Southeast Asia and India and Japan. NIKE Direct grew 43% on a currency-neutral basis, led by 59% growth from NIKE Digital. Membership fueled double-digit growth across all territories as our SNKRS App drove its best-ever quarter in Japan, Korea and Mexico. We also saw our biggest quarter yet for women's, led by performance running, classics and lifestyle apparel. Kids led the way within NIKE Digital, up nearly 100% from last year. We're expanding support for a new generation, driving strong results with proven franchises such as the Court Borough plus newer innovations such as Dynamo Go.

當我們轉向 APLA 時，在貨幣中性的基礎上，第四季度的收入增長了 24%，在報告的基礎上，息稅前利潤增長了 31%，反映了我們在該地區有史以來最大的季度。我們在韓國、墨西哥、東南亞以及印度和日本看到了兩位數的貨幣中性增長。在貨幣中性的基礎上，NIKE Direct 增長了 43%，其中 NIKE Digital 增長了 59%。隨著我們的 SNKRS 應用程序在日本、韓國和墨西哥取得有史以來最好的季度，會員人數推動了所有地區的兩位數增長。我們還看到了迄今為止最大的女裝季度，以高性能跑步、經典和生活方式服裝為主導。在 NIKE Digital 中，兒童處於領先地位，比去年增長了近 100%。我們正在擴大對新一代的支持，通過 Court Borough 等久經考驗的特許經營權以及 Dynamo Go 等更新的創新來推動強勁的業績。

Now I'll turn to our financial outlook for fiscal '23. We enter the year confident in our brand strength, consumer connection, product pipeline and normalizing inventory supply into a healthy pull market in North America, EMEA and APLA. We continue to see momentum against our largest growth drivers and our most iconic product franchises. At the same time, we are closely monitoring consumer behavior and the implications of high inflation on near-term economic growth and consumer demand. We are also taking a cautious approach to Greater China given uncertainty around additional COVID disruptions. As such, we have factored various risk scenarios into our guidance for fiscal '23.

現在我將談談我們對 23 財年的財務展望。進入這一年，我們對我們的品牌實力、消費者聯繫、產品管道和庫存供應正常化充滿信心，進入北美、歐洲、中東和非洲和 APLA 的健康拉動市場。我們繼續看到我們最大的增長動力和我們最具標誌性的產品特許經營的勢頭。與此同時，我們正在密切關註消費者行為以及高通脹對近期經濟增長和消費者需求的影響。鑑於其他 COVID 中斷的不確定性，我們對大中華區也採取了謹慎的態度。因此，我們在 23 財年的指導中考慮了各種風險情景。

We expect revenue for the full year to grow low double digits on a currency-neutral basis, partially offset by foreign exchange headwinds of approximately 400 basis points. In the first quarter, we expect real dollar revenue growth to be flat to slightly up versus the prior year due to COVID disruption in Greater China and more than 500 basis points impact from foreign exchange translation.

我們預計，在貨幣中性的基礎上，全年收入將增長兩位數，部分被約 400 個基點的外匯逆風所抵消。在第一季度，由於大中華區的新冠疫情中斷以及外匯折算帶來超過 500 個基點的影響，我們預計實際美元收入增長將與上年持平或略有上升。

We expect gross margins to be in the range of flat to declining by 50 basis points versus the prior year with a wider-than-usual range reflecting our consideration of a number of scenarios. We expect to benefit from mid-single-digit pricing actions and continued gains from our shift to a more direct business, offset by another 100 basis points headwind from elevated ocean freight costs, increased product costs, discrete supply chain investments and normalization of historically low markdown rates. We expect foreign exchange to be a 30 basis point headwind on gross margin due to strength in the U.S. dollar, largely offset in fiscal '23 by favorable hedge rates versus current spot rates.

我們預計毛利率將在與上一年持平至下降 50 個基點的範圍內，且範圍較往年更寬，反映了我們對多種情景的考慮。我們預計將受益於中個位數的定價行動以及我們轉向更直接的業務所帶來的持續收益，抵消了海運成本上升、產品成本增加、離散供應鏈投資和歷史低點正常化帶來的另外 100 個基點的不利影響降價率。由於美元走強，我們預計外匯將對毛利率造成 30 個基點的不利影響，這在 23 財年很大程度上被有利的對沖利率與當前即期匯率相抵消。

We expect gross margin pressure to exceed 100 basis points in the first quarter of fiscal '23, both as we recalibrate supply and demand in Greater China and as we anticipate higher promotional activity to sell seasonal inventory, which has arrived late due to a combination of factory closures and longer transit times. We expect SG&A to increase high single digits to low double digits as we continue to invest in our people, our brands, new stores and our transformational capabilities. And lastly, we expect the fiscal '23 effective tax rate to be in the mid-teens range.

我們預計 23 財年第一季度的毛利率壓力將超過 100 個基點，因為我們重新調整了大中華區的供需關係，而且我們預計將有更多促銷活動來銷售季節性庫存，而季節性庫存由於以下因素的結合而遲到了工廠關閉和更長的運輸時間。隨著我們繼續投資於我們的員工、我們的品牌、新店和我們的轉型能力，我們預計 SG&A 將把高個位數增加到低兩位數。最後，我們預計 23 財年的有效稅率將在十幾歲左右。

As we move forward, we will stay focused on what we can control and continue managing the business for the long term. This includes leveraging our scale and financial strength, optimizing supply and demand and most importantly, creating value for our consumer from the products we design to the stories we tell, to the experiences that we deliver. Our consumer-direct acceleration is working. Our long-term vision has never been more clear. And if there is anything that's 50 years of growth have proven, it's that with the right team and the right strategy, the future is ours to create.

隨著我們的前進，我們將繼續專注於我們可以控制的內容，並繼續長期管理業務。這包括利用我們的規模和財務實力，優化供需，最重要的是，為我們的消費者創造價值，從我們設計的產品到我們講述的故事，再到我們提供的體驗。我們的消費者直接加速正在發揮作用。我們的長期願景從未如此清晰。如果說 50 年的增長已經證明了什麼的話，那就是有了正確的團隊和正確的戰略，未來就是我們來創造的。

On that note, I'd like to close with a heartfelt thank you to the team that makes it all possible, the people behind the art, science and magic of NIKE. Our team is and always will be NIKE's greatest competitive advantage. And as proud as we are of all that NIKE has achieved over the past 50 years, what excites us most is what comes next.

最後，我要衷心感謝使這一切成為可能的團隊，以及耐克藝術、科學和魔法背後的人們。我們的團隊是並將永遠是耐克最大的競爭優勢。儘管我們為耐克在過去 50 年所取得的成就感到自豪，但最讓我們興奮的是接下來會發生什麼。

With that, let's open up the call for questions.

有了這個，讓我們打開問題的電話。

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

（操作員說明）我們的第一個問題來自古根海姆的 Bob Drbul。

I was wondering if you could maybe just comment some more around China. I think when you look at what's happened over the last few months and even more recently with the reopening, just exactly how you're balancing the compares that you're facing versus the concerns that you have over the next few quarters.

我想知道你是否可以在中國發表更多評論。我認為，當您查看過去幾個月甚至最近重新開放時發生的事情時，您正是如何平衡您面臨的比較與接下來幾個季度的擔憂。

Yes. Bob, let me start simply by saying we're continuing to do what we've always done, right? You know NIKE has been in China for 40 years. We've always taken a long-term view. And to be clear, we believe that China remains a growth market with significant potential to unlock. And we've got very strong equity with Chinese consumers, our team. I think Matt mentioned it, I mentioned it. Our team has just done a phenomenal job over the last 10 weeks, but also over the last several years. And the fundamentals haven't really changed. So delivering innovation and inspiration in locally relevant ways is what the Chinese consumer cares about.

是的。鮑勃，讓我首先說我們將繼續做我們一直在做的事情，對吧？你知道耐克在中國已經有40年了。我們始終著眼長遠。需要明確的是，我們認為中國仍然是一個具有巨大潛力的增長市場。我們在中國消費者和我們的團隊中擁有非常強大的資產。我想馬特提到過，我提到過。在過去的 10 周里，我們的團隊剛剛完成了一項了不起的工作，而且在過去的幾年裡也是如此。基本面並沒有真正改變。因此，以當地相關的方式傳遞創新和靈感是中國消費者所關心的。

I was talking with Angela a couple of weeks ago. She said they've just done some additional research and they're seeing in the market, Gen Z loves innovation and inspiration. And that's what we're delivering. Our cool -- NIKE's brand is the #1 cool brand. It's increased its strength in Beijing over the past year, I think driven by Chinese New Year and Beijing Olympics. NIKE Digital landed the quarter with growth, so our direct connections with consumers. And as Matt mentioned, we're going to digital -- local digital apps in the coming 6 months. And then our product, the localized product through our Express Lane continues to drive great energy. I think Matt mentioned the Pegasus, the Dunk, the GT Cut, the basketball shoe, huge heat for that, the Air Force logo.

幾週前我和安吉拉談過。她說他們剛剛做了一些額外的研究，他們在市場上看到，Z 世代喜歡創新和靈感。這就是我們正在提供的。我們的酷——NIKE 的品牌是#1 酷品牌。在過去的一年裡，它在北京的實力有所增強，我認為是在中國新年和北京奧運會的推動下。 NIKE Digital 在本季度實現了增長，因此我們與消費者建立了直接聯繫。正如馬特所提到的，我們將在未來 6 個月內開發數字化本地數字應用程序。然後我們的產品，通過我們的 Express Lane 的本地化產品繼續驅動巨大的能量。我認為馬特提到了 Pegasus、Dunk、GT Cut、籃球鞋、為此而產生的巨大熱度、空軍標誌。

So we continue to think that has huge potential, and we're going to continue to invest in that and then ensure that we are building China for China with our tech stack, with our hyper-local technology center and ability to link and serve that Chinese consumer. And so we're taking a medium- to long-term view, and we're as confident today as we ever have been. Coming -- and coming out of this lockdown, we're seeing increased energy from the Chinese consumer.

所以我們繼續認為這具有巨大的潛力，我們將繼續投資，然後確保我們用我們的技術堆棧、我們的超本地技術中心以及連接和服務的能力為中國建設中國中國消費者。所以我們著眼於中長期，我們今天和以往一樣充滿信心。即將到來 - 並從封鎖中走出來，我們看到來自中國消費者的能量增加了。

Yes. And I just would add, Bob, that we entered the fourth quarter positioned for a strong quarter on building brand momentum in the marketplace. And our fourth quarter results were impacted by COVID-related disruption and lockdowns, impacting over 100 cities and about 60% of our business. As we look at the dynamics in that particular marketplace and the risk of ongoing disruption in the first half of fiscal '23, we decided to prioritize the health of that marketplace. And as we've learned from experience over the years, having a healthy pull marketplace in a mono-brand marketplace like Greater China is critical to brand health and long-term growth.

是的。我只想補充一點，鮑勃，我們進入了第四季度，在建立市場品牌勢頭方面處於強勢季度。我們第四季度的業績受到與 COVID 相關的中斷和封鎖的影響，影響了 100 多個城市和我們約 60% 的業務。當我們審視該特定市場的動態以及 23 財年上半年持續中斷的風險時，我們決定優先考慮該市場的健康狀況。正如我們多年來從經驗中學到的那樣，在大中華區這樣的單一品牌市場擁有一個健康的拉動市場對於品牌健康和長期增長至關重要。

And so we made decisions to recalibrate supply and demand in the fourth quarter. And that included reducing our inventory buys at the factories for forward seasons, we took some reserves on our existing inventory, and we also planned for some investment and promotional activity with our partners because we expect that as the marketplace reopens, it's going to be more promotional.

因此，我們決定在第四季度重新調整供需。這包括減少我們在未來季節在工廠購買的庫存，我們對現有庫存進行了一些儲備，我們還計劃與我們的合作夥伴進行一些投資和促銷活動，因為我們預計隨著市場的重新開放，它會更多促銷。

And so those were the charges that -- and the impacts that we had in the fourth quarter in order to prioritize that inventory health and pull market by the end of Q2. As John said and some of the examples I gave, we continue to see brand strength growing and consumer connection. And we're seeing it in our brand strength results and also in the way the consumer is engaging with our brand. We invested in the brand this quarter again for the third straight quarter, and we're seeing the impact of that on our business. And as lockdowns lifted in specific trade zones, in late April, May and early June, we saw improvement in traffic and strong overall consumer demand.

因此，這些費用是我們在第四季度產生的影響，以便在第二季度末優先考慮庫存健康並拉動市場。正如約翰所說的和我給出的一些例子，我們繼續看到品牌實力的增長和消費者的聯繫。我們在品牌實力結果以及消費者與我們品牌互動的方式中都看到了這一點。我們本季度連續第三個季度再次投資該品牌，我們看到了這對我們業務的影響。隨著特定貿易區的封鎖解除，在 4 月下旬、5 月和 6 月初，我們看到客流量有所改善，整體消費需求強勁。

So we're trying to take the decisions -- the right decisions for the marketplace to position us for growth over the long term. And despite the short-term disruptions, we're increasingly confident in our local market strategy and our ability to fuel long-term growth in the China marketplace.

因此，我們正在努力做出決定——為市場做出正確的決定，讓我們為長期增長做好準備。儘管存在短期中斷，但我們對我們的本地市場戰略以及我們推動中國市場長期增長的能力越來越有信心。

Our next question is from Michael Binetti with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

Just a few on the model quick and then a bigger-picture question. I guess just if we could get a sense of SG&A in the first quarter. I think we got it for the year, a little bit of help there. And then I guess it looks like you're guiding to or at the high end of the revenue algorithm for the year despite the caution that you mentioned to us on China in the first part of the year. Maybe just some thought on what parts of the portfolio overgrow those long-term rates you gave us last year in the year just so we can think about that alongside you.

只需快速介紹模型中的一些問題，然後再提出一個更大的問題。我想如果我們能在第一季度了解 SG&A。我想我們今年得到了它，那裡有一點幫助。然後我猜你似乎正在引導或處於今年收入算法的高端，儘管你在今年上半年向我們提到了中國的謹慎。也許只是想一下投資組合的哪些部分超過了你去年給我們的那些長期利率，這樣我們就可以和你一起考慮這個問題。

And then I guess just a little bit more on your thinking on structural margins in China over the long term. Obviously, you took some actions in the quarter. We see the output here in the margins. But how should we think about those as you move into things like the new ERP system and into a better pull market?

然後我想就您對中國長期結構性利潤率的看法再多談一點。顯然，您在本季度採取了一些行動。我們在頁邊空白處看到了輸出。但是，當您進入新的 ERP 系統和更好的拉動市場時，我們應該如何考慮這些？

Sure. I'll go ahead and take that question. Why don't I start by just saying that as we mentioned last quarter, we thought that the variables that were coming together were positioning us for another year of strong growth in fiscal year '23. And it really reflects, Michael, the power of NIKE's portfolio. Inventory supply is normalizing against a healthy pull market across North America, EMEA and APLA. And we've seen 3 consecutive quarters now where consumer demand has significantly exceeded available inventory supply.

當然。我會繼續回答這個問題。我為什麼不首先說正如我們上個季度提到的那樣，我們認為正在匯集的變量使我們在 23 財年實現又一年的強勁增長。邁克爾，它確實反映了耐克產品組合的力量。在北美、歐洲、中東和非洲和 APLA 的健康拉動市場中，庫存供應正在正常化。而且我們已經連續三個季度看到消費者需求大大超過了可用庫存供應。

And so when we look at our brand strength and momentum, our product pipeline against some of the biggest growth opportunities that we have, we think we're well positioned for growth in fiscal year '23. Having said that, we did take a cautious approach to Greater China. And we're doing that because as we look at what disrupted our performance in the fourth quarter and focusing on what we can control, we felt strongly that prioritizing a healthy pull marketplace is the right action for us to take given the ongoing risk that we see in that marketplace. But longer term, we continue to believe that the growth potential that we see in that marketplace is significant.

因此，當我們審視我們的品牌實力和勢頭、我們的產品線與我們擁有的一些最大的增長機會時，我們認為我們已經為 23 財年的增長做好了準備。話雖如此，我們確實對大中華區採取了謹慎的態度。我們這樣做是因為當我們審視第四季度是什麼擾亂了我們的業績並專注於我們可以控制的事情時，我們強烈認為，鑑於我們面臨的持續風險，優先考慮健康的拉動市場是我們採取的正確行動在那個市場上看到。但從長遠來看，我們仍然相信我們在該市場看到的增長潛力是巨大的。

So underlying drivers of growth, we feel quite confident. We continue to closely monitor consumer behavior, and we're not seeing any signs of pullback at this point in time. And so we continue to execute the strategy and the plan we have, which is working.

因此，我們對增長的潛在驅動力充滿信心。我們將繼續密切關註消費者的行為，目前我們沒有看到任何回落的跡象。因此，我們繼續執行我們現有的戰略和計劃，這正在奏效。

As it relates to SG&A, what I would say is just that we're planning for high single digit to low double-digit SG&A growth for the full year. And that's really us continuing on this multiyear investment plan that we have to create the capabilities that we need to be able to serve consumers directly and personally at scale. And that is an operational transformation that is underway, and we're already starting to see proof points of benefit against it.

由於它與 SG&A 相關，我想說的是，我們計劃全年實現高個位數到低兩位數的 SG&A 增長。這就是我們繼續執行這個多年投資計劃的原因，我們必須創造我們需要的能力，以便能夠直接和大規模地為消費者提供服務。這是一個正在進行的運營轉型，我們已經開始看到反對它的好處的證據。

We're working really hard to prioritize our resources to fuel the things that are going to enable long-term growth and shift resources away from places that are legacy ways of operating. But we continue to feel confident that the things that we're investing in are going to be driving -- are driving business benefit, and we're starting to see some of that come to life at the end of this fiscal year and heading into fiscal '23.

我們非常努力地優先考慮我們的資源，以推動能夠實現長期增長的事物，並將資源從傳統的運營方式轉移到其他地方。但我們仍然有信心，我們投資的事物將會推動——正在推動商業利益，我們開始看到其中一些在本財年末實現並進入'23 財政年度。

As far as your last question about structural margins in Greater China, there isn't anything that we see at this point in time that would lead us to not -- to lead us away from the profitability that we've seen. Obviously, this quarter, we took some actions in order to manage our inventory and to be able to carry forward our plans in fiscal '23 and beyond. In the first quarter, we're just anticipating that the marketplace is going to be promotional. And so we've made some adjustments to our plans around markdown rates and partnership with our wholesale partners to ensure that we clear some of the inventory that isn't owned by NIKE but that's in the marketplace.

至於你關於大中華區結構性利潤率的最後一個問題，我們目前看到的任何情況都不會導致我們不這樣做——讓我們遠離我們已經看到的盈利能力。顯然，本季度，我們採取了一些措施來管理我們的庫存並能夠在 23 財年及以後實施我們的計劃。在第一季度，我們只是預計市場將進行促銷。因此，我們圍繞降價率和與批發合作夥伴的合作對我們的計劃進行了一些調整，以確保我們清除一些不屬於耐克但在市場上的庫存。

But beyond that, our focus is on getting to a healthy pull market by the end of the second quarter. And I think as we look longer term, the fundamental drivers that are driving our profitability in the consumer direct acceleration strategy, more direct and more digital is going to fuel profitability expansion in Greater China, too. And our ERP is frankly the backbone that's going to enable us to take advantage of those opportunities at a more significant way.

但除此之外，我們的重點是在第二季度末進入一個健康的拉動市場。而且我認為，從長遠來看，推動我們在消費者直接加速戰略中盈利的基本驅動因素，更直接和更數字化也將推動大中華區的盈利能力擴張。坦率地說，我們的 ERP 是使我們能夠以更重要的方式利用這些機會的支柱。

Our next question is from Aneesha Sherman with Bernstein.

我們的下一個問題來自 Aneesha Sherman 和 Bernstein。

So in the past, you've talked about a sizable gross margin benefit from the shift towards the direct business. And it's been hard to see that this year with a lot of other moving parts. But if you were to strip out the supply chain and the FX and the other moving parts, are you seeing an underlying mix benefit from that move? And should we -- are you still confident that as some of these transitory costs roll off that you're still on track to get to that high 40s gross margin target in a few years?

因此，在過去，您曾談到從轉向直接業務中獲得可觀的毛利率收益。很難看到今年還有很多其他活動部件。但是，如果您要剝離供應鏈、外彙和其他活動部件，您是否看到了這一舉措的潛在組合收益？我們是否應該——你是否仍然相信隨著其中一些暫時性成本的下降，你仍然有望在幾年內達到 40 年代的高毛利率目標？

And then another quick question on gross margin is you talked about markdowns normalizing. So given the commentary around premiumization of the assortment, higher percent direct and digital, I would have expected you to have a lot more control over markdowns and pricing this year than, say, a couple of years ago. So is that a fair assumption that we should expect markdown breadth and depth to settle at a kind of permanently lower rate given the tighter control over the channel that you have now?

然後另一個關於毛利率的快速問題是你談到降價正常化。因此，考慮到關於分類高端化、更高百分比的直接和數字化的評論，我預計今年你對降價和定價的控制比幾年前要多得多。那麼，鑑於您現在對渠道的更嚴格控制，我們應該期望降價幅度和深度以一種永久較低的速率穩定下來，這是一個公平的假設嗎？

Sure. Well, let me start on the gross margin by talking about what we saw in the fourth quarter, and I think it will help bring some light maybe to the broader question. Our gross margins were down 80 basis points in the fourth quarter, and that is really reflective of 2 elements.

當然。好吧，讓我先談談我們在第四季度看到的情況，從毛利率開始，我認為這可能有助於為更廣泛的問題帶來一些啟示。我們的毛利率在第四季度下降了 80 個基點，這確實反映了兩個因素。

From an operational perspective, if you look at the growth that we saw in NIKE Direct and the expanding margins that we saw both in NIKE Direct and NIKE Digital and a higher full-price selling mix overall, our gross margins would have expanded over 100 basis points in the fourth quarter. The decision that we took in Greater China, the specific actions that we took in Greater China had a 200 basis point impact on NIKE, Inc.'s Q4 margins.

從運營的角度來看，如果你看看我們在 NIKE Direct 中看到的增長以及我們在 NIKE Direct 和 NIKE Digital 中看到的不斷擴大的利潤率以及更高的全價銷售組合，我們的毛利率將擴大超過 100 個基點第四節得分。我們在大中華區做出的決定，我們在大中華區採取的具體行動對耐克公司第四季度的利潤率產生了 200 個基點的影響。

So when we look at the underlying health of our business and the margin expansion that we see attributed to the shifting business mix from wholesale to more direct and more digital, we are seeing it and the financial benefits that come from it in our gross margins. Since fiscal year '20, our gross margins are up over 260 basis points, and that includes in fiscal year '22 100 basis point headwind from elevated ocean freight costs. We're paying about 5x the rate that we paid pre-pandemic to put product in a container on a boat and move it from Asia to the U.S., so up 260 basis points with 100 basis points of a headwind.

因此，當我們審視我們業務的基本健康狀況以及我們看到的由於業務組合從批發向更直接和更數字化的轉變而導致的利潤率擴張時，我們看到了它以及由此產生的財務收益在我們的毛利率中。自 20 財年以來，我們的毛利率上升了 260 個基點以上，其中包括海運成本上漲帶來的 22 100 個基點的逆風。我們支付的費用大約是大流行前支付的費用的 5 倍，以便將產品裝在船上的集裝箱中並將其從亞洲運往美國，因此在逆風 100 個基點的情況下上漲了 260 個基點。

As we look ahead to fiscal '23 and our guidance were flat to declining 50 bps, we're planning for mid-single-digit price increases. We're planning for additional expansion from our growing NIKE Direct business and our digital business, which we believe will continue to lead our channel growth, but that's being offset by another 100 basis points of ocean freight.

當我們展望 23 財年時，我們的指引持平至下降 50 個基點，我們計劃實現中個位數的價格上漲。我們計劃從我們不斷增長的 NIKE Direct 業務和我們的數字業務中進一步擴展，我們相信這將繼續引領我們的渠道增長，但這被另外 100 個基點的海運抵消。

So if you take '22 and '23 together, it's about a 200 basis point impact on a 2-year basis from paying those higher rates to move product from Asia to our other geographies, and that has a significant impact on where we are today relative to where we would be. We still believe in the high 40s gross margin goal. We believe those costs are transitory in nature, but we expect it's going to take a few years to revert. And so we're planning for that accordingly.

因此，如果您將 22 年和 23 年加在一起，支付更高的利率以將產品從亞洲轉移到我們的其他地區，在 2 年的基礎上產生大約 200 個基點的影響，這對我們今天的狀況產生了重大影響相對於我們將在哪裡。我們仍然相信 40 年代的高毛利率目標。我們認為這些成本本質上是暫時的，但我們預計需要幾年時間才能恢復。因此，我們正在相應地進行計劃。

On the last part of what you said about markdowns, here's what I'd say. We've planned for a normalization of full-price realization and markdown rates in fiscal '23. For the last year, we've seen full-price realization in our -- in 3 of our geographies to be over 70%, whereas our long-term goal is to be at 65% full-price realization.

在你所說的關於降價的最後一部分，這就是我要說的。我們計劃在 23 財年實現全價實現和降價率正常化。去年，我們在我們的三個地區看到全價實現率超過 70%，而我們的長期目標是全價實現率達到 65%。

As we think about the markdown rates that's associated with that, we also saw both in our channel partners and in our own business a historically low markdown rate because of the lower available supply. We think that, that will start to normalize over this year. And given some of the uncertainties and the risk scenario planning that we've done around our guidance for '23, that's what's helping to drive this wider range that we're providing in our gross margin guidance for '23. As far as the longer-term goals, as I mentioned, we continue to believe in that high 40s number, and we're going to continue -- and it's going to be fueled by this ongoing consumer-led shift to direct and to digital.

當我們考慮與此相關的降價率時，我們還看到我們的渠道合作夥伴和我們自己的業務由於可用供應量較低，降價率處於歷史低位。我們認為，這將在今年開始正常化。鑑於我們圍繞 '23 的指導所做的一些不確定性和風險情景規劃，這有助於推動我們在 '23 的毛利率指導中提供的更廣泛的範圍。正如我所提到的，就長期目標而言，我們繼續相信 40 多歲的數字，我們將繼續下去——這將受到這種持續的以消費者為主導的向直接和數字轉變的推動.

The next question is from Gaby Carbone with Deutsche Bank.

下一個問題來自德意志銀行的 Gaby Carbone。

So if we move into fiscal '23, I just wondered if you could dig into the overall product flows and what you're seeing around lead time, if you're seeing any recent improvement there. Then I was just wondering if you can elaborate on demand and how you feel about the product pipeline moving ahead. You mentioned in your prepared remarks that you're expanding it, so wondering if you can just talk about that.

因此，如果我們進入 23 財年，我只是想知道您是否可以深入了解整體產品流以及您在交貨時間周圍看到的情況，如果您看到那裡最近有任何改進。然後我只是想知道您是否可以詳細說明需求以及您對產品管道前進的看法。你在準備好的評論中提到你正在擴展它，所以想知道你是否可以談論這個。

John, you want me to go first and then you get into product thesis.

約翰，你想讓我先走，然後你進入產品論文。

Sure.

當然。

Okay. Look, we continue to see transit times be elevated relative to pre-pandemic levels. It's about 2 weeks longer than where we were. This is specifically in North America. We're about 2 weeks longer in the low 80s days in the fourth quarter relative to where we were in the fourth quarter of last year. And that's obviously having a big impact on our in-transit inventory and the flow of goods into the marketplace.

好的。看，我們繼續看到運輸時間相對於大流行前的水平有所增加。這比我們原來的時間長了大約 2 週。這是專門在北美。與去年第四季度相比，我們在第四季度的 80 年代低點多出大約 2 週的時間。這顯然對我們的在途庫存和流入市場的商品產生了重大影響。

Right at the end of the quarter, we did start to see a little bit of improvement vis-à-vis the boat backlog at the West Coast ports. But at this point in time, given all the variables that we see there, we're not planning for a significant improvement in transit times in fiscal '23. So we're managing our inventory accordingly. We're making decisions about our assortment, product life cycles. We're taking some of our styles to seasonless so that we can manage it on more of a rolling basis. And we'll continue to leverage the experience that we've had over the last 2 years, navigating through this environment from a supply chain complexity and congestion perspective.

就在本季度末，我們確實開始看到相對於西海岸港口積壓的船隻有所改善。但是在這個時間點，考慮到我們在那裡看到的所有變量，我們不打算在 23 財年顯著改善運輸時間。因此，我們正在相應地管理我們的庫存。我們正在對我們的分類和產品生命週期做出決定。我們正在將我們的一些款式改成無季節的，以便我們可以更多地滾動管理它。我們將繼續利用過去 2 年的經驗，從供應鏈複雜性和擁塞的角度來應對這種環境。

And Gaby, on product innovation pipeline, it's funny you asked that. We had, about 2 weeks ago, our first in-person VP meeting in 2 years. And because we haven't been together in-person and no one had seen physical product, we had 6 different rooms in -- built on the new Serena Williams Building that had our full innovation pipeline for the next 3 years, Nike men's, women's, kids, performance, lifestyle by every sport, a Jordan room, a Converse room. And I will tell you everyone walked out excited by the breadth and depth of the innovation pipeline. It was almost overwhelming to be honest when you see it all in one place.

Gaby，關於產品創新管道，你問這個很有趣。大約 2 週前，我們舉行了 2 年來的第一次面對面的副總裁會議。而且因為我們沒有親自在一起，也沒有人見過實物產品，所以我們有 6 個不同的房間——建在新的塞雷娜威廉姆斯大樓上，擁有我們未來 3 年的完整創新管道，耐克男裝、女裝，孩子，表演，每項運動的生活方式，喬丹房間，匡威房間。我會告訴你，每個人都對創新管道的廣度和深度感到興奮。當你在一個地方看到這一切時，說實話幾乎是壓倒性的。

And so you saw some recent examples of the Spark Flyknit, which is -- what's really interesting about that is more and more of our innovations are done for her but can be leveraged by all. The ZoomX foam, which is one of our most responsive foams yet, that's -- we pulled throughout the entire running line. I mentioned Formula 23, Next Nature and the sustainability innovations. And so going forward, we're very excited. I teased a little bit about the apparel innovation coming. We think that's going to be a platform opportunity for us, more to come on that in the fall.

所以你看到了 Spark Flyknit 的一些最近的例子，這是 - 真正有趣的是，我們越來越多的創新是為她完成的，但所有人都可以利用。 ZoomX 泡沫是我們迄今為止反應最靈敏的泡沫之一，那就是——我們拉動了整個跑步線。我提到了 Formula 23、Next Nature 和可持續性創新。因此，我們非常興奮。我對即將到來的服裝創新有點取笑。我們認為這對我們來說將是一個平台機會，更多的是在秋季出現。

The pipeline -- Matt mentioned this next coming year of Global Football with Euro Champ Women's this summer, World Cup in Men's in the fall, Women's World Cup next year, the remarkable innovation, both performance and lifestyle around Global Football, a sharper focus on running, the Jordan stuff, both footwear and apparel performance and lifestyle. The Converse room was like a hit because I think most people don't really get to see the full breadth and depth of Converse innovation.

管道——馬特提到了明年的全球足球與今年夏天的歐洲冠軍女足，秋季的男足世界杯，明年的女足世界杯，圍繞全球足球的非凡創新，無論是表現還是生活方式，更加關注跑步，喬丹的東西，鞋類和服裝的表現和生活方式。匡威的房間很受歡迎，因為我認為大多數人並沒有真正看到匡威創新的全部廣度和深度。

So we feel very excited about the innovation pipeline. I will also tell you that our teams, now they're back together in person, feel like the pace and level of innovation is just going to -- and design is going to just accelerate, so a lot of optimism on the innovation front.

因此，我們對創新管道感到非常興奮。我還要告訴你，我們的團隊，現在他們親自回到了一起，感覺創新的步伐和水平即將到來——而設計將會加速，所以對創新方面有很多樂觀態度。

Our final question today is from Lorraine Hutchinson with Bank of America.

我們今天的最後一個問題來自美國銀行的 Lorraine Hutchinson。

Just hoping to get your thoughts on channel mix in the coming years as you think about wholesale versus direct. If there are any big call-outs that you would make? Obviously, you're making the investment in technology. Would you expect that to return wholesale to a faster growth rate? Or do you think the direct business will continue to lead?

只是希望在您考慮批發與直接時，了解您對未來幾年渠道組合的看法。如果有任何大的呼籲，你會做？顯然，您正在對技術進行投資。您是否期望這會使批發業務恢復到更快的增長率？還是您認為直營業務將繼續領先？

Lorraine, we're going to be guided by the consumer. This is -- you heard me say before the key to winning in this future is giving the consumers what they want, when they want it, how they want it. And consumers don't think about different channels. They just want a seamless and premium and consistent experience. So everything we're doing is to offer that to them and to make us indifferent frankly about where they're transacted.

Lorraine，我們將以消費者為導向。這是 - 你聽到我之前說過，在未來獲勝的關鍵是給消費者他們想要的東西，他們想要什麼，他們想要什麼。消費者不會考慮不同的渠道。他們只想要無縫、優質和一致的體驗。因此，我們所做的一切就是向他們提供這一點，並坦率地讓我們對他們的交易地點漠不關心。

So they'll start their shopping on one of our mobile apps or online. They'll do their product investigation or they're looking. They may go ahead and just buy it in one of our mobile apps, or they may go into one of our stores because they want to try it on. Or if one of our partner stores is closer to them, Dick's, they'll go there and try it on. Or if they're in a Dick's and they see what they want and they don't have it in stock, we can fulfill it through our connected inventory.

因此，他們將在我們的移動應用程序之一或在線上開始購物。他們會做他們的產品調查或者他們正在尋找。他們可能會直接在我們的一款移動應用程序中購買它，或者他們可能會因為想試穿而進入我們的一家商店。或者，如果我們的合作商店之一距離他們較近，Dick's，他們會去那裡試穿。或者，如果他們在 Dick's 中並且他們看到了他們想要的東西但他們沒有庫存，我們可以通過我們的連接庫存來完成它。

And so the whole goal is to give the consumers what they want, when they want it, how they want it. And we believe we're building what will be a source of competitive advantage that's grounded in having a direct connection with the consumer. Our membership program is going to be as strong whether it's through NIKE Direct, owned and digital and physical or through our partners. And if we achieve that, we then can give the consumer true choice, and the actual channel mix will land in its most natural place and will evolve in its most natural place.

因此，整個目標是為消費者提供他們想要的東西，在他們想要的時候，以他們想要的方式。而且我們相信，我們正在建立以與消費者直接聯繫為基礎的競爭優勢來源。無論是通過 NIKE Direct、自有、數字和實體，還是通過我們的合作夥伴，我們的會員計劃都將同樣強大。如果我們做到了這一點，我們就可以給消費者真正的選擇，實際的渠道組合將在其最自然的地方落地並在其最自然的地方發展。

Yes. And I just would add that our wholesale revenue this year was depressed because we had to cut 130 million units of supply because our factories in Vietnam were closed for 12 weeks. And so as you look specifically to '23, NIKE Direct will lead our growth and NIKE Digital will be our fastest-growing channel. But we do expect to see wholesale growth look different, in other words turn and grow, based on available inventory supply flowing back into our geographies. And so we do expect to see wholesale growth in fiscal '23.

是的。我只想補充一點，我們今年的批發收入低迷，因為我們在越南的工廠關閉了 12 週，因此我們不得不削減 1.3 億件的供應。因此，當您特別關注 23 年時，NIKE Direct 將引領我們的增長，而 NIKE Digital 將成為我們增長最快的渠道。但我們確實希望看到批發增長看起來有所不同，換句話說，根據回流到我們地區的可用庫存供應，批發增長會有所不同。因此，我們確實希望在 23 財年看到批發增長。

I think as John said long term, this is a consumer-led digital transformation. But I still think that our longer-term vision of NIKE Direct representing approximately 60% of our business and digital -- owned digital representing 40% is a trajectory that we are still on. We're seeing growth in our digital business that's exceeding what's happening in the marketplace. We're watching our own digital traffic and an accelerating level of NIKE app downloads that's driving more consumer engagement against our digital platform, and that is driving growth and shift relative to the broader marketplace. And while we're up about 9 points of business mix versus FY '20, we continue to believe that digital is going to be, as John has said again and again and again, a fuel for growth for us over the next 3 to 5 years.

我認為正如約翰長期所說，這是一個以消費者為主導的數字化轉型。但我仍然認為，我們對 NIKE Direct 的長期願景代表我們約 60% 的業務和數字——擁有數字代表 40% 是我們仍在走的軌跡。我們看到我們的數字業務增長超過了市場上正在發生的事情。我們正在關注我們自己的數字流量和耐克應用程序下載量的加速增長，這推動了更多消費者對我們的數字平台的參與，這正在推動相對於更廣泛市場的增長和轉變。雖然我們的業務組合與 20 財年相比上升了大約 9 個百分點，但我們仍然相信，正如約翰一再所說，數字化將成為我們未來 3 到 5 年增長的動力年。

That concludes our question-and-answer session. I'll turn it over to Mr. Trussell for any closing remarks.

我們的問答環節到此結束。我會把它交給 Trussell 先生的任何結束語。

Yes. Just want to say thank you to everyone for participating in our fourth quarter call. We appreciate you joining, and we look forward to speaking with you next quarter. Take care.

是的。只想對大家參加我們的第四季度電話會議表示感謝。我們感謝您的加入，我們期待在下個季度與您交談。小心。

Thank you, everyone.

謝謝大家。

Thanks.

謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連接。