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。歡迎參加 NIKE, Inc. 2022 財年第二季電話會議。對於想要參考今天的新聞稿的人來說，你可以在http://investors.nike.com找到。

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

主持今天電話會議的是投資人關係與策略財務副總裁 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.

在我將電話轉給特魯塞爾先生之前，請允許我提醒您，本次電話會議的所有參與者都將根據當前預期做出前瞻性陳述，而這些陳述受某些風險和不確定性的影響，可能導致實際結果大不相同。這些風險和不確定性在提交給美國證券交易委員會的報告中詳細說明，包括以 10-K 表格形式提交的年度報告。一些前瞻性陳述可能涉及未來收入成長或毛利率的預期。

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，參與者可能會討論非公認會計準則財務指標，包括對恆定美元收入的引用。提及固定美元收入是為了提供有關消除外匯波動的業務表現的背景資訊。參與者還可以參考其他非公開財務和統計資訊以及非 GAAP 財務指標。在討論非公開財務和統計資訊時，可在 NIKE 網站 http://investors.nike.com 上查看可比較 GAAP 指標和定量對帳的介紹。

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

現在我想將電話轉給保羅·特魯塞爾 (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.

謝謝您，接線生。大家好，感謝您今天加入我們討論 NIKE, Inc. 2022 財年第二季業績。正如接線員所指出的，今天電話會議的參與者可能會討論非公認會計準則財務指標。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 investor.nike.com 上找到相應的對帳內容。

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.

參加今天電話會議的有 NIKE 公司總裁兼執行長約翰·多納霍 (John Donahoe)；以及我們的財務長馬特·弗蘭德（Matt Friend）。在他們發表準備好的發言後，我們將回答大家的提問。

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.

我們希望在規定的時間內讓盡可能多的人提出問題。因此，我們希望您將最初的問題限制為一個。感謝您的合作。

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

現在我將電話轉給耐吉公司總裁兼執行長約翰·多納霍。

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

謝謝，保羅，大家好，祝今天電話會議的每個人都節日快樂。

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.

在介紹我們的季度業績之前，我想花點時間回顧 Virgil Abloh 的逝世。自 2016 年以來，Virgil 一直是 NIKE Jordan 和 Converse 家族深受喜愛的成員。他是一位才華洋溢的創意人士，熱衷於挑戰現狀、推動新願景，同時激勵著一代又一代人。但對我而言，維吉爾最突出的特點是他的謙遜和人性。

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

我們向眾多與維吉爾有聯繫的人表示哀悼。我們將非常懷念他。

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，NIKE Inc. 整個團隊的創造力和韌性助力我們再創強勁季度業績。我們所取得的成果繼續證明，即使在全球宏觀經濟約束下執行，我們的策略仍然有效。每當我遇到動盪時，我總是回到基本面。對耐吉而言，這意味著以消費者為中心，並利用我們的長期競爭優勢，包括深植於創新的文化、透過引人入勝的故事與消費者緊密聯繫的品牌和無與倫比的體育行銷組合。我們相信，我們的第四個新興競爭優勢是數位化，因為我們是少數能夠直接聯繫消費者並大規模為其提供服務的品牌之一。

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.

我們也繼續受益於疫情期間加速發展的結構性順風，這些順風包括全球範圍內正在發生的更大規模的健康和健身運動、消費者在生活的各個時刻穿著運動鞋和服裝的願望以及運動定義的不斷擴大。最後，消費者行為向數位化的根本轉變增強了我們的數位化優勢。

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遇，而這正是現在正在發生的事情。與 18 個月前相比，我們現在的競爭地位更加強大，而且這種趨勢還在繼續。

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.

我們在這個假期看到了力量的活躍。我們品牌與消費者的深厚聯繫推動了假日銷售的強勁成長，最值得注意的是，北美數位行銷在「黑色星期五」週領先產業，增幅接近 40%。

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」表現展現了我們在大中華區的品牌實力，我們增加了 1,300 萬名新會員，耐吉再次成為天貓第一運動品牌。

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位轉型的力量。數位化是推動我們消費者直接加速策略的引擎。

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.

對於體育界來說，第二季度也是一個令人難以置信的季度，這要歸功於我們強大的運動員和運動隊伍陣容。讓我簡單談談本季的一些亮點。

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.

隨著 WNBA 和 MOB 賽季的精彩結束，體育界的活力仍在繼續，NBA、NFL、歐洲足球和即將到來的大學橄欖球碗賽季也將拉開帷幕，其中排名前 20 的球隊中有 16 支，4 支季後賽參賽球隊中有 3 支是 NIKE 球隊。當這些聯賽像今天這樣令人興奮時，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 運動員繼續引領體育界的發展，其中巴塞隆納隊長 Alexia Putellas 榮獲 2021 年金球獎最佳女足球員稱號。

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手中獲得 MBE 勳章，這一榮譽是他當之無愧的，因為他在疫情期間為弱勢兒童提供支持。

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.

恭喜克里斯蒂亞諾·羅納爾多成為歷史上第一位在正式比賽中打進 800 個職業生涯進球的球員，再次達到非凡的里程碑。

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.

我還要特別感謝 Shalane Flanagan，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事，每場比賽的成績都在 2 小時 47 分鐘以內。這項成就讓我們所有人都感受到運動的樂趣和不懈的精神。

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.

在我們實施消費者直接加速策略的過程中，我們透過不斷推出樹立標準的新產品，繼續推動我們作為最具創新性的運動品牌的地位。此外，我們正在與女裝、喬丹服裝等主要成長動力以及永續發展承諾保持一致。

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.

在女鞋方面，我們推出了專為舞者設計的全新鞋款。 Nike Air Sesh 由 Tinker Hatfield 與專業舞者和編舞師合作設計，採用中幫皮革鞋面和腳下緩衝泡沫，兼顧風格和性能。我們首先針對 NIKE 會員推出了 Air Sesh，並將很快向更廣泛的範圍推出。

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頂級運動員加入我們的全球陣容之際，其中包括舞蹈編導 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.

隨著我們不斷加快策略並推動體育運動的擴大定義，我們能夠與女性建立更深的聯繫並創造更清晰的關注點。

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.

本季度還推出了 Serena Williams Design Crew 的首個系列，這是我們的學徒計劃，旨在促進多樣性和設計。團隊以獨特而強大的方式將創新、設計和目的結合在一起，這得益於我們對女性運動表現和生活方式全方位的承諾。幾個月前，小威來到我們校園，幫助開設我們世界總部的小威廉斯大樓。連同我們的勒布朗詹姆斯創新中心，這兩座建築代表了世界上對體育創新最卓越的投資。

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.

我們也很高興看到喬丹品牌推出AJ36。 AJ36 是 NIKE 公司首款採用紗羅編織技術的鞋子，這種工藝創造出的材料特別堅固、輕便，並且能夠適應所有腳型，使得 AJ36 成為有史以來最輕的 Air Jordans 之一。消費者可以期待在未來的季節看到我們對此創新的迭代。

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，我們透過與消費者產生共鳴的設計來推動市場活力。最新的 NBA 城市版和 MLB 城市連結隊服就是很好的例子，我們透過傾聽當地球隊社區的意見並採用周到的設計來慶祝比賽，從而發展體育文化。我們還推出了 FIT ADV，這是新一代性能服裝，它結合了防風雨技術和創新設計，可幫助運動員應對極端條件。這是耐吉服裝創新的巔峰之作，目前已納入耐吉性能服裝系列。明年，它將在全平台的 NIKE 生活方式產品中上市。

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，在永續性方面，我們推出了 Alphafly NEXT Nature，這是我們最具可持續性性能的鞋子，也是我們的第一款永續性能跑鞋。這延續了我們的 Cosmic Unity 永續籃球鞋所取得的進展，以重量計算，其總回收成分已超過 50%。 Alphafly Next Nature 的經驗將擴展到我們的整個營運系列，使用更永續的材料打造更優的產品。我們知道體育的未來取決於地球的健康，我們將繼續致力於盡自己的一份力量來保護地球的未來。

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，我們也透過 One Nike Marketplace 提升了他們的體驗。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.

透過成為 NIKE 會員，我們可以在互聯的市場上更加了解並服務我們的消費者。我想重點介紹本季的三個例子，說明 NIKE 如何在整個市場上推動更高級、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 Nike Training Club 應用程式中推出了以 Megan Thee Stallion 為特色的全新健康內容和鍛鍊方式。梅根的內容吸引了創紀錄的高參與度，吸引了 NTC 的每日活躍用戶增加 2 倍，而她精心挑選的外觀的需求量是同一時期內瀏覽的任何其他產品內容的兩倍多。

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，在大中華區雙十一來臨之際，我們在天貓上推出了全新的會員體驗，並改善了入職流程。結果，天貓上的 NIKE 旗艦店成為了體育類新會員招募的第一品牌，推動今年會員需求滲透率增加了 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，我們宣布與我們的策略零售合作夥伴之一迪克的體育用品公司 (DICK'S Sporting Goods) 建立合作夥伴關係，他們與我們有著共同的零售未來願景，具體而言，就是透過數位化和個人化的方式，為每位消費者的旅程提供更好的購物和體驗。透過這項新的合作關係，購物者可以將他們的 NIKE 會員帳戶和 DSG 帳戶關聯在一起，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——位於紐約州羅徹斯特的「運動門之家」。我必須說，我對商店獨特的服務模式、互動式運動體驗和增強的產品展示感到震驚，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業的期望。

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 的合作是一種品牌與零售商合作的新模式，旨在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，透過互聯的數據和技術，透過互聯的會員體驗和庫存，我們可以為消費者提供更多機會享受耐吉的最佳產品，讓他們比以往更快速、更方便地與我們的品牌和運動建立聯繫。展望未來，我們將有更多機會透過融合體育、創新、文化和商業的數位平台將消費者與耐吉聯繫起來。

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，我們最近在紐約數位工作室開闢了一個新空間，用於製作每週的 SNKRS LIVE 直播，以推動行業領先的參與度指標。每週的內容包括我們的 SNKRS LIVE 熱門節目中的新品預告，以及透過女性喬丹粉絲的視角呈現的全新喬丹系列，名為 J-Walking。

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.

我們的故事很深入，並與社區進行了雙向互動。因此，我們的消費者參與度是直播產業平均的 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 和喬丹，AJ11 Cool Grey 的首組邀請函已發送給迄今為止最大的女性群體，並在第一個小時內售罄。該小組是利用我們新的奉獻精神分數來選擇的，旨在獎勵對產品親和力高的成員小組。我們繼續看到獨家訪問權成為與消費者建立聯繫的決定性行銷機制。

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.

並且在第二季度，我們也在Roblox上推出了NIKELAND的3D沉浸式世界。 NIKE 與各地的年輕運動員見面，鼓勵他們自由發揮想像力，並透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 品牌始終在體育、創造力、創新和文化的交匯處蓬勃發展。 RTFKT 的收購使我們能夠擴大業務範圍，為現實世界和虛擬世界的消費者和創作者提供服務並取悅他們。我們將投資一支才華橫溢的 RTFKT 團隊、創作者社群和尖端創新，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，我們比疫情之前更強大，我對我們面臨的機會感到無比興奮。本季的業績證明我們的策略正在發揮作用。

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，我想藉此機會親自感謝全球75,000名 NIKE Inc. 隊友今年所做的一切。在我們經歷的所有過程中，這個團隊一直齊心協力，以創造力和韌性為我們的消費者和社區提供服務。這個團隊是世界上最偉大的天才集合，我要由衷地感謝他們。

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

現在我將把話題交給馬特。

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

謝謝你，約翰。大家好，祝通話中的每個人都節日快樂。

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說過的，耐吉是一家擁有無限潛力的成長型公司。我們的消費者直接加速策略正在透過數位方式與消費者建立更深入、更直接的聯繫，從而轉變我們的營運模式。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動盪局面，利用我們在疫情開始時制定的營運策略，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，將經驗豐富的員工提升到新的領導職位，重組了公司，更加關註消費者，並開發了新的能力，以快速、大規模地直接為消費者提供服務。

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.

耐吉第二季的財務表現符合我們 90 天前所訂定的預期，這得益於品牌的持續發展動能、產品特許經營的強勁表現（全價實現率極高）和旺季迄今的假日銷售，但相對於市場需求而言，可用庫存供應量較低。

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，北美和歐洲、中東和非洲地區的 NIKE Direct 銷售額比去年增長了 20% 以上，這得益於去年的顯著增長。

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.

為了實現這一目標，我對我們的供應鏈團隊的工作特別感到自豪。十月下旬，我有幸參觀了我們位於賓夕法尼亞州、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位化履行能力和假期準備計劃。我們的團隊正在精準執行這些計劃，優化可用庫存以滿足需求，提高服務水準並降低碳影響，所有這些都是透過技術和自動化實現的。

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.

再談談供應鏈的話題，越南工廠重新開工的計畫正在按計畫進行。幾乎所有受影響的工廠都在十月開始復工。截至今日，所有工廠均已投入運營，員工出勤率也有所提高，每週鞋類和服裝產量目前約為關閉前的80％。總體而言，越南工廠關閉導致我們取消了大約 1.3 億台的生產，因為有 3 個月的產量損失以及數月的時間才恢復滿載生產。

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，供應將恢復正常。

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.

轉向我們的數位業務。 NIKE 的數位化成長超越其他競爭對手，這得益於我們以會員為中心的理念。以匯率中性計算，NIKE Digital 本季成長了 11%，為業界樹立了榜樣。 NIKE 數位行銷目前佔 NIKE 品牌總收入的 25%，比上年增長 3 個百分點，是 2019 財年數位行銷收入的兩倍多。

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通路頂端，我們非常重視會員參與度和購買力。與去年相比，會員參與度成長了 27%，回頭客成長了 50%，推動了整體 AUR、AOV 和會員購買頻率的提升。今年總數位需求的 40% 來自我們的行動應用程序，突顯了我們數位平台的實力。

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，我們的 NIKE 生態系統已擁有超過 7,900 萬名活躍會員。隨著耐吉數位生態系統的不斷發展，我們開始看到規模經濟的複合效益，從品牌知名度和消費者聯繫到數據驅動的個人化和庫存利用率再到忠誠度。

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，我們舉辦了首次全球協調的會員日活動，創下了會員參與度的最高紀錄。從會員專屬產品到我們在倫敦 Nike Town 和巴塞隆納 Passeig de Gracia 商店舉辦的首次會員直播活動，我們創造了獨特的會員體驗，並創下了北美 Nike 應用程式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.

現在轉到最後一個話題。與當今的消費者建立聯繫意味著隨時隨地為他們提供他們想要的產品。消費者希望在探索、參與、聯繫和購買他們喜愛的品牌的產品的過程中獲得優質、無縫和個性化的體驗，並儘量減少摩擦。

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.

正如我們先前所討論的，NIKE 專注於創建一個 Nike 市場，透過更少、更有影響力的批發合作夥伴與消費者建立直接聯繫，並以 NIKE 會員為中心提供互聯的行動數位體驗，從而提升品牌。

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4年裡，北美地區減少了約50%的批發帳戶數量，同時透過NIKE Direct和我們的策略批發合作夥伴實現了強勁增長並重新奪回了消費者需求，為NIKE開闢了道路。

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，北美數位通路較上年同期成長了 40%，推動 NIKE 數位通路佔了整個北美市場的 30%，而 NIKE 直銷佔了總市場的 48%。為了實現這一成長並推動市場結構的轉變，我們加快了投資，以發展我們的分銷網絡並擴大數位優先的供應鏈，利用先進的分析、自動化和技術。我們在東西海岸開設了兩個新的區域服務中心，能夠在更短的時間內向消費者交付更多產品。我們還在整個門市範圍內啟用了從店內發貨功能，全部利用我們收購的 Celect 所產生的高級分析功能。

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 多個機器人來應對數位化成長。在我們位於孟菲斯的數位配送中心，機器人處理了超過 1000 萬個原本需要手動處理的單位貨物。

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.

我們將繼續在我們的門市擴大 O2O 消費者服務，包括線上購買、店內取貨和店內數位訂單退貨。目前的交易量相對較小，但我們有很大的擴大規模的機會。我們還與主要策略合作夥伴建立了新的履行模式，以提高整個市場的庫存可見度並優化全價數位需求。如果我們正確做到這一點，消費者就會受益。

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.

打造「一個耐吉市場」所取得的進展，又一個季度加速了北美地區營收成長和毛利率擴張，顯示消費者直銷的加速將推動耐吉的成長和獲利能力，以實現我們在 6 月分享的 2025 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，讓我來詳細介紹我們的第二季財務業績和經營部門的業績。 NIKE, Inc. 的營收成長了 1%，按貨幣中性運算持平，其中 NIKE Direct 業務成長了 8%，但由於可用庫存供應的優化，批發業務下降了 6%，抵消了這一增長。

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

NIKE Digital 成長了 11%，NIKE 自有商店成長了 4%，流量顯著改善，轉換率更高。

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.

毛利率較上年同期增加 280 個基點，主要由於降價幅度降低、全價組合提高和外幣匯率上升導致 NIKE Direct 利潤率上升，但運費和物流成本的增加部分抵消了這一增長。

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.

銷售、一般及行政費用較上年同期增長了 15％，主要原因是品牌活動支出正常化、為支持不斷增長的數位需求而進行的數位行銷投資、策略技術投資和與工資相關的支出。

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.

我們本季的有效稅率為 10.9%，去年同期為 14.1%。這是由於我們的獲利結構的變動和股票薪酬的影響所致。

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

第二季每股攤薄收益為 0.83 美元，較上年增長 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.

在我們進入營運分部業績之前，我想回顧一下上個季度我提出的幾點，關於越南工廠關閉對我們各地區從第二季度開始的短期業績的影響。北美、歐洲、中東和非洲地區第一季的在途庫存量很高，導致上一季的供應因運輸時間較長而延遲到達，得以在第二季售出。我們在第二季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，大中華區和APLA距離我們的採購基地更近，標準運輸時間更短，由於生產損失和可用庫存供應減少，第二季度的銷售量下降。我們在第二季的業績中也看到了這一點。考慮到這一點，讓我們回顧一下經營分部。

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，第二季營收成長 12%，息稅前利潤成長 21%。 NIKE 的需求仍然異常強勁，本賽季迄今為止，整個市場的假日零售額實現了兩位數增長，這得益於體育賽事回歸和出色假日季開始的持續發展勢頭。

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.

高性能運動產品零售額實現強勁的兩位數成長，其中跑步、健身和籃球運動產品表現最佳，但由於庫存供應充足，銷售量較低。女裝零售額實現高兩位數成長，是男裝零售額增幅的兩倍多，其中鞋類和服飾均實現強勁成長。

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 本季表現出色，較去年同期成長了 30%。正如我之前提到的，數位行銷保持了其發展勢頭，增長了 40%，並在黑色星期五當週創下了假期記錄。 NIKE 自有商店也實現了強勁的兩位數增長，客流量趨於大流行前的水平，由於清倉庫存水平較低以及降價率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.

儘管批發通路零售勢頭強勁，但由於市場庫存水準仍然較低，以及越南工廠關閉和運輸時間延長導致庫存供應流無法滿足市場需求，收入下降了 1%。

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，第二季營收以貨幣中立計算成長了 6%，息稅前利潤以報告基礎計算成長了 22%。本季迄今為止，整個市場的假日零售額成長了兩位數，所有消費領域都實現了強勁成長。隨著全球足球賽季的開始和歐洲冠軍聯賽的舉辦，整個地區都充滿活力。 NIKE 球員繼續在球場上稱霸，Mercurial 戰靴在歐洲多個職業聯賽中佔據領先地位。我們看到了消費者對 Mercurial 戰靴和歐冠第三套球衣的強烈反響。

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.

由於我們考慮到了前幾年市場關閉的影響，批發收入按貨幣中性計算增長了 6%。 NIKE Direct 也成長了 6%，其中 NIKE 自有商店實現了兩位數成長，我們將前一年關閉的商店與旅遊業回暖返校假期導致的客流量改善進行比較。

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.

與去年非凡的折扣銷售水平相比，NIKE Digital 下降了 1%，因為去年利用地理優勢進行數位行銷以清理過剩庫存。本季度，我們的全價數位業務成長超過 20%，導致全價銷售組合提升了 30 個百分點，AUR 實現了兩位數成長，降價率和促銷活動也有所改善。這推動了毛利率和銷售利潤回報率較去年同期強勁成長。

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，第二季營收按匯率中立計算下降了 24%，息稅前利潤按報告基礎下降了 36%。然而，迄今為止，整個市場的假期零售額趨勢更為樂觀。

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.

本季的業績符合預期，因為越南工廠關閉導致全價產品供應量下降。我們的批發收入受到了不成比例的影響，以貨幣中性計算下降了 27%。 NIKE Direct 銷售額下降了 21%，數位和實體零售通路都出現下滑。

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.

與新冠疫情相關的封鎖持續導致零售客流量波動。不過，我們確實看到整個季度的流量有時會恢復到疫情前的水平。數位銷售額下降了 27%，部分原因是 SNKRS 上的產品發佈時間延遲。

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，我們透過更好地與消費者互動，顯著獲取會員，並提高 AOV，從而實現了更強勁的數位表現。

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.

儘管面臨挑戰，我們仍將繼續利用我們的營運策略，並對大中華區的長期前景保持樂觀。本季度，我們擴大了「運動的樂趣」品牌活動，利用當地有影響力的人物、奧運選手和其他運動員，他們都是耐吉在大中華區領先的體育行銷組合的一部分。喬丹品牌更是宣布簽約亞洲首位女性運動員，籃球運動員楊淑瑜，為活動增添活力。為了支持這項活動並使我們的行銷投資水準正常化，我們在第二季對需求創造的投資比前一年增加了 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致力於與中國消費者建立獨特、真實的連結。我們利用快速通道重新推出原版 NAI-KE 系列，並生動地講述這些標誌性產品的歷史和傳統，以此慶祝 NIKE 在中國運作 40 週年。在我們首次推出產品時，所有產品在第一個小時內就銷售一空。我們將繼續拓展快速通道，為消費者帶來獨特的在地化產品，利用我們最受歡迎的全球產品特許經營權，在市場上激發獨特的耐吉活力。

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，但我們仍預計 22 財年將是復甦的一年。話雖如此，我們預計從第三季開始將持續改善。

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%.

現在轉向 APLA。以貨幣中立計算，第二季營收下降 6%，以申報基礎計算，息稅前利潤下降 8%。剔除匯率因素，SOCO實現的兩位數收入成長被亞太地區的收入下滑所抵消，亞太地區受到越南工廠關閉以及巴西商業模式轉變的較大影響。儘管東南亞、愛爾蘭和太平洋地區出現供應中斷和關門的情況，但本季整個市場的假期零售額仍比去年同期有所成長。 NIKE Direct 成長了 6%，其中 NIKE Digital 成長了 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.

我們的團隊充分利用了市場機遇，在所有地區成功舉辦了會員日和當地相關的活動，包括東南亞的光棍節、墨西哥的Buen Fin 和日本的網路週。

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

隨著我們透過 Nike App 啟用在地化分類和履行功能，墨西哥的數位業務成長了一倍以上。

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 繼續利用快速通道、其數位生態系統和全球合作夥伴關係來創造本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，我們的團隊不斷在與當地相關的數位體驗方面進行創新。

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.

亡靈節鞋類套裝的銷售率達到 100%，這個故事透過我們與 Roblox 的新合作傳播到了世界各地。

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.

現在讓我們來談談財務前景。隨著疫情第二年即將結束，由於消費市場和現在的供應鏈在不同時期出現了多波與疫情相關的干擾，比較季度和財年變得更加困難。

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.

由於 COVID 變體繼續對業務運營造成乾擾，我們預計營運環境將保持不穩定。我們對 22 財年的財務展望反映出，NIKE 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.

不過，NIKE的長期市場機會比以往任何時候都更大。因此，我們仍然專注於短期內可以控制的事情、我們透過消費者直接加速策略所取得的發展方向以及實現我們 25 財年財務前景所需的條件。

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.

具體來說，對於 22 財年，我們繼續預期收入將比上年增長中等個位數，與 90 天前的指導一致。對於第三季度，我們預期營收將比去年同期成長低個位數，原因是越南新冠疫情相關生產中斷造成的生產損失持續影響。

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.

我們將毛利率預期提高至比前一年增加 150 個基點。我們預計，在市場庫存緊張的背景下，我們將繼續受益於異常的需求。隨著通路降價幅度降低，總價格實現仍將高於我們的長期目標。然而，由於宏觀投入成本上升，我們預計下半年產品成本將會上升。我們也預計全年的供應鏈成本將相對我們 90 天前的估計增加，並且下半年的影響將更大。最後，我們現在預計外匯匯率將比上年上漲 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.

隨著需求創造支出正常化，我們繼續預計全年銷售、一般及行政開支將以中高百分比增長，並且我們將繼續投資於支持消費者主導的數位轉型的能力。我們現在預計全年有效稅率將處於10%出頭的水平。

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，並正在改變我們的財務模式。我們繼續證明我們能夠應對當前營運環境中的不確定性和波動性。但我們所做的不僅僅是設法解決。

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.

我們正在為未來打造 NIKE，包括與消費者建立更深入的聯繫、滿足現代運動員需求的產品創新管道，以及大規模直接和數位化服務消費者所需的新營運能力。我們對於品牌的長期未來有著清晰的願景，因此我們始終專注於長期取勝所需的條件。

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

現在，我們開始提問。

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金伯利格林伯格。

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，你們在這裡做了出色的工作，度過了一段非常困難的時期。馬特，我想跟進一下你關於恢復 80% 生產的評論。您能否談談對未來幾個月生產力持續提升的預期？您預計什麼時候能夠——如果您可以再談一談的話，我知道您在上個季度已經談到了這個問題，但是您預計什麼時候能夠恢復庫存方面更具進攻性的地位並完全補貨？

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，謝謝你的提問。正如我所提到的，我們的工廠目前已恢復運營，我提到鞋類和服裝的工廠復工率為 80％。事實上，鞋類的價格略低一些，而服裝的價格略高一些。但隨著我們每週觀察員工出勤率，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.

因此，上個季度，我們表示我們的工廠將於 10 月 1 日恢復生產，並且需要幾個月的時間才能恢復到每週的生產能力，與工廠關閉之前的狀態一致。我們正在執行這個計劃。

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，當我們審視今年的餘額指引時，它反映了這些持續的假設。相對於 90 天前的水平，我們越來越有信心庫存供應將恢復正常，並且我們將能夠滿足整個市場的巨大需求。

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

（操作員指示）您的下一個問題來自巴克萊銀行的 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。我的大部分榮譽都來自於我在艱難的地形上前進的能力。約翰，我想問一下有關中國的問題。大約一個月前，也就是 11 月初，阿迪達斯在電話會議上談到了庫存過多，必須重新定向。這在中國市場有著極佳的推廣效果。所以我想知道您是否可以談談中國的競爭格局，或許可以對國產品牌李寧與西方品牌耐吉、阿迪達斯、彪馬等進行一些評論。

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，艾德麗安。我只是重複我上個季度和前上個季度說過的話，那就是耐吉一直以來都、並且將永遠在中國採取長遠眼光，對嗎？我們已經在那裡四十年了。菲爾很早就到了那裡。我們與中國消費者建立了非常牢固的品牌連結。我們將繼續投資並引領中國市場。所以，我們正在對各種事物進行投資，這些事物使我們取得了今天的成就。

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，我們擁有一支優秀的本地團隊。 Angela Dong 和她的團隊正在幫助我們駕馭和引導當前的環境。產品創新是我們最重視的，也是世界上最具創新性的產品，我們透過我們的快速通道，不斷生產越來越適合中國消費者的產品。馬特稍微談了這一點，我們在中國所做的越來越多是為了適應中國消費者。

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.

說故事也是如此。以當地運動員和當地消費者為中心的故事講述。我們提到了最近的喬丹體育行銷精英運動員的簽約以及現場直播。我們正在按照中國本地消費者的條件與他們建立聯繫。

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。我們一直致力於投資中國體育事業的發展。我們將繼續這樣做。我們關心永續發展並為此進行投資。因此，我們相信，始終存在的基本原則就是未來發展的正確基本原則。

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，本季的業績符合我們的預期，包括供應短缺和其他方面。我關注的是當我們出現在中國並積極接觸消費者時，他們如何反應。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。正確的？我們提到，上個月進行了 90 場直播，觀眾超過 7,000 萬。這導致新會員數量達到 1300 萬。而耐吉則在該期間再次榮登中國天貓銷售第一的位置。

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.

因此，我們著眼於長期目標。我們每個季度都會進步一點點，我們將繼續沿著這條道路前進，並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.

我只想補充一點，那就是我們重新啟動了品牌活動，正如我在準備好的演講中提到的那樣。我們的需求創造投資比前一年增加了 40%。如果以美元計算，與我們第一季的投資相比，這一比例甚至更高。因此我們看到了消費者的正面反應。展望未來，我們期待這些投資能帶來回報，並繼續以在地化的方式與消費者互動。

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

偉大的。馬特，根據您所給予的指導，我們應該如何塑造第三季的中國市場？

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

我們預計，隨著供應恢復正常，我們的業績將比第二季有所改善。

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

您的下一個問題來自 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談談奧密克龍 (Omicron)。我知道現在還為時過早，但正如你所提到的，你們在世界各地有成千上萬的隊友。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 相關的內容融入您的指導中的？

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角度考慮這個問題，而且這種情況是否可能在未來幾個月再次擾亂供應鏈？或者您覺得它已經增強到我們可以抵禦最新變體的程度？

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

奧馬爾，讓我先談談我們的團隊，然後，馬特，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，我為我們團隊在過去 6 到 24 個月裡的表現感到非常自豪。如你所知，這是一系列持續不斷的開始/停止，充滿不確定性和變化。我們的團隊以堅韌、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.

我必須坦白說，現在回想起來，許多已經做出的改變加速了原本不會發生的進步。因此我們今天實際上處於更有利的地位。我認為我們實際上受益匪淺，因為我們團隊的努力以及即使在在家工作環境中也表現出的回應能力。

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.

儘管如此，我們確實相信，隨著時間的推移，憑藉創新和強大的品牌，我們希望實現混合模式。如你所知，在美國，我們已經強制接種疫苗，並且對此的回應率非常高。因此，我們準備在安全的情況下恢復混合工作環境，並且我們優先考慮員工的安全。我們會做好準備，無論是第一季還是最終什麼時候。但在此期間，我們的團隊繼續以令我非常欣賞和自豪的方式進行創新和執行。我認為結果就反映了這一點。

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

馬特，你想談談這對其他人的影響嗎？

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，我們都在共同應對當前工作的現實環境。它是不確定的、易變的。

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，就我們的財年指引而言，我們在上個季度向大家更新的資訊中，最大的影響是供應減少的影響，1.3 億台的供應減少對我們財年收入前景的影響。

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有利的位置，我們已經用兩年多的時間來應對與疫情相關的波動帶來的挑戰和複雜性，專注於最重要的事情，我們的團隊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，我們將像大家一樣繼續密切關注。但目前，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漢證券公司的鮑伯‧德布爾 (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?

我想重點關注的問題是，在產品發布方面，您是否在推遲——如果您在推遲方面有問題。當您計劃發布新產品時，您會推遲發布嗎？或者您如何確定哪些項目的優先順序被取消，哪些項目將稍後推出？

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。到目前為止，我們一直在推遲發布，以便在全球同步發布。舉例來說，第二季大中華區的 SNKRS 較上年同期下降了 50%，這對這個數字產生了很大影響。這是因為我們在其他地區沒有足夠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.

我們正在對此進行評估，因為我們想在正確的本地市場為消費者做正確的事情。但確實，我們至今一直都是這樣運作的。

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.

但我要在此基礎上說，雖然發布被推遲了，但我們對創新和承諾創新的投資並沒有減少或推遲。

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.

幾週前，馬特和我都在勒布朗詹姆斯大廈參加創新評審，湯姆克拉克、約翰霍克和他們的團隊以及麥克斯皮蘭正在那裡研究非凡的創新管道。再次——圍繞著平台、圍繞 NEXT% 平台、圍繞 FlyEase 平台、圍繞 Zoom 平台進行創新。因此，在未來的幾個月和幾年裡，我們的創新管道將非常強大，對創新的承諾和對創新文化日復一日的不懈關注也將持續不減。

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.

再次回答我之前的回答，我對我們的創新者、設計師、產品創造者、品牌和講述者在如此充滿挑戰的情況下所取得的成就印象深刻。

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不分季節的方法，對全年剩餘的庫存進行管理，以確保我們能夠利用現有的供應來滿足消費者的需求，而不是進一步拖延。

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。我是否可以快速問一下後續問題。我猜測，在 RTFKT 收購中，Trussell 幣是否即將問世？

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。但我不知道，保羅，也許吧。

It could be up there.

它可能就在那裡。

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身邊，保羅。

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

您的下一個問題來自英國國家銀行的洛朗·瓦西列斯庫 (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?

我想問定價問題，特別是在毛利率非常高的情況下。近期，我們該如何看待本財年下半年北美和歐洲、中東和非洲地區的促銷環境？

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?

然後從更長遠來看，在上次電話會議上，您談到超越了上次投資者日提出的 65% 的全價銷售實現目標，只是好奇想知道這個新目標與 2025 年的目標有什麼關係？

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，洛朗。正如我在準備好的發言中提到的，本季毛利率擴大的最大驅動力，坦白說，相對於我們 90 天前的預期，最大的驅動力是全價實現水準和低於假日季的降價率。因此我們對此感到驚訝。它反映了品牌的實力以及我們與消費者之間的連結。

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.

展望今年的平衡，我們預計全價實現率將保持高位甚至更高，特別是在北美和歐洲、中東和非洲地區，這是我們幾年前在投資者日設定的目標，而且我們預計折扣率將保持在低位。

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.

從連續季度來看，其影響是，我們開始看到去年下半年這兩個地區的降價率有所改善。因此，供應緊張、全價實現率提高和降價幅度降低對第二季的年比影響較小。

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.

我想說的長期目標是，我們將繼續評估全價實現情況和我們設定的目標。雖然我們沒有改變它們，但我們在幾個市場上仍處於領先地位。隨著庫存供應恢復正常，我們預計庫存將回到我們的目標水平，但目前我們仍在運作一個更靈活的營運模式，由 NIKE Direct 主導。

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，特別是因為它涉及我們提供的長期利潤前景。我們仍對 25 財年 40% 以上的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會改變我們實現這一目標的軌跡。

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。恭喜您又度過了一個美好的季度。

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.

約翰，您提到，與 18 個月前相比，NIKE 品牌如今的競爭地位更加強勁。我想，如果我們考慮一下北美正在經歷的加速發展，也許可以相對於歐洲和大中華區的潛在趨勢，就像我們根據今天相對於 18 個月前的情況來思考這句話一樣，這也許可以幫助我們從全球的角度來思考這句話。

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。讓我只告訴你我這麼說的依據。首先，我們的品牌追蹤告訴我們，我們的品牌仍然是全球 12 個重點城市中最酷、最受歡迎的品牌，與我們的歷史競爭對手相比，我們的品牌實力正在不斷增強。事實上，唯一接近這一水平的是科技公司。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、更長遠的問題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：對於任何品牌來說，與消費者直接聯繫都是流動黃金，這樣你就能了解消費者，吸引消費者，然後以個性化的方式為他們服務。如果你處於領導地位，你就會擁有更多的資訊來完成所有這些工作，更多的數據，更多的資訊。

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.

我們的數位滲透率達到了歷史最高水準。馬特提到了 25%。我們的直接數位和單一品牌滲透率達到了歷史最高水平，這為我們提供了直接聯繫。坦白說，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透過批發合作夥伴，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。在我們這個產業或其他產業中，並不是每個品牌都能夠與消費者建立直接連結。這是最好的領先指標。這就是為什麼我們如此重視我們的完整消費者管道，將新成員帶入管道頂部，吸引中部管道，然後顯然將其轉化為牢固而深厚的關係。

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，當你比較地理位置時，我們正處於一個奇怪的時期，你會遇到某種分子/分母問題，對嗎？顯然，本季北美的業績非常強勁。我們有供應，而且我們的團隊執行得非常出色。

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，數位結果反映了去年我們在 COVID 剛發生時清算大量庫存的情況。但我看了看我們的全價數字滲透率，它相當強勁。因此，季度成長率有點難以解讀，因為供應問題，因為前幾年我們關閉了一些商店，但我想說，我們對在每個地區都變得更加強大感到非常高興和有信心。

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.

本財年，我們加大了對該品牌的投資，以鞏固第一的位置，並繼續與消費者保持深厚的聯繫。儘管供應減少，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來使我們能夠專注於長期發展。

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邁克爾·比內蒂 (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?

在一個相當艱難的季度裡，我們表現得很好。馬特，首先讓我評論一下，與 90 天前相比，你對供應鏈的信心有所增強，對庫存在 23 財年恢復正常流動的信心有所增強。這就是中國市場恢復您在第四季電話會議上提到的長期持續兩位數成長的規律嗎？

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.

謝謝你的提問，麥可。本季中國市場的業績確實受到了越南供應中斷的嚴重影響。我們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.

我們還必須採取當地為減少 COVID 傳播而採取的措施。我的意思是，由於當地法規影響了運營，我們 25% 的合作零售店在本季度受到了某種影響，大中華區 50% 的工廠店也受到了類似的影響。所以，這顯然是影響我們本季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 以及由於發布延遲而面臨的比較挑戰。但我們實際上看到整個季度數位化狀況不斷改善。鑑於我們在「11.11」活動上的表現持續改善，我們對此越來越樂觀。正如我所提到的，隨著供應正常化，我們預計第二季的業績將持續改善。當我們重啟行銷活動並加強與消費者的聯繫時，我們看到的一些訊號、這些令人鼓舞的跡象讓我們非常有信心，從本季開始我們的軌跡將會改善。

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

我想將電話轉給保羅，請他做最後發言。

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.

好吧，謝謝大家今天的參加。我們期待不僅在下個季度，而且在明年與您交談。祝大家節日快樂。保重，注意安全。

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。您現在可以斷開連線。