Nike Inc (NKE) 2022 Q2 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2022 Second Quarter Conference Call. For those who want to reference today's press release, you'll find it at http://investors.nike.com.

大家下午好。歡迎來到 NIKE, Inc. 的 2022 財年第二季度電話會議。對於那些想要參考今天的新聞稿的人，您可以在 http://investors.nike.com 找到它。

Leading today's call is Paul Trussell, VP of Investor Relations and Strategic Finance.

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 all 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.

在我將電話轉交給 Trussell 先生之前，讓我提醒您，本次電話會議的所有參與者都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 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, http://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 http://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 second 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 財年第二季度業績。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中或在我們的網站investors.nike.com 上找到適當的對賬。

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

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。

We would like to allow as many of you to ask questions as possible in our allotted time. So we would appreciate you limiting your initial questions to one. Thank you for your cooperation on this.

我們希望盡可能多的人在我們規定的時間內提出問題。因此，如果您將最初的問題限制在一個，我們將不勝感激。感謝您在這方面的合作。

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。

Thanks, Paul, and hello, and happy holidays to everyone on today's call.

謝謝，保羅，你好，祝今天電話中的每個人節日快樂。

Before I get into our quarterly performance, I want to take a moment to acknowledge the recent passing of Virgil Abloh. Since 2016, Virgil has been a beloved member of the NIKE Jordan and Converse family. He was a brilliant creative force who shared a passion for challenging the status quo and pushing forward a new vision while inspiring multiple generations along the way. But what stood out to me personally about Virgil was his humility and his humanity.

在我進入我們的季度業績之前，我想花點時間承認 Virgil Abloh 最近去世。自 2016 年以來，Virgil 一直是 NIKE Jordan 和 Converse 家族中備受喜愛的成員。他是一位才華橫溢的創意力量，他熱衷於挑戰現狀和推動新願景，同時激勵了幾代人。但對我個人而言，維吉爾最突出的是他的謙遜和人性。

We offer our condolences to the many who shared a connection with Virgil. He will be missed greatly.

我們向與 Virgil 有聯繫的許多人表示哀悼。他會非常想念。

As we look at Q2, the creativity and resilience of our entire NIKE Inc. team helped deliver another strong quarter. The results we delivered offered continued proof that our strategy is working even as we execute through global macroeconomic constraints. Whenever there's turbulence, I always go back to the fundamentals. And for NIKE, that means putting the consumer at the center and leveraging our long-term competitive advantages, which include a culture deeply rooted in innovation, a brand that deeply connects with consumers fueled by compelling storytelling and an unmatched sports marketing portfolio. And we believe a fourth emerging competitive advantage for us is digital, as we are one of the few brands that can directly connect with and serve consumers at scale.

回顧第二季度，我們整個 NIKE Inc. 團隊的創造力和韌性幫助實現了又一個強勁的季度。我們提供的結果繼續證明，即使我們在全球宏觀經濟限制下執行，我們的戰略仍然有效。每當有動盪時，我總是回到基本面。對於耐克來說，這意味著以消費者為中心，並利用我們的長期競爭優勢，其中包括深深植根於創新的文化、通過引人入勝的故事和無與倫比的體育營銷組合推動與消費者緊密聯繫的品牌。我們認為，我們的第四個新興競爭優勢是數字化，因為我們是少數能夠直接與消費者建立聯繫並大規模服務的品牌之一。

We also continue to benefit from structural tailwinds that have accelerated during the pandemic, tailwinds that include a larger movement of health and fitness that is taking place around the world, consumers' desire to wear athletic footwear and apparel in all moments of their lives and expanding definition of sport. And last, the fundamental shift in consumer behavior towards digital plays to our increasing digital advantage.

我們還繼續受益於在大流行期間加速的結構性順風，順風包括世界各地正在發生的更大規模的健康和健身運動，消費者希望在他們生活的所有時刻都穿著運動鞋和運動服，並且不斷擴大運動的定義。最後，消費者行為向數字化的根本轉變對我們日益增長的數字化優勢起到了推動作用。

As I said before, challenges create opportunities for the strong brands to get stronger, and that's what's happening here. And we are now in a much stronger competitive position today than we were 18 months ago, and that trend continues.

正如我之前所說，挑戰為強勢品牌創造了變得更強大的機會，這就是這裡正在發生的事情。與 18 個月前相比，我們現在處於更強大的競爭地位，而且這種趨勢仍在繼續。

We're seeing the strength come to life this holiday season. Our brand's deep connection with the consumer is driving strong holiday sales, most notably with North American digital leading the industry over Black Friday week with close to 40% growth.

在這個假期，我們看到了力量的出現。我們的品牌與消費者的深厚聯繫推動了強勁的假日銷售，最引人注目的是北美數字在黑色星期五週以接近 40% 的增長引領行業。

And our Singles Day performance showcased our brand strength in Greater China as we added 13 million new members, and NIKE was again the #1 sport brand on Tmall.

我們的雙十一表現展示了我們在大中華區的品牌實力，我們增加了 1300 萬新會員，耐克再次成為天貓排名第一的運動品牌。

More broadly, this holiday season has shown the power of our digital transformation across the globe. Digital is the engine driving our consumer direct acceleration strategy.

更廣泛地說，這個假期展示了我們在全球範圍內數字化轉型的力量。數字化是推動我們消費者直接加速戰略的引擎。

And Q2 was also another incredible quarter for sport, led by our deep roster of athletes and teams. Let me just touch on a few of the highlights from the quarter.

第二季度也是體育界另一個令人難以置信的季度，由我們深厚的運動員和團隊組成。讓我談談本季度的一些亮點。

Following the exciting end of the WNBA and MOB seasons, the energy around sport continues with the NBA, NFL, European Soccer and upcoming college football bowl season where 16 of the top 20 teams and 3 out of the 4 playoff participants are NIKE teams. When these leagues are as exciting as they are today, our business benefits.

在 WNBA 和 MOB 賽季激動人心的結束之後，圍繞體育的活力繼續伴隨著 NBA、NFL、歐洲足球和即將到來的大學橄欖球碗賽季，前 20 名球隊中有 16 支和 4 支季后賽參賽者中有 3 支是耐克球隊。當這些聯賽像今天一樣令人興奮時，我們的業務就會受益。

And NIKE athletes continue to lead the way across the sports landscape, highlighted by Barcelona Captain Alexia Putellas, who won the Ballon d'Or as the Best Female Footballer in 2021.

NIKE 運動員繼續在體育領域引領潮流，巴塞羅那隊長 Alexia Putellas 突出了這一點，她在 2021 年獲得了金球獎最佳女足球運動員。

We are also thrilled to see Marcus Rashford receive his MBE from Prince William last month, an honor very well deserved for his work to support vulnerable children during the pandemic.

我們也很高興看到馬庫斯·拉什福德上個月從威廉王子那裡獲得了他的 MBE，這是他在大流行期間支持弱勢兒童所做的工作當之無愧的榮譽。

And congratulations to Cristiano Ronaldo for reaching yet another remarkable milestone by becoming the first player in recorded history to score 800 career goals in official matches.

並祝賀克里斯蒂亞諾·羅納爾多（Cristiano Ronaldo）成為歷史上第一位在官方比賽中打進 800 個職業進球的球員，達到了又一個非凡的里程碑。

And I also have to give a special shout-out to Shalane Flanagan, who was wearing the Nike Air Zoom Alphafly Next% when she completed the 6 World Marathon Majors in 6 weeks, running each of them in under 2 hours and 47 minutes. This achievement offers all of us a reminder of the joy and unrelenting spirit of sport.

我還要特別向 Shalane Flanagan 致敬，她穿著 Nike Air Zoom Alphafly Next%，在 6 週內完成了 6 場世界馬拉松大滿貫賽，每場比賽用時不到 2 小時 47 分鐘。這一成就讓我們所有人都想起了體育運動的快樂和不懈的精神。

As we deliver against our Consumer Direct Acceleration Strategy, we continue to drive separation as the most innovative sports brand by delivering a constant pipeline of new products that sets the standard. And what's more, we're aligning against our key growth drivers of women's, Jordan, apparel as well as our commitments to sustainability.

當我們根據我們的消費者直接加速戰略交付時，我們通過提供一系列設定標準的新產品，繼續推動分離作為最具創新性的運動品牌。更重要的是，我們正在與女裝、喬丹、服裝的主要增長動力以及我們對可持續發展的承諾保持一致。

In women's, we launched a brand-new shoe designed specifically for dancers. The Nike Air Sesh was designed by Tinker Hatfield, in collaboration with professional dancers and choreographers, and it prioritizes both style and performance with a mid-cut leather upper and cushion foam under the foot. We launched the Air Sesh for NIKE members first, with a wider release to take place soon.

在女裝方面，我們推出了專為舞者設計的全新鞋履。 Nike Air Sesh 由 Tinker Hatfield 與專業舞者和編舞家合作設計，採用中型皮革鞋面和足底緩沖泡沫，將風格和性能放在首位。我們首先為 NIKE 會員推出了 Air Sesh，不久將推出更廣泛的版本。

And this new product comes as we welcome some of the world's best athletes to our global roster, including dance choreographer Parris Goebel and fitness athlete Tunde Oyeneyin.

這款新產品的推出正值我們歡迎一些世界上最優秀的運動員加入我們的全球名冊，包括舞蹈編導 Parris Goebel 和健身運動員 Tunde Oyeneyin。

As we continue to accelerate our strategy and fuel the expanded definition of sport, we're able to more deeply connect with women and create an even sharper focus.

隨著我們繼續加快我們的戰略並推動對運動的擴展定義，我們能夠更深入地與女性建立聯繫並創造更清晰的焦點。

And this quarter also saw the debut collection from the Serena Williams Design Crew, our apprenticeship program that advances diversity and design. The crew connects innovation, design and purpose in a uniquely powerful way, fueled by our commitment to the full spectrum of sport for women across performance and lifestyle. Serena joined us on campus a few months back to help open the Serena Williams Building at our World Headquarters. Along with our LeBron James Innovation Center, these 2 buildings represent the most remarkable investment in sport innovation in the world.

本季度還見證了 Serena Williams Design Crew 的首個系列，這是我們推進多樣性和設計的學徒計劃。工作人員以一種獨特而有力的方式將創新、設計和目的聯繫在一起，這得益於我們致力於為女性提供全方位的運動表現和生活方式。幾個月前，Serena 加入我們的校園，幫助在我們的全球總部開設 Serena Williams 大樓。與我們的勒布朗詹姆斯創新中心一起，這兩座建築代表了世界上對體育創新的最顯著投資。

We were also thrilled to see the Jordan brand launch the AJ36. The AJ36 is NIKE, Inc.'s first shoe using leno-weave, a process that creates material that is uniquely strong, lightweight and adaptable to all foot shapes, making the AJ36 one of the lightest Air Jordans ever. Consumers can expect to see us iterate on this innovation in future seasons.

我們也很高興看到 Jordan 品牌推出 AJ36。 AJ36 是 NIKE, Inc. 的第一款採用紗羅編織工藝的鞋款，這種工藝創造出的材料具有獨特的強度、重量和適應所有腳型，使 AJ36 成為有史以來最輕的 Air Jordan 之一。消費者可以期待看到我們在未來的季節重複這項創新。

And in apparel, we're driving energy in the market through design that resonates with consumers. The latest NBA City Edition and MLB City Connect uniforms are great examples as we grow the culture of sport by listening to local team communities and using thoughtful design to celebrate the game. We also launched FIT ADV, the next generation of performance apparel that combines weather-ready tech and innovative design to help athletes take on extreme conditions. This represents the pinnacle of NIKE apparel innovation and is currently in NIKE's performance apparel collections. And next year, it will be available in NIKE lifestyle products across all platforms.

在服裝方面，我們通過與消費者產生共鳴的設計來推動市場活力。最新的 NBA City Edition 和 MLB City Connect 球衣就是很好的例子，因為我們通過傾聽當地球隊社區的聲音並使用周到的設計來慶祝比賽來發展體育文化。我們還推出了 FIT ADV，這是下一代性能服裝，結合了全天候技術和創新設計，幫助運動員應對極端條件。這代表了耐克服裝創新的巔峰之作，目前在耐克的高性能服裝系列中。明年，它將在所有平台的 NIKE 生活方式產品中提供。

And finally, in sustainability, we launched Alphafly NEXT Nature, our most sustainable performance shoe and our first sustainable performance running shoe. This continues the progress made by our Cosmic Unity sustainable basketball shoe by reaching more than 50% total recycled content by weight. Learnings from the Alphafly Next Nature will be scaled across our running line, creating higher performing products with more sustainable materials. We know the future of sport depends on a healthy planet and we remain committed to doing our part to protect that future.

最後，在可持續發展方面，我們推出了 Alphafly NEXT Nature，這是我們最可持續的性能鞋和我們的第一款可持續性能跑鞋。這延續了我們的 Cosmic Unity 可持續籃球鞋所取得的進步，達到 50% 以上的總回收含量（按重量計）。 Alphafly Next Nature 的學習將在我們的生產線上推廣，用更可持續的材料創造更高性能的產品。我們知道體育的未來取決於一個健康的星球，我們仍然致力於儘自己的一份力量來保護這個未來。

As we connect consumers with the strongest innovation, athlete roster and brand storytelling in the world, we're also elevating their experience through One Nike Marketplace. We're creating the marketplace of the future where we serve consumers with seamless, consistent and premium experiences.

當我們將消費者與世界上最強大的創新、運動員名冊和品牌故事聯繫起來時，我們還通過 One Nike Marketplace 提升他們的體驗。我們正在創造未來的市場，為消費者提供無縫、一致和優質的體驗。

Through NIKE membership, we increasingly know and serve our consumer across a connected marketplace. I'd like to highlight 3 examples from the quarter of how NIKE is driving a more elevated and premium member experience across the marketplace.

通過 NIKE 會員資格，我們在互聯市場中越來越了解並為我們的消費者提供服務。我想重點介紹本季度的 3 個例子，說明耐克如何在整個市場上推動更高級和更優質的會員體驗。

First, we recently launched new wellness content and workouts featuring Megan Thee Stallion in our Nike Training Club app. Megan's content drove record high engagement, drawing 2x increase in daily active users in NTC, and her curated looks saw more than double the demand compared to any other product content viewed during that same time period.

首先，我們最近在我們的 Nike Training Club 應用程序中推出了以 Megan Thee Stallion 為主角的新健康內容和鍛煉。梅根的內容推動了創紀錄的高參與度，使 NTC 的每日活躍用戶增加了 2 倍，與同期查看的任何其他產品內容相比，她精心策劃的外觀需求增加了一倍以上。

Second, ahead of Singles Day in Greater China, we activated a new member experience on Tmall and improved the onboarding journey. As a result, the NIKE flagship store on Tmall was the #1 brand for new member recruitment across sport, driving a 20-point increase in member demand penetration this year.

其次，在大中華區雙十一之前，我們在天貓激活了全新的會員體驗，並改善了入職流程。因此，NIKE 天貓旗艦店成為了體育界新會員招募的第一品牌，推動今年會員需求滲透率增長了 20 個百分點。

And third, just last month, we announced a partnership with one of our strategic retail partners, DICK'S Sporting Goods, who shares our vision for the future of retail, specifically, shopping and experiences that are amplified by digital and personal to each consumer's journey. This new partnership allows shoppers to link their NIKE member account and their DSG account together to unlock exclusive offers, products and experiences.

第三，就在上個月，我們宣布與我們的戰略零售合作夥伴之一 DICK'S Sporting Goods 建立合作夥伴關係，他們分享了我們對零售未來的願景，特別是通過數字化和個人化對每個消費者的旅程進行放大的購物和體驗。這種新的合作夥伴關係允許購物者將他們的 NIKE 會員賬戶和他們的 DSG 賬戶鏈接在一起，以解鎖獨家優惠、產品和體驗。

Recently, I had an opportunity to visit one of DSG's newest concepts, the House of Sport Door in Rochester, New York. I must say I was blown away at the store's unique service model, interactive sport experience and enhanced showcasing of product, which creates a true destination for consumers and will alter future expectations at retail.

最近，我有機會參觀了 DSG 的最新概念之一，位於紐約羅切斯特的運動門之家。我必須說我被這家商店獨特的服務模式、互動運動體驗和增強的產品展示所震撼，這為消費者創造了一個真正的目的地，並將改變未來對零售的期望。

Our partnership with DSG is a new model of how brands and retailers work together, delivering product experience and connection service to delight consumers at scale.

我們與 DSG 的合作是品牌和零售商合作的新模式，提供產品體驗和連接服務，以大規模取悅消費者。

We're fulfilling our vision that through connected member experiences and inventory, powered by connected data and technology, we can provide consumers with greater access to the very best of NIKE with more speed, convenience and connection to our brand and to sport than ever before. And as we look forward, there is even more opportunity to connect consumers with NIKE across digital platforms that integrate sport, innovation, culture and commerce.

我們正在實現我們的願景，即通過互聯的會員體驗和庫存，由互聯數據和技術提供支持，我們可以為消費者提供比以往任何時候都更快、更方便並與我們的品牌和運動建立聯繫的更優質的耐克產品.正如我們所期待的那樣，將有更多機會通過整合體育、創新、文化和商業的數字平台將消費者與耐克聯繫起來。

For example, we recently opened a new space in our New York digital studio to produce the weekly SNKRS LIVE streams that are driving industry-leading engagement metrics. Weekly content includes launch previews in our SNKRS LIVE heating up show and a new Jordan franchise presented through the lens of female Jordan fans called J-Walking.

例如，我們最近在紐約數字工作室開設了一個新空間，用於製作每週 SNKRS LIVE 直播，這些直播推動了行業領先的參與度指標。每週內容包括在我們的 SNKRS LIVE 熱身秀中的發布預覽，以及通過名為 J-Walking 的女性喬丹粉絲的鏡頭呈現的全新喬丹系列。

Our stories go deep and engage a 2-way interaction with the community. And as a result, our consumer engagement is 3x the industry average for live streams.

我們的故事深入人心，並與社區進行雙向互動。因此，我們的消費者參與度是直播行業平均水平的 3 倍。

And speaking of SNKRS and Jordan, the first set of invitations for the AJ11 Cool Grey was sent to the largest female-focused group yet and sold out in the first hour. The group was selected utilizing our new Dedication Score, designed to reward member groups with high product affinity. We continue to see Exclusive Access serve as a defining marketing mechanism to connect with consumers.

說到 SNKRS 和 Jordan，AJ11 Cool Grey 的第一組邀請函被發送給了迄今為止最大的女性群體，並在第一個小時內售罄。該小組是根據我們新的奉獻得分選擇的，旨在獎勵具有高產品親和力的成員小組。我們繼續將獨家訪問視為與消費者建立聯繫的定義性營銷機制。

And in Q2, we also launched the 3D immersive world of NIKELAND on Roblox. NIKE is meeting young athletes wherever they are, encouraging them to let their imaginations run wild, and rewarding real-world movement through new virtual experiences.

在第二季度，我們還在 Roblox 上推出了 NIKELAND 的 3D 沉浸式世界。無論身在何處，耐克都會與年輕運動員見面，鼓勵他們盡情發揮想像力，並通過新的虛擬體驗獎勵現實世界的運動。

And just last week, we welcomed RTFKT to the NIKE, Inc. family. The NIKE, Jordan and Converse brands have always thrived at the intersection of sport, creativity, innovation and culture. The RTFKT acquisition allows us to extend this reach to serve and delight consumers and creators in both the physical and virtual worlds. We'll invest in a very talented RTFKT team, creator community and cutting-edge innovation to deliver next-generation experiences that involve the RTFKT and NIKE Inc. brands.

就在上週，我們歡迎 RTFKT 加入 NIKE, Inc. 大家庭。 NIKE、Jordan 和 Converse 品牌一直在運動、創意、創新和文化的交匯處蓬勃發展。收購 RTFKT 使我們能夠擴大這一範圍，為物理和虛擬世界中的消費者和創作者提供服務並取悅他們。我們將投資於一個非常有才華的 RTFKT 團隊、創作者社區和尖端創新，以提供涉及 RTFKT 和 NIKE Inc. 品牌的下一代體驗。

Today, we're stronger than we were before the pandemic, and I couldn't be more excited by the opportunity ahead of us. Our results this quarter are evidence that our strategy is working.

今天，我們比大流行之前更強大，我對擺在我們面前的機會感到無比興奮。我們本季度的業績證明我們的戰略正在奏效。

And as we close out 2021, I want to take a moment to personally thank our 75,000 global NIKE Inc. teammates for everything they've done this year. Through all we've navigated, this team has worked together with creativity and resilience to serve our consumers and serve our communities. This team is the greatest collection of talent in the world, and I want to sincerely thank them.

在 2021 年即將結束之際，我想花一點時間親自感謝我們 75,000 名全球 NIKE Inc. 隊友今年所做的一切。通過我們所經歷的一切，這個團隊以創造力和韌性一起工作，為我們的消費者和社區服務。這個團隊是世界上最偉大的人才集合，我要真誠地感謝他們。

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

有了這個，我會把它交給馬特。

Thank you, John. Hello and happy holidays to everyone on the call.

謝謝你，約翰。大家好，祝大家節日快樂。

As you've heard us say before, NIKE is a growth company with boundless potential. And our Consumer Direct Acceleration Strategy is transforming our operating model by driving deeper and more direct connections with consumers through digital. Our teams continue to navigate through unprecedented levels of volatility with flexibility, agility and grace, leveraging the operational playbook we created at the onset of the pandemic to stay focused on what matters most.

正如您之前聽到我們所說的，NIKE 是一家潛力無限的成長型公司。我們的消費者直接加速戰略正在通過數字化推動與消費者更深入、更直接的聯繫，從而改變我們的運營模式。我們的團隊繼續以靈活性、敏捷性和優雅性應對前所未有的波動水平，利用我們在大流行開始時創建的運營手冊，專注於最重要的事情。

We have embraced new ways of working, elevated experienced players into new leadership roles, reorganized the company to create even deeper focus on the consumer and developed new capabilities to serve consumers directly with speed and at scale.

我們採用了新的工作方式，將經驗豐富的參與者提升為新的領導角色，重組了公司以更深入地關註消費者，並開發了新的能力以快速、大規模地直接為消費者服務。

NIKE's second quarter financial results were in line with the expectations we established 90 days ago, fueled by continued brand momentum, the strength of our product franchises with extraordinary levels of full price realization and strong season-to-date holiday sales, offset by lower levels of available inventory supply relative to marketplace demand.

NIKE 的第二季度財務業績符合我們 90 天前建立的預期，這得益於持續的品牌勢頭、我們產品特許經營的實力、非凡的全價實現水平以及旺季至今的強勁假日銷售，但被較低的水平所抵消相對於市場需求的可用庫存供應量。

As John mentioned, we had an incredible Black Friday week, with NIKE Direct in North America and EMEA, increasing over 20% versus the prior year, on top of last year's meaningful gains.

正如約翰所說，我們度過了一個令人難以置信的黑色星期五週，NIKE Direct 在北美和歐洲、中東和非洲地區的銷售額比去年增加了 20% 以上，而去年取得了有意義的收益。

To accomplish this, I'm particularly proud of the work by our supply chain teams. In late October, I was able to visit our North America distribution centers in Pennsylvania, Tennessee and Mississippi, to review our expanding digital fulfillment capabilities and holiday readiness plans. Our teams are executing those plans with precision, optimizing available inventory to meet demand with improved service levels and lowering carbon impact, all enabled through technology and automation.

為此，我為我們供應鏈團隊所做的工作感到特別自豪。 10 月下旬，我能夠訪問我們在賓夕法尼亞州、田納西州和密西西比州的北美配送中心，以審查我們不斷擴大的數字履行能力和假期準備計劃。我們的團隊正在精確地執行這些計劃，優化可用庫存以滿足需求，提高服務水平並降低碳影響，所有這些都通過技術和自動化實現。

Staying on the topic of supply chain a little longer, factory reopening in Vietnam is on plan. Nearly all impacted factories began reopening in October. As of today, all factories are operational, and employee attendance rates have improved, with weekly footwear and apparel production now at roughly 80% of pre-closure volumes. In total, Vietnam factory closures caused us to cancel production of roughly 130 million units due to 3 months of lost production volume and several months to ramp back to full production.

在供應鏈的話題上停留更長時間，越南工廠的重新開工正在計劃中。幾乎所有受影響的工廠都在 10 月開始重新開工。截至今天，所有工廠都在運營，員工出勤率也有所提高，每週鞋類和服裝產量約為關閉前產量的 80%。總的來說，越南工廠關閉導致我們取消了大約 1.3 億台的生產，原因是產量損失了 3 個月，並且需要幾個月的時間才能恢復滿負荷生產。

Compared to 90 days ago, we are increasingly confident supply will normalize heading into fiscal '23.

與 90 天前相比，我們越來越有信心進入 23 財年供應將正常化。

Turning to our digital business. NIKE's digital growth is outperforming comparisons and being fueled by our member-centric focus. NIKE Digital grew 11% in the quarter on a currency-neutral basis, setting the pace for the industry. NIKE Digital is now 25% of total NIKE brand revenue, up 3 points versus the prior year and more than double the digital mix in fiscal '19.

轉向我們的數字業務。 NIKE 的數字增長表現優於其他同類產品，並受到我們以會員為中心的關注的推動。在貨幣中性的基礎上，NIKE Digital 在本季度增長了 11%，為行業設定了步伐。 NIKE Digital 現在佔 NIKE 品牌總收入的 25%，比上年增長 3 個百分點，是 19 財年數字組合的兩倍多。

Enhanced onboarding experiences are attracting millions of new members into the top of the funnel, and we are focused heavily on member engagement and buying. Member engagement grew 27%, and repeat buyers grew 50% versus last year, driving overall higher AUR, AOV and member buying frequency. 40% of total digital demand this year is coming from our mobile apps, highlighting the strength of our digital platform.

增強的入職體驗正在吸引數百萬新會員進入漏斗頂端，我們非常關注會員參與和購買。與去年相比，會員參與度增長了 27%，回頭客增長了 50%，推動了整體更高的 AUR、AOV 和會員購買頻率。今年 40% 的總數字需求來自我們的移動應用程序，凸顯了我們數字平台的實力。

We now have over 79 million engaged members across our NIKE ecosystem. And as NIKE's digital ecosystem continues to grow, we are beginning to see the compounding benefits of scale from brand awareness and consumer connection to data-informed personalization and inventory utilization to loyalty.

現在，我們在 NIKE 生態系統中擁有超過 7900 萬活躍的會員。隨著耐克數字生態系統的不斷發展，我們開始看到從品牌知名度和消費者聯繫到基於數據的個性化和庫存利用再到忠誠度等規模的複合收益。

This quarter, we held our first globally coordinated Member Days event, setting records in member engagement. From member-exclusive product offerings to our first live-streamed member events from our Nike Town London and Passeig de Gracia Store in Barcelona, we created a distinct member experience and set a record for weekly active users on the Nike app in North America.

本季度，我們舉辦了第一次全球協調的會員日活動，創造了會員參與的記錄。從會員專享產品到我們在倫敦耐克城和巴塞羅那帕賽格德格拉西亞商店的首次直播會員活動，我們創造了獨特的會員體驗，並創下了北美耐克應用程序每週活躍用戶的記錄。

Now moving to one final topic. Connecting with today's consumers means serving them with the product they want, when and where they want it. Consumers want a premium, seamless and personalized experience with minimal friction across their journey to explore, engage, connect and purchase products from the brands they love.

現在轉到最後一個主題。與當今的消費者建立聯繫意味著在他們想要的時間和地點為他們提供他們想要的產品。消費者希望在探索、參與、連接和購買他們喜愛的品牌的產品的過程中，獲得一種優質、無縫和個性化的體驗，同時將摩擦降至最低。

As we've discussed before, NIKE is focused on creating One Nike Marketplace that elevates the brand by creating direct consumer connections through fewer, more impactful wholesale partners with a connected mobile digital experience at the center built for the NIKE member.

正如我們之前所討論的，NIKE 專注於創建 One Nike Marketplace，通過更少、更有影響力的批發合作夥伴建立直接的消費者聯繫，在為 NIKE 會員打造的中心提供互聯的移動數字體驗，從而提升品牌形象。

Over the past 4 years, North America has reduced the number of wholesale accounts by roughly 50%, while delivering strong growth and recapturing consumer demand through NIKE Direct and our strategic wholesale partners, leading the way for NIKE.

在過去的 4 年中，北美的批發賬戶數量減少了大約 50%，同時通過 NIKE Direct 和我們的戰略批發合作夥伴實現了強勁的增長並重新獲得了消費者需求，引領了耐克的發展。

In the second quarter, North America Digital grew 40% versus the prior year, pushing NIKE Digital to 30% of total North America marketplace, bringing NIKE Direct to 48% of total. In order to enable this growth and drive the shift in marketplace composition, we have accelerated investment to evolve our distribution network and scale a digital-first supply chain, leveraging advanced analytics, automation and technology. We have opened 2 new regional service centers on both coasts, which are able to deliver more units to consumers with shorter delivery times. We also enabled ship-from-store capabilities across our store fleet, all leveraging advanced analytics from our Celect acquisition.

第二季度，North America Digital 與去年同期相比增長了 40%，將 NIKE Digital 推向北美市場總市場的 30%，使 NIKE Direct 佔總市場的 48%。為了實現這一增長並推動市場構成的轉變，我們加快了投資，以發展我們的分銷網絡，並利用先進的分析、自動化和技術擴展數字優先的供應鏈。我們在兩個海岸開設了 2 個新的區域服務中心，它們能夠以更短的交貨時間向消費者交付更多產品。我們還在我們的商店車隊中啟用了從商店發貨的功能，所有這些都利用了我們收購 Celect 的高級分析。

On automation, we've added more than 1,000 robots in our distribution centers to handle the digital growth. In our digital distribution center in Memphis, robots handled more than 10 million units that would have otherwise required manual labor.

在自動化方面，我們在配送中心增加了 1,000 多台機器人來應對數字化增長。在我們位於孟菲斯的數字配送中心，機器人處理了超過 1000 萬件原本需要體力勞動的產品。

We continue to scale O2O consumer services across our store fleet, including buy online, pick up in store and digital order returns in store. Volumes are relatively small today, but we have significant opportunity to scale. We've also established new fulfillment models with key strategic partners to create inventory visibility across the marketplace and optimize full-price digital demand. When we do this right, the consumer wins.

我們繼續在我們的商店隊伍中擴展 O2O 消費者服務，包括在線購買、店內取貨和店內數字訂單退貨。今天的交易量相對較小，但我們有很大的擴大規模的機會。我們還與主要戰略合作夥伴建立了新的履行模式，以在整個市場上創建庫存可見性並優化全價數字需求。當我們做對了，消費者就贏了。

The progress being made to create One Nike Marketplace has accelerated North America's revenue growth and gross margin expansion for yet another quarter, illustrating how consumer-direct acceleration will fuel NIKE's growth and profitability towards the fiscal '25 outlook we shared in June.

創建 One Nike Marketplace 所取得的進展加速了北美的收入增長和毛利率在另一個季度的增長，說明消費者直接加速將如何推動 NIKE 的增長和盈利能力，實現我們在 6 月分享的 25 財年展望。

Now let me turn to the details of our second quarter financial results and operating segment performance. NIKE, Inc. revenue grew 1% and was flat on a currency-neutral basis, led by 8% growth in NIKE Direct offset by a 6% decline in wholesale due to optimization of available inventory supply.

現在讓我談談我們第二季度財務業績和運營部門業績的細節。 NIKE, Inc. 收入增長 1%，在貨幣中性基礎上持平，其中 NIKE Direct 增長 8% 被由於優化可用庫存供應導致批發業務下降 6% 所抵消。

NIKE Digital grew 11% and NIKE-owned stores grew 4% with significant improvements in traffic and higher conversion rates.

NIKE Digital 增長 11%，NIKE 旗下門店增長 4%，客流量顯著改善，轉化率更高。

Gross margin increased 280 basis points versus the prior year, driven primarily by higher NIKE Direct margins due to lower markdowns, higher full price mix and foreign currency exchange rates, partially offset by increased freight and logistics costs.

毛利率較上年增長 280 個基點，主要是由於降價幅度較低、全價組合較高和外幣匯率導致 NIKE Direct 利潤率上升，部分被貨運和物流成本增加所抵消。

SG&A grew 15% versus the prior year, primarily due to normalization of spend against brand campaigns, digital marketing investments to support heightened digital demand, strategic technology investments and wage-related expenses.

SG&A 與去年相比增長了 15%，這主要是由於品牌活動支出的正常化、支持增加的數字需求的數字營銷投資、戰略技術投資和與工資相關的費用。

Our effective tax rate for the quarter was 10.9% compared to 14.1% for the same period last year. This was due to a shift in our earnings mix and the effects of stock-based compensation.

我們本季度的有效稅率為 10.9%，而去年同期為 14.1%。這是由於我們的收益組合發生了變化以及股票薪酬的影響。

Second quarter diluted earnings per share was $0.83, up 6% versus the prior year.

第二季度每股攤薄收益為 0.83 美元，比上年增長 6%。

Before we move into operating segment results, I want to recall a few points I made last quarter regarding the impact of Vietnam factory closures on the short-term performance of each of our geographies, beginning in the second quarter. North America and EMEA finished the first quarter with high levels of in-transit inventory, resulting in prior season supply that was arriving late due to longer transit times, which could be sold in the second quarter. We saw that in our Q2 results.

在我們進入運營部門業績之前，我想回顧一下我上個季度關於越南工廠關閉對我們每個地區的短期業績的影響的幾點，從第二季度開始。北美和歐洲、中東和非洲在第一季度結束時的在途庫存水平很高，導致上一季供應由於運輸時間較長而延遲到貨，可能在第二季度出售。我們在第二季度的業績中看到了這一點。

However, Greater China and APLA, located closer to our sourcing base with shorter standard transit times, experienced a decline in units sold in the second quarter due to lost production and lower available inventory supply. We also saw that reflected in our Q2 results. With that in mind, let's review the operating segments.

然而，由於生產損失和可用庫存供應減少，距離我們的採購基地更近、標準運輸時間更短的大中華區和 APLA 在第二季度的銷量下降。我們在第二季度的業績中也看到了這一點。考慮到這一點，讓我們回顧一下運營部門。

In North America, Q2 revenue grew 12% and EBIT grew 21%. Demand for NIKE remained incredibly strong, with season-to-date holiday retail sales across the total market growing double digits, energized by the continued momentum from the return to sport and the beginning of an outstanding holiday season.

在北美，第二季度收入增長 12%，息稅前利潤增長 21%。耐克的需求仍然非常強勁，整個市場的本季假日零售額增長了兩位數，這得益於回歸運動的持續勢頭和出色的假日季節的開始。

Performance sport dimensions delivered strong double-digit retail sales growth, led by running, fitness and basketball, on lower levels of sell-in due to available inventory supply. Women's retail sales grew high double digits, more than twice the rate of men's, with strong growth across both footwear and apparel.

由於可用的庫存供應，在較低的銷售水平下，運動表現方面的零售額實現了強勁的兩位數增長，其中跑步、健身和籃球是其中的佼佼者。女裝零售額以兩位數的速度增長，是男裝的兩倍多，鞋類和服裝均實現強勁增長。

NIKE Direct had an outstanding quarter, growing 30% versus the prior year. As I mentioned earlier, Digital maintained its momentum, growing 40% and setting holiday records on Black Friday week. NIKE-owned stores also delivered strong double-digit growth, with traffic trending towards pre-pandemic levels, and strong increases in AUR due to lower closeout inventory levels and significant year-over-year improvements in markdown rates and promotions.

NIKE Direct 有一個出色的季度，與去年同期相比增長了 30%。正如我之前提到的，Digital 保持了增長勢頭，增長了 40%，並在黑色星期五這一周創下了假期記錄。耐克旗下門店也實現了兩位數的強勁增長，客流量趨向大流行前的水平，由於清倉庫存水平降低以及降價和促銷活動的同比顯著改善，AUR 強勁增長。

Despite strong retail sales momentum in the wholesale channel, revenue declined 1% as marketplace inventory levels remain lean and Vietnam factory closures and longer transit times disrupt the flow of inventory supply to meet marketplace demand.

儘管批發渠道的零售銷售勢頭強勁，但收入下降了 1%，原因是市場庫存水平仍然很低，越南工廠關閉和較長的運輸時間擾亂了庫存供應流以滿足市場需求。

In EMEA, Q2 revenue grew 6% on a currency-neutral basis, and EBIT grew 22% on a reported basis. Season-to-date holiday retail sales across the total market grew double digits, with strong growth across all consumer segments. The region was energized by the start of the global football season and the Champions League tournament across the continent. NIKE players continue to dominate on the pitch with the Mercurial boot being the lead score in a number of European professional leagues. We saw a strong consumer response for the Mercurial boot and launch of the Champions League third kit.

在歐洲、中東和非洲地區，在貨幣中性的基礎上，第二季度的收入增長了 6%，在報告的基礎上，息稅前利潤增長了 22%。整個市場的本季度假日零售額增長了兩位數，所有消費領域都實現了強勁增長。全球足球賽季的開始和整個歐洲大陸的冠軍聯賽使該地區充滿活力。 NIKE 球員繼續在球場上佔據主導地位，Mercurial 球鞋在許多歐洲職業聯賽中都處於領先地位。我們看到消費者對 Mercurial 戰靴的強烈反響以及歐洲冠軍聯賽第三球衣的推出。

Wholesale revenue grew 6% on a currency-neutral basis as we comped prior year market closures. NIKE Direct also grew 6%, led by double-digit growth in NIKE-owned stores, as we comp prior year store closures with traffic improvement due to tourism picking up and back-to-school holidays.

由於我們對去年的市場關閉進行了比較，批發收入在貨幣中性的基礎上增長了 6%。 NIKE Direct 也增長了 6%，這得益於耐克自有門店的兩位數增長，因為我們將去年門店關閉與旅遊業回暖和返校假期帶來的客流量改善相比較。

NIKE Digital was down 1% as we compare to extraordinary levels of off-price sales in the prior year as the geography-leveraged digital in the prior year to liquidate excess inventory. This quarter, our full price digital business grew over 20%, resulting in a 30-point improvement in full price sales mix, double-digit growth in AUR and improvement in markdown rates and promotions. This contributed to strong year-over-year expansion in gross margin and return on sales profitability.

NIKE Digital 下降了 1%，因為我們與上一年的非同尋常的低價銷售水平相比，因為上一年利用地理優勢來清算多餘的庫存。本季度，我們的全價數字業務增長超過 20%，使全價銷售組合提升 30 個百分點，AUR 實現兩位數增長，降價率和促銷活動有所改善。這有助於毛利率和銷售盈利能力的強勁同比增長。

In Greater China, Q2 revenue declined 24% on a currency-neutral basis, and EBIT declined 36% on a reported basis. However, season-to-date holiday retail sales across the total market have trended more favorably.

在大中華區，剔除匯率因素，第二季度收入下降 24%，報告的息稅前利潤下降 36%。然而，整個市場的季節性假日零售銷售趨勢更為有利。

Results for this quarter were as expected, as we navigated lower full-price product supply due to the Vietnam factory closures. We saw disproportionate impacts to our wholesale revenue, which declined 27% on a currency-neutral basis. NIKE Direct declined 21% with declines in both digital and physical retail channels.

本季度業績符合預期，因為越南工廠關閉導致全價產品供應下降。我們的批發收入受到了不成比例的影響，在貨幣中性的基礎上下降了 27%。 NIKE Direct 下跌 21%，數字和實體零售渠道均出現下滑。

COVID-related lockdowns continue to drive volatility in retail traffic. However, we did see traffic recover to pre-pandemic levels at times throughout the quarter. Digital declined 27%, partially impacted by delay in product launch timing on SNKRS.

與 COVID 相關的封鎖繼續推動零售流量的波動。但是，我們確實看到整個季度的流量有時會恢復到大流行前的水平。數字下跌 27%，部分原因是 SNKRS 產品發佈時間延遲。

Over the 11.11 consumer moment, we drove stronger digital performance with significant member acquisition and higher AOV through better engagement with consumers.

在 11.11 消費者時刻，我們通過更好地與消費者互動，通過顯著的會員獲取和更高的 AOV 推動了更強勁的數字表現。

While challenging, we continue to leverage our operational playbook and remain optimistic about the longer term in Greater China. This quarter, we extended our Joy of Sport brand campaign, utilizing local influencers, Olympians and other athletes that are part of NIKE's leading sports marketing portfolio in Greater China. The Jordan brand added to the energy by announcing their first female athlete signing in Asia with basketball player Yang Shu Yu. To support this activity and normalize our marketing investment levels, we increased our investment in demand creation in the second quarter by more than 40% versus the prior year.

雖然充滿挑戰，但我們繼續利用我們的運營手冊，對大中華區的長期前景保持樂觀。本季度，我們擴大了我們的 Joy of Sport 品牌活動，利用當地的影響者、奧運選手和其他運動員，這些都是耐克在大中華區領先的體育營銷組合的一部分。喬丹品牌宣布與籃球運動員楊舒玉簽約，成為亞洲首位女運動員簽約。為了支持這項活動並使我們的營銷投資水平正常化，我們在第二季度將我們對創造需求的投資比去年增加了 40% 以上。

Our local team remains focused on creating distinctive and authentic connections with Chinese consumers. We celebrated the 40th anniversary of NIKE's operations in China by using the Express Lane to reintroduce the original NAI-KE collection, with robust storytelling on the history and heritage of these iconic products. During our first launch, all products sold through in the first hour. We will continue to expand the Express Lane to bring unique localized offerings to the consumer, leveraging our most popular global product franchises to drive uniquely NIKE energy in the marketplace.

我們的本地團隊仍然專注於與中國消費者建立獨特而真實的聯繫。為了慶祝耐克在中國開展業務 40 週年，我們利用 Express Lane 重新推出了最初的 NAI-KE 系列，並以強有力的故事講述了這些標誌性產品的歷史和傳統。在我們第一次發布期間，所有產品在第一個小時內就售罄。我們將繼續擴展 Express Lane，為消費者帶來獨特的本地化產品，利用我們最受歡迎的全球產品特許經營權，在市場上推動獨特的 NIKE 能量。

We see encouraging signs in Greater China. And while inventory supply has been a major disruption in the marketplace, we continue to expect fiscal '22 to be a year of recovery. Having said that, we expect to see sequential improvement from here, beginning in the third quarter.

我們在大中華區看到了令人鼓舞的跡象。儘管庫存供應對市場造成了重大干擾，但我們仍然預計 22 財年將是複甦的一年。話雖如此，我們預計從第三季度開始會出現連續改善。

Now moving to APLA. Q2 revenue declined 6% on a currency-neutral basis, and EBIT declined 8% on a reported basis. Double-digit revenue growth on a currency-neutral basis in SOCO was offset by declines in Asia Pacific territories, which faced a greater impact from Vietnam factory closures as well as the business model shift in Brazil. Season-to-date holiday retail sales across the total market grew versus the prior year, despite supply disruptions and door closures in SEA&I and Pacific. NIKE Direct grew 6%, led by NIKE Digital growth of 25%.

現在搬到APLA。在貨幣中性的基礎上，第二季度的收入下降了 6%，在報告的基礎上，息稅前利潤下降了 8%。 SOCO 在貨幣中性基礎上的兩位數收入增長被亞太地區的下降所抵消，該地區面臨越南工廠關閉以及巴西商業模式轉變的更大影響。儘管 SEA&I 和太平洋地區出現供應中斷和關門，但整個市場的本季假日零售額與上一年相比有所增長。 NIKE Direct 增長 6%，其中 NIKE Digital 增長 25%。

Our teams maximized market moments, with all territories delivering successful Member Days and locally relevant activations, including Singles Day in Southeast Asia, Buen Fin in Mexico and Cyber Week in Japan.

我們的團隊最大限度地利用了市場機會，所有地區都成功舉辦了會員日活動和當地相關活動，包括東南亞的光棍節、墨西哥的 Buen Fin 和日本的網絡週。

Mexico's digital business more than doubled as we enabled the localized assortment and fulfillment capabilities through the Nike App.

隨著我們通過 Nike 應用程序啟用本地化分類和履行功能，墨西哥的數字業務翻了一番多。

Finally, APLA continues to leverage the Express Lane, their digital ecosystem and global partnerships to create locally relevant product and meaningful engagement with consumers around the world. Consumers in APLA are highly connected, and our team continues to innovate on digital experiences that are locally relevant.

最後，APLA 繼續利用 Express Lane、他們的數字生態系統和全球合作夥伴關係來創造與當地相關的產品並與世界各地的消費者進行有意義的互動。 APLA 的消費者聯繫緊密，我們的團隊繼續在與當地相關的數字體驗方面進行創新。

The Dia de Los Muertos footwear pack saw a 100% sell-through, and this story was extended to the world through our new partnership with Roblox.

Dia de Los Muertos 鞋履包的銷量達到了 100%，通過我們與 Roblox 的新合作夥伴關係，這個故事擴展到了全世界。

Now let's turn to our financial outlook. As we approach the end of the second year of the pandemic, it is becoming even more challenging to compare quarters and fiscal years due to multiple waves of COVID-related disruption at different times across the consumer marketplace and now supply chain.

現在讓我們轉向我們的財務前景。隨著我們接近大流行的第二年末，由於在整個消費市場和現在的供應鏈的不同時間發生多波與 COVID 相關的中斷，比較季度和財政年度變得更具挑戰性。

We expect the operating environment to remain volatile as COVID variants continue to cause disruption to business operations. Our fiscal '22 financial outlook reflects inventory supply significantly lagging consumer demand across NIKE's portfolio of brands.

我們預計運營環境將繼續波動，因為 COVID 變種繼續對業務運營造成乾擾。我們的 22 財年財務展望反映了耐克旗下品牌組合的庫存供應明顯落後於消費者需求。

However, NIKE's long-term market opportunity is larger than ever. And so we remain focused on what we can control in the short term and on where we are heading through our Consumer Direct Acceleration Strategy and on what is required to deliver on our fiscal '25 financial outlook.

然而，耐克的長期市場機會比以往任何時候都大。因此，我們仍然專注於我們在短期內可以控制的內容，以及我們通過消費者直接加速戰略前進的方向，以及實現我們的 25 財年財務展望所需的內容。

Specifically for fiscal '22, we continue to expect revenue to grow mid-single digits versus the prior year, in line with guidance from 90 days ago. For Q3, we expect revenue to grow low single digits versus the prior year due to the ongoing impacts from lost production from COVID-related disruptions in Vietnam.

特別是對於 22 財年，我們繼續預計收入將比上一年增長中個位數，與 90 天前的指導一致。對於第三季度，由於越南與 COVID 相關的中斷造成的生產損失的持續影響，我們預計收入將比上一年低個位數增長。

We are raising our gross margin guidance to expand 150 basis points versus the prior year. We expect to continue benefiting from exceptional demand against the backdrop of lean marketplace inventory. Full price realization will remain above our long-term target with lower channel markdowns. However, we expect product costs to rise in the second half due to higher macro input costs. We're also planning for supply chain costs for the full year to increase relative to our estimates 90 days ago, with a greater impact in the second half. Last, we now expect foreign exchange to be a 55 basis point tailwind versus the prior year.

我們正在提高我們的毛利率指導，以比上一年擴大 150 個基點。在市場庫存稀少的背景下，我們預計將繼續受益於異常需求。全價實現將保持在我們的長期目標之上，渠道降價幅度較低。然而，由於宏觀投入成本較高，我們預計下半年產品成本將上升。我們還計劃將全年的供應鏈成本相對於我們 90 天前的估計增加，下半年的影響會更大。最後，我們現在預計外匯匯率將比去年增加 55 個基點。

We continue to expect SG&A to grow mid- to high teens for the full year as demand creation spend normalizes, and we continue to invest in the capabilities to support our consumer-led digital transformation. We now expect our effective tax rate to be in the low teens for the full year.

隨著需求創造支出的正常化，我們繼續預計 SG&A 將在全年中增長到青少年，並且我們將繼續投資於支持我們以消費者為主導的數字化轉型的能力。我們現在預計全年的有效稅率將保持在十幾歲以下。

Consumer Direct Acceleration is driving our business forward, and it is transforming our financial model. We continue to prove that we can manage through the uncertainty and volatility in the current operating environment. But we are doing more than just managing through.

消費者直接加速正在推動我們的業務向前發展，它正在改變我們的財務模式。我們繼續證明我們可以應對當前經營環境的不確定性和波動性。但我們所做的不僅僅是管理。

We are building NIKE for the future with deeper consumer connections, a pipeline of product innovation to serve the needs of the modern athlete and new operational capabilities required to serve consumers directly and digitally at scale. We have a clear vision of our brand's long-term future, and so we remain focused on what is required to win over the long term.

我們正在通過更深入的消費者聯繫、滿足現代運動員需求的產品創新管道以及直接和大規模地為消費者提供數字化服務所需的新運營能力，為未來打造耐克。我們對品牌的長期未來有著清晰的願景，因此我們仍然專注於贏得長期勝利所需的一切。

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

有了這個，讓我們打開問題的電話。

Your first question comes from the line of Kimberly Greenberger with Morgan Stanley.

您的第一個問題來自摩根士丹利的 Kimberly Greenberger。

Great. And a great job here navigating through, I think, a very difficult time. Matt, I wanted to follow up on your commentary regarding the resumption of production, running at 80%. Can you just talk about your expectation here over the next several months in terms of that continued productivity ramp? And when do you expect to be -- if you could just talk about, again, I know you talked about it last quarter, but when do you expect to be back in a more offensive position with regard to inventory and fully restocked on that?

偉大的。我認為，這是一項很棒的工作，可以度過一個非常困難的時期。馬特，我想跟進你關於恢復生產的評論，運行在 80%。你能談談你對未來幾個月持續生產力提升的期望嗎？你預計什麼時候 - 如果你可以再次談論，我知道你在上個季度談到了它，但是你預計什麼時候會在庫存方面回到更具進攻性的位置並完全補充庫存？

Sure, Kimberly, and thanks for the question. As I mentioned, our factories are back operational at this point in time, and I referenced an 80% number across footwear and apparel. It actually skews a little lower in footwear and a little higher in apparel. But as we watch employee attendance rates each week, we continue to grow increasingly confident in the guidance that we provided last quarter.

當然，金伯利，謝謝你的問題。正如我所提到的，我們的工廠此時已恢復運營，我參考了鞋類和服裝領域 80% 的數字。它實際上在鞋類中偏低一點，在服裝中偏高一點。但是，當我們每週觀察員工出勤率時，我們對上個季度提供的指導越來越有信心。

So last quarter, we said our factories would resume production on October 1, and we said it would take us several months to get back to weekly production capacity, consistent with where we were prior to the factory closures. We're on that plan.

所以上個季度，我們說我們的工廠將在 10 月 1 日恢復生產，我們說我們需要幾個月的時間才能恢復到每週的生產能力，這與我們關閉工廠之前的情況一致。我們正在這個計劃中。

So as we look at our guidance for the balance of the year, it reflects those continued assumptions. And relative to where we were 90 days ago, we're increasingly confident that inventory supply will normalize and that we'll be in a position to meet the incredible demand that we're seeing across the marketplace.

因此，當我們查看我們對今年餘額的指導時，它反映了這些持續的假設。相對於我們 90 天前的情況，我們越來越有信心庫存供應將正常化，並且我們將能夠滿足我們在整個市場上看到的令人難以置信的需求。

(Operator Instructions) Your next question comes from the line of Adrienne Yih with Barclays.

（操作員說明）您的下一個問題來自 Barclays 的 Adrienne Yih。

Yes. Most of my kudos for navigating a tough landscape. John, I wanted to ask about China. Adidas on their call maybe a month ago, early November, had talked about too much inventory and actually having to redirect. It was very promotional in the China market. So I was wondering if you can talk about the China competitive landscape, maybe some commentary both onto Li-Ning, the domestic brand, versus the western brands Nike, Adidas, Puma and the like.

是的。我大部分的榮譽是在艱難的環境中航行。約翰，我想問一下中國。一個月前，也就是 11 月初，阿迪達斯在電話會議上談到了過多的庫存，實際上不得不重新定向。它在中國市場非常有宣傳。所以我想知道你能不能談談中國的競爭格局，也許是對國產品牌李寧與西方品牌耐克、阿迪達斯、彪馬等的一些評論。

Yes. Thanks, Adrienne. I'm just going to repeat what I said last quarter and the quarter before, which is NIKE always has, and we always will, take a long-term view in China, right? We've been there for 40 years. Phil was in there very early. We have built up a very strong brand connection with the consumer in China. And we're going to continue to invest to lead in China. And so we're investing behind the various things that brought us to where we are today.

是的。謝謝，阿德里安。我只是要重複我上個季度和上個季度所說的話，這是耐克一直以來的做法，而且我們將永遠在中國著眼長遠，對吧？我們在那裡已經有 40 年了。菲爾很早就在那裡。我們與中國消費者建立了非常牢固的品牌聯繫。我們將繼續投資以引領中國市場。因此，我們正在投資於將我們帶到今天的各種事物。

First and foremost, we have a great local team. Angela Dong and her team are helping us navigate and shepherd through the current environment. Product innovations, at the top of our list, the most innovative product in the world that we consistently produce increasingly tailored to the Chinese consumer through our Express Lane. And Matt talked a little bit about that, and that more and more of what we do in China is tailored to that China consumer.

首先，我們有一支優秀的本地團隊。 Angela Dong 和她的團隊正在幫助我們在當前環境中導航和引導。產品創新位居榜首，是世界上最具創新性的產品，我們始終如一地通過我們的 Express Lane 為中國消費者量身定制。 Matt 談到了這一點，我們在中國所做的越來越多的事情是為中國消費者量身定制的。

Same thing on storytelling. Storytelling that's centered on local athletes and the local consumer. We mentioned the signing of the most recent Jordan sports marketing elite athlete and the live streaming. We're connecting with that local Chinese consumer on their terms.

講故事也是一樣。以當地運動員和當地消費者為中心的講故事。我們提到了最近簽約喬丹體育營銷精英運動員和直播。我們正在按照他們的條件與當地的中國消費者建立聯繫。

And then we continue to be responsible citizens. We've always invested to grow sport in China. We are continuing to do that. We care and are investing behind sustainability. And so the same fundamentals that have always been there, we believe, are the right fundamentals going forward.

然後我們繼續做負責任的公民。我們一直在投資發展中國的體育運動。我們將繼續這樣做。我們關心並正在投資於可持續發展。因此，我們相信，始終存在的相同基本面是正確的基本面。

This quarter, as Matt said, the results were in line with what we expected, with all the supply shortages and other dimensions. And what I look at is when we are present and active with the consumer in China, how they're responding. We saw some very encouraging things.

正如馬特所說，本季度的結果符合我們的預期，所有的供應短缺和其他方面。我看到的是，當我們與中國消費者互動時，他們的反應如何。我們看到了一些非常令人鼓舞的事情。

We were very active around Singles Day. Right? We mentioned 90 live streams in the month prior with over 70 million viewers. That led to 13 million new members. And NIKE, once again being #1 on the Tmall during that period in China.

我們在光棍節期間非常活躍。對？我們在前一個月提到了 90 場直播，觀眾超過 7000 萬。這導致了 1300 萬新成員。而耐克，在那個時期在中國再次成為天貓第一。

And so we're focusing on the long term. We're getting a little bit better each quarter, and we're going to continue on that path, working closely with our team there.

所以我們專注於長期。我們每個季度都在進步一點點，我們將繼續沿著這條道路前進，與我們的團隊密切合作。

I might just add one small thing, which is we restarted brand activity, as I mentioned in my prepared remarks. And our demand creation investment was up 40% versus the prior year. And if you look at it on a dollar basis, it's an even greater percentage versus what we invested in the first quarter. And so we -- and we're seeing a favorable consumer response. And we expect those investments to pay dividends as we look towards the future and continue to engage in locally relevant ways with consumers.

正如我在準備好的評論中提到的那樣，我可能只是添加一件小事，那就是我們重新啟動了品牌活動。我們的需求創造投資與去年相比增長了 40%。如果你以美元為基礎來看，與我們在第一季度的投資相比，它的百分比甚至更高。所以我們 - 我們看到了良好的消費者反應。我們希望這些投資能夠在我們展望未來並繼續以與當地相關的方式與消費者互動時帶來回報。

Great. Matt, how should we shape China in the third quarter relative to the guidance you gave?

偉大的。馬特，相對於你給出的指導，我們應該如何在第三季度塑造中國？

We expect, as supply normalizes, to see sequential improvement versus the results that we delivered in the second quarter.

我們預計，隨著供應正常化，與我們在第二季度交付的結果相比，會出現連續改善。

Your next question comes from the line of Omar Saad with Evercore.

您的下一個問題來自與 Evercore 的 Omar Saad。

I wanted to see if you guys could maybe touch upon Omicron. I know it's really still early, but you guys have, as you mentioned, tens of thousands of teammates all around the world. It's obviously a fast-developing phenomenon. Maybe you could touch upon how you incorporated anything related to Omicron in your guidance?

我想看看你們是否可以接觸到 Omicron。我知道現在還為時過早，但正如你所提到的，你們在世界各地擁有數以萬計的隊友。這顯然是一個快速發展的現象。也許您可以談談您是如何將與 Omicron 相關的任何內容納入您的指導的？

And is it something that we should not only be thinking about from the demand perspective, but is it the kind of situation that could also disrupt the supply chain again in the coming months? Or do you feel like it's fortified to the extent where we can withstand this latest variant?

我們是否不僅應該從需求的角度考慮這種情況，而且這種情況是否也可能在未來幾個月內再次擾亂供應鏈？或者你覺得它已經強化到我們可以承受這個最新變種的程度了嗎？

Omar, let me start and maybe talk about our team, and then, Matt, you can maybe elaborate on it.

Omar，讓我先談談我們的團隊，然後，Matt，你可以詳細說明一下。

Omar, I just got to say I am so proud of how our team has navigated through the last 6 to 24 months. It's been an ongoing series, as you know, of start/stop, a lot of uncertainty, a lot of change. And our team has responded with resilience, with creativity, and with a lot of innovation.

奧馬爾，我只想說我為我們的團隊在過去 6 到 24 個月中的表現感到非常自豪。如您所知，這是一個持續的系列，開始/停止，很多不確定性，很多變化。我們的團隊以韌性、創造力和大量創新做出了回應。

And I got to be honest, in hindsight, many of the changes that have been made accelerated progress that otherwise would have happened. And so we're actually in a stronger position today. I think we've actually benefited because of our team's efforts and demonstrated ability to respond even in a work-from-home environment.

老實說，事後看來，許多已經取得的變化加速了原本會發生的進展。所以我們今天實際上處於更有利的位置。我認為我們實際上受益於我們團隊的努力，並且即使在在家工作的環境中也表現出響應能力。

Now that said, we do believe over time that with innovation and a strong brand, we want to go to a hybrid model. As you know, in the United States, we have mandated vaccines and have a very high response rate to that. So we're ready to come back in a hybrid work environment when that's safe, and we prioritize that, safety of our employees. And we'll be ready, whether that's first quarter or whenever it ends up being. But in the interim, our teams continue to innovate and execute in a way that I'm so appreciative and proud of. And I think the results reflect that.

話雖如此，我們確實相信隨著時間的推移，隨著創新和強大的品牌，我們希望採用混合模式。如您所知，在美國，我們已經強制接種疫苗，並且對此的反應率非常高。因此，我們已準備好在安全的情況下重返混合工作環境，並且我們優先考慮員工的安全。我們會做好準備，無論是第一季度還是最終出現的時候。但在此期間，我們的團隊繼續以我非常欣賞和自豪的方式進行創新和執行。我認為結果反映了這一點。

Do you want to talk about the impact, Matt, on the rest of them?

你想談談對其他人的影響嗎，馬特？

Yes, Omar. I mean the reality of the environment we're working right now, we're all navigating through together. It's uncertain, it's volatile.

是的，奧馬爾。我的意思是我們現在正在工作的環境的現實，我們都在一起導航。這是不確定的，它是不穩定的。

But what I would say as it relates to our fiscal year guidance, the overwhelming impact that we updated everyone on last quarter was the impact of the supply reductions, the 130 million units and the impact that had on our fiscal year revenue outlook.

但我想說的是，因為它與我們的財政年度指導有關，我們在上個季度更新每個人的壓倒性影響是供應減少的影響、1.3 億台以及對我們財政年度收入前景的影響。

I think we're better positioned than we've ever been, and we're 2-plus years into navigating through the challenges and the complexities of the volatility as it relates to the pandemic, focusing on what matters most, and our teams have done a tremendous job of doing that.

我認為我們比以往任何時候都處於更好的位置，我們已經用了 2 年多的時間來應對與大流行相關的波動性的挑戰和復雜性，專注於最重要的事情，我們的團隊擁有在這方面做得非常出色。

And so we're going to continue to watch it closely like everyone is. But at this point in time, given where consumer demand is relative to marketplace supply, we feel like our forecast is or our guidance is reflective of what we see in the intermediate term.

因此，我們將繼續像每個人一樣密切關注它。但在這個時間點，考慮到消費者需求與市場供應的關係，我們認為我們的預測或我們的指導反映了我們在中期看到的情況。

Your next question comes from the line of Bob Drbul with Guggenheim Securities.

您的下一個問題來自古根海姆證券公司的 Bob Drbul。

I guess the question I'd like to focus on is like on the product launches, are you delaying -- if you have an issue in terms of the delay. When you have launches planned, are you pushing them out? Or how are you prioritizing which ones get canceled versus which ones will just launch later?

我想我想關注的問題是關於產品發布的問題，您是否在延遲 - 如果您在延遲方面遇到問題。當您計劃發佈時，您是否將它們推出？或者，您如何優先考慮哪些會被取消，哪些會稍後推出？

Yes, Bob, it's a great question. To date, we have been delaying launches to synchronize them around the world. And as an example, in Greater China in the second quarter, SNKRS was down 50% versus the prior year, which had a big impact on that digital number. And that was because we didn't have the available inventory supply across the rest of our geographies to be able to coordinate a launch.

是的，鮑勃，這是一個很好的問題。迄今為止，我們一直在推遲發布以使它們在世界範圍內同步。例如，第二季度在大中華區，SNKRS 與去年同期相比下降了 50%，這對該數字數字產生了重大影響。那是因為我們在其他地區沒有可用的庫存供應來協調發布。

We're evaluating that as we look forward because we want to do the right thing for the consumer in the right local marketplaces. But yes, we have been operating that way to date.

我們正在評估這一點，因為我們希望在正確的本地市場為消費者做正確的事情。但是，是的，我們一直以這種方式運作至今。

But I got to just build on that and say while the launch is being delayed, our investment in innovation and commitment innovation has not been deteriorated or delayed at all.

但我必須在此基礎上繼續說，雖然發布被推遲，但我們對創新和承諾創新的投資並沒有惡化或延遲。

Matt and I were both -- we were over at innovation review in the LeBron James Building, what was it, a couple of weeks ago, where Tom Clarke, John Hoke and their teams, and Mike Spillane, were going through remarkable pipeline of innovation. And again -- and innovation around platforms, around the NEXT% platform, around the FlyEase platform, around the Zoom platform. And so the innovation pipeline we have coming in the coming months and years is very strong, and the commitment to innovation and the day in, day out relentless focus on a culture of innovation continues unabated.

馬特和我都是——我們在勒布朗詹姆斯大樓進行了創新審查，幾週前，湯姆克拉克、約翰霍克和他們的團隊以及邁克斯皮蘭正在經歷非凡的創新管道。 .再一次——圍繞平台、圍繞 NEXT% 平台、圍繞 FlyEase 平台、圍繞 Zoom 平台進行創新。因此，我們在未來數月和數年內推出的創新渠道非常強大，對創新的承諾和日復一日對創新文化的不懈關注繼續有增無減。

Again, to my prior answer, I just am so impressed with what our innovators, our designers, our product creators, our brand and storytellers have been able to do even through this challenging circumstance.

同樣，對於我之前的回答，我對我們的創新者、我們的設計師、我們的產品創造者、我們的品牌和講故事的人即使在這種充滿挑戰的情況下也能做到的事情印象深刻。

And our teams are shifting to a seasonless approach as we navigate the inventory we have for the balance of the year in order to make sure that we can fulfill consumer demand with the supply we have versus delaying further.

我們的團隊正在轉向無季節的方法，因為我們在今年餘下的庫存中進行導航，以確保我們能夠用現有的供應來滿足消費者的需求，而不是進一步延遲。

Got it. And if I could just ask a quick follow-up. I guess on the RTFKT acquisition, is a Trussell coin in the offing?

知道了。如果我可以要求快速跟進。我猜在收購 RTFKT 時，Trussell 硬幣即將出現嗎？

I don't think that's probably first on the priority list. But I don't know, Paul, maybe.

我認為這可能不是優先事項列表中的第一位。但我不知道，保羅，也許吧。

It could be up there.

它可能在上面。

Maybe. Maybe someday, you can come to us from the metaverse, Paul.

或許。也許有一天，你可以從元宇宙來到我們這裡，保羅。

Your next question comes from the line of Laurent Vasilescu with BNP.

您的下一個問題來自 BNP 的 Laurent Vasilescu。

I wanted to ask about pricing, especially with the backdrop of the very strong gross margin. Near term, how should we think about the promotional environment in North America and EMEA for the back half of the fiscal year?

我想問一下定價，尤其是在毛利率非常強勁的背景下。近期，我們應該如何看待本財年下半年北美和歐洲、中東和非洲的促銷環境？

And then longer term, on the last call, you talked about exceeding your 65% full-price sales realization goal put forward in your last Investor Day, just curious to know what that new goal is embedded with the 2025 targets?

然後從長遠來看，在最後一次電話會議上，您談到超過您在上一個投資者日提出的全價銷售實現目標 65%，只是想知道 2025 年目標中嵌入的新目標是什麼？

Sure, Laurent. As I mentioned in my prepared remarks, the biggest drivers of gross margin expansion this quarter, and frankly, the biggest driver relative to what we had guided 90 days ago was the level of full price realization and lower markdown rates versus what we had anticipated for a holiday season. And so we were surprised by it. And it just is reflective of the strength of the brand and the connections that we've got with consumers.

當然，勞倫特。正如我在準備好的評論中提到的那樣，本季度毛利率增長的最大驅動力，坦率地說，相對於我們 90 天前指導的最大驅動力是全價實現水平和低於我們預期的降價率一個假期。所以我們對此感到驚訝。它只是反映了品牌的實力以及我們與消費者的聯繫。

As we look to the balance of the year, we are expecting full-price realization to stay high and above, especially in North America and EMEA, that goal that we provided at Investor Day a couple of years ago, and we expect discount rates to remain low.

當我們展望今年的餘額時，我們預計全價實現將保持在較高水平，尤其是在北美和歐洲、中東和非洲，這是我們幾年前在投資者日提供的目標，我們預計折扣率將保持低位。

The impact, as you look at sequential quarters, is that we started to see improvements in markdown rates in the second half of last year in those 2 geographies in particular. And so the year-over-year impact from tighter supply, higher full price realization and lower markdowns has a lesser of an impact in the second quarter.

當您查看連續季度時，影響是我們開始看到去年下半年的降價率在這兩個地區有所改善。因此，供應緊張、更高的全價實現和更低的降價對第二季度的影響較小。

What I'd say longer term is we continue to evaluate full-price realization and the goals that we've set. And while we haven't changed them, we are above in a couple of markets. As inventory supply normalizes, we would expect that to come back down to where our goals are at, but we're also operating a far more agile operating model at this point in time and so -- led by NIKE Direct.

從長遠來看，我想說的是，我們將繼續評估全價實現和我們設定的目標。雖然我們沒有改變它們，但我們在幾個市場中處於領先地位。隨著庫存供應正常化，我們預計這將回到我們的目標，但我們目前也在運營一種更加靈活的運營模式，因此由 NIKE Direct 領導。

And so we'll continue to evaluate it especially as it pertains to the long-term margin outlook we provided. We still are confident in that high 40s gross margin outlook through fiscal '25. But I think the effects that we're seeing in this first year with tightened supply may just change the trajectory of how we get there.

因此，我們將繼續對其進行評估，特別是因為它與我們提供的長期利潤率前景有關。我們仍然對 25 財年 40 年代的高毛利率前景充滿信心。但我認為我們在第一年看到的供應收緊的影響可能只會改變我們實現目標的軌跡。

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。

Great. Congrats on another nice quarter.

偉大的。恭喜又一個不錯的季度。

Thanks, Matt.

謝謝，馬特。

So John, you cited the NIKE brand in a much stronger competitive position today relative to 18 months ago. I guess maybe help us to think about that statement on a global basis, if we think about the acceleration you're seeing in North America, maybe relative to underlying trends in Europe and Greater China, just as we think about that statement in terms of where we stand today relative to 18 months ago.

所以約翰，你提到耐克品牌在今天比 18 個月前處於更強大的競爭地位。我想這可能有助於我們在全球範圍內考慮該聲明，如果我們考慮您在北美看到的加速，可能與歐洲和大中華區的潛在趨勢有關，就像我們從以下方面考慮該聲明一樣與 18 個月前相比，我們今天所處的位置。

Sure, Matt. Let me just tell you the foundation with which I say it. Number one, our brand tracking tells us that our brand is still the #1 cool and favorite brand in all 12 of our key cities around the world, and it's strengthening and strengthening against our historical competitors. In fact, the only people that are coming close are technology companies. And so that continues to be one evidence.

當然，馬特。讓我告訴你我說它的基礎。第一，我們的品牌跟踪告訴我們，我們的品牌仍然是我們在全球所有 12 個主要城市中排名第一的酷炫和最受歡迎的品牌，並且它正在與我們的歷史競爭對手相抗衡。事實上，唯一接近的人是科技公司。所以這仍然是一個證據。

But I think even more fundamentally and longer term is the foundation of having a direct connection with the consumer. We are in an era where that is the liquid gold for any brand is to have a direct connection with the consumer so that you can understand that consumer, you can engage that consumer and then you can serve them in a personalized way. And if you have a leadership position, you have more information with which to do all that, more data, more information.

但我認為，更根本、更長遠的是與消費者建立直接聯繫的基礎。我們正處於這樣一個時代，任何品牌的液體黃金都是與消費者建立直接聯繫，這樣你就可以了解那個消費者，你可以吸引那個消費者，然後你可以以個性化的方式為他們服務。如果你有一個領導職位，你就有更多的信息來做這一切，更多的數據，更多的信息。

And so our digital penetration is at an all-time high. Matt mentioned at 25%. Our Direct Digital and mono brand penetrations at an all-time high, that gives us that direct connection. And frankly, the partnerships like DICK'S allows us to have that direct connection, whether it's direct or with a wholesale partner, and that allows us to serve that consumer in a more personalized, engaging and sustainable way. And we believe that is going to be one of the key indicators of future success. And not every brand in our industry or other industries is to be able to have that direct connection with consumers. And so that's the best leading indicator. And that's why we're putting so much focus on our full consumer funnel, bringing new members into the top of the funnel, engaging the mid-funnel and then obviously, translating that into strong and deep relationships.

因此，我們的數字滲透率處於歷史最高水平。馬特提到了 25%。我們的 Direct Digital 和單聲道品牌滲透率創歷史新高，這為我們提供了直接聯繫。坦率地說，像 DICK'S 這樣的合作夥伴關係使我們能夠建立直接聯繫，無論是直接聯繫還是與批發合作夥伴，這使我們能夠以更加個性化、更具吸引力和可持續的方式為消費者提供服務。我們相信這將成為未來成功的關鍵指標之一。並不是我們行業或其他行業的每個品牌都能夠與消費者建立直接聯繫。所以這是最好的領先指標。這就是為什麼我們如此關注我們完整的消費者漏斗，將新成員帶入漏斗的頂部，吸引中間漏斗，然後顯然將其轉化為牢固而深入的關係。

And so when you compare geographies, we're in this weird period where you got sort of numerator/denominator issues, right? Obviously, North America results were really strong this quarter. We had the supply and our team did a great job executing.

因此，當您比較地理位置時，我們正處於一個奇怪的時期，您遇到了分子/分母問題，對嗎？顯然，本季度北美的業績非常強勁。我們有貨源，我們的團隊在執行方面做得很好。

In EMEA, for instance, the digital results reflected last year when we were sort of liquidating a lot of inventory when COVID just occurred. But I look at our full-price digital penetration, it was quite strong. So the quarter-to-quarter growth rates get a little bit hard to interpret because of supply issues because of the previous years we're lapping store closures or -- but I would say we feel very good and very confident about being stronger in each of our regions.

例如，在歐洲、中東和非洲地區，去年 COVID 剛剛發生時我們正在清算大量庫存時，數字化結果反映出來。但我看看我們的全價數字滲透率，它相當強大。因此，由於供應問題，季度增長率有點難以解釋，因為前幾年我們正在關閉商店，或者——但我想說，我們對在每個方面都變得更強大感到非常好和非常有信心我們的地區。

And in this fiscal year, we accelerated our investment against the brand to solidify that #1 position and to continue to have deep connections with consumers. And despite the supply reduction, we remain committed to normalizing that investment because we're focused on fiscal '25 and beyond and the opportunity that we see in front of us across the entire portfolio. And we're leveraging our financial strength and our balance sheet to enable us to stay focused on the long term.

在本財年，我們加快了對該品牌的投資，以鞏固第一的地位，並繼續與消費者建立深厚的聯繫。儘管供應減少，但我們仍然致力於使投資正常化，因為我們專注於 25 財年及以後，以及我們在整個投資組合中看到的機會。我們正在利用我們的財務實力和資產負債表，使我們能夠專注於長期。

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。

Nice job executing in a pretty tough quarter there. Matt, let me start with the comment, your improved confidence on the supply chain versus 90 days ago, confidence in inventory getting back to more normal flows in fiscal '23. Is that what it takes for the China market to get back to the kind of the long-term algorithm with sustained double-digit growth that you spoke about on the fourth quarter call?

在那裡一個相當艱難的季度執行得很好。馬特，讓我從評論開始，與 90 天前相比，您對供應鏈的信心有所提高，對 23 財年庫存恢復正常流動的信心。中國市場需要這樣才能恢復到您在第四季度電話會議上談到的那種具有持續兩位數增長的長期算法嗎？

Thanks for the question, Michael. The results this quarter in China were absolutely -- were overwhelmingly impacted by supply disruptions from Vietnam. And we've been -- we've talked about that both earlier today and last quarter.

謝謝你的問題，邁克爾。本季度中國的業績絕對受到越南供應中斷的巨大影響。我們一直 - 我們在今天早些時候和上個季度都討論過這個問題。

We also had to navigate through local measures that were put in place to reduce the spread of COVID. And what I mean by that is that 25% of our partner retail stores were impacted in the quarter in some way as a result of local mandates to affect operations, and 50% of our factory stores in Greater China were equal -- were similarly impacted. And so that was -- those were clearly the 2 biggest drivers that impacted our performance this quarter.

我們還必須了解為減少 COVID 傳播而採取的當地措施。我的意思是，由於當地要求影響運營，我們 25% 的合作夥伴零售店在本季度受到了某種程度的影響，而我們在大中華區 50% 的工廠店同樣受到了同樣的影響.這就是 - 這些顯然是影響我們本季度業績的兩個最大驅動因素。

I mentioned SNKRS and the comparison challenges due to the delay of launch. But we've actually seen digital sequentially improving throughout the quarter. And so we're increasingly optimistic given our 11.11 performance in the way that we're sequentially improving. And as supply normalizes, as I referenced, we expect to see sequential improvement from these 2Q results. And as we restart our marketing activity and drive those connections with consumers, some of these signals that we're seeing, these encouraging signs that we see give us a lot of confidence that our trajectory is going to improve from this quarter.

我提到了 SNKRS 以及由於發布延遲導致的比較挑戰。但我們實際上已經看到整個季度的數字化連續改善。因此，鑑於我們在 11.11 的表現，我們正在逐步改善，因此我們越來越樂觀。正如我所提到的，隨著供應正常化，我們希望看到這些第二季度結果的連續改善。隨著我們重新啟動營銷活動並推動與消費者的聯繫，我們看到的其中一些信號，我們看到的這些令人鼓舞的跡象讓我們非常有信心，我們的軌跡將從本季度開始改善。

And I'd like to turn the call over to Paul for any closing remarks.

我想把電話轉給保羅，讓他發表任何結束語。

Well, thank you, everyone, for joining today. We look forward to speaking to you not just next quarter, but next year. So happy holidays to all. Take care and stay safe.

好的，謝謝大家今天的加入。我們期待著不僅在下個季度，而且在明年與您交談。祝大家節日快樂。小心並保持安全。

Happy holidays, everyone.

祝大家節日快樂。

Happy holidays.

節日快樂。

Ladies and gentlemen, this concludes today's conference call. We thank you for your participation. You may now disconnect.

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