Nike Inc (NKE) 2023 Q2 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2023 Second Quarter Conference Call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, Vice President of Investor Relations and Strategic Finance.

大家下午好。歡迎來到 NIKE, Inc. 的 2023 財年第二季度電話會議。對於那些想要參考今天的新聞稿的人，您可以在 investors.nike.com 上找到它。主持今天電話會議的是負責投資者關係和戰略財務的副總裁 Paul Trussell。

Before I turn the call over to Mr. Trussell, let me remind you that participants on this call will make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in NIKE's reports filed with the SEC.

在我將電話轉給 Trussell 先生之前，讓我提醒您，本次電話會議的參與者將根據當前預期做出前瞻性陳述，這些陳述存在某些風險和不確定性，可能導致實際結果大不相同。這些風險和不確定性在耐克提交給美國證券交易委員會的報告中有詳細說明。

In addition, participants may discuss non-GAAP financial measures and nonpublic financial and statistical information. Please refer to NIKE's earnings press release or NIKE's website, investors.nike.com, for comparable GAAP measures and quantitative reconciliations.

此外，與會者還可以討論非 GAAP 財務措施和非公開財務和統計信息。請參閱 NIKE 的收益新聞稿或 NIKE 的網站 investors.nike.com，了解可比較的 GAAP 措施和定量調節。

Now I'd like to turn the call over to Mr. Paul Trussell. Please go ahead.

現在我想把電話轉給 Paul Trussell 先生。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s Fiscal 2023 Second Quarter Results. 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. 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. Thanks for your cooperation on this.

謝謝你，運營商。大家好，感謝您今天加入我們討論 NIKE, Inc. 的 2023 財年第二季度業績。與我們一起參加今天電話會議的還有 NIKE, Inc. 總裁兼首席執行官 John Donahoe；以及我們的首席財務官 Matt Friend。在他們準備好的發言之後，我們將回答您的問題。我們希望允許盡可能多的人在我們規定的時間內提出問題，因此我們希望您將最初的問題限制在一個範圍內。感謝您在這方面的合作。

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

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

Thank you, Paul, and hello to everyone on today's call. We delivered a strong quarter in Q2, with revenue growth of 17% on a reported basis and 27% on a currency-neutral basis. And looking at the quarter's results, we delivered our Q2 expectations on revenue, profitability and inventory.

謝謝你，保羅，今天的電話會議向大家問好。我們在第二季度表現強勁，報告收入增長 17%，在貨幣中性基礎上增長 27%。看看本季度的結果，我們實現了第二季度對收入、盈利能力和庫存的預期。

In this current environment, our consumer demand stands out. Today, we're creating more separation between us and our competition thanks to the meaningful relationships we have with consumers and the continued success of our strategy. Our Q2 growth was broad-based across our brands, channels and geographies. We had strong double-digit growth across both our partners and our direct business, which was once again led by our industry-leading digital performance. The quarter saw more than 30% currency-neutral growth in our North America, EMEA and APLA geographies. And after nearly 2 years of unprecedented disruptions, Greater China grew 6% on a currency-constant basis, translated to minus 3% on a reported basis due to foreign exchange. Clearly, our brand continues to not only be top of mind, but prioritized by consumers around the globe.

在當前環境下，我們的消費者需求非常突出。今天，由於我們與消費者建立的有意義的關係以及我們戰略的持續成功，我們正在與競爭對手之間建立更多的距離。我們第二季度的增長廣泛存在於我們的品牌、渠道和地區。我們的合作夥伴和我們的直接業務都實現了兩位數的強勁增長，這再次由我們行業領先的數字性能引領。本季度我們在北美、歐洲、中東和非洲和亞太地區的地區實現了超過 30% 的貨幣中性增長。在經歷了將近 2 年的前所未有的混亂之後，大中華區按匯率不變計算增長了 6%，由於匯率的影響，按報告的基礎計算為負 3%。顯然，我們的品牌不僅繼續成為人們心目中的首選，而且受到全球消費者的優先考慮。

In addition to our results, we're executing in the areas we spoke to 90 days ago as we take decisive actions to clear excess inventory. We believe the inventory peak is behind us as actions we're taking in the marketplace are working. Later in the call, Matt will share more about our progress on inventory in North America and a return to healthy inventory levels in China. So overall, our Q2 results give us confidence that we will deliver the year, and we remain on a path toward our long-term goals as well. Our current headwinds, such as foreign exchange and inventory challenges are transitory, but our tailwinds are structural like the expanding definition of sports, the consumers move toward digital, and the cultural shifts toward comfort and health and wellness. More importantly, our results speak to how we've leveraged our competitive advantages, which include a relentless innovation pipeline, unmatched brands and deep consumer connections to build relative strength and stay ahead of competition.

除了我們的結果，我們還在 90 天前談到的領域執行，因為我們採取果斷行動清理過剩庫存。我們相信庫存高峰已經過去，因為我們在市場上採取的行動正在奏效。在稍後的電話會議中，馬特將分享更多關於我們在北美庫存方面的進展以及中國庫存恢復到健康水平的情況。因此，總的來說，我們第二季度的業績讓我們有信心實現這一年，我們也將繼續朝著我們的長期目標邁進。我們當前的逆風，如外彙和庫存挑戰是暫時的，但我們的順風是結構性的，比如運動定義的擴展、消費者轉向數字化，以及文化向舒適、健康和健康的轉變。更重要的是，我們的結果說明了我們如何利用我們的競爭優勢，包括不懈的創新渠道、無與倫比的品牌和深厚的消費者聯繫，以建立相對實力並在競爭中保持領先地位。

As you heard me say before, at NIKE, it all starts with product innovation. And this quarter, I'd like to highlight an important part of our culture of innovation: our constant pursuit to improve on our most popular platforms. We win with product because we know it's not only about individual innovations, but also about our ability to continuously bring newness to our greatest franchises.

正如您之前聽我說過的，在 NIKE，一切都始於產品創新。本季度，我想強調我們創新文化的一個重要部分：我們不斷追求改進我們最受歡迎的平台。我們以產品取勝，因為我們知道這不僅關乎個人創新，還關乎我們不斷為我們最偉大的特許經營權帶來新鮮感的能力。

For instance, earlier this quarter, we launched the LeBron 20 to strong consumer response. What's unique about the LeBron 20 is that it's LeBron's first signature shoe to debut with a low top. Driven by consumer insight and performance demands from LeBron himself, this style combines innovation with sportswear design to create greater commercial appeal with its ability to be worn on the court and off. And we're not just bringing innovation and excitement to existing franchises, we continue to expand the portfolio. Coming soon, we've got some exciting signature debuts in NIKE Basketball and Jordan Brand that we can't wait for consumers to see. With our strong product portfolio and unparalleled roster of athletes that we have today, we couldn't be more excited about the future of our basketball business.

例如，本季度早些時候，我們推出了 LeBron 20 以引起消費者的強烈反響。 LeBron 20 的獨特之處在於，它是 LeBron 首款以低幫登場的簽名鞋。在勒布朗本人的消費者洞察力和性能需求的推動下，這種風格將創新與運動服設計相結合，以其在場上和場下都可以穿著的能力創造更大的商業吸引力。我們不僅為現有的特許經營權帶來創新和興奮，我們還在繼續擴大投資組合。即將推出，我們在 NIKE Basketball 和 Jordan Brand 中推出了一些激動人心的簽名款，我們迫不及待地想讓消費者看到。憑藉我們今天擁有的強大的產品組合和無與倫比的運動員名單，我們對籃球業務的未來感到無比興奮。

Last quarter, I highlighted another franchise in another sport getting an upgrade, the material, which added a Zoom Air bag to create NIKE's fastest football boot ever. And during the exciting World Cup over the last several weeks, the new material scored more goals than any other boot, led by Kylian Mbappé who won the Golden Boot as the tournament's top scorer. In fact, NIKE's boots dominated the World Cup, scoring more goals than all other brands combined. And consumers have responded to this energy, giving the new material the highest full price realization of any performance product this quarter globally. And of course, for us, it doesn't just end in innovation with product. NIKE's innovation can also be felt with our rich and powerful storytelling and our deep brand engagement, particularly in global sports moments like the World Cup. NIKE's unique ability to bring together product storytelling and the world's best athletes has once again created something that only NIKE can.

上個季度，我強調了另一項運動的另一項特許經營權正在升級，即材料，它增加了一個 Zoom Air 氣囊，創造了 NIKE 有史以來最快的足球鞋。在過去幾週激動人心的世界杯期間，新材料的進球數比任何其他戰靴都要多，其中以 Kylian Mbappé 為首，他作為錦標賽最佳射手贏得了金靴獎。事實上，NIKE 的戰靴在世界杯上獨領風騷，進球數超過所有其他品牌的總和。消費者對這種能量做出了反應，使新材料成為本季度全球所有高性能產品中最高的全價實現。當然，對我們來說，它不僅僅止於產品創新。 NIKE 的創新也可以通過我們豐富而有力的故事講述和我們深入的品牌參與來感受，尤其是在世界杯這樣的全球體育時刻。 NIKE 將產品故事和世界上最優秀的運動員結合在一起的獨特能力再次創造了只有 NIKE 才能做到的東西。

As I mentioned earlier, our Q2 results speak to the continued success of our strategy. Consumer Direct Acceleration is fueling our marketplace approach in which we directly connect with the consumer no matter where they shop. Today, our marketplace strategy is driving distinction in this current promotional environment. Our work to directly connect with consumers is founded on a simple consumer insight. Consumers want to get what they want, when they want it and how they want it. And consumers have told us they want a consistent, seamless and premium experience both digitally and physically around monobrand and multibrand. And so we're serving consumers digitally with our suite of apps. We're extending our reach and convenience through our strategic wholesale partnerships and leveraging monobrand doors to fill the gap for underserved opportunities like women's fitness and Jordan.

正如我之前提到的，我們第二季度的業績證明了我們戰略的持續成功。 Consumer Direct Acceleration 正在推動我們的市場方法，在這種方法中，我們直接與消費者聯繫，無論他們在哪裡購物。今天，我們的市場策略正在當前的促銷環境中推動差異化。我們直接與消費者建立聯繫的工作是建立在對消費者的簡單洞察之上的。消費者希望在他們想要的時候以他們想要的方式得到他們想要的東西。消費者告訴我們，他們希望圍繞單一品牌和多品牌在數字和物理方面獲得一致、無縫和優質的體驗。因此，我們通過我們的應用程序套件以數字方式為消費者提供服務。我們正在通過我們的戰略批發合作夥伴關係擴大我們的影響力和便利性，並利用單一品牌門來填補女性健身和喬丹等服務不足的機會的空白。

The key is building meaningful direct lifelong relationships with consumers. We deeply believe this will be an important source of differentiation going forward. Why? Well, for one, having a direct connection with consumers avoids the risk of disintermediation. In other words, with the consumer base that comes directly to our apps, to our website and to our owned and partner stores, we, alongside our partners are in a position to control our own destiny. And ultimately, this direct connection enables us to understand consumers better so that we can serve them better with the right assortment, with the right partners and at the right touch points.

關鍵是與消費者建立有意義的直接終身關係。我們堅信這將成為未來差異化的重要來源。為什麼？嗯，一方面，與消費者直接聯繫可以避免去中介化的風險。換句話說，隨著直接訪問我們的應用程序、我們的網站以及我們自有和合作夥伴商店的消費者群，我們和我們的合作夥伴能夠控制自己的命運。最終，這種直接聯繫使我們能夠更好地了解消費者，以便我們可以通過正確的分類、正確的合作夥伴和正確的接觸點更好地為他們服務。

And what showcases the success of this strategy is our membership base. Membership was a key reason our digital business grew an industry-leading 34% this quarter. Q2 was our biggest member demand quarter ever, and we saw double-digit growth in member engagement. Today, we have roughly 160 million active members who engage with us on a regular basis. And more importantly, our repeat buying members who are more engaged spend more and spend more frequently are growing at an even faster pace of high double digits as they continue to be an important growth engine for our business. And our members also shop seamlessly across the marketplace. In addition to digital, a key member on-ramp for us is through our NIKE stores. In fact, more than 50% of store demand comes from members, and cross-channel members are even more valuable with higher demand per member than single channel members.

展示這一戰略成功的是我們的會員基礎。會員資格是本季度我們數字業務增長 34% 的一個關鍵原因。第二季度是我們有史以來最大的會員需求季度，我們看到會員參與度實現了兩位數的增長。今天，我們大約有 1.6 億活躍會員定期與我們互動。更重要的是，我們的重複購買會員參與度更高，消費更多，消費頻率更高，正以更高的兩位數速度以更快的速度增長，因為他們繼續成為我們業務的重要增長引擎。我們的會員還可以在市場上無縫購物。除了數字渠道，我們的一個重要會員入口是通過我們的 NIKE 商店。事實上，超過50%的門店需求來自會員，跨渠道會員比單渠道會員更有價值，人均需求更高。

An important enabler of giving consumers a personalized shopping experience regardless of channel is our connected membership program with our strategic partners. You've heard us discuss it before, scaling connected membership with DSG, JD Sports, Zalando and top sports. And today, we're seeing results that are beneficial for everyone. NIKE is already learning more about our members, which helps us elevate in areas such as product creation, line planning and the experiences we deliver.

無論渠道如何，為消費者提供個性化購物體驗的一個重要推動因素是我們與戰略合作夥伴的關聯會員計劃。您之前已經聽過我們討論過，通過 DSG、JD Sports、Zalando 和頂級體育來擴展關聯會員。今天，我們看到了對每個人都有益的結果。 NIKE 已經在更多地了解我們的會員，這有助於我們在產品創造、產品線規劃和我們提供的體驗等領域取得進步。

And our partners are telling us that these engaged members are driving improved traffic, conversion and mutual profitability for them as well. And so while it's still early days on this journey, we're excited by the foundation we're creating. The ability to give consumers a personalized experience across channels, fueled by data and insight, opens up a whole host of opportunity for us. It positions us to empower consumers with their own choice while keeping the scalability and strengths in digital marketing, product creation, distribution and more, which results from knowing them so well. So ultimately, it will make NIKE a better retailer and also a better wholesale partner.

我們的合作夥伴告訴我們，這些參與的成員也正在為他們推動改進的流量、轉化率和共同盈利能力。因此，雖然這段旅程還處於早期階段，但我們對我們正在創建的基礎感到興奮。在數據和洞察力的推動下，能夠跨渠道為消費者提供個性化體驗，這為我們帶來了大量機遇。它使我們能夠讓消費者擁有自己的選擇權，同時保持數字營銷、產品創建、分銷等方面的可擴展性和優勢，這是因為對他們非常了解。所以最終，它將使 NIKE 成為更好的零售商，同時也是更好的批發合作夥伴。

Last but not least, I want to take a moment to acknowledge our Greater China team and the 6% growth they just delivered. As I said earlier, it's been nearly 2 years of unprecedented disruption in China. But this team's resilience, experience and strategy has set us apart to gain momentum on all fronts. Last month, we had a record-breaking 11.11 consumer moment, which concluded with double-digit demand growth and NIKE having outperformed the industry. And we keep setting new records as part of this important shopping holiday: #1 brand, #1 in traffic, #1 in live streaming, #1 in flagship store, #1 in membership acquisition and #1 in member demand penetration. And we're not just #1. This quarter, we saw movement in relative positioning as we create even more competitive separation coming out of this important consumer moment. And as you know, we have remained committed to investing in Greater China for the long term. Even in this dynamic environment, we continue to invest in technology, local marketing and more as we believe the best way to capture demand in China is to serve consumers in a locally relevant way.

最後但同樣重要的是，我想花點時間感謝我們的大中華區團隊以及他們剛剛實現的 6% 的增長。正如我之前所說，中國經歷了將近 2 年的前所未有的混亂。但這支團隊的韌性、經驗和戰略使我們脫穎而出，在各個方面都獲得了動力。上個月，我們迎來了破紀錄的 11.11 消費時刻，以兩位數的需求增長結束，NIKE 的表現優於行業。作為這個重要購物假期的一部分，我們不斷創造新記錄：#1 品牌、#1 流量、#1 直播、#1 旗艦店、#1 會員獲取和#1 會員需求滲透。我們不僅僅是第一名。本季度，我們看到了相對定位的變化，因為我們在這個重要的消費者時刻創造了更具競爭力的分離。如您所知，我們一直致力於在大中華區進行長期投資。即使在這種充滿活力的環境中，我們仍會繼續投資於技術、本地營銷等，因為我們相信抓住中國需求的最佳方式是以當地相關的方式為消費者提供服務。

And today, we're getting a true competitive boost from our investments in these new capabilities. Let me just highlight a few. We launched China-specific versions of our apps to build NIKE experiences that are faster, more engaging and more personalized. We created a first-of-its-kind China-specific member journey with Tmall, which saw a significant uplift in new member recruitment and demand per member. We piloted connected membership with member-linked transactions to 42 NSP stores in 18 cities across China, driving conversion, member acquisition and retaining high-value members. And our team continues to drive China for China capabilities like delivering hyper local product design and localizing marketing content creation. Thanks to this focus, we're now serving our consumers in China with an agile, dynamic and personal way like never before. We're confident in our ability to compete and win in this marketplace for the long term.

今天，我們從對這些新功能的投資中獲得了真正的競爭力提升。讓我只強調幾個。我們推出了中國版應用程序，以打造更快速、更具吸引力和更個性化的 NIKE 體驗。我們與天貓一起創建了首個針對中國的會員旅程，新會員招募和每位會員的需求顯著提升。我們在中國 18 個城市的 42 家 NSP 門店試行了會員關聯交易的關聯會員，推動了轉化、會員獲取和留住高價值會員。我們的團隊繼續推動中國在中國的能力，例如提供超本地化產品設計和本地化營銷內容創建。由於這一重點，我們現在以前所未有的靈活、動態和個性化的方式為中國消費者提供服務。我們對我們在這個市場上長期競爭和取勝的能力充滿信心。

In the end, I just want to say how proud I am of our entire global team. In times like this, it's people that make the difference. And a great team can turn challenges into opportunities, and we've got a great team, and that is exactly what they have done. This is a group who will stay on the offense to deliver the business while also creating the future of NIKE. We'll continue to build an even stronger position, and I couldn't be more excited.

最後，我只想說我為我們整個全球團隊感到自豪。在這樣的時代，改變一切的是人。一支偉大的團隊可以將挑戰轉化為機遇，我們擁有一支偉大的團隊，而這正是他們所做的。這是一個將繼續進攻以交付業務的團隊，同時也將創造 NIKE 的未來。我們將繼續建立更強大的地位，我無比興奮。

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

有了這個，我會把電話轉給馬特。

Thanks, John, and hello to everyone on the call. NIKE's second quarter of fiscal '23 demonstrated again the power of our portfolio of brands. Throughout the quarter, we leveraged our brand momentum and deepened our connections with consumers to drive strong revenue growth. Before going into our second quarter results and financial outlook, I want to provide more insight on the strong consumer demand that we continue to see and the progress that we have made over the past 90 days regarding our inventory.

謝謝，約翰，向通話中的每個人問好。耐克 23 財年第二季度再次展示了我們品牌組合的力量。在整個季度中，我們利用我們的品牌勢頭並加深了與消費者的聯繫，以推動強勁的收入增長。在進入我們的第二季度業績和財務前景之前，我想就我們繼續看到的強勁消費者需求以及我們在過去 90 天裡在庫存方面取得的進展提供更多見解。

Consumer demand for our brands drove double-digit currency-neutral revenue growth across NIKE, Jordan and Converse. Within NIKE Direct, retail traffic was up, conversion rates expanded and member buying fueled record digital results. Within wholesale, we saw strong retail sales and market share gains across our top strategic partners. Since last quarter, our brand momentum has accelerated into the holiday season. In North America, our Black Friday and Cyber Week performance set record highs for demand and traffic, fueling strong double-digit revenue growth and exceeding our plan. In EMEA, we closed our biggest Cyber Week ever, increasing demand by 75% from last year. In Greater China, our 11.11 demand grew mid-teens, outpacing the sports industry. And globally, our holiday season momentum has continued through the first few weeks of December.

消費者對我們品牌的需求推動了耐克、喬丹和匡威的兩位數貨幣中性收入增長。在 NIKE Direct 中，零售流量增加，轉化率提高，會員購買推動創紀錄的數字結果。在批發方面，我們看到我們的頂級戰略合作夥伴的零售額和市場份額增長強勁。自上個季度以來，我們的品牌勢頭在假日季加速。在北美，我們的黑色星期五和網絡周業績創下了需求和流量的歷史新高，推動了強勁的兩位數收入增長，超出了我們的計劃。在 EMEA，我們結束了有史以來規模最大的網絡週，需求比去年增加了 75%。在大中華區，我們 11.11 的需求增長了十幾歲，超過了體育產業。在全球範圍內，我們的假日季勢頭一直持續到 12 月的前幾週。

Despite operating in a largely promotional marketplace, we are creating brand distinction by driving healthy, profitable growth. Full price realization remains strong after strategic pricing increases, especially for our top innovation products in our largest footwear franchises. NIKE brand ASP is up year-over-year across our geographies, even with higher discounts to liquidate excess inventory. This quarter, we also leveraged targeted promotions to serve and acquire NIKE members, strengthening an important foundation for sustainable growth. Above all, our Q2 results reinforce our confidence that NIKE's brand and business momentum starts with the value that we create for consumers through our product innovation, deep brand connection and elevated experiences across the marketplace.

儘管在主要促銷市場中運營，但我們正在通過推動健康、有利可圖的增長來創造品牌差異。在戰略性定價上漲後，全價實現仍然強勁，尤其是我們最大的鞋類特許經營中的頂級創新產品。 NIKE 品牌的平均銷售價格在我們的地區同比上漲，即使有更高的折扣來清算過剩庫存。本季度，我們還利用有針對性的促銷活動來服務和獲取 NIKE 會員，為可持續增長奠定了重要基礎。最重要的是，我們第二季度的業績增強了我們的信心，即耐克的品牌和業務發展勢頭始於我們通過產品創新、深厚的品牌聯繫和提升的市場體驗為消費者創造的價值。

Now let me turn to inventory. Last quarter, we talked specifically about the actions we are taking to address excess inventory, with focus on pockets of seasonally late products, predominantly in apparel. At the end of Q2, we are tracking in line with our plan, and we are pleased with the progress we have made over the last 90 days. Let me go deeper into what we are seeing and why I am optimistic about our path ahead.

現在讓我談談庫存。上個季度，我們專門討論了我們為解決庫存過剩而採取的行動，重點是季節性延遲產品的口袋，主要是服裝。在第二季度末，我們正在按照我們的計劃進行跟踪，我們對過去 90 天取得的進展感到滿意。讓我更深入地談談我們所看到的，以及為什麼我對我們未來的道路持樂觀態度。

First, inventory dollars and units are down sequentially. Prior-year comparisons are distorted by last year's Vietnam factory closures. But compared to the prior quarter, inventory dollars were down 3% and units were down high single digits, with days in inventory at the lowest level in 4 quarters.

首先，庫存美元和單位依次下降。去年的越南工廠關閉扭曲了前一年的比較。但與上一季度相比，庫存美元下降了 3%，單位數量下降了高個位數，庫存天數處於 4 個季度以來的最低水平。

Second, we are making progress where we are focused most. In North America, year-over-year growth in inventory dollars decelerated from 65% in Q1 to 54% in Q2. More importantly, total inventory units are down low double digits from first quarter levels, even as spring product continues to arrive earlier with faster transit times.

第二，我們正在我們最關注的領域取得進展。在北美，庫存美元的同比增長率從第一季度的 65% 下降到第二季度的 54%。更重要的是，總庫存單位比第一季度的水平低兩位數，儘管春季產品繼續提前到達，運輸時間更快。

Third, the composition of our inventory is improving. In North America, apparel inventory units and apparel closeout units are both down mid-teens from the prior quarter.

三是庫存結構在改善。在北美，服裝庫存量和服裝清倉量均比上一季度下降了 15%。

Last, we have proactively reduced forward supply. As I mentioned last quarter, we have tightened our second half buys to prioritize inventory health across the marketplace. As transit times stabilize, we are optimistic that we will begin to see a more normal and predictable flow supply in a more capital-efficient manner.

最後，我們主動減少遠期供應。正如我在上個季度提到的，我們已經收緊了下半年的採購，以優先考慮整個市場的庫存健康狀況。隨著運輸時間的穩定，我們樂觀地認為，我們將開始以更具資本效率的方式看到更正常和可預測的流量供應。

Looking ahead, we are confident that our decisive actions have put us on the right track within the financial parameters that we provided last quarter. Our focus continues to be positioning NIKE for future seasons of sustainable and profitable growth.

展望未來，我們相信我們的果斷行動已使我們在上個季度提供的財務參數範圍內走上正軌。我們的重點仍然是讓 NIKE 為未來可持續和盈利增長的季節做好準備。

Now let me turn to our NIKE Inc. second quarter financial results. In Q2, NIKE, Inc. revenue grew 17% and 27% on a currency-neutral basis with strong growth across the portfolio. NIKE Direct grew by 25%, led by 34% growth in NIKE Digital and 11% growth in NIKE stores, highlighted by strong season-to-date holiday results. Wholesale grew by 30%, driven by strong demand for seasonal products, higher shipments based on earlier supply availability and lower shipments in the prior year given supply constraints.

現在讓我談談我們的 NIKE Inc. 第二季度財務業績。在第二季度，NIKE, Inc. 的收入在貨幣中性基礎上分別增長了 17% 和 27%，整個產品組合都實現了強勁增長。 NIKE Direct 增長了 25%，其中 NIKE Digital 增長了 34%，NIKE 門店增長了 11%，這突出體現在本季迄今的假期業績強勁。批發增長了 30%，這是由於對季節性產品的強勁需求、基於較早供應的出貨量增加以及由於供應限制導致上一年的出貨量下降。

Second quarter reported gross margins declined 300 basis points to 42.9%, primarily due to higher markdowns, mainly in North America, unfavorable changes in net foreign currency exchange rates, elevated freight and logistics costs and increased product input costs, partially offset by strategic pricing actions. SG&A grew 10% in Q2, primarily due to wage-related expenses, strategic technology investments, higher NIKE Direct costs and increased demand creation expenses. Our effective tax rate for the quarter was 19.3% compared to 10.9% for the same period last year, primarily due to decreased benefits from stock-based compensation and earnings mix. Second quarter diluted earnings per share was $0.85.

第二季度報告的毛利率下降 300 個基點至 42.9%，這主要是由於降價幅度更大（主要在北美）、淨外匯匯率的不利變化、運費和物流成本增加以及產品投入成本增加，部分被戰略定價行動所抵消. SG&A 在第二季度增長了 10%，這主要是由於與工資相關的費用、戰略技術投資、更高的 NIKE Direct 成本和增加的需求創造費用。我們本季度的有效稅率為 19.3%，而去年同期為 10.9%，這主要是由於股票薪酬和收益組合帶來的收益減少。第二季度攤薄後每股收益為 0.85 美元。

Now let's review the operating segment results. In North America, we captured market share with strong holiday results and positive consumer response to new assortments. Q2 revenue grew 31% on a currency-neutral basis and EBIT grew 21% on a reported basis. NIKE Direct grew 23%, with NIKE Digital up 31% on double-digit growth in traffic and repeat member buying. Wholesale revenue grew 37%, driven by strong marketplace partner demand and improved inventory supply.

現在讓我們回顧一下運營部門的結果。在北美，我們憑藉強勁的假期業績和消費者對新品類的積極反應贏得了市場份額。第二季度收入在貨幣中性基礎上增長 31%，息稅前利潤在報告基礎上增長 21%。 NIKE Direct 增長了 23%，NIKE Digital 增長了 31%，流量和回頭客購買量實現了兩位數增長。在強勁的市場合作夥伴需求和庫存供應改善的推動下，批發收入增長了 37%。

Performance innovation and fresh seasonal product resonated deeply with consumers. The LeBron 20, KD and Giannis fueled double-digit growth in basketball. And the AJ11 Varsity Red shock drop highlighted Jordan Brand's momentum. In women's, our new statement leggings, NIKE Go, launched with positive early response as the Free Metcon grew double digits. Dunk outperformed in men's, and Pegasus continues to win with everyday runners.

性能創新和新鮮的時令產品引起了消費者的強烈共鳴。 LeBron 20、KD 和 Giannis 推動了籃球運動的兩位數增長。而 AJ11 Varsity Red 的驚爆降價更是凸顯了 Jordan Brand 的氣勢。在女款方面，我們的新款緊身褲 NIKE Go 推出後獲得了積極的早期反響，Free Metcon 銷量增長了兩位數。 Dunk 在男子比賽中表現出色，Pegasus 繼續贏得日常跑步者的青睞。

Beyond product innovation, NIKE continues to create distinction at the intersection of culture and community. Ahead of homecoming season, our Yardrunners campaign elevated the voices of HBCU changemakers alongside the release of co-created product through our SNKRS App and neighborhood partners. In addition, with the recent announcement of future NIKE Off-White collections, we are deeply honored to introduce the next chapter of Virgil Abloh's continuing legacy with NIKE.

除了產品創新之外，NIKE 還繼續在文化和社區的交匯點上創造差異化。在返校季之前，我們的 Yardrunners 活動提高了 HBCU 變革者的聲音，同時通過我們的 SNKRS 應用程序和社區合作夥伴發布了共同創造的產品。此外，隨著近期 NIKE Off-White 系列的發布，我們深感榮幸地向大家介紹 Virgil Abloh 與 NIKE 續寫傳奇的新篇章。

In EMEA, our team landed yet another strong quarter. Q2 revenue grew 33% on a currency-neutral basis and EBIT grew 23% on a reported basis. NIKE Direct grew 44% on a currency-neutral basis, with NIKE Digital growing 62%. Membership was an accelerator as members drove over 85% of demand during Cyber Week, our highest demand week ever in EMEA. Our campaign led with sport, adding more than 1 million new NIKE members as we invited consumers to join us in celebrating the World Cup.

在 EMEA，我們的團隊取得了又一個強勁的季度。在貨幣中性的基礎上，第二季度收入增長了 33%，在報告的基礎上，息稅前利潤增長了 23%。 NIKE Direct 在貨幣中性基礎上增長了 44%，NIKE Digital 增長了 62%。會員資格是一個加速器，因為會員在網絡週期間推動了超過 85% 的需求，這是我們在 EMEA 有史以來最高的需求週。我們的活動以運動為主導，在我們邀請消費者與我們一起慶祝世界杯的同時，增加了超過 100 萬名新的 NIKE 會員。

The power of our portfolio drove momentum across the marketplace. Earlier this month, we celebrated the Milan opening of Jordan World of Flight, a premium retail concept at the forefront of basketball culture. Meanwhile, NIKE dominated shoe and apparel counts at the Berlin and London marathons, as Alphafly drove strong sell-through. Pegasus Shield and Windflo Shield grew double digits in women's running. Zegama created energy in trail running, the sports fastest-growing segment. And Global Football grew double digits as we continue to celebrate an incredible year of sports.

我們產品組合的力量推動了整個市場的發展勢頭。本月早些時候，我們慶祝了 Jordan World of Flight 在米蘭的開幕，這是一個處於籃球文化前沿的高端零售概念。與此同時，NIKE 在柏林和倫敦馬拉鬆比賽中佔據了鞋子和服裝品牌的主導地位，因為 Alphafly 推動了強勁的銷售。 Pegasus Shield 和 Windflo Shield 在女子跑步比賽中增長了兩位數。 Zegama 在越野跑這一增長最快的運動領域創造了活力。隨著我們繼續慶祝令人難以置信的體育年，全球足球增長了兩位數。

In Greater China, our brand and business momentum continued as Q2 revenue grew 6% on a currency-neutral basis and EBIT declined 10% on a reported basis. NIKE Direct grew 4% on a currency-neutral basis, with NIKE Digital growing 9%. In addition to delivering positive growth, we achieved our goal of returning to inventory health at the end of Q2. Inventory dollars declined 3% this quarter and closeout inventory was down high double digits versus the prior year, with closeout mix now in line with pre-pandemic levels.

在大中華區，我們的品牌和業務勢頭持續，第二季度收入在貨幣中性基礎上增長 6%，而息稅前利潤在報告基礎上下降 10%。 NIKE Direct 在貨幣中性基礎上增長了 4%，NIKE Digital 增長了 9%。除了實現正增長外，我們還實現了在第二季度末恢復庫存健康的目標。本季度庫存美元下降了 3%，與上一年相比，清倉庫存下降了兩位數的高位，清倉組合現在與大流行前的水平一致。

Our team delivered these results while managing through significant COVID-related disruptions, including the closure of over 1,500 owned and partner stores at the end of November. We continue to closely monitor ongoing risk while focusing on what we can control, deepening our connections with Chinese consumers. As 18,000 runners joined in the return of the Shanghai Marathon, our brand presence was deeply felt not only as the title sponsor, but also as NIKE dominated the shoe count and local NIKE athlete, Zhang Deshun, topped the podium.

我們的團隊取得了這些成果，同時管理了與 COVID 相關的重大中斷，包括在 11 月底關閉了 1,500 多家自有和合作夥伴商店。我們繼續密切監控持續存在的風險，同時專注於我們可以控制的事情，加深我們與中國消費者的聯繫。當 18,000 名跑者參加上海馬拉鬆的回歸時，我們的品牌影響力不僅作為冠名贊助商，而且耐克在鞋子數量上佔據主導地位，本土耐克運動員張德順登上領獎台。

The energy extended into double-digit growth through our running business led by Zoom Fly and Vaporfly as well as the Pegasus and Windflo. NIKE's brand momentum with our youngest Chinese consumers continues to grow as well. On 11.11, Gen Z demand for NIKE grew by 45% on Tmall. And with NIKE leading on 11.11 as the #1 store on Tmall's kids footwear channel, plus our top Kids lifestyle footwear franchises growing double digits in Q2, we are more excited than ever about NIKE's opportunity to serve the next generation.

通過我們以 Zoom Fly 和 Vaporfly 以及 Pegasus 和 Windflo 為首的運營業務，能量擴展到兩位數的增長。 NIKE 在我們最年輕的中國消費者中的品牌勢頭也在持續增長。 11月11日，天貓Z世代對NIKE的需求量增長45%。 NIKE 在 11 月 11 日成為天貓童鞋頻道的第一家店鋪，再加上我們的頂級兒童生活方式鞋類特許經營權在第二季度增長了兩位數，我們比以往任何時候都對 NIKE 為下一代服務的機會感到更加興奮。

Finally, in APLA, our team continues to overdeliver in our fastest-growing, most diverse geography. Q2 revenue grew 34% on a currency-neutral basis, and EBIT grew 25% on a reported basis despite the transition of our SOCO territory to a distributor model. NIKE Direct grew 30% on a currency-neutral basis and NIKE Digital grew 35%. We deepened consumer connections across territories, with member days fueling robust growth. In Korea, one of our fast-growing marketplaces, we're excited to integrate our digital business on to NIKE's global platform, which will enable us to serve Korean consumers through the NIKE and SNKRS App. We also continue to strengthen local connections through our Express Lane with launches such as our Somos Familia collection.

最後，在 APLA，我們的團隊繼續在我們發展最快、最多樣化的地區超額交付。儘管我們的 SOCO 領域已轉變為分銷商模式，但第二季度收入在貨幣中性基礎上增長了 34%，EBIT 在報告基礎上增長了 25%。 NIKE Direct 在貨幣中性基礎上增長了 30%，NIKE Digital 增長了 35%。我們加深了跨地區的消費者聯繫，會員日推動了強勁增長。在我們快速發展的市場之一韓國，我們很高興將我們的數字業務整合到 NIKE 的全球平台上，這將使我們能夠通過 NIKE 和 SNKRS 應用程序為韓國消費者提供服務。我們還通過推出 Somos Familia 系列等產品，通過我們的 Express Lane 繼續加強本地聯繫。

Across APLA, this quarter showed the power of our complete offense. In women's, we drove energy and lifestyle with local storytelling around the Air Force 1's 40th anniversary. Global Football and Running led the way in men's performance, and Kids delivered balanced growth across apparel and footwear. Finally, the Jordan Brand continues to be an incredible engine for growth, with momentum in streetwear and performance footwear.

在 APLA 中，本季度展示了我們全面進攻的力量。在女裝方面，我們圍繞 Air Force 1 誕生 40 週年，通過講述當地故事來推動活力和生活方式。全球足球和跑步在男裝方面處於領先地位，而童裝在服裝和鞋類方面實現了均衡增長。最後，Jordan 品牌繼續成為令人難以置信的增長引擎，在街頭服飾和高性能鞋類領域表現強勁。

Now I will turn to our financial outlook. As I said last quarter, we are taking a measured approach in the second half against an uncertain macro outlook as we continue to prioritize a healthy pull market. That said, we remain positive regarding the strong consumer demand we see across our portfolio of brands as well as the health of our product franchises. From product innovation to rich storytelling, the value that NIKE creates for the consumer continues to drive business momentum and competitive separation across the marketplace.

現在我將談談我們的財務前景。正如我上個季度所說，我們將在下半年採取慎重的態度，以應對不確定的宏觀前景，因為我們將繼續優先考慮健康的拉動市場。也就是說，我們對我們在品牌組合中看到的強勁消費者需求以及我們產品特許經營的健康狀況仍然持樂觀態度。從產品創新到豐富的故事講述，NIKE 為消費者創造的價值繼續推動整個市場的業務發展勢頭和競爭優勢。

Given our strong second quarter performance, we now expect full year revenue to grow low teens on a currency-neutral basis, an improvement from our low double-digit guidance in the prior quarter. As of today, we expect approximately 700 basis points of foreign exchange headwinds, resulting in full year reported revenue growth of mid-single digits. Third quarter revenue growth is expected to be higher than the fourth quarter due to timing of wholesale shipments. We continue to expect gross margin to decline between 200 to 250 basis points versus the prior year, reflecting ongoing liquidation actions in the second half. This outlook reflects our strong performance in Q2, mostly offset by an additional 25 basis points of negative foreign exchange impact, now totaling 95 basis points for the full year.

鑑於我們第二季度的強勁表現，我們現在預計全年收入在貨幣中性的基礎上將增長十幾歲，這比我們上一季度的低兩位數指導有所改善。截至今天，我們預計外匯阻力約為 700 個基點，導致全年報告的收入增長中等個位數。由於批發出貨的時間安排，預計第三季度收入增長將高於第四季度。我們繼續預計毛利率將比上年下降 200 至 250 個基點，反映出下半年正在進行的清算行動。這一展望反映了我們在第二季度的強勁表現，大部分被另外 25 個基點的負面外匯影響所抵消，目前全年總計 95 個基點。

We expect the third quarter gross margin will decline at a similar rate as the second quarter, including 120 basis points of foreign exchange headwinds. For the full year, we continue to expect SG&A to increase high single digits. We expect third quarter SG&A dollars to be in line with the second quarter. And we now expect our effective tax rate to be in the high teens range, primarily due to decreased benefits from stock-based compensation.

我們預計第三季度毛利率將以與第二季度相似的速度下降，包括 120 個基點的外匯逆風。對於全年，我們繼續預計 SG&A 將以高個位數增長。我們預計第三季度的 SG&A 美元將與第二季度持平。我們現在預計我們的有效稅率將處於十幾歲的高位，這主要是由於股票薪酬帶來的收益減少。

As many of you know, we closed out NIKE's 50th anniversary this year. And for all the history NIKE had already made, it's the future that inspires us most. After all, NIKE's culture of innovation doesn't just shape the products we create and the stories we tell, it also defines the way we adapt and accelerate through dynamic conditions. Over this past year, no matter what we have faced, our teammates have continued to come together and deliver. I could not be more proud of their efforts. And as we turn toward NIKE's next 50 years, I have every confidence in the future this team will create. To every member of our NIKE, Jordan and Converse team around the world, thank you for all that you do and happy holidays.

眾所周知，今年我們結束了 NIKE 成立 50 週年。對於 NIKE 已經創造的所有歷史，最能激發我們靈感的是未來。畢竟，NIKE 的創新文化不僅塑造了我們創造的產品和我們講述的故事，它還定義了我們在動態條件下適應和加速發展的方式。在過去的一年裡，無論我們面對什麼，我們的隊友都繼續團結一致並取得成果。我為他們的努力感到無比自豪。在我們邁向 NIKE 的下一個 50 年之際，我對這支團隊將創造的未來充滿信心。感謝我們在世界各地的 NIKE、Jordan 和 Converse 團隊的每一位成員，感謝你們所做的一切，祝你們節日快樂。

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

有了這個，讓我們打開問題的電話。

(Operator Instructions) With that, we move to our first question this afternoon from Jim Duffy at Stifel.

（操作員說明）有了這個，我們今天下午從 Stifel 的 Jim Duffy 提出我們的第一個問題。

I'm hoping you can help with more insights on the composition of growth in North America and where you stand with clearance efforts. I believe, Matt, you said ASP was up in all geographies. Is that true for North America as well? And then looking at the split between footwear and apparel growth, footwear, very strong acceleration, apparel, more modest despite what I would have expected clearance efforts. Can you just speak to where you stand with respect to moving to those apparel balances?

我希望您能就北美增長的構成以及清關工作的立場提供更多見解。我相信，馬特，你說過 ASP 在所有地區都上漲了。北美也是如此嗎？然後看看鞋類和服裝增長之間的分歧，鞋類，非常強勁的加速，服裝，儘管我預計會有清關工作，但更為溫和。你能談談你在轉向這些服裝平衡方面的立場嗎？

Sure, Jim. We saw strong growth in the North America marketplace, up 31%. And really, as you noted, it was really strong across channels, NIKE Direct and our wholesale partners, as well as across gender. Our Jordan Brand delivered incredibly strong growth in the quarter as well as our footwear business. Yes, our ASPs, overall, for the geography were up. That was definitely benefited by strong performance in our footwear business. I mentioned our strong demand that we saw over the holiday season, and in particular, the consumer moments right at the end of the quarter. But throughout the entire quarter, we continue to see strong levels of full price realization in footwear, which continue to give us confidence in our most important product franchises, the stories that we continue to tell to refresh and make them relevant as well as the new products that we continue to bring to market on a seasonal basis.

當然，吉姆。我們看到北美市場強勁增長，增長了 31%。正如你所指出的那樣，它在各個渠道、NIKE Direct 和我們的批發合作夥伴以及性別方面都非常強大。我們的 Jordan 品牌以及我們的鞋類業務在本季度實現了令人難以置信的強勁增長。是的，總體而言，我們的地理平均售價上升了。這無疑得益於我們鞋類業務的強勁表現。我提到了我們在假期期間看到的強勁需求，特別是在本季度末的消費者時刻。但在整個季度中，我們繼續看到鞋類的全價實現水平很高，這繼續讓我們對我們最重要的產品特許經營充滿信心，我們繼續講述更新並使它們與新產品相關的故事我們繼續按季節推向市場的產品。

Specifically to your question about inventory and our actions there in North America, I referenced that we saw our units down versus Q1 levels, low double digits. And our focus in the quarter was really around our apparel liquidation as well as managing apparel closeouts. And both those dimensions were down mid-teens from a unit perspective versus the prior quarter. We continue to see strong demand from our value partners on the wholesale side for our out-of-season apparel. And we continue to be very confident in our ability to continue that liquidation through the balance of this fiscal year.

具體到你關於庫存和我們在北美的行動的問題，我提到我們看到我們的單位低於第一季度的水平，低兩位數。我們在本季度的重點實際上是我們的服裝清算以及管理服裝清倉。從單元的角度來看，與上一季度相比，這兩個維度都下降了十幾歲。我們繼續看到我們的價值合作夥伴在批發方面對我們的過季服裝有強勁需求。我們繼續對我們在本財政年度剩餘時間內繼續清算的能力充滿信心。

We take our next question now from Bob Drbul at Guggenheim Securities.

我們現在接受古根海姆證券公司的 Bob Drbul 的下一個問題。

I guess just on the inventory, Matt, is there a number -- as you think through the next few quarters, could you give us an idea of where you think you'll land in terms of the inventory levels or when you might sort of have a more normalized number either in North America or overall?

我想就庫存而言，馬特，有沒有一個數字——正如你在接下來的幾個季度中所想的那樣，你能否告訴我們你認為你將在庫存水平方面到達哪裡，或者你什麼時候可能會在北美或整體上有更標準化的數字嗎？

Sure, Bob. Well, as I mentioned, we are really pleased with the progress that we delivered this quarter, and where we ended Q2 is in line with the plans that we set 90 days ago. I guess the first thing I'd say is our prior-year comparisons on inventory are really distorting the progress that we made this quarter because a year ago, we were undergoing 15 weeks of lost production capacity from our factories being closed in Vietnam. And so it depressed the base quite significantly. When we look at the progress that we made this quarter where we needed to focus most, we feel really good about the momentum that we have there. And when we look at the brand momentum that we had into the holiday season and where our partners are at, we continue to be confident in the momentum that we're building there, especially in the pockets of inventory that were elevated as a result of what transpired last quarter.

當然，鮑勃。好吧，正如我提到的，我們對本季度取得的進展感到非常滿意，我們結束第二季度的情況與我們 90 天前製定的計劃一致。我想我要說的第一件事是我們上一年的庫存比較確實扭曲了我們本季度取得的進展，因為一年前，我們在越南的工廠關閉導致 15 週的產能損失。因此，它極大地壓低了基數。當我們審視本季度我們最需要關注的方面取得的進展時，我們對我們在那裡的勢頭感到非常滿意。當我們審視我們在假期期間的品牌勢頭以及我們的合作夥伴所處的位置時，我們繼續對我們在那裡建立的勢頭充滿信心，尤其是在由於上個季度發生了什麼。

I'll tell you 2 other things. As we look at transit times continuing to improve, one of the things that gives us greater confidence is a more predictable flow of supply on normal lead times. If you recall what we've been navigating over the past 2 years, it's been pretty significant and volatile, and it continues to increase our confidence levels. But we're focused on prioritizing healthy pull markets going into fiscal year '24. And so we expect the spread of inventory growth to revenue growth to continue to narrow over the second half. We already showed strong improvement this quarter, but we expect that spread to continue to narrow in the second half, and that will be driven based on strong demand and also the buy tightening that we did for the second half last quarter.

我會告訴你另外兩件事。當我們看到運輸時間持續改善時，讓我們更有信心的事情之一是在正常交貨時間內更可預測的供應流。如果您還記得我們在過去 2 年中一直在探索的內容，它非常重要且不穩定，並且它繼續提高我們的信心水平。但我們專注於優先考慮進入 24 財年的健康拉動市場。因此，我們預計下半年庫存增長與收入增長之間的差距將繼續縮小。本季度我們已經表現出強勁的改善，但我們預計下半年利差將繼續收窄，這將基於強勁的需求以及我們上季度下半年的購買緊縮。

We'll go next now to Matthew Boss at JPMorgan.

接下來我們將請摩根大通的 Matthew Boss 發言。

Congrats on a nice quarter. So maybe for John, 2 strict quarters of double-digit accelerating constant-currency revenue growth. I guess can you speak to the level of brand heat for NIKE that you're seeing in the marketplace today? Maybe elaborate, Matt, I think you cited market share gains that you're seeing in North America. And then just what's your confidence in sustaining this kind of momentum as we think about your product pipeline moving forward?

祝賀一個不錯的季度。因此，對於 John 來說，可能是 2 個嚴格的季度兩位數加速的恆定貨幣收入增長。我想您能談談您今天在市場上看到的 NIKE 品牌熱度嗎？也許詳細一點，馬特，我想你引用了你在北美看到的市場份額增長。那麼，當我們考慮您的產品線向前發展時，您對維持這種勢頭有何信心？

Yes. Sure, Matt. One of the phrases we've been using repeatedly, frankly, for the last 2.5 years is, "In times of turbulence, strong brands can get stronger," and that's our ultimate goal, which is whatever challenges or opportunities get faced by everyone, we want to make sure that we capitalize better than others and get stronger and gain share. And that's what you're seeing through the last couple of quarters, and we believe continuing in the next several quarters. And frankly, the fundamentals are simply leveraging our competitive advantages.

是的。當然，馬特。坦率地說，在過去的 2.5 年裡，我們一直在重複使用的短語之一是，“在動盪時期，強大的品牌可以變得更強大”，這是我們的最終目標，無論每個人面臨的挑戰或機遇是什麼，我們希望確保我們比其他人更好地利用資本並變得更強大並獲得份額。這就是你在過去幾個季度看到的情況，我們相信在接下來的幾個季度會繼續下去。坦率地說，基本面只是利用我們的競爭優勢。

It's that sort of unique NIKE combination of great product, product innovation, like the material, or combined with great roster of athletes and teams with great storytelling that you really bring to life in moments like the Euro Champs for women's last summer and Men's World Cup this year. Combined with distribution where we're getting consumers what they want, when they want, how they want it. And so it's that combination that certainly, and as we come out of -- more and more of COVID, we're being able to pull together time and time again. The LeBron 20, another great example. Great product, great storytelling. I hope everyone enjoyed those commercials with a great athlete, and that sold through throughout the globe very, very quickly.

這是一種獨特的 NIKE 組合，包括偉大的產品、產品創新，比如材料，或者與偉大的運動員和團隊的花名冊以及偉大的故事相結合，你在去年夏天的女子歐洲冠軍杯和男子世界杯等時刻真正賦予了生命今年。結合分銷，我們可以讓消費者在他們想要的時候，以他們想要的方式獲得他們想要的東西。因此，正是這種結合，當我們擺脫越來越多的 COVID 時，我們能夠一次又一次地齊心協力。勒布朗 20，另一個很好的例子。偉大的產品，偉大的故事。我希望每個人都喜歡那些與一位偉大的運動員合作的廣告，並且這些廣告在全球範圍內銷售得非常非常快。

And if there is one dimension that I would say is kind of a fourth source of competitive advantage from our historical ones, it's this digital advantage. And it's -- you see we grew digital 34% in an e-commerce -- global e-commerce market that most people would say is low single digits. And that is where having the direct connection with consumers, having the best apps in the industry allows us to leverage the full funnel of our membership base. And we believe that's going to be an important and fourth source of competitive advantage throughout the globe, and that will continue for quarters and years to come. So we're staying focused on the fundamentals, to be honest. And with the strong mantras, let's make sure we get stronger and create greater competitive separation regardless of what the environment throws us.

如果有一個維度我想說是我們歷史競爭優勢的第四種來源，那就是這種數字優勢。而且它——你看我們在電子商務中增長了 34%——全球電子商務市場，大多數人會說是低個位數。這就是與消費者直接聯繫的地方，擁有業內最好的應用程序使我們能夠利用我們會員基礎的完整渠道。我們相信，這將成為全球競爭優勢的重要來源和第四來源，並將在未來幾個季度和幾年內持續存在。因此，老實說，我們一直專注於基本面。有了強大的咒語，讓我們確保我們變得更強大，並創造更大的競爭優勢，無論環境給我們帶來什麼。

Yes. And I just would say on the comment about market share and confidence, really, you saw the balanced growth we delivered this quarter across channels. And as John mentioned, it really does start with digital, with that 34% growth. But I wouldn't want you to miss the importance of the funnel and the way that we're converting active members to buying members and increasing member buying frequency because our growth in apps actually overindexed our overall digital growth, really referencing that strength of the consumer coming in.

是的。我只想說關於市場份額和信心的評論，真的，你看到了我們本季度跨渠道實現的平衡增長。正如約翰所提到的，它確實是從數字開始的，增長了 34%。但我不想讓你錯過漏斗的重要性以及我們將活躍會員轉化為購買會員並增加會員購買頻率的方式，因為我們應用程序的增長實際上高估了我們的整體數字增長，真正參考了消費者進來。

From a wholesale standpoint, the momentum that we're seeing is strong retail sales from our wholesale partners to consumers. But you'll recall that we've been starving the wholesale channel for 6 to 8 quarters because of supply constraints. And so as we had supply constraints, we were prioritizing adequate inventory levels within NIKE Direct. And so we're seeing strong demand as we go back into our wholesale partners with available supply. That's enabling us to increase our open to buy in that channel. And as the inventory supply becomes available on a greater basis than it was, we continue to see our partners pulling on the available inventory. So we're competing in that channel. There -- it's an important channel for us to win in. And really for the first time in 6 quarters or so, we can finally supply the channel against the level of demand that we believe is there.

從批發的角度來看，我們看到的勢頭是從我們的批發合作夥伴到消費者的強勁零售銷售。但您會記得，由於供應限制，我們已經有 6 到 8 個季度沒有批發渠道。因此，由於我們有供應限制，我們在 NIKE Direct 中優先考慮充足的庫存水平。因此，當我們回到有可用供應的批發合作夥伴時，我們看到了強勁的需求。這使我們能夠增加對該渠道的購買開放度。隨著庫存供應比以前更多，我們繼續看到我們的合作夥伴利用可用庫存。所以我們在那個渠道競爭。那裡 - 這是我們獲勝的重要渠道。而且真的是 6 個季度左右的第一次，我們終於可以根據我們認為存在的需求水平提供渠道。

We take our next question now from Kate McShane of Goldman Sachs.

我們現在從高盛的 Kate McShane 那裡回答下一個問題。

This is Brooke Roach filling in for Kate. John, I wanted to ask you a little bit about what you think the next phase of the membership journey for NIKE would look like following the success that's achieved with that program to date? And then perhaps in the near term, how much of the strength of NIKE Digital that you're seeing today is due to underlying full price selling? And how much of that may be driven by increased depth of promotions, driving the consumer to convert at a higher rate?

我是布魯克·羅奇，代替凱特。約翰，我想問你一點，在該計劃迄今取得的成功之後，你認為耐克會員之旅的下一階段會是什麼樣子？然後也許在短期內，您今天看到的 NIKE Digital 的實力有多少是由於潛在的全價銷售？其中有多少可能是由促銷深度的增加推動的，從而促使消費者以更高的速度轉換？

Well, on membership, the way we think about membership is along the full funnel. And so the first thing I'll say about that I think is a really important dimension of membership is no longer just something that happens in NIKE channels. Having connected membership with our strategic wholesale partners now allows the consumer to have a member experience regardless of where they shop and allows our wholesale partners to have the same advantages that we have by knowing who the consumer is, what they bought and being able to serve them in a more personalized way.

那麼，關於會員資格，我們考慮會員資格的方式是沿著完整的漏斗。因此，我要說的第一件事是，我認為會員的一個非常重要的維度不再只是發生在 NIKE 渠道中的事情。與我們的戰略批發合作夥伴建立會員關係現在讓消費者無論在哪裡購物都可以獲得會員體驗，並讓我們的批發合作夥伴通過了解消費者是誰、他們購買了什麼以及能夠提供服務來擁有與我們相同的優勢他們以更個性化的方式。

And so I would say we're still in the relative early innings of what we believe we can do on the membership front. We have 160 million active members. We're working on engaging them more frequently, whether it's through Nike Training Club, Nike Running Club, the SNKRS App, where it's more than just what they buy, but it's their engagement. We think there's a lot of content that we can be bringing to those members. And you're going to see some, I think, interesting announcements in the coming weeks about partnerships and things we're doing to drive engagement across NIKE members. And then down to the bottom of the funnel.

所以我想說我們仍處於我們認為我們可以在會員方面做的事情的相對早期階段。我們有 1.6 億活躍會員。我們正在努力更頻繁地吸引他們，無論是通過 Nike Training Club、Nike Running Club 還是 SNKRS App，這不僅僅是他們購買的東西，而是他們的參與度。我們認為我們可以為這些成員帶來很多內容。我認為，在接下來的幾週內，您會看到一些有趣的公告，內容涉及合作夥伴關係以及我們為推動 NIKE 會員參與度所做的事情。然後下降到漏斗的底部。

It's making sure we're getting them, as I say repeatedly, what they want, when they want it, how they want it. Knowing what products they want, making sure they have the best possible experiences, making sure that repeat buying is made easy and convenient. I would say the supply chain dimensions and what we've been doing with our membership is just phenomenal, having gone from 10% digital to 27% delivering fast delivery times, fewer reduced and split shipments. And so it's really kind of a holistic approach, and we're going to just keep leveraging that and keep building upon that. As I said, I think we're in the relatively early days.

它確保我們得到他們，就像我反复說的，他們想要什麼，他們想要什麼，他們想要什麼，他們想要什麼。了解他們想要什麼產品，確保他們擁有最好的體驗，確保重複購買變得簡單方便。我想說的是，供應鏈規模和我們一直在與我們的會員一起做的事情是驚人的，從 10% 數字化到 27% 提供快速交貨時間，更少的減少和拆分發貨。因此，這確實是一種整體方法，我們將繼續利用它並繼續以此為基礎。正如我所說，我認為我們還處於相對早期的階段。

And then our digital growth, I think, is a function of having the best apps in the industry or on the home screen of people's mobile apps, which is that scarce and valuable real estate. And we have a really clean experience across our apps and digitally, including Nike.com. So there's -- we have good full price realization. And when we need to move things, we move it through discounting. And so it's obviously very far product category and varies by time. But the quality of the business through NIKE Digital is among the highest quality that we have across any channel.

然後，我認為我們的數字增長是擁有行業中最好的應用程序或在人們移動應用程序的主屏幕上的功能，這是稀缺和寶貴的不動產。我們在應用程序和數字方面（包括 Nike.com）擁有真正乾淨的體驗。所以有 - 我們有很好的全價實現。當我們需要移動東西時，我們會通過打折來移動它。因此，它顯然是非常遙遠的產品類別，並且隨時間而變化。但 NIKE Digital 的業務質量是我們在所有渠道中所擁有的最高質量之一。

Yes. When you compare this quarter to last year, our inventory supply was so lean. But last year, we saw extraordinary levels of full price realization through our digital channel and the lowest levels of discounts that we've ever experienced in running that channel. So we expected that to normalize in this fiscal year. And with where inventory is broadly across the marketplace, the environment is definitely more promotional. But as John mentioned, when we look at our most important product franchises, we continue to see strong full price realization in our own channels and in wholesale. And I'd say that the other thing that we focused on this quarter was leveraging our investment in markdown to drive new member acquisition and to increase loyalty from our existing members, and we were able to accomplish that this quarter.

是的。當您將本季度與去年進行比較時，我們的庫存供應非常少。但去年，我們通過我們的數字渠道看到了非凡的全價實現水平，以及我們在運營該渠道時所經歷過的最低水平的折扣。因此，我們預計這將在本財年正常化。由於市場上的庫存廣泛，因此環境肯定更具促銷性。但正如約翰所提到的，當我們審視我們最重要的產品特許經營權時，我們繼續在我們自己的渠道和批發中看到強勁的全價實現。我要說的是，本季度我們關注的另一件事是利用我們在降價方面的投資來推動新會員的獲取並提高現有會員的忠誠度，我們能夠在本季度實現這一目標。

We take our next question now from Tom Nikic at Wedbush Securities.

我們現在從 Wedbush Securities 的 Tom Nikic 那裡接受下一個問題。

I wanted to ask about China. So obviously, returning to growth in a pretty challenging environment is fairly encouraging. How do we think about the path forward in China from here? I know you mentioned that inventory is much cleaner in China now. So should we think that you're kind of back to a pull market in China? You should be able to sort of build off the momentum you've had this quarter. Just how do we kind of think about the path forward in China from here?

我想問問中國。很明顯，在極具挑戰性的環境中恢復增長是相當令人鼓舞的。我們如何從這裡思考中國的前進道路？我知道你提到現在中國的庫存要乾淨得多。那麼我們是否應該認為您有點回到中國的拉動市場？你應該能夠在某種程度上建立你本季度的勢頭。我們如何從這裡思考中國的前進道路？

Yes, Tom, well, maybe I'll take a piece of it and then, Matt, you can comment as well because it's such an important topic. You heard both of us talk about that given all the short medium-term challenges, we are very pleased with the results in China this quarter. And the thing that we've been really focused on is the consumer, the Chinese consumer and their connection to the NIKE, Jordan and Converse brands. And the 11.11 holiday was one that we focused on a lot because it's really, in many ways, the first time in over 2 years that we could fully compete.

是的，湯姆，好吧，也許我會講一部分，然後，馬特，你也可以發表評論，因為這是一個非常重要的話題。你聽到我們倆都談到，鑑於所有短期的中期挑戰，我們對本季度在中國的結果感到非常滿意。我們真正關注的是消費者、中國消費者以及他們與耐克、喬丹和匡威品牌的聯繫。 11.11 假期是我們非常關注的一個假期，因為從很多方面來說，這確實是 2 年多來我們第一次可以充分競爭。

We had the supply of the right product, including some of our hottest global and local product. We had a full local marketing capability going full stream, and we had our kind of entire offense. And the results of the 11.11 holiday were quite strong, both versus what our plan was and versus competition. We had mid-teens growth overall. We've been very focused on youth in China, the young consumer, both kids and Gen Z.

我們有合適的產品供應，包括一些我們最熱門的全球和本地產品。我們擁有全面的本地營銷能力，而且我們有自己的全部進攻方式。 11.11 假期的結果非常強勁，無論是與我們的計劃還是與競爭相比。我們總體上有十幾歲的增長。我們一直非常關注中國的年輕人，年輕的消費者，包括孩子和 Z 世代。

You heard Matt say our Gen Z grew 45% in demand on Tmall through 11.11. And as I said in my script, we're #1 in traffic and brand and flagship and member acquisition. And the quality of that growth is quite strong underneath it. When you look at the Jordan Brand, you look at, I mentioned, LeBron 20, great full price realization. So we felt very about the consumer fully back with NIKE, with Jordan, our ability to compete with both global and local competition. And we take that into the coming quarters.

你聽 Matt 說我們的 Z 世代在天貓上的需求通過 11.11 增長了 45%。正如我在劇本中所說，我們在流量、品牌、旗艦店和會員獲取方面排名第一。這種增長的質量在其背後非常強大。當你看 Jordan Brand 時，你會看到，我提到過，LeBron 20，全價實現。因此，我們對消費者完全支持 NIKE 和 Jordan 感到非常滿意，我們有能力在全球和本地競爭中競爭。我們將其納入未來幾個季度。

Yes. And I just would comment on inventory. We set a goal 2 quarters ago to be clean by the end of the second quarter, and we reduced our buys and we focused on moving through the excess inventory that we had. And so we're incredibly pleased with the results that our team has delivered through the end of this quarter. We think it puts us in a position of strength relative to the marketplace to be clean and to be ready to face whatever uncertainties are in front of us.

是的。我只想對庫存發表評論。我們在兩個季度前設定了一個目標，即在第二季度末實現清潔，我們減少了購買量，並專注於處理我們擁有的過剩庫存。因此，我們對我們的團隊在本季度末交付的結果感到非常滿意。我們認為，相對於市場而言，這使我們處於有利地位，可以保持清潔並準備好面對我們面前的任何不確定性。

I obviously mentioned that we had 1,500 of our stores closed in the last week of November. That was roughly 5x the number of stores that were closed on average throughout the entire quarter. And we also saw traffic impacts as the country navigates through this transition of its COVID policy. So we've taken a very cautious approach in our guidance to China, given the short-term uncertainties that are there. But what you should be hearing from us is a consistent trend of confidence and encouragement in the consumer connections that we're creating that give us confidence in the long term.

我顯然提到過，我們在 11 月的最後一周關閉了 1,500 家商店。這大約是整個季度平均關閉的商店數量的 5 倍。我們還看到了該國在 COVID 政策轉變過程中對交通的影響。因此，鑑於存在的短期不確定性，我們在對中國的指導中採取了非常謹慎的態度。但是，您應該從我們這裡聽到的是，我們正在建立的消費者聯繫中始終如一的信心和鼓勵趨勢使我們對長期充滿信心。

We take our next question now from Adrienne Yih of Barclays.

我們現在接受來自巴克萊銀行的 Adrienne Yih 的下一個問題。

Congratulations. Really an amazing quarter. My question is on Greater China. Obviously, this is the first quarter we're now starting to see that constant-currency growth. So very happy to see that inflection. What have you seen sort of after the quarter as things have opened up even more sort of in the December time frame? And does it give you any -- do you have any more kind of solid thoughts on sort of what's the growth algorithm could look like, maybe 2023 and beyond or it's very much too early? Last question is when does that Shenzhen tech center -- I believe is it open now? And when is it starting to put forth that China-specific product?

恭喜。真是一個了不起的季度。我的問題是關於大中華區的。顯然，這是我們現在開始看到穩定貨幣增長的第一季度。很高興看到這種變化。隨著事情在 12 月的時間框架內更加開放，您在本季度之後看到了什麼？它是否給你任何 - 你是否對增長算法可能是什麼樣子有任何更堅實的想法，也許是 2023 年及以後，或者現在還為時過早？最後一個問題是深圳技術中心什麼時候開放——我相信它現在開放了嗎？它什麼時候開始推出針對中國的產品？

Sure, Adrienne. On your first question, I think I answered it in the last question. But as it relates to our performance this quarter and how we're planning for the second half of this year, we've obviously been monitoring the China marketplace very carefully given the COVID-related disruptions that we've been experiencing. We've sort of gone from one policy in terms of the way that the marketplace is being managed and to control the spread of the virus to this new approach. And I referenced the door closures that we saw at the end of the quarter.

當然，艾德麗安。關於你的第一個問題，我想我在最後一個問題中已經回答了。但就我們本季度的業績以及我們今年下半年的計劃而言，鑑於我們一直在經歷與 COVID 相關的中斷，我們顯然一直在非常仔細地監控中國市場。就管理市場和控制病毒傳播的方式而言，我們已經從一種政策轉變為這種新方法。我參考了本季度末我們看到的關門情況。

As it relates to our guidance and our expectations, I guess what I can say is that we're taking a very careful approach. We have a lot of empathy for the consumers in terms of what they're going through in that environment. And we're watching traffic closely. But having inventory cleaned at the end of the second quarter really gives us a position of strength to deal with whatever uncertainties that are in front of us.

由於它涉及我們的指導和我們的期望，我想我可以說的是我們正在採取非常謹慎的方法。就消費者在那種環境中所經歷的事情而言，我們對他們深表同情。我們正在密切關注交通情況。但在第二季度末清理庫存確實讓我們有能力應對擺在我們面前的任何不確定性。

As far as the longer term goes, it's a little bit too early to tell, except we continue to think about the encouraging signs that we're seeing from a consumer perspective. And as John mentioned, 11.11 was really one of the first moments in several years that we felt like we were able to align the complete offense up in order to be able to engage across products -- product engines, gender and brands. And we saw very strong consumer response. And so when we look at the underlying macro drivers long term of the consumer interest in sport health in Greater China, we continue to view it as a growth driver for our business long term.

就長期而言，現在下結論還為時過早，除非我們繼續考慮從消費者角度看到的令人鼓舞的跡象。正如 John 所提到的，11.11 確實是幾年來我們第一次覺得我們能夠調整完整的進攻，以便能夠跨產品參與——產品引擎、性別和品牌。我們看到了非常強烈的消費者反應。因此，當我們審視大中華區消費者對運動健康興趣的長期潛在宏觀驅動因素時，我們繼續將其視為我們業務的長期增長動力。

We go next now to Abbie Zvejnieks at Piper Sandler.

接下來我們去 Piper Sandler 的 Abbie Zvejnieks。

So looking at the strength in wholesale, I know you said there was better inventory availability to ship to those wholesale channels. But can you just talk about how you're viewing the wholesale channel considering your direct strategy? And -- with that growth, did you enter or reenter any new doors? Or would this growth mainly within those current partners you've already talked about?

所以看看批發的實力，我知道你說過有更好的庫存可用性可以運送到那些批發渠道。但是您能否談談您如何考慮您的直接戰略來看待批發渠道？而且——隨著這種增長，你是否進入或重新進入了任何新的大門？或者這種增長主要在您已經談到的那些現有合作夥伴中？

Yes. Abbie, the strategy remains very much the same. And as I mentioned repeatedly, it's consumer-driven. It's consumers, in this day and age, want to get what they want, when they want, how they want it, and they want a consistent and seamless experience from us. The same consumer shop online and offline. The same consumer shop monobrand and multibrand through different occasions.

是的。艾比，策略仍然非常相同。正如我反复提到的，它是由消費者驅動的。在這個時代，消費者希望在他們想要的時候、以他們想要的方式得到他們想要的東西，他們希望從我們這裡獲得一致和無縫的體驗。同一消費者在線上和線下購物。同一消費者在不同場合購買單一品牌和多品牌。

And so our whole strategy is to offer them that choice in a seamless and premium way. And then wholesale play is a very important part of that, right? It provides a very strong footprint, both physical footprint as well as digital. And we mentioned last quarter, we had our wholesale partners on campus in September for the first time in 3 years and exposed them to our product innovation pipeline and just talked about how working together, we can really serve that consumer through connected membership. And those conversations have just been great.

因此，我們的整個戰略是以無縫和優質的方式為他們提供這種選擇。然後批發遊戲是其中非常重要的一部分，對吧？它提供了非常強大的足跡，包括物理足跡和數字足跡。我們在上個季度提到，我們的批發合作夥伴 3 年來第一次在 9 月來到校園，讓他們了解我們的產品創新渠道，剛剛談到如何合作，我們可以通過互聯會員真正為消費者服務。這些對話非常棒。

For instance, this quarter, we spent a lot of time with Mary Dillon and her team at Foot Locker talking about how the next phase of growth for us can jointly be great around real opportunities of basketball and sneaker culture and kids. And so there's a lot of excitement, I would say, with our wholesale partners and what we can accomplish together and particularly through a connected membership environment, which allows us to serve our mutual consumers in a better way.

例如，本季度，我們花了很多時間與 Mary Dillon 和她在 Foot Locker 的團隊討論我們下一階段的增長如何圍繞籃球和運動鞋文化以及孩子們的真正機會共同實現。因此，我想說，與我們的批發合作夥伴以及我們可以共同完成的事情，特別是通過相互聯繫的會員環境，這讓我們非常興奮，這使我們能夠以更好的方式為我們共同的消費者提供服務。

Yes. And I would just say that from a revenue growth perspective, we think this quarter was clearly a peak in terms of year-over-year revenue growth in the channel. And that's primarily driven by timing implications. There's the prior-year comparison because we were low on available inventory for the wholesale channel, which depressed our growth in the prior year. And secondly, because we're seeing current season product becoming available earlier, we saw a stronger pull of shipments from Q3 into Q2 into our revenue growth this quarter. And I think that's indicative of the demand that we're seeing and the strong sell-through that we're seeing through to the consumer. So we continue to view this channel as being a channel that will drive growth. But for the balance of this year, the comparisons are going to be difficult to understand when compared to the prior year due to the supply constraints we had in the prior year.

是的。我只想說，從收入增長的角度來看，我們認為本季度顯然是渠道收入同比增長的高峰期。這主要是由時間影響驅動的。有上一年的比較，因為我們批發渠道的可用庫存很低，這抑制了我們上一年的增長。其次，因為我們看到當季產品提早上市，我們看到從第三季度到第二季度的出貨量對本季度收入增長的拉動更強。我認為這表明我們看到的需求以及我們對消費者的強勁銷售。因此，我們繼續將此渠道視為推動增長的渠道。但就今年的餘額而言，由於我們在前一年的供應限制，與前一年相比很難理解這些比較。

We go next now to John Kernan of Cowen.

我們接下來請 Cowen 的 John Kernan 發言。

Excellent. Congrats on a nice quarter and the acceleration. Just, Matt, as we look at the constant currency revenue guidance implied for the back half of the year, it does assume a bit of a deceleration. Just talk about some of the assumptions regarding the macro. And is there a level of conservatism as you look at the back half of the year?

出色的。祝賀一個不錯的季度和加速。只是，馬特，當我們看到下半年隱含的恆定貨幣收入指導時，它確實假設了一點減速。只談一些關於宏觀的假設。回顧今年下半年，是否存在一定程度的保守主義？

Sure, John. Well, first, I'd say we raised our guidance to low teens on a currency-neutral basis, really reflecting the accelerating brand momentum that we saw in August, carrying through back-to-school into September and then accelerating through the holiday season and even the first couple of weeks of December. And so we do have confidence as we're looking in the near term that the consumer continues to be uniquely interested in NIKE, Jordan and Converse, and it's fueling our growth.

當然，約翰。好吧，首先，我想說我們在貨幣中性的基礎上提高了對低青少年的指導，真正反映了我們在 8 月份看到的加速品牌勢頭，從開學到 9 月份，然後在假期期間加速甚至是 12 月的前幾週。因此，我們確實有信心，因為我們在短期內看到消費者繼續對 NIKE、Jordan 和 Converse 特別感興趣，這正在推動我們的增長。

And what I said last quarter is still true, though, which is that we were concerned about the macro uncertainty and the indicators that we're seeing more broadly for the consumer. And while over the last 90 days we've seen strength, those macro concerns have not abated. They're still there for the consumer. And so we continue to take a cautious approach to the second half. We buy our inventory, as you know, on 6-month lead times.

不過，我上個季度所說的仍然是正確的，那就是我們擔心宏觀不確定性以及我們為消費者看到的更廣泛的指標。雖然在過去 90 天裡我們看到了實力，但這些宏觀擔憂並沒有減輕。他們仍然在那里為消費者服務。因此，我們繼續對下半年採取謹慎的態度。如您所知，我們按 6 個月的交貨期購買庫存。

And so we took some decisions in light of the inventory -- our inventory position at the end of Q1 to reduce our buys for the second half of the year. And we focus those reductions in places where we had excess inventory, but we preserve the strength of our product franchises and the new innovation that John referenced earlier in the call that's going to be coming to market in the second half and in the beginning of '23. So we continue to take a cautious approach as we look at it. And to the extent that consumer demand continues to be strong, with a supply chain that's providing product in a more predictable manner, in a more timely manner, if we ended up overcorrecting on our buys, then we will chase demand as we exit this year and enter into fiscal year '24.

因此，我們根據庫存做出了一些決定——我們在第一季度末的庫存狀況，以減少下半年的採購量。我們將這些削減集中在我們庫存過剩的地方，但我們保留了我們產品特許經營權的實力和約翰早些時候在電話會議中提到的新創新，這些創新將在下半年和年初上市23.因此，我們在審視它時繼續採取謹慎的態度。就消費者需求持續強勁而言，供應鏈以更可預測的方式、更及時的方式提供產品，如果我們最終過度修正我們的購買，那麼我們將在今年退出時追逐需求並進入'24財年。

And ladies and gentlemen, we have time for one further question this afternoon, and we'll take that from Michael Binetti at Credit Suisse.

女士們，先生們，今天下午我們還有時間再問一個問題，我們將從瑞士信貸的 Michael Binetti 那裡得到這個問題。

Congrats on a great quarter. I know it's a lot of heavy lifting. And maybe a simple question, how do you feel on North America inventory in the channel? I know you moved a mountain, but you have a big wholesale business. It's hard for us to track inventory once it leaves your books. Are we past the peak promotions in the U.S.? Is this the highest level of promotions in your view? It would seem so based on some of the inventory comments you gave on the U.S. I just wanted to check that.

祝賀一個偉大的季度。我知道這是很多繁重的工作。也許是一個簡單的問題，您如何看待渠道中的北美庫存？我知道你搬了一座山，但你的批發生意很大。一旦離開您的書籍，我們就很難跟踪庫存。我們是否已經過了美國的促銷高峰期？這是您認為的最高級別的促銷活動嗎？根據你對美國的一些庫存評論，這似乎是這樣。我只是想檢查一下。

And then I guess as you start to come out of some of the recent volatility, maybe you can help us connect back to your longer-term targets, in particular, the path to the high teens EBIT margins and the major input to getting there, the D2C versus wholesale transition since we don't get many numbers reported on the margins between those 2 channels. How would you tell us to think about building our understanding into how you get there from here because that seems like the next part of the NIKE story?

然後我想當你開始擺脫最近的一些波動時，也許你可以幫助我們回到你的長期目標，特別是通往青少年高息稅前利潤率的道路以及實現目標的主要投入， D2C 與批發的過渡，因為我們沒有在這兩個渠道之間的利潤率上報告很多數字。你會如何告訴我們考慮建立我們對你如何從這裡到達那裡的理解，因為這似乎是 NIKE 故事的下一部分？

Sure, Michael. Well, as it relates to North America and the marketplace, we're seeing the momentum from a consumer perspective building across both channels over this holiday season. So yes, promotional activity is higher than it was in the prior year. But we do see strong full price sales in footwear and in our seasonal inventory, and we see more promotional activity in areas that are -- where inventory has built and/or there's just broader inventory availability in the marketplace.

當然，邁克爾。好吧，由於它與北美和市場相關，我們從消費者的角度看到了在這個假期期間跨兩個渠道建立的勢頭。所以是的，促銷活動比上一年要高。但我們確實看到鞋類和季節性庫存的全價銷售強勁，而且我們在庫存已經建立和/或市場上有更廣泛庫存的地區看到了更多的促銷活動。

I think our focus continues to be in this environment on prioritizing our brand getting to a healthy inventory position by the end of this fiscal year, which is why we've taken more aggressive action. But I think we've been pleased at seeing the year-over-year ASP growth not just in North America, but across all our geographies, and high levels of full price realization in the areas where our consumers are most interested. And it's hard to get access to the products that they desire, which means that from a brand health perspective, even amidst the promotions, the consumer continues to choose NIKE.

我認為在這種環境下，我們的重點仍然是優先考慮我們的品牌在本財年末達到健康的庫存狀況，這就是我們採取更積極行動的原因。但我認為我們很高興看到不僅在北美，而且在我們所有地區的平均售價同比增長，以及在我們的消費者最感興趣的地區實現高水平的全價。而且很難獲得他們想要的產品，這意味著從品牌健康的角度來看，即使在促銷期間，消費者仍然會繼續選擇 NIKE。

As it relates to your question about the long-term margins, I guess the way that I think about it is we have structural drivers of profitability, and we have transitory impacts that we've been dealing with since fiscal '21. At this point in time, the transitory impacts roughly equate to about 350 basis points of gross margin pressure, which directly drops to the EBIT margin. And those specifically relate to 2 successive years of elevated transit and freight costs and then secondarily, the cost to liquidate some of the excess inventory in North America. And we do expect those to be transient or transitory. We should expect to start to see some recovery in fiscal year '24. We will give more detailed guidance on that in our normal course. But those, we do believe, are recoverable.

由於它與你關於長期利潤率的問題有關，我想我的想法是我們有盈利能力的結構性驅動因素，我們有自 21 財年以來一直在處理的暫時性影響。此時，暫時性影響大致相當於毛利率壓力約350個基點，直接下降至息稅前利潤率。這些具體與連續兩年的運輸和貨運成本上漲有關，其次是清算北美部分過剩庫存的成本。我們確實希望那些是短暫的或短暫的。我們應該期望在 24 財年開始看到一些復甦。我們將在正常課程中對此進行更詳細的指導。但我們確實相信，那些是可以恢復的。

From a structural side, we have the same structural drivers that we've always had from a profitability perspective, and we continue to be focused on them. It starts with price value of our products and how we create value for consumers and the products that we make. You saw that we increased prices by mid-single digits this quarter, and we continue to see that so long as the product is valued by the consumer, we've been able to stick those price increases in order to help offset growing input costs.

從結構方面來看，我們擁有與盈利能力相同的結構性驅動因素，我們將繼續關注它們。它從我們產品的價格價值以及我們如何為消費者和我們生產的產品創造價值開始。你看到我們本季度將價格提高了個位數，而且我們繼續看到，只要產品受到消費者的重視，我們就能夠堅持這些價格上漲，以幫助抵消不斷增長的投入成本。

There's cost initiatives in our FOBs that we're focused on. We have the shift towards NIKE Direct. This quarter, that didn't drive any benefit because we saw strong wholesale growth, but we do expect to see a benefit from a structural perspective as we continue to drive accelerated growth in NIKE Direct through our stores and through digital.

我們關注的 FOB 中有成本計劃。我們轉向了 NIKE Direct。本季度，這並沒有帶來任何好處，因為我們看到了強勁的批發增長，但我們確實希望從結構的角度看到好處，因為我們繼續通過我們的商店和數字推動 NIKE Direct 的加速增長。

We continue to focus on supply chain efficiency opportunities and then continuing to drive higher full price realization across the marketplace through better capabilities in demand and supply planning. So those structural drivers, we continue to believe, are going to be accelerants for us. But given the size of the transitory impacts that we've dealt with over the past 2 years, it's really important that we drive focus and attention on recovery of some of those elements. And trust me, our teams are focused on it, and we believe those will be value drivers for us in the near term.

我們繼續關注供應鏈效率機會，然後通過更好的需求和供應計劃能力繼續推動整個市場實現更高的全價。因此，我們仍然相信，這些結構性驅動因素將成為我們的促進劑。但考慮到我們在過去兩年中處理的暫時性影響的規模，我們將注意力集中在其中一些因素的恢復上是非常重要的。相信我，我們的團隊專注於此，我們相信這些將在短期內成為我們的價值驅動因素。

All right. Thank you, Michael, for the question, and everyone who was able to join in and participate in this call. We look forward to speaking with you next quarter. Happy holidays.

好的。感謝 Michael 提出的問題，感謝所有能夠加入和參與此次電話會議的人。我們期待在下個季度與您交談。節日快樂。

Happy holidays, everyone.

大家節日快樂。

Thank you, gentlemen. Again, that will conclude NIKE Inc.'s Fiscal 2023 Second Quarter Conference Call. We'd like to thank you all so much for joining us, and wish you all a great evening. Goodbye.

謝謝你們，先生們。同樣，這將結束 NIKE Inc. 的 2023 財年第二季度電話會議。非常感謝大家的加入，祝大家度過一個愉快的夜晚。再見。