Nike Inc (NKE) 2023 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2023 First 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, Vice President of Investor Relations and Strategic Finance.

大家下午好。歡迎來到 NIKE, Inc. 的 2023 財年第一季度電話會議。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 will make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in the reports filed with the SEC, including the annual 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。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 reference 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關於消除外匯波動的業務表現的背景。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 would 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 2023 first quarter results. As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You will find the appropriate reconciliations in our press release, which was issued about an hour ago or at our website, investors.nike.com.

謝謝你，接線員。大家好，感謝您今天加入我們討論 NIKE, Inc. 的 2023 財年第一季度業績。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）

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

現在我將把電話轉給耐克公司總裁兼首席執行官約翰·多納霍。

Thank you, Paul, and hello to everyone on today's call. Before we get started, I want to give a special shout out to the greatest of all time, Serena Williams, following her final tournament at the U.S. Open. Serena doesn't like to use the word retired, so I won't either. But on behalf of the entire NIKE family and sports fans around the world, we're going to miss seeing her play. We're thrilled to see what she does next as she continues to serve as an inspiration and everything she does. Serena, on behalf of everyone at NIKE, thank you.

謝謝你，保羅，今天的電話大家好。在我們開始之前，我想特別向有史以來最偉大的小威廉姆斯致敬，她在美國公開賽的最後一場比賽之後。塞麗娜不喜歡用退休這個詞，所以我也不會。但代表整個耐克家族和世界各地的體育迷，我們會想念她的比賽。我們很高興看到她接下來會做什麼，因為她繼續作為靈感和她所做的一切。 Serena，代表 NIKE 的每個人，謝謝你。

Turning to our Q1 performance. Our teams continue to prove their ability to operate through volatility while also staying focused on the long term. For the quarter, our revenue growth was 4% on a reported basis and 10% on a currency-neutral basis, led by double-digit growth in our North America, EMEA and APLA geographies. I'm proud of our results this quarter as our brand momentum, culture of innovation and proven operational playbook delivered yet another quarter of strong revenue growth. Our brand strength continues to give us confidence in sustaining our top line momentum.

轉向我們的第一季度業績。我們的團隊繼續證明他們在波動中運作的能力，同時也保持專注於長期。本季度，我們的收入增長在報告的基礎上為 4%，在貨幣中性的基礎上增長了 10%，這主要得益於我們北美、歐洲、中東和非洲和 APLA 地區的兩位數增長。我為我們本季度的業績感到自豪，因為我們的品牌勢頭、創新文化和經過驗證的運營手冊帶來了又一個季度的強勁收入增長。我們的品牌實力繼續使我們有信心維持我們的頂線勢頭。

These results reflect our deep connection to consumers around the world as we keep them in the center of all that we do. Our Consumer Direct Acceleration strategy enables us to create value around consumer creation, consumer demand in an entire marketplace fueled by the lifelong relationships we maintain. This significant momentum that we're seeing is fueled by structural tailwinds that continue to create energy for us. NIKE's growth is strengthened quarter-by-quarter by the expanded definition of sport, by the societal movement toward comfort and health and wellness and by the fundamental shift in consumer behavior toward digital. These advantages, along with our scale, the strength of our portfolio of brands and the right strategy, renew our confidence in a more populated competitive landscape. As the world's largest sports apparel and footwear company, we are happy to set the pace in serving the consumer.

這些結果反映了我們與世界各地消費者的深厚聯繫，因為我們將他們置於我們所做的一切的中心。我們的消費者直接加速戰略使我們能夠圍繞消費者創造創造價值，整個市場的消費者需求由我們維持的終身關係推動。我們所看到的這一顯著勢頭受到結構性順風的推動，這些順風繼續為我們創造能量。由於運動定義的擴大、社會向舒適、健康和保健的運動以及消費者行為向數字化的根本轉變，耐克的增長逐季得到加強。這些優勢，連同我們的規模、品牌組合的實力和正確的戰略，重新喚起了我們對人口更加密集的競爭格局的信心。作為世界上最大的運動服裝和鞋類公司，我們很高興為消費者提供服務。

At NIKE, our focus remains not only to grow market share but also to invest to grow the entire market. Our ability to expand the world of sport and our ability to create the future of sport itself is why I wouldn't trade NIKE's position with anyone.

在耐克，我們的重點不僅在於擴大市場份額，還在於投資以發展整個市場。我們拓展運動世界的能力和我們創造運動本身未來的能力，這就是為什麼我不會與任何人交換 NIKE 的立場。

Now as you look at this quarter's strong results, we can see our brand momentum and global portfolio come to life. This is true across the 3 areas I'd like to walk through today: our brand that deeply connects with consumers fueled by authenticity and sport; our culture of innovation that drives a continuous pipeline of new products; and our competitive advantage across the marketplace as one of the few brands that can connect with and serve consumers at scale.

現在，當您查看本季度的強勁業績時，我們可以看到我們的品牌勢頭和全球產品組合栩栩如生。這在我今天想介紹的三個領域都是如此：我們的品牌與受真實性和運動推動的消費者緊密相連；我們的創新文化推動了新產品的持續生產；以及我們作為少數幾個能夠大規模連接和服務消費者的品牌之一在整個市場上的競爭優勢。

So let's start with NIKE's strong brand and our connection to sport, which differentiates us all over the globe. Consumers continue to rate us their #1 cool and #1 favorite brand as we connect directly and deeply with consumers worldwide. No matter the macroeconomic dynamics, no matter the competitive landscape, the NIKE brand, and indeed, all 3 of our brands, including Jordan and Converse, have created meaningful relationships with consumers across age, gender, ethnicity and more. This brand momentum is fueled time and time again by our athletes and teams. No other brand in the world can match our roster as we help them perform at their very best.

因此，讓我們從耐克強大的品牌和我們與運動的聯繫開始，這使我們在全球範圍內脫穎而出。隨著我們與全球消費者的直接和深入聯繫，消費者繼續將我們評為他們的第一酷和第一喜愛品牌。無論宏觀經濟動態如何，無論競爭格局如何，耐克品牌，事實上，包括喬丹和匡威在內的所有三個品牌，都與年齡、性別、種族等的消費者建立了有意義的關係。我們的運動員和團隊一次又一次地推動了這種品牌勢頭。世界上沒有其他品牌可以與我們的名冊相匹敵，因為我們幫助他們發揮最佳表現。

Just look at women's football this quarter. Two fabulous international tournaments ended with NIKE federations on top with England winning the Euro Champs and Brazil's winner of the Copa America. And what's particularly exciting is that these 2 wildly popular teams will compete in the inaugural Women's Finalissima, the first-of-a-kind women's match between the European and South American champions. This historic match is slated for February 2023, and we can't wait.

看看本季度的女足。兩場精彩的國際賽事以 NIKE 聯盟的冠軍而告終，英格蘭贏得了歐洲冠軍，巴西贏得了美洲杯冠軍。尤其令人興奮的是，這兩支廣受歡迎的球隊將參加首屆女子決賽，這是歐洲和南美冠軍之間的首場女子比賽。這場歷史性的比賽定於 2023 年 2 月舉行，我們已經等不及了。

And speaking, we can't wait, we're very excited for the Men's World Cup later this year and the Women's World Cup next summer. This will truly be one of the greatest 18 months in footfall history, and NIKE will be there in full force.

說起來，我們已經等不及了，我們對今年晚些時候的男足世界杯和明年夏天的女足世界杯感到非常興奮。這將真正成為客流量歷史上最偉大的 18 個月之一，NIKE 將全力以赴。

Now our brand strength and consumer connection will continue to be driven by storytelling through sport in a way that only NIKE can. In tennis, I mentioned Serena's farewell to the sport at the U.S. Open, but the new generation made some noise there too. Carlos Alcaraz won the men's side at 19 years old become the youngest men's #1 ever. Along with Frances Tiafoe and Jannik Sinner, the future of men's tennis was on full display, with NIKE proud to represent this next generation of exciting players.

現在，我們的品牌實力和消費者聯繫將繼續通過體育講故事來推動，這種方式只有耐克才能做到。在網球方面，我提到了小威在美國公開賽上告別這項運動，但新一代也在那裡發出了一些聲音。 Carlos Alcaraz 在 19 歲時贏得了男子組冠軍，成為有史以來最年輕的男子 #1。與 Frances Tiafoe 和 Jannik Sinner 一起，男子網球的未來得到充分展示，NIKE 自豪地代表了下一代令人興奮的球員。

Also in the quarter, the Las Vegas Aces won the WNBA title, led by Coach of the Year Becky Hammon, Kelsey Plum and League MVP A'ja Wilson. And American football is now back. With the Swoosh won by all 32 NFL teams, and NIKE and Jordan representing 21 schools and college football top 25. And finally, in the Berlin Marathon last week, Eliud Kipchoge smashed his own world record, running the marathon in an incredible 2 hours, 1 minute and 9 seconds while wearing the Alphafly Next% 2. Simply put, we have a roster of athletes, teams, leagues and federations that represents the very best in sport, creating inspiration for consumers worldwide.

同樣在本季度，拉斯維加斯王牌隊在年度最佳教練貝基·哈蒙、凱爾西·普拉姆和聯盟最有價值球員阿賈·威爾遜的帶領下贏得了 WNBA 冠軍。美式足球現在又回來了。 Swoosh 被所有 32 支 NFL 球隊奪冠，NIKE 和 Jordan 代表 21 所學校和大學橄欖球前 25 名。最後，在上週的柏林馬拉松賽中，Eliud Kipchoge 打破了他自己的世界紀錄，以令人難以置信的 2 小時跑完馬拉松，佩戴 Alphafly Next% 2 時 1 分 9 秒。簡而言之，我們擁有代表最佳運動領域的運動員、團隊、聯盟和聯合會的名冊，為全球消費者創造靈感。

Let's move to innovation. As we've said before, NIKE's relentless pipeline of innovative product continues to create separation between us and our competition. Today, we have incredible momentum in key products and franchises across the spectrum of lifestyle and performance. And what excites us even more is the energy and anticipation we're feeling for the innovative product that's next in the pipeline. We're now starting to see the product that reflects our shift 2 years ago to our new consumer construct of men's, women's and kids, and the impact it's had is remarkable.

讓我們轉向創新。正如我們之前所說，NIKE 源源不斷的創新產品繼續在我們和我們的競爭對手之間造成分離。今天，我們在生活方式和性能範圍內的關鍵產品和特許經營中擁有令人難以置信的發展勢頭。更讓我們興奮的是，我們對即將推出的創新產品充滿活力和期待。我們現在開始看到反映我們在 2 年前轉向我們新的男裝、女裝和童裝消費結構的產品，它的影響是顯著的。

We're also excited about how we'll be connecting this product to the consumer. Today, we're working toward being more seasonally relevant across the full assortment. So the energy we're creating from an innovation standpoint, when combined with how we plan to story-tell and connect it to the marketplace gives us immense confidence as we look ahead.

我們也很高興我們將如何將該產品與消費者聯繫起來。今天，我們正在努力在整個產品系列中提高季節性相關性。因此，我們從創新的角度創造的能量，再加上我們計劃如何講述故事並將其與市場聯繫起來，讓我們在展望未來時充滿信心。

Earlier, I mentioned this landmark 18 months for global football we've got coming up. We created a football boot to match the moment. So during the women's Euro Champs this past summer, we debuted the Air Zoom Mercurial, which for the first time, adds a Zoom airbag to what was already our fastest football boot. This gives the footballer an even greater sense of snappy propulsive energy return. The new Mercurial and energy around it is NIKE at its best, as products, storytelling the marketplace and elite athletes come together to connect this innovation to consumers.

早些時候，我提到了我們即將到來的全球足球的里程碑式 18 個月。我們創造了一款足球鞋來配合這一刻。因此，在去年夏天的女子歐洲冠軍賽期間，我們首次推出了 Air Zoom Mercurial，它首次為我們最快的足球鞋增加了 Zoom 安全氣囊。這給了足球運動員一種更快的推進能量返回的感覺。新的 Mercurial 和圍繞它的能量是 NIKE 的最佳狀態，因為產品、講述市場的故事和精英運動員聚集在一起，將這種創新與消費者聯繫起來。

And with our best boot ready for the biggest stages of the world's most popular game, not to mention a full lineup of Federation kits, we're thrilled about translating this energy into commercial opportunity.

憑藉我們最好的球鞋為世界上最受歡迎的遊戲的最大階段做好準備，更不用說完整的聯邦套件陣容，我們很高興將這種能量轉化為商業機會。

Our culture of innovation is fueled not just by what we make but also how we make it. We're always looking to increase the pace and precision of product creation. New VR design software and simulation tools allow our designers and engineers to collaborate in real time like never before. This transformative path to continuous new innovation is highlighted by the new Air Max Scorpion. The Scorpion, which is an eye-catching shoe that offers our most Air ever in terms of pounds per square inch, followed a development time line of just 18 months. In fact, our digital transformation investments directly led to Scorpion's breakthrough innovation within our iconic Air franchise.

我們的創新文化不僅取決於我們的產品，還取決於我們的製造方式。我們一直在尋求提高產品創建的速度和精度。新的 VR 設計軟件和模擬工具使我們的設計師和工程師能夠以前所未有的方式實時協作。全新 Air Max Scorpion 突顯了這條通往持續創新的變革之路。 Scorpion 是一款引人注目的鞋款，以每平方英寸的磅數計提供了我們有史以來最多的 Air，其開發時間線僅為 18 個月。事實上，我們的數字化轉型投資直接促成了 Scorpion 在我們標誌性的 Air 特許經營權中的突破性創新。

How did that happen? Well, thanks to computational design pioneered by NIKE for industrial design uses, Scorpion introduces a radical new system for airbags, moving from simple forms into complex new geometries for a unique underfoot sensation that has to be felt to be believed. And moving forward, we plan to accelerate the use of our industry-leading digital creation tools to bring new excitement to our biggest franchises.

那是怎麼發生的？好吧，多虧了 NIKE 為工業設計使用的計算設計，Scorpion 為安全氣囊引入了一種全新的系統，從簡單的形式轉變為複雜的新幾何形狀，以獲得獨特的腳下感覺，這種感覺必須讓人相信。展望未來，我們計劃加速使用我們行業領先的數字創作工具，為我們最大的特許經營權帶來新的興奮。

Now during last quarter's call, I mentioned a new platform that we believe has the potential to change the apparel industry. As some of you have seen with its launch last week, I'm talking about NIKE Forward, our biggest apparel innovation since Dri-FIT 30 years ago. NIKE Forward revolutionizes apparel creation to make premium sustainably-minded product that offers brand-new comfortable sensation. The truth is NIKE Forward feels different because it is different.

現在在上個季度的電話會議中，我提到了一個我們認為有可能改變服裝行業的新平台。正如你們中的一些人在上週發佈時所看到的，我說的是 NIKE Forward，這是自 30 年前 Dri-FIT 以來我們最大的服裝創新。 NIKE Forward 革新了服裝創作，打造出具有可持續發展意識的優質產品，提供全新的舒適感受。事實上，NIKE Forward 感覺不同，因為它不同。

Forward's being introduced in hoodies and crewnecks for men and women that feature raw cut pockets, minimal seams and a modern silhouette. And this innovative product is warm and yet lightweight with a future-forward look that consumers have responded to since its unveiling last week. And as the consumer focus on comfort continues to gain momentum, we see vast opportunity ahead for scaling forward in our entire performance-driven sportswear apparel business. So from performance to sportswear sustainability, NIKE has always married the art and science of product creation as we use innovation and design to connect with and inspire consumers all over the globe.

Forward 推出了男女連帽衫和圓領衫，具有毛邊口袋、極少接縫和現代廓形。自上週推出以來，這款創新產品溫暖而輕巧，具有前瞻性，消費者對此做出了回應。隨著消費者對舒適度的關注繼續增強，我們看到了在我們整個以性能為導向的運動服裝業務中擴大規模的巨大機會。因此，從性能到運動服的可持續性，NIKE 始終將產品創造的藝術與科學結合在一起，我們使用創新和設計來與全球消費者建立聯繫並激發他們的靈感。

My third and final point today is our competitive advantage across the marketplace. We're continuing to accelerate against our One Nike Marketplace approach in which we directly connect with the consumer no matter where they shop and with each channel playing an integrated role in the consumer's overall journey. Now our approach starts with NIKE Digital as that's where most consumers begin their shopping journeys. And then it's augmented by our strategic wholesale partners who share our vision to provide a consistent premium and seamless consumer experience. And last but not least, our remodel brand stores which continue to play the key role of supplementing where there are gaps in the marketplace, such as women's or Jordan.

我今天的第三點也是最後一點是我們在整個市場的競爭優勢。我們將繼續加速實施 One Nike Marketplace 方法，在這種方法中，無論消費者在哪裡購物，我們都直接與他們建立聯繫，並且每個渠道都在消費者的整個旅程中發揮著綜合作用。現在我們的方法從 NIKE Digital 開始，因為這是大多數消費者開始購物之旅的地方。然後，我們的戰略批發合作夥伴增強了它，他們與我們有著共同的願景，即提供一致的優質和無縫的消費者體驗。最後但並非最不重要的一點是，我們的改造品牌商店繼續發揮關鍵作用，補充市場上的空白，例如女裝或喬丹。

Now this quarter, we delivered NIKE Digital's highest net revenue quarter ever. We see consumers continuing to vote for NIKE Digital as the NIKE commerce app had its highest traffic in history during Q1. And we keep elevating our ability to serve these consumers. For example, new membership tools we put in place last year in fiscal '22 that went live in Q1 create one-to-one connections at scale by delivering personalized consumer journeys and experiences which in turn drive first purchases and increased loyalty. And the SNKRS app continues to fuel energy to our growing audience of high-value members.

現在本季度，我們實現了 NIKE Digital 有史以來最高的淨收入季度。我們看到消費者繼續為 NIKE Digital 投票，因為 NIKE 商務應用在第一季度的流量創下歷史新高。我們不斷提升我們為這些消費者服務的能力。例如，我們去年在 22 財年推出的新會員工具在第一季度上線，通過提供個性化的消費者旅程和體驗來大規模創建一對一的聯繫，從而推動首次購買並提高忠誠度。 SNKRS 應用程序繼續為我們不斷增長的高價值會員受眾提供能量。

We're bringing this community in almost daily flow of compelling content and product launches. In Q1, for example, SNKRS saw its most member entries ever for the Travis Scott AJ1 that dropped in July with a record 3.8 million member entries for just a single shoe, SNKRS continues to impress as it offers the perfect intersection of content, community and commerce.

我們幾乎每天都會為這個社區帶來引人入勝的內容和產品發布。例如，在第一季度，SNKRS 的 Travis Scott AJ1 的會員條目數量在 7 月份下降，僅單鞋就有 380 萬會員條目，SNKRS 繼續給人留下深刻印象，因為它提供了內容、社區和商業。

Second, our partners are and will remain a vitally important part of our marketplace strategy. Partners enable us to serve consumers with expanded access, choice and convenience, and above all, letting us know and serve these consumers across the full marketplace. Today, we're seeing growth through our partners and improved retail sales. For example, back-to-school was strong as supply continued to improve and traffic and sell-through continued to accelerate. And as we continue to focus on giving consumers personalized experiences regardless of channel, the key remains connected membership. This model gives shopper the benefits of NIKE membership in partner stores, accelerating in-store conversion, engagement and improving customer lifetime value.

其次，我們的合作夥伴現在並將繼續是我們市場戰略的重要組成部分。合作夥伴使我們能夠為消費者提供更多的訪問、選擇和便利，最重要的是，讓我們在整個市場上了解和服務這些消費者。今天，我們通過我們的合作夥伴看到了增長和零售銷售的改善。例如，隨著供應持續改善、客流量和銷售持續加速，返校勢頭強勁。隨著我們繼續專注於為消費者提供個性化的體驗，無論渠道如何，關鍵仍然是連接會員。這種模式為購物者提供了合作夥伴商店中耐克會員資格的好處，加速了店內轉化、參與並提高了客戶的生命週期價值。

Now as you know, connected membership again last year with DICK'S Sporting Goods before 2 of our key partners in Greater China joined in, TopSport and Pou Sheng. And today, we're very excited to announce that we're now extending connected membership to EMEA with Zalando and JD Sports as increased opportunities for connected data and inventory make us even quicker and more precise in jointly serving the consumer.

如您所知，在我們在大中華區的兩個主要合作夥伴 TopSport 和寶盛加入之前，去年再次加入了 DICK'S Sporting Goods 的會員資格。今天，我們非常高興地宣布，我們現在正在通過 Zalando 和 JD Sports 將互聯會員資格擴展到 EMEA，因為互聯數據和庫存機會的增加使我們能夠更快、更準確地共同為消費者服務。

In fact, just 2 days ago, we hosted our first in-person, NIKE Partner Summit in over 2 years in which we brought to Beaverton, a group of 24 of our top retail partners, representing 76 countries. The summit was a great opportunity for us to accelerate into the future together with a unified vision and belief in partnership and collaboration.

事實上，就在 2 天前，我們舉辦了 2 年多來的第一次面對面的 NIKE 合作夥伴峰會，我們將代表 76 個國家/地區的 24 個頂級零售合作夥伴帶到了比弗頓。此次峰會為我們提供了一個很好的機會，讓我們以對夥伴關係和協作的統一願景和信念一起加速走向未來。

And it was clear that our partners were excited to get the sneak peek at our upcoming product as well as getting a deeper dive in our strategy. NIKE will continue investing to deliver the very best brand in the industry to elevate our collective game with the right product experiences and unmatched storytelling through content and insights to help us win with the consumer. These strategic partnerships are truly win-win with plenty of opportunities still ahead.

很明顯，我們的合作夥伴很高興能夠先睹為快我們即將推出的產品以及更深入地了解我們的戰略。 NIKE 將繼續投資以提供業內最優秀的品牌，以通過正確的產品體驗和無與倫比的故事講述來提升我們的集體遊戲，通過內容和洞察力幫助我們贏得消費者的青睞。這些戰略合作夥伴關係是真正雙贏的，未來仍有很多機會。

And finally in our marketplace strategy, we continue to build a compelling retail footprint with our own brick-and-mortar fleet. As Direct becomes an even bigger part of our business, we're investing in becoming a better retailer as we pursue our goal of becoming world-class in this space. In a dynamic retail environment, our global traffic is up, thanks in part to the unique NIKE experiences we offer across our assortment of retail concepts.

最後，在我們的市場戰略中，我們將繼續通過我們自己的實體車隊建立引人注目的零售足跡。隨著 Direct 成為我們業務中更大的一部分，我們正在投資成為更好的零售商，因為我們追求在這個領域成為世界級的目標。在動態零售環境中，我們的全球客流量上升，部分歸功於我們在各種零售概念中提供的獨特 NIKE 體驗。

For instance, in July, we opened our first NIKE Rise store in EMEA, NIKE West London, following the success of NIKE Rise in China and Korea. All 3 NIKE Rise stores use real-time shopping insight and the community focus to deliver tailored in-store experiences for consumers. NIKE West London uses local sports, like football and running, along with data on the city and its athletes to create something that cannot be replicated anywhere else.

例如，繼 NIKE Rise 在中國和韓國取得成功後，我們在 7 月在 EMEA 的 NIKE West London 開設了我們的第一家 NIKE Rise 商店。所有 3 家 NIKE Rise 商店都使用實時購物洞察力和社區關注點，為消費者提供量身定制的店內體驗。 NIKE West London 利用足球和跑步等當地體育項目，以及該市及其運動員的數據，創造出其他任何地方都無法複製的東西。

In the end, our strong brand momentum speaks to our continued belief that these are times when strong brands get stronger. We're supercharging how we serve consumers with innovation, direct connection and experiences that create lifelong relationships with our brands. There's never been a better time to be in the sport and wellness business, and I'm confident in our ability to not just stay at the front of the path but also to extend and expand our lead.

最後，我們強大的品牌勢頭表明我們一直堅信這是強勢品牌變得更強大的時代。我們正在通過創新、直接聯繫和體驗來增強我們為消費者服務的方式，從而與我們的品牌建立終身關係。現在是從事體育和健康行業的最佳時機，我相信我們不僅有能力保持領先，而且有能力擴大和擴大我們的領先地位。

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

有了這個，我會把電話轉給馬特。

Thanks, John, and hello to everyone on the call. Our first quarter of fiscal '23 demonstrated again the deep consumer connection and strong demand for NIKE, Jordan and Converse. In a dynamic operating environment, we delivered top line results ahead of plan, more than offsetting foreign exchange headwinds. With industry-leading Digital growth, positive retail traffic in our stores and online, and more product available for consumers across the marketplace, the power of NIKE's portfolio continues to fuel business momentum.

謝謝，約翰，向電話中的每個人問好。我們在 23 財年的第一季度再次展示了與消費者的深厚聯繫以及對耐克、喬丹和匡威的強勁需求。在動態的經營環境中，我們提前交付了最高業績，不僅抵消了外匯逆風。憑藉行業領先的數字增長、我們商店和網上的積極零售流量以及更多面向市場消費者的產品，耐克產品組合的力量繼續推動業務發展勢頭。

At our core, NIKE is a growth company, built on a passion for serving athletes. 50 years later, this passion inspires consumers worldwide through our commitment to product innovation and our belief that sport can change the world. Today, NIKE's potential for growth has no limits as we create our future through a steadfast focus on serving the consumer. At the same time, we are closely monitoring an operating environment that continues to be disruptive.

在我們的核心，耐克是一家成長型公司，建立在為運動員服務的熱情之上。 50 年後，這種激情通過我們對產品創新的承諾和我們對運動可以改變世界的信念激勵著全球消費者。今天，NIKE 的增長潛力沒有限制，因為我們通過堅定地專注於為消費者服務來創造我們的未來。與此同時，我們正在密切關注持續具有破壞性的運營環境。

So before discussing our first quarter financial results, let me provide a deeper view into the latest shifts we are seeing and the actions we are taking to manage our business for the long term.

因此，在討論我們的第一季度財務業績之前，讓我更深入地了解我們所看到的最新變化以及我們為長期管理業務而採取的行動。

Over the past 3 years, we have leveraged our operational playbook to manage through supply chain disruption and COVID-related store closures. I could not be more proud of how our team continues to adapt to changing circumstances with a relentless focus on getting the right product to the right place at the right time.

在過去的 3 年中，我們利用我們的運營手冊來管理供應鏈中斷和與 COVID 相關的商店關閉。我為我們的團隊如何繼續適應不斷變化的環境而感到無比自豪，他們不懈地專注於在正確的時間將正確的產品送到正確的地方。

This quarter, it became clear to us that conditions in North America are shifting once again. Earlier ordering by retailers, driven by strong consumer demand and less predictable delivery time lines, had led to elevated inventory levels broadly across consumer goods. Then transit times began to rapidly improve with signals that further improvement may be coming. At the same time, consumers are facing greater economic uncertainty, and promotional activity across the marketplace is accelerating, especially in apparel. As a result, we faced a new degree of complexity.

本季度，我們很清楚北美的情況再次發生變化。在強勁的消費者需求和難以預測的交貨時間線的推動下，零售商提前下訂單，導致整個消費品的庫存水平普遍上升。然後，運輸時間開始迅速改善，並發出進一步改善的信號。與此同時，消費者面臨更大的經濟不確定性，整個市場的促銷活動正在加速，尤其是在服裝領域。因此，我們面臨著新的複雜程度。

Demand for NIKE, Jordan and Converse continues to be uniquely strong with positive consumer response and high full price realization on fresh seasonal assortments and key product franchises. In September, month-to-date retail sales are up double digits versus the prior year, following a strong back-to-school season. However, our North America inventory grew 65% versus the prior year, with in-transit inventory growing approximately 85%. This reflects the combination of late delivery for the past 2 seasons plus early holiday orders that are now set to arrive earlier than planned and a prior year that was impacted by factory closures in Vietnam and Indonesia.

NIKE、Jordan 和 Converse 的需求繼續保持獨特的強勁勢頭，消費者反應積極，新鮮的季節性品種和主要產品特許經營的全價實現高。在強勁的開學季之後，9 月至今的零售額較上年增長了兩位數。然而，我們的北美庫存與去年相比增長了 65%，在途庫存增長了約 85%。這反映了過去兩個季節的延遲交貨加上現在將比計劃提前到達的提前假期訂單以及受越南和印度尼西亞工廠關閉影響的前一年的組合。

As a result, we are taking decisive action to clear excess inventory, focusing on specific pockets of seasonally late products, predominantly in apparel. While we expect this to have a transitory impact on gross margins this fiscal year, we believe this cost will be far outweighed by the benefit of clearing marketplace capacity to align seasonally relevant product, storytelling and retail experiences for the consumer.

因此，我們正在採取果斷行動清理過剩庫存，重點關注季節性延遲產品的特定部分，主要是服裝。雖然我們預計這將對本財年的毛利率產生暫時的影響，但我們認為，清理市場容量以調整與季節性相關的產品、講故事和消費者零售體驗的好處將遠遠超過這一成本。

Time and again, this is how NIKE responds to adversity. We adapt, we compete and we accelerate forward. With strong brand momentum, improving deliveries and a robust innovation pipeline, we're acting now to set the stage for future seasons of sustainable profitable growth.

一次又一次，這就是耐克應對逆境的方式。我們適應，我們競爭，我們加速前進。憑藉強勁的品牌勢頭、不斷改進的交付和強大的創新渠道，我們現在正在採取行動，為未來幾個季度的可持續盈利增長奠定基礎。

Looking ahead, we are especially excited about the breadth and depth of our product pipeline. This includes innovation platforms that break new ground in performance and sustainability. Women's apparel completely redesigned for fit, sensation and support. A renewed focus on serving everyday runners with the world's best running innovation across price points. A total refresh of our signature basketball line across brands. New sportswear collaborations with the leaders of youth culture and the next chapters of our most iconic product franchises.

展望未來，我們對產品線的廣度和深度感到特別興奮。這包括在性能和可持續性方面開闢新天地的創新平台。女裝完全重新設計，合身、感覺和支撐。重新專注於為日常跑步者提供不同價位的全球最佳跑步創新。全面更新我們跨品牌的標誌性籃球系列。與青年文化領袖和我們最具標誌性的產品系列的新篇章進行新的運動裝合作。

NIKE's authenticity as the champion for athletes and sport has always been one of our greatest strengths. Over the next 18 months, we'll drive consumer energy through new product and storytelling, in essence, doing what NIKE does best.

耐克作為運動員和運動冠軍的真實性一直是我們最大的優勢之一。在接下來的 18 個月裡，我們將通過新產品和講故事來激發消費者的能量，本質上就是做耐克最擅長的事情。

NIKE's competitive advantages are also growing as the Consumer Direct Acceleration transforms our operating model, driving deeper and more direct connections through digital. NIKE membership serves as a catalyst for digital growth, driving greater engagement and higher lifetime value in our highest margin channel.

隨著消費者直接加速轉變我們的運營模式，耐克的競爭優勢也在增長，通過數字化推動更深入、更直接的聯繫。 NIKE 會員資格是數字增長的催化劑，在我們最高利潤的渠道中推動更大的參與度和更高的生命週期價值。

This quarter, repeat buying members grew by over 30% with increased buying frequency and demand across total NIKE members. In fact, many of our most important membership benchmarks, reflecting how well we convert, engage and retain buying members, are at near all-time highs. These trends give us confidence that we have a strong and loyal member foundation to drive digital growth ahead.

本季度，隨著整個耐克會員的購買頻率和需求增加，重複購買會員增長了 30% 以上。事實上，我們許多最重要的會員基準，反映了我們轉換、吸引和留住購買會員的程度，都接近歷史最高水平。這些趨勢讓我們相信，我們擁有強大而忠誠的會員基礎來推動數字化增長。

Since fiscal '19, our Digital business has nearly tripled to exceed $10 billion in revenue, representing 24% of total NIKE Brand revenue in fiscal '22. Over this period, NIKE Direct gross margins expanded through the combination of rapid digital growth and improvements in channel margin profitability, ultimately fueling NIKE's overall gross margin expansion despite being partially offset by transitory headwinds experienced through the pandemic. While we continue to manage through short-term dynamics, these structural tailwinds give us confidence that we are making progress towards our long-term financial goals.

自 19 財年以來，我們的數字業務收入增長了近兩倍，超過 100 億美元，佔 22 財年耐克品牌總收入的 24%。在此期間，NIKE Direct 毛利率通過快速的數字增長和渠道利潤率的提高相結合而擴大，最終推動了耐克的整體毛利率擴張，儘管在大流行期間經歷的短暫逆風部分抵消了這一點。雖然我們繼續通過短期動態進行管理，但這些結構性順風使我們相信我們正在朝著我們的長期財務目標取得進展。

Now let me turn to our NIKE, Inc. first quarter financial results. In Q1, NIKE Inc. revenue grew 4% and 10% on a currency-neutral basis. This was led by 14% growth in NIKE Direct and 8% growth in wholesale. NIKE Digital grew 23% with double-digit growth across EMEA, North America and APLA, fueled by increasing traffic, higher conversion and growth in average order value. First quarter reported gross margin declined 220 basis points to 44.3%. This was primarily due to elevated freight and logistics costs plus higher markdowns across the marketplace in North America and unfavorable changes in net foreign currency exchange rates.

現在讓我談談我們的耐克公司第一季度財務業績。在貨幣中性的基礎上，耐克公司第一季度的收入增長了 4% 和 10%。其中，耐克直銷業務增長 14%，批發業務增長 8%。 NIKE Digital 在 EMEA、北美和 APLA 的銷售額增長了 23%，實現了兩位數的增長，這得益於流量的增加、更高的轉化率和平均訂單價值的增長。第一季度報告的毛利率下降 220 個基點至 44.3%。這主要是由於運費和物流成本上升，加上北美市場的降價幅度更高，以及淨外幣匯率的不利變化。

SG&A grew 10% in Q1, primarily due to wage-related expenses, strategic technology investments, increased NIKE Direct costs and increased demand creation expenses. Our effective tax rate for the quarter was 19.7% compared to 11% for the same period last year, primarily due to decreased benefits from stock-based compensation.

SG&A 在第一季度增長了 10%，主要是由於工資相關費用、戰略技術投資、NIKE Direct 成本增加和需求創造費用增加。我們本季度的有效稅率為 19.7%，而去年同期為 11%，主要是由於股票薪酬福利減少。

First quarter diluted earnings per share was $0.93. Finally, inventories were $9.7 billion, up 44% compared to the prior year. Driven by volatility in transit times in North America, strategic decisions to buy inventory for future seasons earlier and lower inventory levels due to last year's factory closures in Vietnam and Indonesia.

第一季度每股攤薄收益為 0.93 美元。最後，庫存為 97 億美元，比上年增長 44%。受北美運輸時間波動的影響，由於去年越南和印度尼西亞的工廠關閉而導致提前購買未來季節的庫存以及降低庫存水平的戰略決策。

Now let's review the operating segments. In North America, Q1 revenue grew 13% and EBIT declined 4%. NIKE Direct grew 13% versus the prior year, outpacing the broader market with double-digit in-store and digital traffic growth. NIKE Digital grew 19%, fueled by member demand and the NIKE app. Wholesale revenue grew low double digits with strong growth from strategic partners such as DICK'S and JD Finish Line as well as our authenticated partners.

現在讓我們回顧一下運營部門。在北美，第一季度收入增長 13%，息稅前利潤下降 4%。 NIKE Direct 與去年相比增長了 13%，以兩位數的店內和數字流量增長超過了更廣泛的市場。在會員需求和 NIKE 應用程序的推動下，NIKE Digital 增長了 19%。由於 DICK'S 和 JD Finish Line 等戰略合作夥伴以及我們的認證合作夥伴的強勁增長，批發收入增長了兩位數。

NIKE continues to lead as the #1 cool and #1 favorite brand in North America. We're driving momentum across key consumer and sport dimensions, including positive consumer response to the Pegasus 39, Invincible 2 and Infinity 3 in performance running; high sell-through and full price realization across key footwear franchises, such as Air Force 1, Dunk and the Air Max 270 and broad-based growth across men's, women's, kids and Jordan on improved inventory supply.

NIKE 繼續作為北美第一酷和第一受歡迎的品牌保持領先地位。我們正在推動關鍵消費者和運動領域的發展勢頭，包括消費者對 Pegasus 39、Invincible 2 和 Infinity 3 在性能跑方面的積極反應； Air Force 1、Dunk 和 Air Max 270 等主要鞋履系列的高銷售率和全價實現，以及男鞋、女鞋、童鞋和喬丹鞋的廣泛增長，這得益於庫存供應的改善。

As I previously discussed, we started to increase promotional activity in the first quarter and expect the broader marketplace to be promotional at least through the end of the calendar year. We expect that total inventory in North America peaked in Q1, and we anticipate seeing sequential improvement over the year as we rebalance supply and continue serving strong consumer demand. As we prioritize a healthy pull market, we are confident that our brand strength and decisive actions positions us well to compete and to capture market share.

正如我之前所討論的，我們在第一季度開始增加促銷活動，並預計更廣泛的市場將至少在日曆年年底之前進行促銷。我們預計北美的總庫存在第一季度達到頂峰，並且隨著我們重新平衡供應並繼續滿足強勁的消費者需求，我們預計全年將出現連續改善。當我們優先考慮健康的拉動市場時，我們相信我們的品牌實力和果斷行動使我們能夠很好地競爭和占領市場份額。

In EMEA, we saw record results. Q1 revenue grew 17% on a currency-neutral basis. EBIT grew 11% on a reported basis, with broad-based growth and strong gross margin expansion driving the most profitable quarter in EMEA history despite significant foreign exchange headwinds. NIKE Direct grew 20% on a currency-neutral basis and NIKE Digital grew 46%. Running delivered solid growth with strong consumer response to the Pegasus 39, Invincible 2 and the Peg Trail 4. We also celebrated our most successful Mercurial launch ever and an unforgettable moment for women's sport at the European Championships, with our Never Settle, Never Done campaign driving over 450 million impressions.

在 EMEA，我們看到了創紀錄的結果。在貨幣中性的基礎上，第一季度的收入增長了 17%。根據報告，息稅前利潤增長了 11%，儘管存在重大外匯逆風，但基礎廣泛的增長和強勁的毛利率擴張推動了歐洲、中東和非洲歷史上最盈利的季度。在貨幣中性的基礎上，NIKE Direct 增長了 20%，NIKE Digital 增長了 46%。跑步帶來了穩健的增長，消費者對 Pegasus 39、Invincible 2 和 Peg Trail 4 的反應強烈。我們還通過我們的 Never Settle, Never Done 活動慶祝了我們有史以來最成功的 Mercurial 發布以及歐洲錦標賽上女子運動的難忘時刻帶來超過 4.5 億次展示。

Since fiscal '19, EMEA gross margins have expanded by more than 500 basis points, with NIKE Digital increasing its penetration from 7% to 20%, nearly tripling its share of EMEA NIKE Brand revenue. This is another great proof point for how our consumer-led digital transformation is accelerating NIKE's growth and profitability.

自 19 財年以來，EMEA 毛利率已擴大了 500 多個基點，NIKE Digital 將其滲透率從 7% 提高到 20%，其在 EMEA NIKE 品牌收入中的份額幾乎翻了三倍。這是我們以消費者為主導的數字化轉型如何加速耐克的增長和盈利能力的另一個重要證明點。

Next, I'll provide some color around our results in Greater China. In Q1, revenue declined 13% on a currency-neutral basis, and EBIT declined 23% on a reported basis. NIKE Direct declined 2% on a currency-neutral basis with a 5% decline in NIKE Digital. While COVID-related disruption had meaningful impact on store operations and retail traffic, business performance and inventory management are ahead of plan as we continue to proactively recalibrate supply and demand.

接下來，我將為我們在大中華區的結果提供一些顏色。第一季度，在貨幣中性的基礎上，收入下降了 13%，在報告的基礎上，息稅前利潤下降了 23%。在貨幣中性的基礎上，NIKE Direct 下跌 2%，NIKE Digital 下跌 5%。儘管與 COVID 相關的中斷對商店運營和零售流量產生了重大影響，但隨著我們繼續主動重新調整供需關係，業務績效和庫存管理超出了計劃。

Brand strength is our competitive advantage, with NIKE setting the pace as Chinese consumers' #1 cool and #1 favorite brand, further extending our lead among teams. Product innovation remains a key differentiator with strong sell-through from the Alphafly Next% 2, the Pegasus 39, the G.T. Cut 2 and other performance products.

品牌實力是我們的競爭優勢，NIKE 引領中國消費者#1 酷和#1 喜愛品牌，進一步擴大了我們在團隊中的領先優勢。與 Alphafly Next% 2、Pegasus 39、G.T. 相比，產品創新仍然是一個關鍵的差異化因素。 Cut 2等性能產品。

Jordan Brand's momentum was another highlight with year-over-year growth, driven by a standout Luka 1 launch, key franchise strength and the energy of Jordan's 25th anniversary campaign. We continue to deepen connections with Chinese consumers in locally relevant ways, from elevating the street dance community with hyperlocal product and storytelling to igniting youth basketball culture through the lens of the Chinese high school basketball league.

Jordan Brand 的勢頭是另一個亮點，其同比增長是由出色的 Luka 1 發布、關鍵的特許經營實力和喬丹 25 週年紀念活動的能量推動的。我們繼續以當地相關的方式加深與中國消費者的聯繫，從用超本地化的產品和講故事提昇街舞社區，到通過中國高中籃球聯賽的鏡頭點燃青年籃球文化。

With Gen Z member demand growing more than 25% versus last year on NIKE's digital platforms and the newly launched localized NIKE app already leading as the #1 brand shopping app, we're more encouraged than ever about NIKE's opportunity to serve Chinese consumers with distinct, premium and localized experiences.

隨著 Z 世代會員對 NIKE 數字平台的需求與去年相比增長超過 25%，並且新推出的本地化 NIKE 應用程序已經成為排名第一的品牌購物應用程序，我們比以往任何時候都更加鼓舞 NIKE 有機會為中國消費者提供獨特的服務，優質和本地化的體驗。

As mentioned last quarter, we are taking a cautious near-term approach in Greater China, given the ongoing risks of COVID-related disruption. However, our brand and business momentum gives us increasing confidence that NIKE's unique value proposition will fuel long-term growth in Greater China.

如上個季度所述，鑑於與 COVID 相關的中斷風險持續存在，我們在大中華區採取謹慎的近期策略。然而，我們的品牌和業務發展勢頭讓我們越來越相信耐克獨特的價值主張將推動大中華區的長期增長。

As we turn to APLA, Q1 revenue grew 16% on a currency-neutral basis, and EBIT grew 4% on a reported basis. We delivered our third consecutive quarter of double-digit currency-neutral growth led by Southeast Asia and India and Korea. NIKE Direct grew 30% on a currency-neutral basis, led by 29% growth in NIKE Digital and 31% growth from NIKE-owned stores. Our Member Days offense continues to accelerate member engagement, tripling repeat buying versus the prior year. Women's continues to deliver outsized growth, with momentum in performance running, footwear, bras and sports style innovation footwear like Air Max.

當我們轉向 APLA 時，在貨幣中性的基礎上，第一季度的收入增長了 16%，在報告的基礎上，息稅前利潤增長了 4%。在東南亞、印度和韓國的帶動下，我們連續第三個季度實現了兩位數的貨幣中性增長。在貨幣中性的基礎上，NIKE Direct 增長 30%，其中 NIKE Digital 增長 29% 和 NIKE 自有商店增長 31%。我們的會員日活動繼續加快會員參與度，重複購買量是去年的三倍。女裝繼續實現超額增長，在性能跑步、鞋類、文胸和運動風格創新鞋類（如 Air Max）方面勢頭強勁。

Performance fueled strong growth in men's with the launch of Pegasus, Infinity and Invincible in running and the Mercurial in global football. In addition, we have now transitioned our businesses in Argentina, Chile and Uruguay to a distributor model.

隨著 Pegasus、Infinity 和 Invincible 在跑步中的推出以及 Mercurial 在全球足球中的推出，性能推動了男足的強勁增長。此外，我們現在已將我們在阿根廷、智利和烏拉圭的業務轉變為經銷商模式。

Now I'll turn to our updated financial outlook for fiscal '23. To date, we continue to see strong consumer demand for our portfolio of brands across our geographies. We are closely monitoring consumer confidence and behavior, and ultimately, the implications of high inflation on consumer demand. We've managed through cycles like this before, and we know these are times to stay on the offense, leveraging our financial strength to prioritize a quicker return to a healthy pull market. In this environment, strong brands set the pace and we are confident NIKE will emerge even stronger. We are focused on what we can control as we take a measured approach against an uncertain macro outlook.

現在我將轉向我們更新的 23 財年財務展望。迄今為止，我們繼續看到消費者對我們各個地區的品牌組合的強勁需求。我們正在密切關註消費者的信心和行為，以及最終高通脹對消費者需求的影響。我們以前曾經歷過這樣的周期，我們知道現在是繼續進攻的時候，利用我們的財務實力優先考慮更快地回歸健康的拉動市場。在這種環境下，強勢品牌引領潮流，我們相信耐克會變得更加強大。當我們針對不確定的宏觀前景採取謹慎的方法時，我們專注於我們可以控制的事情。

Accordingly, we will tighten up our second half buys and liquidate excess inventory more aggressively beginning in the second quarter, focusing the flow of new product to our strategic partners and NIKE Direct. Headwinds from foreign exchange have also shifted significantly in the last 90 days as the trend of U.S. dollar strengthening has accelerated. Based on current spot rates, net of hedging activity, we estimate the full year negative impact of foreign exchange on reported revenue and EBIT to now be approximately $4 billion and $900 million, respectively, creating a wide divergence in constant versus real dollar performance.

因此，我們將從第二季度開始更積極地收緊下半年的採購併清理多餘的庫存，將新產品的流量集中在我們的戰略合作夥伴和 NIKE Direct 上。隨著美元走強的趨勢加快，過去 90 天來自外彙的不利因素也發生了顯著變化。根據當前的即期匯率，扣除對沖活動後，我們估計外匯對報告收入和息稅前利潤的全年負面影響分別約為 40 億美元和 9 億美元，從而在不變美元與實際美元表現之間產生巨大差異。

We continue to expect currency-neutral revenue growth of low double digits versus the prior year, equating to reported revenue growth of low to mid-single digits versus the prior year, assuming 800 basis points of foreign exchange headwinds. We now expect gross margin to decline between 200 to 250 basis points versus the prior year. This reflects approximately 150 basis points of annual impact from higher markdowns and higher off-price mix to liquidate elevated inventory, a second straight year of more than 100 basis points of headwinds from elevated freight and logistics costs, and foreign exchange pressure now a 70 basis point headwind on the full year.

假設外匯逆風有 800 個基點，我們繼續預計與上一年相比，不計匯率因素的收入增長為低兩位數，相當於報告的收入與上一年相比為中低個位數增長。我們現在預計毛利率將比去年下降 200 至 250 個基點。這反映了大約 150 個基點的年度影響來自更高的降價和更高的折扣組合以清算高昂的庫存，連續第二年來自貨運和物流成本上升的逆風超過 100 個基點，外匯壓力現在是 70 個基點全年不利。

We now expect SG&A to increase high single digits as we prioritize investment in new transformational capabilities to serve consumers directly and at scale, partially offset by tighter expense control and limited headcount growth across the business. We now expect the fiscal '23 effective tax rate to be in the mid- to high teens range, primarily due to decreased benefits from stock-based compensation.

我們現在預計 SG&A 將增加高個位數，因為我們優先投資於新的轉型能力，以直接和大規模地為消費者服務，部分被更嚴格的費用控制和有限的員工人數增長所抵消。我們現在預計 23 財年的有效稅率將處於中高水平，主要是由於基於股票的薪酬福利減少。

For the second quarter specifically, we expect reported revenue to grow low double digits on strong consumer demand despite 900 basis points of foreign exchange headwinds. We expect second quarter gross margins to decline approximately 350 to 400 basis points versus the prior year, the largest impact across the fiscal year as we discount out-of-season product more aggressively in a largely promotional marketplace. This will require higher markdowns in our own channels and through wholesale partners.

特別是對於第二季度，儘管存在 900 個基點的外匯逆風，但由於消費者需求強勁，我們預計報告的收入將增長兩位數。我們預計第二季度毛利率將比上年下降約 350 至 400 個基點，這是整個財政年度的最大影響，因為我們在一個以促銷為主的市場中更積極地打折淡季產品。這將需要我們自己的渠道和批發合作夥伴進行更高的降價。

The second quarter also compares to last year's record level of full price realization and includes headwinds from freight, logistics and other supply chain costs as well as foreign exchange. As we look towards the rest of our fiscal year, we are confident in our strategy and in our opportunity ahead. While we expect circumstances to remain dynamic, we are optimistic as we continue to make progress towards our long-term financial goals. Our brand momentum is strong. The power of our portfolio is unrivaled, and our vision of NIKE's limitless potential is clear.

第二季度還與去年創紀錄的全價實現水平相比，其中包括來自貨運、物流和其他供應鏈成本以及外彙的不利因素。當我們展望本財年的剩餘時間時，我們對我們的戰略和未來的機會充滿信心。雖然我們預計情況將保持動態，但我們對我們繼續朝著我們的長期財務目標取得進展感到樂觀。我們的品牌勢頭強勁。我們產品組合的力量是無與倫比的，我們對耐克無限潛力的願景是明確的。

On that note, I'd like to close by thanking our 79,000 NIKE, Jordan and Converse teammates around the world who serve our mission with a passion for sport and a culture of innovation unlike any other. They represent our true competitive advantage and our greatest reason for confidence as we create NIKE's future.

最後，我要感謝我們在世界各地的 79,000 名 NIKE、Jordan 和 Converse 隊友，他們以對運動的熱情和與眾不同的創新文化為我們的使命服務。它們代表了我們真正的競爭優勢，也是我們在創造耐克未來時充滿信心的最大理由。

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) Your first question comes from the line of Bob Drbul with Guggenheim.

（操作員說明）您的第一個問題來自古根海姆的 Bob Drbul。

A couple of questions. The first 1 is when you look at the inventory situation, and I guess specifically in North America, when do you think you will have recalibrated the supply/demand for NIKE? And I guess just wondering if -- what you think about the industry when you think the industry might also sort of be better in balance on the supply-demand equation.

幾個問題。第一個是當你查看庫存情況時，我想特別是在北美，你認為你什麼時候會重新調整耐克的供需關係？我想只是想知道 - 當您認為該行業在供需平衡方面也可能更好地平衡時，您對該行業的看法。

Sure, Bob. Well, as I mentioned on the call, our inventory grew 44% this quarter, which was led by 65% growth in North America. And maybe just as a point of context because you're right, it is North America where we're focused, where we saw the most significant -- where we've seen the most significant volatility and disruption in the supply chain. In Greater China, as an example, our inventory was down 3% versus the prior year, and we feel quite confident about our inventory levels in EMEA and APLA.

當然，鮑勃。好吧，正如我在電話會議上提到的，本季度我們的庫存增長了 44%，其中北美增長了 65%。也許只是作為一個背景點，因為你是對的，我們關注的是北美，我們看到了最重要的地方——我們看到了供應鏈中最顯著的波動和中斷。例如，在大中華區，我們的庫存比去年下降了 3%，我們對我們在 EMEA 和 APLA 的庫存水平充滿信心。

In North America, in particular, we saw in-transit growth of 85%, and in-transit inventory now represents approximately 65%, so almost 2/3 of North America's total inventory. And that's really being driven by a couple of factors. The first 1 is the disruption that started over a year ago when our factories closed for almost 15 weeks in Vietnam, and for a lesser extent in Indonesia, and the decisions that were taken after that with regards to inventory that was in process to be made.

特別是在北美，我們看到在途庫存增長了 85%，現在在途庫存約佔 65%，幾乎佔北美總庫存的 2/3。這實際上是由幾個因素驅動的。第一個是一年多前開始的中斷，當時我們在越南的工廠關閉了近 15 週，在印度尼西亞的工廠關閉了近 15 週，之後就正在進行的庫存做出了決定.

Secondly, we've seen quite a bit of volatility in transit times. We saw an increase in the second half of last year. And then most recently, this quarter, we saw a significant improvement in transit times after we and many others had made the strategic decision to buy the holiday season earlier because of the longer transit times. So when we look at our overall inventory, we think that there's about 10% of the inventory that we're focused on in terms of trying to drive more accelerated liquidation.

其次，我們已經看到運輸時間的波動很大。去年下半年我們看到了增長。然後最近，本季度，在我們和許多其他人由於運輸時間較長而做出提前購買假日季節的戰略決定後，我們看到運輸時間有了顯著改善。因此，當我們查看我們的整體庫存時，我們認為大約有 10% 的庫存是我們關注的，以試圖推動更快的清算。

And while our inventory was high at the end of the first quarter, we do expect to see sequential improvement in inventory balances from here over the next 3 quarters. We plan to compete, as I mentioned, in a more promotional environment. And given the macro uncertainty that's out there for the consumer, we're taking a more measured approach and we're tightening our inventory buys around the world based on some of the risks that could materialize in the second half. But we're confident that the actions that we're taking, which we started a bit in the first quarter and now we're more aggressively accelerating in the second quarter, are going to position us and our strategic partners very well for fiscal '24.

雖然我們的庫存在第一季度末很高，但我們確實預計未來 3 個季度的庫存餘額將連續改善。正如我所提到的，我們計劃在更具促銷性的環境中競爭。鑑於消費者面臨的宏觀不確定性，我們正在採取更加謹慎的方法，並根據下半年可能出現的一些風險，收緊全球庫存採購。但我們相信，我們正在採取的行動，我們在第一季度開始一點，現在我們在第二季度更積極地加速，將使我們和我們的戰略合作夥伴在財政方面處於有利地位。 24.

And Bob, I'd add on to the second, just part of your question around -- you're right, it's the entire industry. And so we're entering the next 90 days and the remainder of this fiscal year with the same mindset we've had in the last 2.5 years, which is through whatever period of turbulence we've got, we want to leverage our strengths to emerge in a stronger position than our competition at the other end of it.

Bob，我想補充一下第二個問題，這只是你問題的一部分——你是對的，這是整個行業。因此，我們將以過去 2.5 年的相同心態進入接下來的 90 天和本財年的剩餘時間，即無論我們經歷過什麼動盪時期，我們都希望利用我們的優勢比我們在另一端的競爭對手處於更強大的位置。

And so in a promotional environment, brand strength matters. And so we will be aggressive, as Matt said, on liquidating excess inventory but also coming hard with our key popular franchises to bring heat and energy to them in [Q] just like we did in Q1, like the Travis Scott AJ1, and that had very strong full price realization. And we got a very strong innovation pipeline that will still be coming hard and hard in Q2, Q3 and Q4. You saw in Q1, we had the Air Zoom Mercurial. We had the Air Max Scorpion, NIKE Forward.

因此，在促銷環境中，品牌實力很重要。因此，正如馬特所說，我們將積極地清理多餘的庫存，但也會像我們在第一季度所做的那樣，在 [Q] 中與我們的主要受歡迎的特許經營權一起努力為他們帶來熱量和能量，比如 Travis Scott AJ1，而且有很強的全價實現。我們有一個非常強大的創新管道，在第二季度、第三季度和第四季度仍然會越來越艱難。你在第一季度看到，我們有 Air Zoom Mercurial。我們有 Air Max Scorpion，NIKE Forward。

We've got a really strong innovation pipeline. So we talk about the transitional and the structural. The transitional is navigating through the inventory situation. The structural is leveraging our competitive advantages so we emerge in a stronger position, and we'll be playing offense on both.

我們有一個非常強大的創新渠道。所以我們談論過渡性和結構性。過渡期正在瀏覽庫存情況。結構正在利用我們的競爭優勢，因此我們處於更強大的位置，我們將在兩者上都進行進攻。

Your next question comes from the line of Matthew Boss with JPMorgan.

您的下一個問題來自摩根大通的 Matthew Boss。

So maybe John, to that point, could you speak to the inflection in demand that you've seen in North America? What have you seen in early fall with full price selling? Does any of this change your pipeline of innovation? And how will you balance this pipeline looking forward of newness and technical innovation while, at the same time, taking the aggressive inventory actions that you've outlined?

所以，也許約翰，在這一點上，你能談談你在北美看到的需求變化嗎？你在初秋看到了什麼全價銷售？這是否會改變您的創新渠道？您將如何平衡這條期待新事物和技術創新的管道，同時採取您所概述的積極庫存行動？

Well, Matthew, it's just as Matt said earlier. So we see strong consumer demand in North America currently, right? There's no signs of any softness. It was relatively promotional in August but strong, strong into the first couple of weeks of this quarter. And so we, again, talk in terms of transitional and structural. On a transitional basis, as Matt said, we're going to work through the excess inventory to get to a full marketplace as fast as we can and try to do it in an intelligent way to take share. And as my predecessors used to say, through a few competitive elbows along the way.

好吧，馬修，就像馬特之前說的那樣。所以我們看到目前北美的消費需求強勁，對吧？沒有任何柔軟的跡象。它在 8 月份進行了相對促銷，但在本季度的前幾週表現強勁。因此，我們再次從過渡性和結構性的角度進行討論。正如馬特所說，在過渡的基礎上，我們將努力解決多餘的庫存，以盡可能快地進入一個完整的市場，並嘗試以一種明智的方式來分一杯羹。正如我的前輩們常說的那樣，在此過程中經歷了一些競爭性的肘擊。

And then our innovation agenda is still going to continue full speed ahead. And consumers are responding to innovation and compelling storytelling. And that's been true. That's true in Running. That's true with the Peg 39 and the innovations coming and our Running line are excellent over the next year. We're very excited about Pegasus, Invincible, Infinity, the entire, what we call the Must-Win 6. We have a great basketball portfolio coming. You've seen the LeBron 20, right, launched, already hard to get, if not sold out. And LeBron 20 and what's beginning a real refresh of our entire basketball signature line, both in NIKE and Jordan.

然後我們的創新議程仍將繼續全速前進。消費者正在響應創新和引人入勝的故事講述。這是真的。在跑步中確實如此。 Peg 39 就是如此，即將到來的創新和我們的 Running 系列在明年非常出色。我們對 Pegasus、Invincible、Infinity 以及整個我們稱之為 Must-Win 6 的產品感到非常興奮。我們將推出一個很棒的籃球組合。你已經看到了 LeBron 20，沒錯，它已經推出，即使沒有售罄，也很難買到。還有 LeBron 20 以及我們在 NIKE 和 Jordan 中的整個籃球簽名系列的真正更新。

We've got, in women's fitness, we got a very strong Alate bra is out with very good early consumer response and our entire tights line will be coming in and full bra line in this coming fiscal year.

我們有，在女性健身方面，我們推出了一款非常堅固的 Alate 文胸，早期的消費者反應非常好，我們的整個緊身衣系列將在下一個財政年度進入完整的文胸系列。

And then Air Max Scorpion was the starting point in the lifestyle basis, we have a strong Air Max pipeline over the next 6 to 12 months. And so we're going to be going full speed ahead on those with strong and compelling storytelling. And it's kind of a balance. We think those are the structural things that set us up to gain long-term share while we're navigating through the short-term, short-term industry-wide excess inventory.

然後 Air Max Scorpion 是生活方式的起點，我們在接下來的 6 到 12 個月內擁有強大的 Air Max 產品線。因此，我們將全速推進那些具有強大而引人入勝的故事講述的人。這是一種平衡。我們認為，在我們應對短期、短期的全行業過剩庫存時，這些結構性因素使我們能夠獲得長期份額。

I might just add, Matt, that when we look at our performance in Q1 and then to date in September, we're seeing double-digit growth in retail sales. And we're bringing what we call fresh assortments, so new product into market. We are seeing strong consumer demand, strong average weekly sell-through and high full price realization. And I think the distinction here that we're trying to make is a distinction between footwear strength and seasonally appropriate product and innovation and late-arriving apparel that has been impacted from the factory closures a year ago, and some of the decisions made around what to continue to make and bring to market and then what's been impacted by transit times.

馬特，我可能只是補充一點，當我們查看我們在第一季度和 9 月迄今為止的表現時，我們看到零售額實現了兩位數的增長。我們正在將我們所謂的新鮮品種，即新產品推向市場。我們看到強勁的消費者需求、強勁的平均每週銷售量和高全價實現。而且我認為我們在這裡試圖做出的區分是鞋類強度和季節性產品以及創新和遲到的服裝之間的區別，這些服裝受到一年前工廠關閉的影響，以及圍繞什麼做出的一些決定繼續製造並推向市場，然後是運輸時間的影響。

And so we're really focused on trying to clear through that late off-season apparel inventory that we have predominantly in North America, but we do have a little bit of it in EMEA and APLA as well. We continue to see strong month-to-date sales in EMEA and APLA as well. So our brand momentum is pretty clear around the world, and we continue to be encouraged as we see the way the consumer is responding to a greater availability of supply than we've been able to have over the past year.

因此，我們真正專注於清理主要在北美的淡季服裝庫存，但我們在 EMEA 和 APLA 也有一些庫存。我們繼續看到 EMEA 和 APLA 的本月至今銷售強勁。因此，我們的品牌勢頭在全球範圍內非常明顯，我們繼續受到鼓舞，因為我們看到消費者對供應量的反應方式比我們過去一年所能擁有的更多。

Our next question comes from the line of Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

Curious how you're thinking about the international markets. Curious what your -- curious what the promotional levels look like in those markets. And how do you think about balancing the sales gross margin of closing? More likely to go for market share in the international markets versus the margin? If you can maybe share your thinking on international, anything outside of North America.

好奇你是如何看待國際市場的。好奇你的 - 好奇這些市場的促銷水平是什麼樣的。以及如何平衡收盤的銷售毛利率？與利潤相比，更有可能在國際市場上爭奪市場份額？如果你可以分享你對國際的想法，北美以外的任何事情。

Maybe Matt, I'll just make 1 comment and then -- you're going to hear a key theme over and over to -- our highest priority is building our long-term competitive position. And that's what we've been doing. So whether that's in China coming out, we are very enthusiastic about the signs we're seeing in China and coming with a full wave of innovation and storytelling and hyper-localized innovation and storytelling, we think, will serve us well in China.

也許馬特，我只會發表 1 條評論，然後——你會一遍又一遍地聽到一個關鍵主題——我們的首要任務是建立我們的長期競爭地位。這就是我們一直在做的事情。因此，無論是在中國出現，我們都非常熱衷於我們在中國看到的跡象，並伴隨著一波完整的創新和講故事以及超本地化的創新和講故事，我們認為，這將為我們在中國提供良好的服務。

As Matt mentioned, EMEA and APLA, strong consumer demand with a strong pipeline. So our ultimate goal, the way we're prioritizing is what's going to enable us to improve our competitive position and build that deeper relationship with consumers that, with a direct connection, surrounded by membership that allows us to have a lifetime relationship with those consumers.

正如馬特所提到的，歐洲、中東和非洲和 APLA 擁有強大的渠道，強勁的消費者需求。因此，我們的最終目標，我們優先考慮的方式是什麼將使我們能夠提高我們的競爭地位，並與消費者建立更深層次的關係，通過直接聯繫，被會員包圍，使我們能夠與這些消費者建立終生的關係.

And then, Matt, you can comment on some of the details.

然後，馬特，你可以評論一些細節。

Yes. I'll just give you a couple of specifics in a couple of geographies, Paul. In EMEA, as I mentioned, we saw significant gross margin expansion again this quarter and a very high level of full price realization. And so our performance and our approach in that marketplace has been one that's driving growth and profitability. And that strength has been true across channels, so in our own channels but across the wholesale channel as well.

是的。保羅，我將在幾個地區為您提供一些具體細節。正如我所提到的，在歐洲、中東和非洲地區，本季度我們再次看到了顯著的毛利率增長和非常高的全價實現水平。因此，我們在該市場的表現和方法一直在推動增長和盈利。這種優勢在各個渠道中都是真實的，在我們自己的渠道中也是如此，在批發渠道中也是如此。

When we look at Greater China as an example, where we know that the marketplace has been more promotional because of what's transpired with regards to the COVID-related disruption that everybody is facing in that marketplace, we overdelivered our plan in Q1. And that wasn't just in our financial results. We saw stronger retail sales across the marketplace than we had planned. We were able to liquidate more units than we planned, and we saw a higher full price realization in Greater China than we had planned. And as a result of that, we're increasingly confident that our inventory will be normalized by the end of this coming quarter and in a position to compete on a full-price basis.

當我們以大中華區為例時，我們知道由於該市場中每個人都面臨與 COVID 相關的中斷所發生的情況，該市場的促銷力度更大，我們在第一季度超額交付了我們的計劃。這不僅僅體現在我們的財務業績中。我們看到整個市場的零售額比我們計劃的要強。我們能夠清算比我們計劃更多的單位，我們看到大中華區的全價實現比我們計劃的要高。因此，我們越來越有信心，我們的庫存將在本季度末實現正常化，並能夠在全價的基礎上進行競爭。

The last thing I would probably just say, and I sort of alluded to it in my prepared remarks, but NIKE is at its best when we are able to bring together product, storytelling and a retail experience for the consumer. And when you look at the depth and breadth of our product portfolio and the way that we dimensionalize our products for the consumer, it's a competitive advantage for us that makes our brands stand apart relative to others.

我可能只想說的最後一件事，我在準備好的評論中提到了它，但是當我們能夠為消費者帶來產品、講故事和零售體驗時，耐克處於最佳狀態。當您查看我們產品組合的深度和廣度以及我們為消費者設計產品的方式時，我們的競爭優勢使我們的品牌相對於其他品牌脫穎而出。

When we think about the way we're going to navigate the excess supply and liquidation relative to the way that we're trying to maintain a full-price marketplace for the new inventory that's flowing in, we're prioritizing the flow of new products to our strategic partners and to NIKE Direct.

當我們考慮相對於我們試圖為流入的新庫存維持全價市場的方式來應對過剩供應和清算的方式時，我們優先考慮新產品的流動致我們的戰略合作夥伴和 NIKE Direct。

And so we'll use our factory stores. We'll use digital a little bit in order to liquidate some of this excess apparel, and we'll use other partners in wholesale to liquidate it. But we will -- we are focused on ensuring that the holiday product at the starting season that's arriving on time is going to be set in the marketplace in our strategic partners so that we can put our best foot forward with the consumer.

所以我們將使用我們的工廠商店。我們將稍微使用數字化來清算一些多餘的服裝，我們將使用其他批發合作夥伴來清算它。但我們會——我們專注於確保按時到達的起始季節的假日產品將在我們的戰略合作夥伴的市場上投放市場，以便我們能夠向消費者展示我們最好的一面。

Your next question comes from the line of Alex Straton with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Alex Straton。

I wanted to just hit on macro fears, which are obviously top of mind for investors right now, particularly as it relates to potential recession. Can you just talk about what your guidance assumes as it relates to any potential recession? And can you just remind us how NIKE has performed in previous periods of economic pressure as well as if you've seen any signs of trade down so far within the business?

我只想談談宏觀擔憂，這顯然是投資者目前最關心的問題，尤其是與潛在的衰退有關。您能否談談您的指導假設與任何潛在的衰退有關嗎？您能否提醒我們耐克在之前的經濟壓力時期的表現，以及到目前為止您是否在業務中看到了任何貿易下滑的跡象？

Yes, Alex, we again will repeat some consistent things. We're coming off a strong quarter and we feel very good about our competitive position, and we have not yet seen any signs of slowdown. That said, we don't have any crystal ball around the external factors, whether it's FX, whether it's inflation, whether it's the impact of energy prices on consumer spending. And so Matt will talk a little bit about the assumptions we have built in to our second half.

是的，亞歷克斯，我們將再次重複一些一致的事情。我們正在度過一個強勁的季度，我們對我們的競爭地位感到非常滿意，而且我們還沒有看到任何放緩的跡象。也就是說，我們沒有任何關於外部因素的水晶球，無論是外匯，還是通貨膨脹，還是能源價格對消費者支出的影響。所以馬特會談談我們在下半場建立的假設。

But what we're focused on is what we can control, which is staying on the offense. And we believe that we can meet consumer demand regardless of the macro demand, meet consumers and gain share through this period. And so whether that's in a promotional environment in North America in the next 6 to 12 months, or that's in EMEA, APLA, in China, as we discussed, we feel like we can have better price realization and use our strong brand strength and product innovation to gain share during this period.

但是我們關注的是我們可以控制的東西，那就是繼續進攻。而我們相信，無論宏觀需求如何，我們都能滿足消費者的需求，滿足消費者，並在這段時間內獲得份額。因此，無論是在未來 6 到 12 個月的北美促銷環境中，還是在 EMEA、APLA、中國，正如我們所討論的，我們覺得我們可以更好地實現價格並利用我們強大的品牌實力和產品創新在此期間獲得份額。

Yes. And I just would add specific to the guidance that, as John mentioned, in the first quarter, we exceeded our own internal plan with double-digit currency-neutral growth. My guidance for second quarter was continuing to see strong consumer demand with reported revenue growth growing low double digits and 900 basis points of foreign exchange. And given where we sit today, we're confident in the next -- the plan we have for the next 90 days and the way that the consumer is responding.

是的。正如約翰所提到的，我只想補充一下指導意見，即在第一季度，我們以兩位數的貨幣中性增長超出了我們自己的內部計劃。我對第二季度的指導是繼續看到強勁的消費者需求，報告的收入增長低兩位數，外匯匯率增長 900 個基點。鑑於我們今天所處的位置，我們對接下來的計劃充滿信心——我們為未來 90 天制定的計劃以及消費者的反應方式。

We're closely monitoring consumer confidence. And to give you an example, we've seen double-digit growth in retail sales in EMEA in Q1 and in -- sorry, not in Q1, in September season to date. But we're seeing some softness in the U.K., and it's being more than offset by strength across the rest of the EMEA portfolio, in France, Germany, Italy, Spain, et cetera. And so we're taking a measured approach to the second half. And that specifically relates to the way we're planning inventory.

我們正在密切關註消費者信心。舉個例子，我們已經看到歐洲、中東和非洲地區的零售額在第一季度和 - 抱歉，不是在第一季度，在 9 月份的季節中出現了兩位數的增長。但我們看到英國出現了一些疲軟，這被歐洲、中東和非洲其他地區（法國、德國、意大利、西班牙等）的實力所抵消。因此，我們對下半年採取了慎重的態度。這特別與我們計劃庫存的方式有關。

For us, the decisions we take and the commitments we make to inventory end up mattering most in the context of the way that we look at the Forward plan. And our full year forecast of low double-digit currency-neutral growth, given our performance in Q1 and what we anticipate for quarter 2, is reflecting a more modest growth rate in the second half. And that's us taking a measured approach.

對我們來說，我們做出的決定和我們對庫存的承諾最終在我們看待未來計劃的方式中最為重要。鑑於我們在第一季度的表現以及我們對第二季度的預期，我們對匯率中性的兩位數低增長的全年預測反映了下半年更為溫和的增長率。這就是我們採取了一種衡量的方法。

At the end of the day, like John said, we're going to focus on the consumer and leverage the operational playbook that we have. There are some very specific things we're doing with regards to excess inventory in North America. But we're going to keep our -- keep focused on the consumer. And we're confident that to the extent that something more significant happens, we're taking some of the right actions now in order to position us well in that scenario.

歸根結底，就像約翰說的那樣，我們將專注於消費者並利用我們擁有的運營手冊。對於北美的過剩庫存，我們正在做一些非常具體的事情。但我們將保持我們的 - 繼續關註消費者。而且我們有信心，如果發生更重要的事情，我們現在正在採取一些正確的行動，以便在這種情況下使我們處於有利位置。

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 a couple of questions. First off, with regard to China. Is there something you can point us to, to maybe help us understand better or help us frame better the underlying demand -- the underlying healthy demand in that market? The reason I ask, you talked about it qualitatively. We see that numbers are still (inaudible) but that's been primarily a function of the ongoing COVID disruption. So is there something more quantitative that we can see that really help us understand the underlying demand?

所以有幾個問題。首先，關於中國。您是否可以指出一些事情，以幫助我們更好地理解或幫助我們更好地構建潛在需求——該市場的潛在健康需求？我問的原因，你談到了定性。我們看到數字仍然（聽不清），但這主要是由於持續的 COVID 中斷造成的。那麼，有沒有更量化的東西，我們可以看到真正幫助我們理解潛在需求？

And then the second question I have, with -- I know there's been a lot of questions on inventory already. But as you think about this sort of say, pocket of excess inventory that's now in the system, is it simply just delayed? Or is there something else that makes -- that encourages you to want to clear it as opposed to just work it through over the normal course of time at full price?

然後我的第二個問題是——我知道已經有很多關於庫存的問題。但是當你想到這種說，現在系統中的多餘庫存的口袋，它只是被延遲了嗎？或者還有什麼其他的東西 - 鼓勵你想要清除它，而不是僅僅在正常的時間內以全價完成它？

So Brian, (inaudible), Matt, I'll take the first and you take second? Thanks, Brian, for the question. On China, as you know, we've got a very strong local team there, led by Angela Dong, and they're doing a remarkable job navigating through this dynamic situation with the temporary COVID closures. And our hope is that, that gets better over time. So that's -- but that's a factor that -- it's a little like inflation. We can't completely predict it. And the great news is our team there is showing great agility navigating through, again, what we're calling a transitional environment.

那麼布萊恩，（聽不清），馬特，我拿第一，你拿第二？謝謝，布賴恩，這個問題。如您所知，在中國，我們有一支非常強大的本地團隊，由 Angela Dong 領導，在 COVID 暫時關閉的情況下，他們在應對這種動態情況方面做得非常出色。我們的希望是，隨著時間的推移，情況會變得更好。所以這 - 但這是一個因素 - 它有點像通貨膨脹。我們無法完全預測。好消息是我們的團隊再次表現出極大的敏捷性，我們稱之為過渡環境。

But structurally, we see some very encouraging signs of consumers. In fact, I was talking to Angela last night. And she's very clear that they're seeing Chinese consumers are emerging from these lockdowns with a real hunger for innovation, quality and energized storytelling. And that's particularly around sport, that's what -- that's we do best. And so they're responding to our strong flow of global innovative product. G.T. Cut sold out, as Matt mentioned. Alphafly Next% sold out.

但在結構上，我們看到了一些非常令人鼓舞的消費者跡象。事實上，我昨晚正在和安吉拉談話。她很清楚，他們看到中國消費者正在擺脫這些封鎖，真正渴望創新、質量和充滿活力的故事講述。尤其是在體育方面，這就是我們最擅長的。因此，他們正在響應我們強大的全球創新產品流。 G.T.正如馬特所提到的，剪裁售罄。 Alphafly Next% 售罄。

But even more what they're responding to is when they take a global innovation and hyper-localize it. So the Peg 39, a hyper-localized into a gel design. Our dance pack, they hyper-localized. And as a result, they're having the lowest markdowns in the industry. And we're building a hyper local-brand voice there. The NIKE mobile app and SNKRS are now fully localized, which allows us to both in live streaming and other ways, deliver a very localized consumer journey and consumer experience.

但更重要的是，當他們採用全球創新並將其超本地化時，他們會做出回應。因此，Peg 39 是一種超定位的凝膠設計。我們的舞蹈包，他們超本地化。因此，他們的降價幅度是業內最低的。我們正在那裡建立一個超本地品牌的聲音。 NIKE 移動應用程序和 SNKRS 現在已完全本地化，這使我們能夠以直播和其他方式，提供非常本地化的消費者旅程和消費者體驗。

And Matt mentioned some of the storytelling in his remarks around the Jordan 25th anniversary and what we're doing with high school basketball that it is connecting with consumers. And so we continue to be the #1 cool and favorite brand. And that is -- we are strengthening with young consumers and Gen Z consumers on that. And so I don't know if there's quantitative. What is clear is that the Chinese consumer is ready to come back into the market, and what they're looking for is innovation, quality and storytelling. And we feel that plays well to our positioning into our opportunity. So we're optimistic.

馬特在圍繞喬丹 25 週年的講話中提到了一些講故事的故事，以及我們在高中籃球方面所做的事情，它正在與消費者建立聯繫。因此，我們繼續成為#1 酷和最受歡迎的品牌。那就是 - 我們正在加強與年輕消費者和 Z 世代消費者的合作。所以我不知道是否有定量的。顯而易見的是，中國消費者已經準備好重返市場，他們正在尋找的是創新、質量和講故事。我們認為這對我們在機會中的定位非常有利。所以我們很樂觀。

Yes. And I would just say -- I would add that when we referenced that China grew ahead of our plan, 13% decline was better than we were anticipating in light of the fact that our team was planning for disruption, given the episodic closures by city that are occurring. Now given the performance that we saw in the quarter, we saw retail sales across the overall marketplace increase relative to our plan aligned with that.

是的。我只想說 - 我要補充一點，當我們提到中國的增長超出我們的計劃時，鑑於我們的團隊正在計劃中斷，考慮到城市的間歇性關閉，13% 的下降比我們預期的要好正在發生。現在鑑於我們在本季度看到的表現，我們看到整個市場的零售額相對於我們的計劃有所增加。

And what I would say, Brian, is that this encouragement that we've been noticing for the past 3 quarters is really giving us confidence from across the marketplace that while we've been navigating through some near-term issues, that NIKE is positioned to grow in Greater China. And the fact that we're moving quickly to move through an inventory will be a competitive advantage for us in that marketplace, and we're ready to compete beginning next quarter. And so we've got a great team, as John mentioned, and we think that we're toes-on-the-line ready to serve the consumer in the ways that we've talked about.

布賴恩，我想說的是，我們在過去三個季度中一直注意到的這種鼓勵確實讓我們在整個市場上充滿信心，儘管我們一直在解決一些近期問題，但耐克的定位是在大中華區成長。我們正在快速移動庫存這一事實將成為我們在該市場上的競爭優勢，我們已準備好從下個季度開始競爭。因此，正如約翰所說，我們擁有一支優秀的團隊，我們認為我們已經準備好以我們所討論的方式為消費者服務。

I think on your second question on pockets of excess inventory, I think that was a more broad question. That wasn't for China. What I would basically tell you is this. Because we had late product arriving for the spring, summer and fall seasons, because of the disruption that we've seen in North America and then the decisions of early order holiday and to have that arrive earlier, we effectively have a few seasons landing in the marketplace at the same time. Because we have a portion of that inventory being seasonally out of relevance, we've decided to take that inventory and more aggressively liquidate it so that we can put the newest and best inventory in front of the consumer in the right locations.

我認為關於你關於過剩庫存的第二個問題，我認為這是一個更廣泛的問題。那不是為了中國。我基本上要告訴你的是這個。因為我們在春季、夏季和秋季的季節延遲了產品到貨，由於我們在北美看到的中斷以及提前訂單假期的決定並提前到達，我們實際上有幾個季節登陸同時市場。因為我們有一部分庫存與季節性無關，所以我們決定採取這些庫存並更積極地清算它，以便我們可以將最新和最好的庫存放在正確的位置在消費者面前。

So that's where we're focused. It's predominantly apparel. It's in North America predominantly. And that's where our focus and attention is. And when we look at our full year guidance, it's a 150 basis point annual impact, which we believe is transitory. In other words, we will incur it this year in order to be able to move that inventory through. And then we've got a foundation for growth and expanded profitability in fiscal '24 pursuing a full-price innovation -- sorry, full-price realization against our new product and innovation pipeline.

所以這就是我們關注的地方。主要是服裝。它主要在北美。這就是我們的重點和注意力所在。當我們查看我們的全年指導時，這是一個 150 個基點的年度影響，我們認為這是暫時的。換句話說，我們將在今年產生它，以便能夠轉移庫存。然後，我們在 24 財年追求全價創新——對不起，全價實現我們的新產品和創新管道，為增長和擴大盈利能力奠定了基礎。

We have time for one last question.

我們有時間回答最後一個問題。

Your last question comes from the line of Michael Binetti with Credit Suisse.

您的最後一個問題來自瑞士信貸的 Michael Binetti。

Matt, I was just wondering if you -- to clarify 1 simple thing, you said North America inventory peaked in first quarter. Could you clarify that the total company inventory starts to decline on a year-over-year basis after this? Maybe some of the visibility you have into the back half related to how you're building it after your comment that 2Q will be the low watermark on gross margins.

馬特，我只是想知道你是否 - 澄清一件簡單的事情，你說北美庫存在第一季度達到頂峰。您能否澄清一下公司的總庫存在此之後開始同比下降？在您評論說第二季度將成為毛利率的低水位之後，您對後半部分的一些可見性可能與您如何構建它有關。

And then, John, I know it's a very different macro but the comments you guys just made for fiscal '24 and beyond. Any reflection on the 5-year targets that you gave us a year ago, some of the growth rates and year-over-year margin opportunities as we get past this year relative to that plan?

然後，約翰，我知道這是一個非常不同的宏觀，但你們剛剛為 24 財年及以後所做的評論。您對一年前給我們的 5 年目標有什麼看法，以及我們今年相對於該計劃所獲得的一些增長率和同比利潤率機會？

Well, as it relates to inventory, Michael, the answer -- you don't usually get a yes or no question, but the answer to your first question is yes. We do expect total inventory to improve as we go from the first quarter. So I highlighted North America because that's obviously the geography where we've seen this most significant increase. But we do expect to see it reduce. And then as it relates to -- reduce on a dollar basis.

好吧，因為它與庫存有關，邁克爾，答案 - 你通常不會得到是或否的問題，但你的第一個問題的答案是肯定的。從第一季度開始，我們確實預計總庫存會有所改善。所以我強調了北美，因為這顯然是我們看到這一最顯著增長的地理位置。但我們確實希望看到它減少。然後是相關的 - 以美元為基礎減少。

And then as it relates to the margin impact, the second quarter will be the largest impact. We do expect that there will be some residual liquidation that takes place in the third quarter. And like I said just before, the total annual impact we see as a transitory 150 basis point cost to effectively liquidate the inventory that we want to liquidate and serve the marketplace with the fresh holiday product and then looking forward that we see.

然後由於涉及到利潤率影響，第二季度將是最大的影響。我們確實預計第三季度會發生一些剩余清算。就像我之前所說的那樣，我們將年度總影響視為暫時的 150 個基點成本，以有效清算我們想要清算的庫存並用新鮮的假日產品為市場服務，然後期待我們看到的。

And Mike, on the second part of your question, it's -- I'm really glad you asked that because it gets to why we're so focused on the medium to long term because we do believe there is some very strong structural advantages that come into play. It's directly connecting with consumers, is critical to serve consumers going forward to have that direct connection, use our membership program to translate what has been a transactional relationship into a lifetime relationship of value, whether it's through directly or through our partners.

邁克，關於你問題的第二部分，我真的很高興你問這個問題，因為它解釋了為什麼我們如此專注於中長期，因為我們確實相信存在一些非常強大的結構優勢參加進來。它直接與消費者建立聯繫，對於未來為消費者提供直接聯繫至關重要，使用我們的會員計劃將交易關係轉化為終生的價值關係，無論是通過直接還是通過我們的合作夥伴。

And with our movement toward Direct, both Digital and our monobrand brand stores, as Matt has said, each quarter, there is a structural benefit to our margins. And so it has -- it's good for consumer, it's good for competitive position and it's also good for our margins. And so that's why we're staying ruthlessly focused on it. That's why you see our digital growth rates still continue to be quite strong, and we will continue to move ahead on our marketplace strategy.

正如馬特所說，隨著我們轉向直接，無論是數字商店還是我們的單一品牌商店，每個季度，我們的利潤率都會有結構性的好處。所以它有 - 這對消費者有好處，有利於競爭地位，也有利於我們的利潤。這就是為什麼我們要無情地專注於它。這就是為什麼您會看到我們的數字增長率仍然相當強勁，我們將繼續推進我們的市場戰略。

So we continue to be confident in the 5-year macro outlook that -- and guardrails Matt put out there. The exact timing of those, I think we're a little bit out of the game. We're trying to predict year in and year out, given how dynamic it is. But the structural things that we've laid out in our strategy, we believe, are strong today.

因此，我們繼續對馬特提出的 5 年宏觀前景以及護欄充滿信心。這些的確切時間，我認為我們有點出局了。鑑於它的動態性，我們正試圖年復一年地預測。但我們認為，我們在戰略中製定的結構性因素在今天是強大的。

And still achievable.

而且還是可以實現的。

And still achievable.

而且還是可以實現的。

Thank you for the question, Michael. And thank you, everyone, for joining us today. We look forward to speaking with you next quarter. Take care.

謝謝你的問題，邁克爾。感謝大家今天加入我們。我們期待在下個季度與您交談。小心。

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

今天的電話會議到此結束。您現在可以斷開連接。