Nike Inc (NKE) 2022 Q1 法說會逐字稿

Good afternoon, everyone.

大家下午好。

Welcome to NIKE, Inc.'s Fiscal 2022 First Quarter Conference Call.

歡迎來到 NIKE, Inc. 的 2022 財年第一季度電話會議。

For those who want to reference today's press release, you'll find it at http://investors.nike.com.

對於那些想要參考今天的新聞稿的人，您可以在 http://investors.nike.com 找到它。

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

領導今天的電話會議的是投資者關係和戰略財務副總裁 Paul Trussell。

Before I turn the call over to Mr. Trussell, let me remind you that the 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.

在我將電話轉給 Trussell 先生之前，讓我提醒您，本次電話會議的參與者將根據當前的預期做出前瞻性陳述，這些陳述受到某些風險和不確定性的影響，可能導致實際結果出現重大差異.

These risks and uncertainties are detailed in the reports filed with the SEC, including the annual report filed on Form 10-K.

這些風險和不確定性在提交給 SEC 的報告中有詳細說明，包括以 10-K 表提交的年度報告。

Some forward-looking statements may concern expectations of future revenue growth or gross margin.

一些前瞻性陳述可能涉及對未來收入增長或毛利率的預期。

In addition, participants may discuss non-GAAP financial measures, including references to constant dollar revenue.

此外，參與者可以討論非 GAAP 財務指標，包括對固定美元收入的引用。

References to constant dollar revenue are intended to provide context as to the performance of the business eliminating foreign exchange fluctuations.

提及不變的美元收入旨在提供關於消除外匯波動的業務表現的背景。

Participants may also make references to other nonpublic financial and statistical information and non-GAAP financial measures.

參與者還可以參考其他非公開財務和統計信息以及非公認會計原則財務措施。

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.

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

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

現在我想把電話轉給 Paul Trussell。

Thank you, operator.

謝謝你，接線員。

Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2022 first quarter results.

大家好，感謝您今天加入我們討論 NIKE, Inc. 的 2022 財年第一季度業績。

As the operator indicated, participants on today's call may discuss non-GAAP financial measures.

正如運營商所說，今天電話會議的參與者可能會討論非公認會計原則的財務措施。

You will find the appropriate reconciliations in our press release, which was issued about an hour ago, or at our website, investors.nike.com.

您可以在我們大約一小時前發布的新聞稿中或在我們的網站investors.nike.com 上找到適當的對賬。

Joining us on today's call will be NIKE, Inc.

加入我們今天電話會議的將是 NIKE, Inc.

President and CEO, John Donahoe; and our Chief Financial Officer, Matt Friend.

總裁兼首席執行官約翰·多納霍；和我們的首席財務官 Matt Friend。

Following their prepared remarks, we will take your questions.

在他們準備好的評論之後，我們將回答您的問題。

We would like to allow as many of you to ask questions as possible in our allotted time.

我們希望盡可能多的人在我們規定的時間內提出問題。

So we would appreciate you limiting your initial questions to one.

因此，如果您將最初的問題限制在一個，我們將不勝感激。

Thank you for your cooperation on this.

感謝您在這方面的合作。

I will now turn the call over to Nike, Inc.

我現在將把電話轉給耐克公司。

President and CEO, John Donahoe.

總裁兼首席執行官約翰·多納霍。

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

謝謝，保羅，向今天電話會議上的每一個人問好。

NIKE creates value through our relentless drive to serve the future of sport.

耐克通過我們為運動的未來服務的不懈努力創造價值。

And as we saw again in Q1, our strategy is working with business results that reflect our deep connection to consumers around the world.

正如我們在第一季度再次看到的那樣，我們的戰略是利用反映我們與世界各地消費者的深厚聯繫的業務成果。

Thanks to our brand momentum, culture of innovation, commitment to purpose and proven operational playbook, we stay at the front of the pack.

憑藉我們的品牌動力、創新文化、對目標的承諾和經過驗證的運營手冊，我們始終處於領先地位。

Q1 was another strong quarter for NIKE, with revenue growth of 16%.

第一季度是耐克的另一個強勁季度，收入增長 16%。

And even as we saw physical retail traffic return across much of the portfolio, digital continued its momentum with 25% currency-neutral growth, led by North America at over 40.

即使我們看到大部分投資組合中的實體零售流量回歸，數字貨幣仍以 25% 的貨幣中性增長繼續保持增長勢頭，其中北美領先，超過 40。

Our digital success is evidence of the product innovation, brand strength and scale that drives our meaningful relationships with consumers as we continue to show momentum against our biggest growth priorities.

我們的數字化成功證明了產品創新、品牌實力和規模，這些都推動了我們與消費者的有意義的關係，因為我們繼續顯示出反對我們最大增長優先事項的勢頭。

As has been the case since the start of pandemic, I'm proud of the way our entire NIKE, Inc.

與大流行開始以來的情況一樣，我為我們整個 NIKE, Inc. 的方式感到自豪。

team has delivered through macro volatility.

團隊已經通過宏觀波動交付。

Over the past 18 months, we've demonstrated our ability to manage through turbulence to emerge even stronger and better positioned.

在過去的 18 個月裡，我們已經展示了我們在動盪中管理的能力，從而變得更加強大和更好地定位。

And that's what we'll continue to do as we navigate through these current supply chain issues.

這就是我們在解決當前供應鏈問題時將繼續做的事情。

We'll focus on what we can control while leveraging the many levers at our disposal.

我們將專注於我們可以控制的東西，同時利用我們可以使用的許多槓桿。

You'll hear Matt walk through our mitigation efforts in a few minutes.

您將在幾分鐘內聽到 Matt 介紹我們的緩解措施。

Today, we're in a stronger position relative to our competition than we were prior to the pandemic.

今天，與大流行之前相比，我們在競爭中處於更有利的位置。

Why?

為什麼？

Because the changes happening in the market work in our favor.

因為市場發生的變化對我們有利。

Consumers' shift to digital that might have taken 5 years will now only take 2. That plays to NIKE's advantage.

消費者轉向數字化可能需要 5 年時間，現在只需要 2 年。這對 NIKE 有利。

And our Consumer Direct Acceleration strategy is capitalizing on this marketplace transformation.

我們的消費者直接加速戰略正在利用這種市場轉型。

We know that when we get to the other side of this, we'll be in even stronger shape.

我們知道，當我們到達另一邊時，我們將處於更強大的狀態。

We'll be more agile, more direct and more digital.

我們將更加敏捷、更加直接和更加數字化。

So we remain focused and confident in our long-term business outlook.

因此，我們對我們的長期業務前景保持專注和信心。

Our competitive advantages, including our innovative product, brand strength fueled by compelling storytelling, our roster of the world's best athletes and increasingly, our industry-leading digital experiences at retail will continue to create separation.

我們的競爭優勢，包括我們的創新產品、引人入勝的故事所推動的品牌實力、我們世界上最優秀的運動員名單，以及我們在零售業日益領先的行業數字體驗，將繼續創造差異化。

As we drive strong, sustained consumer demand, our confidence remains undiminished.

隨著我們推動強勁、持續的消費者需求，我們的信心依然沒有減弱。

We've just wrapped up an incredible summer of sport, highlighted, of course, by the Olympics and Paralympics.

我們剛剛結束了一個令人難以置信的運動之夏，當然，奧運會和殘奧會也是其中的亮點。

And moments like these are exciting for our company because sport energizes our roughly 75,000 employees around the world.

像這樣的時刻對我們公司來說是令人興奮的，因為運動讓我們在全球大約 75,000 名員工充滿活力。

You can just feel it.

你只能感覺到。

And it's through that passion for sport that we continue to innovate and connect to the consumer.

正是通過對運動的熱情，我們不斷創新並與消費者建立聯繫。

And this summer in Tokyo, our leadership as the world's most innovative sports brand was demonstrated once again.

而今年夏天在東京，我們作為世界上最具創新性的運動品牌的領導地位再次得到展示。

If NIKE were a country, we would have eclipsed the competition, capturing 226 medals, including 85 golds.

如果耐克是一個國家，我們將在競爭中黯然失色，獲得 226 枚獎牌，其中包括 85 枚金牌。

Here are a few examples of what excited us most this summer.

以下是今年夏天最讓我們興奮的幾個例子。

We saw the emergence of Gen Z as a powerful next generation of athletes led by a pair of 13-year-old skateboarders who showed us the joy in the expansion of the definition of sport.

我們見證了 Z 世代作為強大的下一代運動員的出現，由一對 13 歲的滑板手領導，他們向我們展示了運動定義擴展的喜悅。

We shined in key team sports, including football, where Nike teams took home gold in both men's and women's; and basketball, where Nike and Jordan teams combined to take 5 of the 6 medals, including both golds.

我們在包括足球在內的關鍵團隊運動中大放異彩，耐克球隊在男子和女子比賽中都獲得了金牌；和籃球，耐克和喬丹的球隊合力獲得了 6 枚獎牌中的 5 枚，包括兩枚金牌。

And we continued our great legacy in track and field with NIKE athletes winning more individual medals in track and field events than all other brands combined.

我們延續了我們在田徑領域的偉大傳統，耐克運動員在田徑項目中獲得的個人獎牌數量超過了所有其他品牌的總和。

And at the same time, the European Championships brought incredible energy to football in Q1 with England making it to the final.

與此同時，歐洲錦標賽在第一季度為足球帶來了不可思議的能量，英格蘭隊進入了決賽。

Our brand anthem, The Land of New Footfall, brought a fresh approach to the sport, representing NIKE's vision that in this game, everyone is welcome.

我們的品牌國歌 The Land of New Footfall 為這項運動帶來了全新的方式，代表了 NIKE 的願景，即在這場比賽中，每個人都受到歡迎。

The film saw more than 800 million impressions across all channels as more than half of EMEA's Gen Z population viewed it at least once.

這部電影在所有渠道的展示次數超過 8 億次，超過一半的 EMEA 的 Z 世代至少看過一次。

And the summer sport also saw Giannis and the Milwaukee Bucks win the NBA title after an electrifying finals against Chris Paul, Devin Booker and the Phoenix Suns.

夏季運動還見證了揚尼斯和密爾沃基雄鹿隊在總決賽對陣克里斯保羅、德文布克和菲尼克斯太陽隊的比賽中贏得了 NBA 總冠軍。

Days later, we released Giannis' latest signature shoe, the Zoom Freak 3, which is built to support the dominant physicality that defines his style of play.

幾天后，我們發布了揚尼斯最新的簽名鞋 Zoom Freak 3，它旨在支持定義他的比賽風格的主要身體素質。

We continue to see strong response to the Zoom Freak, and we're excited by what we're seeing with our growing Giannis business.

我們繼續看到對 Zoom Freak 的強烈反應，我們對我們不斷增長的 Giannis 業務所看到的感到興奮。

And speaking of Devin Booker, Q1 was a great reminder of how we're investing in the next generation of superstars as we continue to build our roster of athletes.

談到德文·布克，第一季度很好地提醒我們，隨著我們繼續建立我們的運動員名單，我們將如何投資於下一代超級巨星。

Jordan Brand signed the NFL's Dak Prescott in the quarter, joining emerging global icons in NIKE, Inc.'s family, including U.S. Open Winner, Emma Raducanu, and Manchester United's Jadon Sancho.

Jordan Brand 在本季度簽下了 NFL 的 Dak Prescott，加入了 NIKE, Inc. 家族中新興的全球偶像，包括美國公開賽冠軍 Emma Raducanu 和曼聯的 Jadon Sancho。

At the end of the quarter, the summer sport gave way to back-to-school season.

在本季度末，夏季運動讓位於返校季。

So far this fall, we've seen sell-through in our kids business up almost 30%, led by digital with growth of almost 70.

今年秋天到目前為止，我們的兒童業務銷售額增長了近 30%，其中數字業務增長了近 70%。

As we focus on the kids opportunity, our new consumer construct, through that, we are connecting with families more authentically than ever before.

當我們專注於孩子們的機會，我們的新消費者結構時，我們比以往任何時候都更真實地與家庭聯繫。

We're creating kid-specific designs and leveraging new channels for us to connect with these consumers.

我們正在創建針對兒童的設計，並利用新渠道與這些消費者建立聯繫。

Take for example Playlist, which is a just-for-kids series on nike.com and YouTube.

以 Playlist 為例，這是 nike.com 和 YouTube 上的專為兒童製作的系列。

It's filled with games, challenges and exclusive athlete content, all aligned to our mission of encouraging movement and play.

它充滿了遊戲、挑戰和獨家運動員內容，所有這些都符合我們鼓勵運動和玩耍的使命。

Its latest season began a few months back with a new video starring LeBron James and some of his costars from their movie Space Jam: A New Legacy.

它的最新一季開始於幾個月前，由勒布朗詹姆斯和他的一些合作演員主演的新視頻開始了他們的電影 Space Jam: A New Legacy。

Playlist has been a hit with kids and parents alike with viewership numbers well above our expectations.

播放列表受到孩子和家長的一致好評，收視率遠高於我們的預期。

And our kids business remains an important connection point for us, an organic incubator of the brand across multiple generations as we look long term.

我們的兒童業務對我們來說仍然是一個重要的連接點，從長遠來看，它是一個跨越多代人的品牌有機孵化器。

We're the largest kids athletic footwear brand in the world, but we know that there is still so much potential ahead.

我們是世界上最大的兒童運動鞋品牌，但我們知道未來仍有很大的潛力。

And as I've said before, at NIKE, everything starts with innovation.

正如我之前所說，在耐克，一切都始於創新。

Our culture of innovation is our most profound competitive advantage.

我們的創新文化是我們最深刻的競爭優勢。

And this week, I toured our new LeBron James innovation center here at our world headquarters with LeBron.

本週，我和勒布朗一起參觀了位於我們全球總部的新勒布朗詹姆斯創新中心。

At over 750,000 square feet, this new home for our innovation teams is 5x the size of our previous lab and is continued proof of NIKE's leadership in sports science.

佔地超過 750,000 平方英尺，我們創新團隊的這個新家是我們之前實驗室的 5 倍，這繼續證明了耐克在運動科學領域的領先地位。

We expect this facility to act as an accelerant as it helps extend our advantage in innovation even further.

我們希望該設施能夠起到促進作用，因為它有助於進一步擴大我們在創新方面的優勢。

And looking at our innovation agenda, the 2 areas that I'd like to touch on today where our relentless pipeline of innovative product continues to create separation between us and our competition: apparel and sustainability.

看看我們的創新議程，我今天想談及的兩個領域是我們不懈的創新產品管道繼續在我們和我們的競爭對手之間造成分離：服裝和可持續性。

First, let's take a look at apparel.

首先，我們來看看服裝。

We're seeing strong over-indexing growth of 16% in this key growth driver.

我們看到這一關鍵增長動力強勁的過度指數增長了 16%。

And the investments we're making in our new consumer construct are fueling higher apparel growth for women's led by our yoga business.

我們在新的消費者結構中進行的投資正在推動以我們的瑜伽業務為主導的女性服裝的更高增長。

Our yoga collection today features multiple industry-leading innovations, including Dri-FIT and Infinalon.

我們今天的瑜伽系列具有多項行業領先的創新，包括 Dri-FIT 和 Infinalon。

These innovations are resonating with consumers and have helped us nearly quadruple our yoga business over the past 2 years.

這些創新引起了消費者的共鳴，並幫助我們在過去 2 年中將瑜伽業務翻了兩番。

Another key apparel story for us in Q1 was our bras business.

我們在第一季度的另一個關鍵服裝故事是我們的胸罩業務。

This quarter, we maintained our #1 market share in sports bras in North America and introduced the Nike Dri-FIT ADV Swoosh bra.

本季度，我們在北美運動文胸市場保持第一的市場份額，並推出了 Nike Dri-FIT ADV Swoosh 文胸。

Dri-FIT ADV combines the ultimate and cooling fabrics with highly engineered methods to make.

Dri-FIT ADV 將極致涼爽的面料與高度工程化的製造方法相結合。

It's an innovation that's connected with consumers as we scale this technology across our line.

這是一項與消費者聯繫在一起的創新，因為我們將這項技術擴展到我們的生產線。

And now to take a look at sustainability, look at what we've done with Space Hippie.

現在來看看可持續性，看看我們對 Space Hippie 所做的事情。

Space Hippie, as you may recall, is quite literally made from trash.

您可能還記得，太空嬉皮士實際上是用垃圾製成的。

And it was originally introduced at our 2020 Future Forum and debuted 4 separate sustainable material innovations for us, including crater foam and space waste yarn.

它最初是在我們的 2020 未來論壇上推出的，為我們推出了 4 種獨立的可持續材料創新，包括火山口泡沫和太空廢紗。

Now since then, we have strategically grown this franchise to global scale.

從那時起，我們已經戰略性地將這個特許經營權發展到全球規模。

And what's more, we've also scaled these individual material innovations across our entire portfolio.

更重要的是，我們還在整個產品組合中擴展了這些單獨的材料創新。

So today, 1 year after that initial launch, there are more than 43 styles using Space Hippie innovations across 4 sports, 3 brands and our full consumer construct.

因此，在首次發布 1 年後的今天，有超過 43 種款式使用了 Space Hippie 的創新，涵蓋 4 個運動、3 個品牌和我們的完整消費者結構。

For instance, you can see it come to life in iconic franchises such as the Air Force 1 crater, new performance innovation platforms like Cosmic Unity and even in our hands-free accessibility line with styles like Glide FlyEase.

例如，您可以在 Air Force 1 隕石坑等標誌性系列、Cosmic Unity 等新性能創新平台，甚至 Glide FlyEase 等風格的免提無障礙產品系列中看到它栩栩如生。

By driving new dimensions across platforms, our work to scale Space Hippie's innovations catalyze growth.

通過推動跨平台的新維度，我們擴展 Space Hippie 創新的工作促進了增長。

Consumers are clearly responding to sustainability as we're seeing very strong full-price sell-through for this family of product with vast opportunity to drive continued consumer and business value still ahead.

消費者顯然對可持續性做出了回應，因為我們看到該系列產品的全價銷售非常強勁，並有巨大的機會推動持續的消費者和商業價值。

And this is just one example of how we lead with platforms and not just products.

這只是我們如何領導平台而不僅僅是產品的一個例子。

Our deliberate franchise and innovation management create scalable and sustainable impacts on our business, and I'm excited by the upcoming new innovation platforms we'll be introducing soon.

我們深思熟慮的特許經營和創新管理對我們的業務產生了可擴展和可持續的影響，我對我們即將推出的即將推出的新創新平台感到興奮。

Next, let's discuss NIKE's increasing digital advantage.

接下來，讓我們討論一下 NIKE 日益增長的數字優勢。

We continue to lead the industry by creating a premium, consistent and seamless experience that deepens relationships between consumers and our brands.

我們通過創造優質、一致和無縫的體驗，加深消費者與我們品牌之間的關係，繼續引領行業。

Our advantage comes to life at retail in both digital as well as at the intersection of digital and physical.

我們的優勢體現在數字零售以及數字和實體的交叉點上。

I'll discuss both here.

我將在這裡討論兩者。

Even as physical retail revenue approach pre-pandemic levels, our Digital business this quarter grew double digits.

即使實體零售收入接近大流行前的水平，我們本季度的數字業務也增長了兩位數。

This is the result of an unwavering focus on our strategy and the investments we've made against our end-to-end digital transformation.

這是我們堅定不移地關注我們的戰略以及我們針對端到端數字化轉型所做的投資的結果。

And so we continue to expect Digital to be our leading channel for growth in fiscal '22.

因此，我們繼續預計數字將成為我們在 22 財年增長的主要渠道。

Now one of the best gauges for success in our Digital business is how strongly we're connecting with members.

現在，衡量我們數字業務成功的最佳標準之一是我們與會員的聯繫有多緊密。

Our Digital growth is led by outsized member buying, which has seen a penetration increase of 14 points since last year.

我們的數字增長是由超額會員購買引領的，自去年以來滲透率增加了 14 個百分點。

Our membership strategy is working as we increasingly use data and analytics to personalize member product offering and experiences.

隨著我們越來越多地使用數據和分析來個性化會員產品和體驗，我們的會員戰略正在發揮作用。

And we're seeing this come to life as repeat buying members grew more than 70% in the quarter.

隨著重複購買會員在本季度增長超過 70%，我們看到這一點得以實現。

Now part of our success stems from our constant focus on expanding what it means to be a Nike member.

現在，我們成功的部分原因在於我們不斷專注於擴大成為耐克會員的意義。

We brought this to life in Q1 by introducing a new launch experience exclusive to the SNKRS App that revolutionizes how we serve consumers.

我們在第一季度通過引入 SNKRS 應用程序獨有的全新發布體驗實現了這一點，徹底改變了我們為消費者服務的方式。

The new experience debuted in one of the year's most highly anticipated launches, the Off-White Dunk.

全新體驗在今年最受期待的發布之一 Off-White Dunk 中首次亮相。

For the launch last month, we rolled out our new elevated SNKRS Exclusive Access.

對於上個月的發布，我們推出了新的提升 SNKRS 獨家訪問權限。

This approach sends personalized purchase offers to members based on their engagement with SNKRS, past purchase attempts and other criteria using data science to drive digital member targeting.

這種方法根據會員與 SNKRS 的互動、過去的購買嘗試和其他使用數據科學驅動數字會員定位的標準，向會員發送個性化購買優惠。

For example, 90% of the invitees for the Off-White Dunk went to members who had lost out on a prior Off-White collaboration over the past 2 years.

例如，90% 的 Off-White Dunk 受邀者都來自在過去 2 年中與之前的 Off-White 合作失敗的成員。

The result, the Off-White Dunk end up in the hands of hundreds of thousands of our most deserving members, creating what we call exclusivity at scale.

結果，Off-White Dunk 最終落入了我們最值得擁有的數十萬成員手中，從而大規模地創造了我們所謂的獨家性。

And this improved consumer experience has a positive impact on the entire business.

這種改善的消費者體驗對整個業務產生了積極影響。

We've seen that those who benefit from Exclusive Access on SNKRS spend more across NIKE, fueled by the energy of their win.

我們已經看到，那些從 SNKRS 獨家訪問中受益的人在耐克身上的花費更多，這得益於他們獲勝的能量。

So our increasingly personalized approach to launch, along with benefits like Member Days and exclusive Nike By You access, highlights how we continue to increase the value proposition of NIKE membership.

因此，我們越來越個性化的發布方式，以及會員日和獨家 Nike By You 訪問等福利，突顯了我們如何繼續提升 NIKE 會員的價值主張。

We're also leveraging our digital advantage by investing in our brick-and-mortar fleet to create a compelling retail footprint that supercharges how we serve consumers across physical and digital.

我們還利用我們的數字優勢，投資於我們的實體店，創造引人注目的零售足跡，增強我們在實體和數字方面為消費者提供服務的方式。

A couple of weeks ago, I was in Los Angeles and toured some of our great retail there.

幾週前，我在洛杉磯參觀了我們那裡的一些很棒的零售店。

I got to see a wide variety of stores, including our NIKE Live door in Long Beach, a community door in East L.A. and more.

我看到了各種各樣的商店，包括我們在長灘的 NIKE Live 門、東洛杉磯的社區門等等。

And across each and every store, what jumped out to me was our team.

在每一家商店裡，讓我印象深刻的是我們的團隊。

Their love for their community and their passion for our product and bringing it to life for consumers was inspiring and just awesome to see.

他們對社區的熱愛以及對我們產品的熱情以及將其帶給消費者的熱情是鼓舞人心的，而且令人讚嘆。

I also enjoyed visiting a few strategic partner doors, including DICK's and Foot Locker.

我還喜歡參觀一些戰略合作夥伴門，包括 DICK's 和 Foot Locker。

What's clear across the marketplace, both owned and partnered, is how online to offline is becoming second nature.

整個市場（無論是擁有的還是合作的）都清楚的是，線上到線下如何成為第二天性。

We know that higher levels of connectivity across physical and digital are driving better consumer experience and loyalty.

我們知道，物理和數字之間更高水平的連接正在推動更好的消費者體驗和忠誠度。

O2O services such as buy online, pick up in store and ship from store as well as the in-store shopping features of the Nike App drive our premium and seamless consumer experience.

在線購買、店內取貨和店內發貨等 O2O 服務以及 Nike 應用程序的店內購物功能推動了我們優質和無縫的消費者體驗。

And we're starting to extend these innovative experiences globally.

我們開始在全球範圍內推廣這些創新體驗。

In Q1, we brought our Nike Rise, an immersive concept, to Seoul.

在第一季度，我們將身臨其境的概念概念 Nike Rise 帶到了首爾。

Nike Seoul introduces new features to Live -- or Rise, rather, including Inside Track, an interactive RFID-enabled digital footwear table where shoppers can compare details for any 2 shoes simply by placing them on the table.

Nike Seoul 為 Live 或 Rise 引入了新功能，包括 Inside Track，這是一個支持 RFID 的交互式數字鞋類表，購物者只需將它們放在桌子上即可比較任意兩雙鞋的細節。

Our digitally connected retail experiences are clearly resonating with consumers.

我們的數字連接零售體驗顯然引起了消費者的共鳴。

This quarter, our in-line fleet grew over 70% in revenue, approaching pre-pandemic levels.

本季度，我們的直列車隊收入增長了 70% 以上，接近大流行前的水平。

We're seeing over-index growth from members, not just at digital but also at physical retail, with member-buying penetration up double digits since last year.

我們看到會員的指數增長過度，不僅在數字零售領域，而且在實體零售領域，會員購買滲透率自去年以來達到兩位數。

And so we'll continue expanding these compelling experiences across our fleet in fiscal '22, driving that interplay between physical and digital retail.

因此，我們將在 22 財年繼續在我們的車隊中擴展這些引人入勝的體驗，推動實體零售和數字零售之間的相互作用。

In the end, NIKE is doing what we always do, staying on the offense.

最後，耐克正在做我們一直在做的事情，堅持進攻。

The strength of our consumer demand around the world continues to give us confidence in our playbook and execution.

我們在世界各地的強大消費者需求繼續讓我們對我們的劇本和執行充滿信心。

I said it earlier and I'll say it again, I am proud of our resilient and creative team across Nike, Jordan and Converse and the work we continue to deliver for consumers.

我之前說過，我會再說一遍，我為我們在耐克、喬丹和匡威的彈性和創意團隊以及我們繼續為消費者提供的工作感到自豪。

Our confidence as we look long term has not changed one bit.

從長遠來看，我們的信心絲毫沒有改變。

We've already gotten stronger through this pandemic, and we're going to emerge from it even stronger yet.

我們已經在這場大流行中變得更強大，而且我們將變得更加強大。

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

有了這個，我現在把電話轉給馬特。

Thank you, John, and hello to everyone on the call today.

謝謝你，約翰，向今天電話中的每一個人問好。

NIKE's acceleration to a more direct member-centric business model continues to fuel deep connections between consumers and our portfolio of brands.

NIKE 加速採用更直接的以會員為中心的商業模式，繼續推動消費者與我們的品牌組合之間的深度聯繫。

Drawing upon our culture of innovation, unmatched global scale and our industry-leading digital platform, we continue to serve the modern consumer as only NIKE can.

憑藉我們的創新文化、無與倫比的全球規模和行業領先的數字平台，我們繼續為現代消費者提供只有耐克才能做到的。

Our first quarter results proved again that our strategy is working.

我們的第一季度業績再次證明我們的戰略是有效的。

And NIKE's Consumer Direct Acceleration is fueling the transformation of our long-term financial model.

NIKE 的 Consumer Direct Acceleration 正在推動我們長期財務模式的轉變。

Our relentless focus on serving the consumer translated into revenue growth of 16% and EBIT growth of 22% versus the prior year.

我們對服務消費者的不懈關注轉化為與去年相比收入增長 16% 和息稅前利潤增長 22%。

The NIKE Brand remains distinctive and deeply connected in our key cities around the world.

NIKE 品牌在我們世界各地的主要城市中保持著獨特性和緊密聯繫。

From New York to Paris, Shanghai to Tokyo, Nike continues to be consumers' #1 cool and favorite brand with a position that has gained strength as we've navigated through the pandemic.

從紐約到巴黎，從上海到東京，耐克繼續成為消費者喜愛的第一酷品牌，隨著我們在疫情中度過難關，其地位得到了鞏固。

Consumer demand for Nike, Jordan and Converse, remains incredibly high.

消費者對耐克、喬丹和匡威的需求仍然非常高。

And our first quarter financial results would have been even stronger, if not for supply chain congestion, resulting in lack of available supply.

如果不是因為供應鏈擁堵導致供應不足，我們第一季度的財務業績會更加強勁。

Despite these headwinds, retail sales still grew double digits versus the prior year, including a record-setting back-to-school season in North America.

儘管存在這些不利因素，但零售額與上一年相比仍增長了兩位數，其中包括北美創紀錄的返校季。

SNKRS has increasingly become an indicator and barometer of brand heat now being operational at scale in 50 countries around the world.

SNKRS 已日益成為品牌熱度的指標和晴雨表，現已在全球 50 個國家大規模運營。

NIKE Digital is now 21% of total NIKE Brand revenue, which is an increase of 2 points versus last year, with strong double-digit growth versus the prior year, even with broad reopening of physical retail.

NIKE Digital 現在佔 NIKE 品牌總收入的 21%，與去年相比增長了 2 個百分點，與上一年相比實現了兩位數的強勁增長，即使實體零售業廣泛重新開放也是如此。

Digital is increasingly becoming a part of everyone's shopping journey, and we are well positioned to reach our vision of a 40% owned Digital business by fiscal '25.

數字化正日益成為每個人購物之旅的一部分，我們有能力在 25 財年實現我們擁有 40% 的數字業務的願景。

And coming back to marketplace health for a moment, we delivered strong growth in average selling price this quarter with continued improvement in full-price realization.

暫時恢復市場健康，我們在本季度實現了平均售價強勁增長，全價實現持續改善。

This performance reflects our intentional efforts to manage the health of our product franchises as demand surges, to move available inventory to serve demand in the right channels and to drive a more premium experience for consumers.

這一業績反映了我們在需求激增時有意管理產品特許經營的健康狀況、轉移可用庫存以滿足正確渠道的需求並為消費者提供更優質的體驗。

This quarter, we exceeded our 65% full-price sales realization goal, which reflects the expectations that we put forward at our last Investor Day.

本季度，我們超過了 65% 的全價銷售實現目標，這反映了我們在上一個投資者日提出的預期。

As we accelerate our consumer-led digital transformation, we are developing and refining new capabilities that are transforming our operating model, quickly becoming a competitive advantage for NIKE.

隨著我們加速以消費者為主導的數字化轉型，我們正在開發和完善正在改變我們的運營模式的新功能，迅速成為耐克的競爭優勢。

Central to these capabilities is scaling our digital-first supply chain to enable NIKE's digital growth while optimizing service, cost, convenience and sustainability.

這些能力的核心是擴展我們的數字優先供應鏈，以實現耐克的數字增長，同時優化服務、成本、便利性和可持續性。

We are evolving our distribution network and forward deploying inventory closer to the consumer, leveraging data and advanced analytics.

我們正在發展我們的分銷網絡，並利用數據和高級分析將庫存向前部署到更接近消費者的位置。

These actions will improve service levels, reduce carbon impact and ultimately reduce cost to fulfill an order.

這些行動將提高服務水平、減少碳排放並最終降低完成訂單的成本。

Our regional service center outside of Los Angeles opened 1 year ago, and we're excited with the opening of 2 more centers in Q1, one in the East Coast and one in Spain.

我們在洛杉磯以外的區域服務中心於 1 年前開業，我們很高興在第一季度又開設了 2 個中心，一個在東海岸，一個在西班牙。

Our investments in O2O services are putting our products in the path of more consumers and more efficiently optimizing our inventory.

我們對 O2O 服務的投資使我們的產品走上了更多消費者的道路，並更有效地優化了我們的庫存。

Today, we have at least 2 O2O services in each of our NIKE-owned stores in the U.S., and we are aggressively scaling these services across the globe.

今天，我們在美國的每家耐克旗下門店都至少有 2 項 O2O 服務，並且我們正在全球範圍內積極擴展這些服務。

Our Express Lane offense is also creating more and more agility across our portfolio.

我們的 Express Lane 進攻也在我們的產品組合中創造了越來越多的敏捷性。

From creating locally relevant product on shorter lead times to leveraging a shared inventory pool across the marketplace, we are better conserving consumers with more operational flexibility, yielding higher profitability.

從以更短的交貨時間創造本地相關產品到利用整個市場的共享庫存池，我們以更大的運營靈活性更好地保護消費者，從而產生更高的盈利能力。

This quarter, Express Lane grew roughly 20% versus the prior year and increased its share of overall business.

本季度，Express Lane 與去年同期相比增長了約 20%，並增加了其在整體業務中的份額。

And last, the Nike App continues to enable a convergence between physical and digital shopping journeys, eliminating friction for consumers.

最後，Nike App 繼續實現實體購物和數字購物之旅的融合，消除消費者的摩擦。

From member-driven personalization and localization to building an endless aisle through digital integration with our most important wholesale partners, Consumer Direct Acceleration is transforming NIKE's operating model to move at the speed of the consumer.

從會員驅動的個性化和本地化到通過與我們最重要的批發合作夥伴的數字集成來建立無盡的通道，Consumer Direct Acceleration 正在改變耐克的運營模式，以適應消費者的速度。

Now let me turn to the details of our first quarter financial results and operating segment performance.

現在讓我談談我們第一季度財務業績和運營部門業績的細節。

NIKE, Inc.

耐克公司

revenue grew 16% and 12% on a currency-neutral basis, with growth across all marketplace channels.

在貨幣中性的基礎上，收入增長了 16% 和 12%，所有市場渠道均實現了增長。

NIKE Digital grew 25% and NIKE-owned stores grew 24%.

NIKE Digital 增長了 25%，NIKE 擁有的商店增長了 24%。

Wholesale grew 5% in the quarter, negatively impacted by lower available inventory supply due to worsening transit times.

本季度批發業務增長 5%，受到運輸時間惡化導致可用庫存供應減少的負面影響。

Gross margin increased 170 basis points versus the prior year, driven primarily by higher NIKE Direct margins and partially offset by increased ocean freight surcharges.

毛利率較上年增加 170 個基點，主要受 NIKE Direct 利潤率上升推動，部分被海運附加費增加所抵消。

SG&A grew 20% versus the prior year.

SG&A 與去年相比增長了 20%。

This was due to higher wage-related expenses, higher levels of brand activity connected to return to sport and strategic technology investments.

這是由於更高的工資相關費用、與體育和戰略技術投資回報相關的更高水平的品牌活動。

Our effective tax rate for the quarter was 11% compared to 11.5% for the same period last year.

我們本季度的有效稅率為 11%，而去年同期為 11.5%。

This was due to increased benefits from stock-based compensation and discrete items, offset by a shift in our earnings mix.

這是由於股票薪酬和離散項目帶來的收益增加，但被我們收益組合的轉變所抵消。

First quarter diluted earnings per share was $1.16, up 22% versus the prior year.

第一季度每股攤薄收益為 1.16 美元，比上年增長 22%。

Now let's move to our operating segments.

現在讓我們轉到我們的運營部門。

In North America, Q1 revenue grew 15% and EBIT grew 10%.

在北美，第一季度收入增長 15%，息稅前利潤增長 10%。

Demand for NIKE remained incredibly strong for the fifth consecutive season, energized this quarter by back to school and the return to sport.

耐克的需求連續第五個賽季保持強勁，本季度因返校和重返運動而充滿活力。

Retail sales for our performance business grew strong double digits during the fall season, led by running, fitness and basketball, powered by excitement from the Olympics, the new WNBA season and the NBA Finals.

在跑步、健身和籃球的帶動下，我們的表演業務的零售額在秋季實現了兩位數的強勁增長，這得益於奧運會、新的 WNBA 賽季和 NBA 總決賽帶來的興奮。

NIKE Direct grew more than 45%, with NIKE Digital now representing 26% share of business.

NIKE Direct 增長超過 45%，NIKE Digital 現在佔據了 26% 的業務份額。

Digital continued its momentum and grew more than 40%, increasing market share by outperforming industry trends with strong growth in traffic and repeat buying member activity.

Digital 繼續保持增長勢頭，增長超過 40%，通過流量和重複購買會員活動的強勁增長超越行業趨勢，增加了市場份額。

The return to physical retail accelerated NIKE-owned store growth of over 50% as we serve members with elevated experiences.

由於我們為會員提供更優質的體驗，回歸實體零售加速了 NIKE 擁有的商店增長超過 50%。

NIKE-owned inventory increased 12% versus the prior year.

耐克擁有的庫存比上一年增加了 12%。

This was driven by highly elevated in-transit inventory levels as transit times in North America deteriorated during the last quarter, now almost twice as long as pre-pandemic levels.

這是由於上一季度北美的運輸時間惡化，在途庫存水平高企所致，現在幾乎是大流行前水平的兩倍。

This impacted product availability across the marketplace and our ability to serve strong levels of consumer demand, particularly in the wholesale channels.

這影響了整個市場的產品可用性以及我們滿足強大消費者需求的能力，特別是在批發渠道中。

Closeout inventory was down double digits versus the prior year.

清倉庫存與去年相比下降了兩位數。

In EMEA, Q1 revenue grew 8% on a currency-neutral basis, and EBIT grew 26% on a reported basis.

在歐洲、中東和非洲地區，在貨幣中性的基礎上，第一季度的收入增長了 8%，在報告的基礎上，息稅前利潤增長了 26%。

This region was energized by the Euro this summer, where NIKE players scored more goals than all other brands combined, and more than half of those goals were with our material boots.

今年夏天，歐洲杯為該地區注入了活力，NIKE 球員的進球數超過了所有其他品牌的總和，其中一半以上的進球來自我們的材料靴子。

We saw a strong consumer response to both the material boot and replica jerseys during the tournament.

在比賽期間，我們看到消費者對材料靴子和仿製球衣的強烈反應。

NIKE Direct grew 10% on a currency-neutral basis, led by our NIKE-owned stores.

NIKE Direct 在不影響貨幣的基礎上增長了 10%，由我們的 NIKE 擁有的商店引領。

Following a full reopening, we saw traffic increase by double digits versus the prior year with better-than-expected conversion rates.

在全面重新開放後，我們看到流量與去年相比增長了兩位數，轉化率好於預期。

In EMEA, while NIKE Digital grew 2% in the quarter, demand for full-price products grew nearly 30% as we compare to higher liquidation levels in the prior year.

在歐洲、中東和非洲，雖然 NIKE Digital 在本季度增長了 2%，但與去年更高的清算水平相比，對全價產品的需求增長了近 30%。

NIKE-owned inventory declined 14% on a reported basis with closeout inventory down double digits.

耐克擁有的庫存在報告的基礎上下降了 14%，結清庫存下降了兩位數。

Transit times to EMEA have also deteriorated over the past 90 days, causing higher levels of in-transit inventory and negatively impacting product availability to serve strong consumer demand.

在過去 90 天內，到 EMEA 的運輸時間也有所縮短，導致在途庫存水平升高，並對滿足強勁消費者需求的產品可用性產生負面影響。

In Greater China, Q1 revenue grew 1% on a currency-neutral basis.

在大中華區，在貨幣中性的基礎上，第一季度的收入增長了 1%。

EBIT grew 2% on a reported basis as the team delivered in line with our own recovery expectations.

由於團隊的交付符合我們自己的複蘇預期，EBIT 在報告的基礎上增長了 2%。

Retail sales were impacted in late July and August due to regional closures and lower levels of foot traffic due to COVID containment.

由於區域關閉和由於 COVID 控制導致的客流量減少，零售銷售在 7 月下旬和 8 月受到影響。

Prior to late July, physical traffic had been approaching prior year levels.

在 7 月下旬之前，實際交通量一直在接近去年的水平。

In July, we engaged with consumers through the launch of our Joy of Sports local marketing campaign.

7 月，我們通過推出“運動之樂”本地營銷活動與消費者互動。

This campaign generated over 1 billion local views, demonstrating strong brand connection with Chinese consumers.

此次活動產生了超過 10 億的本地瀏覽量，展示了與中國消費者的強大品牌聯繫。

NIKE Direct declined 3% on a currency-neutral basis, partially impacted by retail closures.

NIKE Direct 在貨幣中性的基礎上下跌 3%，部分受到零售關閉的影響。

NIKE Digital declined 6% as we compare to higher liquidation in the prior year, partially offset by double-digit improvement in full-price sales mix.

NIKE Digital 下跌 6%，因為我們與去年較高的清算相比，部分被全價銷售組合的兩位數改善所抵消。

We experienced a strong 6/18 consumer moment where we grew nearly 10% versus the prior year and remained the #1 sports brand on Tmall.

我們經歷了強勁的 6/18 消費時刻，與去年相比增長了近 10%，並且仍然是天貓上排名第一的運動品牌。

Demand in our SNKRS App grew more than 130% for the quarter.

我們 SNKRS 應用程序的需求在本季度增長了 130% 以上。

Our experienced local team continues to navigate through marketplace dynamics.

我們經驗豐富的本地團隊繼續在市場動態中導航。

We finished the quarter with healthy marketplace weeks of supply, and inventory normalization is on plan.

我們以健康的市場供應週結束了本季度，庫存正常化也在計劃中。

Now moving to APLA.

現在搬到APLA。

First quarter revenue grew 31% on a currency-neutral basis and EBIT grew 72% on a reported basis.

在貨幣中性基礎上，第一季度收入增長了 31%，在報告的基礎上，息稅前利潤增長了 72%。

Revenue growth was led by SOCO, Japan, Mexico and Korea, with more muted growth in Pacific and Southeast Asia and India due to COVID restrictions and government-mandated store closures.

收入增長由 SOCO、日本、墨西哥和韓國引領，但由於 COVID 限制和政府強制關閉商店，太平洋、東南亞和印度的增長更為緩慢。

NIKE Digital grew more than 60% on a currency-neutral basis, highlighted by the expansion of our Nike App.

在不考慮貨幣因素的情況下，NIKE Digital 增長了 60% 以上，這體現在我們的 Nike 應用程序的擴展上。

In June, the app went live in Mexico and 6 additional countries across Southeast Asia, generating 3 million local downloads during the quarter.

6 月，該應用程序在墨西哥和東南亞的另外 6 個國家/地區上線，在本季度產生了 300 萬次本地下載。

Earlier on the call, John spoke about the new Nike Rise retail experience in Seoul.

在電話會議的早些時候，約翰談到了首爾的全新 Nike Rise 零售體驗。

To mark the opening of the store, our Express Lane, SNKRS and Nike Rise teams created the Nike Seoul Dunk.

為慶祝門店開業，我們的 Express Lane、SNKRS 和 Nike Rise 團隊打造了 Nike Seoul Dunk。

This collaboration drove more than half of day 1 sales and highlight how digital and physical experiences are converging in our own stores, leveraging local insights and a more agile supply model.

這種合作推動了第一天一半以上的銷售，並突出了數字和實體體驗如何在我們自己的商店中融合，利用本地洞察力和更靈活的供應模式。

Now I will turn to our financial outlook.

現在我將轉向我們的財務前景。

Consumer demand for NIKE remains at an all-time high, and we are confident that our deep consumer connections and brand momentum will continue.

消費者對耐克的需求仍處於歷史最高水平，我們相信我們深厚的消費者聯繫和品牌勢頭將繼續下去。

However, we are not immune to the global supply chain headwinds that are challenging the manufacture and movement of product around the world.

然而，我們也不能倖免於全球供應鏈逆風，這些逆風正在挑戰全球產品的製造和運輸。

Previously, I had shared that we were planning for transit times to remain elevated for the balance of fiscal '22.

此前，我曾分享過我們計劃在 22 財年的餘額中保持較高的運輸時間。

Unfortunately, the situation deteriorated even further in the first quarter, with North America and EMEA seeing increases in transit times due primarily to port and rail congestion and labor shortages.

不幸的是，第一季度情況進一步惡化，主要由於港口和鐵路擁堵以及勞動力短缺，北美和歐洲、中東和非洲地區的運輸時間有所增加。

Additionally, several of our factory partners in Vietnam and Indonesia were required to abruptly cease operations in the first quarter.

此外，我們在越南和印度尼西亞的幾家工廠合作夥伴被要求在第一季度突然停止運營。

As of today, Indonesia is now fully operational.

截至今天，印度尼西亞現已全面投入運營。

But in Vietnam, nearly all footwear factories remain closed by government mandate.

但在越南，幾乎所有製鞋廠仍因政府命令而關閉。

Our experience with COVID-related factory closures suggest that reopening and ramping back to full production scale will take time.

我們在與 COVID 相關的工廠關閉方面的經驗表明，重新開放和恢復全面生產規模需要時間。

Therefore, we're revising our short-term financial outlook to incorporate the following factors: 10 weeks of production already lost in Vietnam since mid-July; factory reopening to occur in phases beginning in October with a ramp to full production over several months; and elevated transit times consistent with where we are now operating today.

因此，我們正在修訂我們的短期財務展望，以納入以下因素： 自 7 月中旬以來，越南已經損失了 10 週的產量；從 10 月開始，工廠將分階段重新開工，並在幾個月內逐步達到全面生產；和延長的運輸時間與我們今天的運營地點一致。

We now expect fiscal '22 revenue to grow mid-single digits versus the prior year versus our prior guidance of low double-digit growth due solely to the supply chain impacts that I just described.

我們現在預計 22 財年的收入將比上一年增長中個位數，而我們之前的指導是低兩位數增長，這完全是由於我剛才描述的供應鏈影響。

Specifically for Q2, we expect revenue growth to be flat to down low single digits versus the prior year as factory closures have impacted production and delivery times for the holiday and spring seasons.

特別是對於第二季度，我們預計收入增長將與去年持平至低個位數，因為工廠關閉影響了假期和春季的生產和交貨時間。

Lost weeks of production, combined with longer transit times, will lead to short-term inventory shortages in the marketplace for the next few quarters.

數週的生產損失，加上更長的運輸時間，將導致未來幾個季度市場出現短期庫存短缺。

We expect all geographies to be impacted by these factors.

我們預計所有地區都會受到這些因素的影響。

However, those geographies in Asia with less in-transit inventory at the end of the first quarter will experience a disproportionate impact beginning in Q2.

然而，在第一季度末在途庫存較少的亞洲地區將在第二季度開始受到不成比例的影響。

For the balance of fiscal '22, we expect strong marketplace demand to exceed available supply.

對於 '22 財年的餘額，我們預計強勁的市場需求將超過可用供應。

We are optimistic inventory supply availability will improve heading into fiscal '23 against the backdrop of a very strong brand and healthy pull market across all geographies.

我們樂觀地認為，在所有地區都非常強大的品牌和健康的拉動市場的背景下，進入 23 財年的庫存供應將得到改善。

Turning to the rest of the P&L.

轉向損益表的其餘部分。

We still expect gross margin to expand 125 basis points versus the prior year, at the low end of our prior guidance, reflecting stronger-than-expected full-price realization, the ongoing shift to our more profitable NIKE Direct business and price increases in the second half.

我們仍預計毛利率將比上年增加 125 個基點，處於我們之前指導的低端，反映出全價實現強於預期、持續轉向我們更有利可圖的 NIKE Direct 業務以及價格上漲下半場。

This more than offsets roughly 100 basis points of additional transportation, logistics and airfreight costs to move inventory in this dynamic environment.

這足以抵消大約 100 個基點的額外運輸、物流和空運成本，以便在這種動態環境中移動庫存。

We also expect a lower foreign exchange benefit, now estimated to be a tailwind of roughly 60 basis points.

我們還預計較低的外匯收益，目前估計約為 60 個基點的順風。

And for the second quarter, we expect gross margin to expand at a rate lower than the full year due to higher planned airfreight investment for the holiday season.

而對於第二季度，我們預計由於假日季節計劃的空運投資增加，毛利率將以低於全年的速度增長。

We expect SG&A to grow mid- to high teens.

我們預計 SG&A 將成長為中高青少年。

We intend to maintain our position as the #1 cool and favorite brand and to celebrate the return to sport as we inspire and engage consumers around the world.

我們打算保持我們作為最酷和最受歡迎品牌的第一名的地位，並在我們激勵和吸引世界各地的消費者的同時慶祝體育回歸。

We will also maintain pace on our multiyear investment plans in order to transform our business for the future, as I've outlined in prior quarters.

正如我在前幾個季度所概述的那樣，我們還將保持多年投資計劃的步伐，以便為未來轉變我們的業務。

NIKE's financial strength is a competitive advantage, and it is in moments like these where our competitive strengths and strong balance sheet affords us the ability to remain focused on what's required to win and serve consumers for the long term.

NIKE 的財務實力是一種競爭優勢，正是在這樣的時刻，我們的競爭優勢和強大的資產負債表使我們有能力繼續專注於贏得和長期服務消費者所需的一切。

In closing, our vision for NIKE's long-term future remains unchanged.

最後，我們對耐克長期未來的願景保持不變。

NIKE is a growth company with unlimited potential.

NIKE 是一家潛力無限的成長型公司。

Despite new short-term operational dynamics, our Consumer Direct Acceleration offense is driving our business forward and transforming our financial model toward the long-term fiscal '25 financial outlook I shared last quarter.

儘管出現了新的短期運營動態，但我們的消費者直接加速進攻正在推動我們的業務向前發展，並將我們的財務模式轉變為我上個季度分享的 25 財年長期財務展望。

This quarter's impressive results are additional proof that our strategy is right not only for the moment we find ourselves in but also for the opportunity to serve the future of athletes and sport like only NIKE can.

本季度令人印象深刻的業績進一步證明，我們的戰略不僅適用於我們所處的那一刻，而且也適用於像耐克一樣為運動員和運動的未來服務的機會。

I wouldn't trade our position with anyone, and there is no better team to navigate through volatility and lead long-term transformational change.

我不會與任何人交換我們的立場，並且沒有比這更好的團隊來應對波動並領導長期的轉型變革。

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

有了這個，讓我們打開問題的電話。

Your first question comes from the line of Erinn Murphy with Piper Sandler.

你的第一個問題來自 Erinn Murphy 和 Piper Sandler 的對話。

Great.

偉大的。

And I really appreciate the update on what you're seeing real time in the supply chain.

我非常感謝您在供應鏈中看到的實時更新。

I guess my question relatedly is, are there any -- if you look to the fall and back half -- or holiday season, are there any key footwear franchises that are being more impacted than others?

我想我的問題與此相關，如果你看一下秋季和下半年或假期，是否有任何主要的鞋類特許經營權比其他特許經營權受到更大的影響？

And then when you zoom back and think about the longer term, what type of investments do you plan to continue to make within the supply chain to continue to improve your agility?

然後，當您回過頭來考慮更長遠的問題時，您計劃在供應鏈中繼續進行哪些類型的投資以繼續提高您的敏捷性？

Well, Erinn, thanks for the question.

好吧，Erinn，謝謝你的問題。

There are several aspects to the current supply chain challenges that are probably not intuitive, just based on my prepared remarks.

僅根據我準備的評論，當前供應鏈挑戰的幾個方面可能並不直觀。

And so let me take a couple of minutes to try to break it down further.

因此，讓我花幾分鐘時間嘗試進一步分解它。

As I said earlier, consumer demand has never been higher, and we expect strong demand to continue for quarters to come.

正如我之前所說，消費者需求從未如此高漲，我們預計未來幾個季度的強勁需求將持續。

Over the last 90 days, 2 things have happened in the industry that we didn't anticipate.

在過去的 90 天裡，該行業發生了兩件我們沒有預料到的事情。

First, already long transit times worsened; and second, local governments mandated shutdowns in Vietnam and Indonesia.

首先，已經很長的運輸時間惡化了；其次，地方政府強制關閉越南和印度尼西亞。

Keep in mind that there are global complexities and differences in transit times and sourcing mix across our geographies, so I'm going to use North America as an example to just go a little deeper on what I'm talking about.

請記住，運輸時間和我們各個地區的採購組合存在全球複雜性和差異，因此我將以北美為例來更深入地了解我所談論的內容。

Prior to the pandemic, it would have taken approximately 40 days to move product from Asia to North America.

在大流行之前，將產品從亞洲運送到北美大約需要 40 天。

Transit times have been increasing due to container shortages, port congestion, rail congestion and labor shortages, impacting the entire industry.

由於集裝箱短缺、港口擁堵、鐵路擁堵和勞動力短缺，運輸時間不斷增加，影響了整個行業。

And during Q1, these lead times worsened further to now sit at 80 days, roughly 2x normal.

在第一季度，這些交貨時間進一步惡化，現在為 80 天，大約是正常情況的 2 倍。

So here's where the geo-specific piece comes in.

所以這就是地理特定部分的用武之地。

So as we finished Q1 with higher levels of in-transit inventory, that means that we had full price inventory that was unavailable to use to serve current consumer demand in this quarter.

因此，當我們以更高水平的在途庫存結束第一季度時，這意味著我們擁有全價庫存，無法用於滿足本季度當前的消費者需求。

We would have had an even stronger top line result if we had more product available to serve that consumer demand.

如果我們有更多的產品可用於滿足消費者的需求，我們將獲得更強勁的頂線結果。

And so these elevated transit times that we're seeing, we've been talking about them now for several quarters, and they worsened this quarter, continue to have an impact on our business.

因此，我們看到的這些增加的運輸時間，我們已經談論了幾個季度，並且本季度惡化，繼續對我們的業務產生影響。

And then in addition to that, there's Vietnam.

除此之外，還有越南。

And it's important to think about these 2 impacts together.

重要的是要一起考慮這兩種影響。

As of today, 80% of our footwear factories located in the South and nearly half of our apparel factories in Vietnam are currently closed.

截至今天，我們位於南部的鞋廠 80% 和在越南的近一半服裝工廠目前已關閉。

So through this week, that means we've already lost 10 weeks of production, and that gap will continue until factories are able to reopen and produce product at normal capacity.

因此，到本週為止，這意味著我們已經失去了 10 週的生產時間，而且這種差距將繼續存在，直到工廠能夠重新開工並以正常產能生產產品。

So this has created a gap to the flow of inventory originally ordered for delivery beginning in mid-October.

因此，這與最初訂購的 10 月中旬開始交貨的庫存流量產生了差距。

And our experience shows us, based on navigating through this pandemic over the last 18 months, that it's going to take several months to ramp back to full production.

我們的經驗告訴我們，基於過去 18 個月的這場大流行病，我們需要幾個月的時間才能恢復全面生產。

Now on a positive note, a few factories have just had their reopening plans approved, like this week.

現在從積極的方面來說，一些工廠的重新開工計劃剛剛獲得批准，就像本週一樣。

And so we're optimistic about a phased reopening and ramp of production beginning in October.

因此，我們對從 10 月開始的分階段重新開放和產量增加持樂觀態度。

And as I said in the call -- earlier in the call, Indonesia is already operational, and they're ramping back up to capacity.

正如我在電話會議中所說——在電話會議的早些時候，印度尼西亞已經投入運營，他們正在恢復產能。

So North America is coming into Q2 with elevated in-transit inventory, which means North America will have higher quantities of fall season product that it can sell in the second quarter.

因此，北美進入第二季度，在途庫存增加，這意味著北美將有更多的秋季產品可以在第二季度銷售。

But holiday and spring production has been delayed.

但假期和春季生產已被推遲。

And if you combine that with longer lead times, the impact of the lost production is going to have a greater impact in North America in Q3.

如果將其與更長的交貨時間相結合，則生產損失的影響將在第三季度對北美產生更大的影響。

Conversely, Greater China, which has lower levels of in-transit inventory and shorter transit times because it's closer to the factories, is going to experience the impact of the lost production earlier in Q2.

相反，由於離工廠較近，在途庫存水平較低且運輸時間較短的大中華區將在第二季度早些時候遭受生產損失的影響。

Our teams are leveraging their experience and our operational playbook and taking actions to try to mitigate these impacts.

我們的團隊正在利用他們的經驗和我們的運營手冊，並採取行動試圖減輕這些影響。

And they're doing things like maximizing our footwear production capacity in other countries, shifting apparel production out of Vietnam to other countries like Indonesia and China and others where viable, strategically leveraging airfreight.

他們正在做一些事情，比如最大限度地提高我們在其他國家的鞋類生產能力，將服裝生產從越南轉移到其他國家，如印度尼西亞和中國以及其他可行的國家，戰略性地利用空運。

And then we're continuing to employ a seasonless approach to product to serve incredibly strong consumer demand, given our success that we've had selling at full price, even if the product reaches the market later than we expected.

然後，鑑於我們以全價銷售的成功，即使產品上市時間晚於我們的預期，我們仍將繼續採用無季節性的產品方法來滿足令人難以置信的強勁消費者需求。

So while the environment is dynamic, these supply chain issues, we believe, are temporary.

因此，儘管環境是動態的，但我們認為這些供應鏈問題是暫時的。

And from what we can see today, we're optimistic that available inventory supply will be improved as we head into fiscal year '23.

從我們今天看到的情況來看，我們樂觀地認為，隨著我們進入 23 財年，可用庫存供應將得到改善。

And Erinn, to the second part of your question on -- in that context investment, we're doing what strong companies do during periods of time like this.

Erinn，關於你問題的第二部分 - 在這種情況下投資，我們正在做強大的公司在這樣的時期所做的事情。

We're going to continue to invest in innovation and product creation, in brand and storytelling and support of sport being back and our strong sports marketing portfolio and our digital transformation.

我們將繼續投資於創新和產品創造、品牌和故事講述、支持體育回歸以及我們強大的體育營銷組合和我們的數字化轉型。

So that's continuing.

所以這還在繼續。

And then we'll continue with strong presence around driving demand and brand even in the face of a supply-constrained market, and as Matt mentioned, accelerate air transportation and other things in our supply chain that allow us to take -- manage every lever we can in this supply chain-constrained environment.

然後，即使面對供應受限的市場，我們將繼續在推動需求和品牌方面保持強大的存在，正如馬特所提到的，加速我們供應鏈中的航空運輸和其他讓我們能夠採取 - 管理每一個槓桿的事情我們可以在這個供應鏈受限的環境中。

So we're going to -- we -- again, our mantra going into this next phase is the same mantra we had going into the first phase of the pandemic.

所以我們要 - 我們 - 再次，我們進入下一階段的口號與我們進入大流行第一階段的口號相同。

Let's make sure we emerge stronger coming out of it than we have even today going in.

讓我們確保我們從它中脫穎而出，比今天更強大。

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

您的下一個問題來自摩根大通的 Matthew Boss。

So John, maybe could you speak to the overall health of the athletic industry?

那麼約翰，也許你能談談體育產業的整體健康狀況嗎？

How best to think about overall TAM for NIKE as we exit the pandemic?

當我們退出大流行時，如何最好地考慮 NIKE 的整體 TAM？

Can you leverage size, scale and innovation to accelerate market share?

您能否利用規模、規模和創新來加速市場份額？

And then, Matt, real quick, just on the revised gross margin outlook for this year aside from the supply chain impact.

然後，馬特，真的很快，除了供應鏈的影響之外，剛剛修訂了今年的毛利率前景。

I guess my question is, could you speak to maybe some of the underlying drivers?

我想我的問題是，你能和一些潛在的驅動因素談談嗎？

It sounds like full-price selling, digital margin's on track.

這聽起來像是全價銷售，數字保證金正在走上正軌。

Meaning aside from the supply chain dynamics, does anything really change?

這意味著除了供應鏈動態之外，真的有什麼變化嗎？

Meaning do you see this as fully transitory?

意思是你認為這完全是暫時的嗎？

Any change to the multiyear gross margin outlook?

多年毛利率前景有何變化？

Well, Matthew, on the first part of your question, the healthy athletic market is -- [as we said] in our remarks, sport is back.

好吧，馬修，關於你問題的第一部分，健康的運動市場是——[正如我們所說的]，在我們的評論中，運動又回來了。

And that is just such an energizing and important thing for NIKE.

這對 NIKE 來說是一件充滿活力和重要的事情。

And we saw that this summer.

我們在今年夏天看到了這一點。

I won't go back through it, whether it's the Olympics, basketball, global football, incredible U.S. Open tennis.

無論是奧運會、籃球、全球足球，還是令人難以置信的美國網球公開賽，我都不會回頭。

It goes -- college football, U.S. football back.

它去了——大學橄欖球，美國橄欖球回來了。

I mean it's -- so I would say traditional sports is what I'll call it, is strong and back.

我的意思是——所以我會說傳統運動就是我所說的，它是強大的，而且是回歸的。

And that's also happening now in high schools and grade schools as kids come back to school.

隨著孩子們回到學校，現在高中和小學也發生了這種情況。

Second thing we're seeing is the expansion of the definition of sport, whether that's in the Olympics with sports like skate being included for the first time.

我們看到的第二件事是運動定義的擴展，無論是在奧運會上，滑冰等運動首次被包括在內。

Some of the most exciting moments in the Olympics was around skate, right?

奧運會上最激動人心的時刻就是滑板，對吧？

And it's that young generation, Gen Z generation really dominating remarkably in a very compelling way.

正是年輕一代，Z一代真正以非常引人注目的方式佔據主導地位。

But also coming out of pandemic, the definition of sport, I think, is getting to every athlete [asterisk] in different ways, just the concept of movements and health and the fact that sport can happen in your living room as well as going to the gym or the yoga studio or the basketball court.

但是，在大流行之後，我認為，運動的定義正在以不同的方式傳達給每個運動員 [星號]，只是運動和健康的概念，以及運動可以在您的客廳以及去到健身房或瑜伽館或籃球場。

And so part of the tailwind we're seeing is sport is becoming part of everyone's everyday life.

因此，我們看到的順風的一部分是運動正在成為每個人日常生活的一部分。

And that's a powerful tailwind for us.

這對我們來說是一個強大的順風。

And then athleisure, that's blurring the line between the sport part of your life and the rest of your life, is also what we view as a tailwind.

然後運動休閒，它模糊了你生活中的運動部分和你餘生之間的界限，這也是我們認為的順風。

So we're doubling down on traditional sport, on capitalizing on these -- the new emerging definition of sport.

所以我們在傳統體育上加倍投入，利用這些——新興的體育定義。

You saw that in skate in the Olympics.

你在奧運會的滑冰比賽中看到了這一點。

You see that in some of our brand campaigns being really close to where that Gen Z consumer is.

您會在我們的一些品牌活動中看到，與 Z 世代消費者所處的位置非常接近。

And we think that bodes well for our future.

我們認為這對我們的未來來說是個好兆頭。

And I'll just hit the gross margin quickly, Matt.

我會很快達到毛利率，馬特。

We believe that this quarter was an excellent proof point of the success that we're seeing in driving our consumer-led digital transformation.

我們認為，本季度是我們在推動以消費者為主導的數字化轉型方面取得成功的絕佳證明。

We're seeing meaningful movement forward in both NIKE Direct mix of business and also NIKE Digital mix of business, as I mentioned.

正如我所提到的，我們看到 NIKE Direct 業務組合和 NIKE Digital 業務組合都取得了有意義的進展。

And that's what fueled our gross margin expansion in the first quarter: high levels of full-price realization, greater mix of NIKE Direct and NIKE Digital business and lower markdowns as we leverage the capabilities that we have to serve consumer demand, how and where they want it.

這就是推動我們第一季度毛利率增長的原因：全價實現的高水平、NIKE Direct 和 NIKE Digital 業務的更大組合以及在我們利用我們必須滿足消費者需求的能力時降低降價，他們如何以及在哪裡想要它。

As we look longer term, we're absolutely continuing to look towards that high 40s gross margin outlook that we provided last quarter.

從長遠來看，我們絕對會繼續關注我們上個季度提供的 40 年代高毛利率前景。

And in the short term, we're going to navigate through these transitory impacts.

在短期內，我們將度過這些短暫的影響。

But when you've got a strong brand and you've got a healthy pull market, what we're seeing is strong full-price margins offsetting some of these transient costs that we're going to experience as we move product around the world.

但是，當您擁有強大的品牌並且擁有健康的拉動市場時，我們看到的是強勁的全價利潤率抵消了我們在全球範圍內移動產品時將遇到的一些臨時成本.

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

您的下一個問題來自瑞士信貸的 Michael Binetti。

Maybe, John, could you click into the China trends a little bit more in the quarter?

也許，約翰，你能在本季度更多地關注中國的趨勢嗎？

I guess jump ball, John, on that.

我猜是跳球，約翰。

Last quarter, you spoke to some of the trends within the quarter after the impact in April to help us give an understanding of the path back to what was headed back to normal at the time.

上個季度，您談到了 4 月份影響後該季度內的一些趨勢，以幫助我們了解恢復當時恢復正常的路徑。

Any kind of dimensions this quarter?

本季度有什麼尺寸嗎？

You mentioned there are some COVID lockdowns in a few markets that weighed on the total China trend.

您提到在一些市場上出現了一些 COVID 封鎖，這對中國的整體趨勢造成了壓力。

Maybe where we're at in 2Q to date and what you see is the right pace to think about getting back to normal in that market.

也許到目前為止，我們在第二季度所處的位置以及您所看到的是考慮在該市場恢復正常的正確步伐。

And then on North America, to the extent that you do need to make decisions in the allocations of the inventory going forward.

然後在北美，您確實需要在未來的庫存分配中做出決定。

I know you had a good amount in transit that can feed into 2Q.

我知道您在運輸途中有大量可以進入 2Q。

But how should we think about how you're thinking about allocation between the DTC channel and wholesale as we roll forward from here?

但是，當我們從這裡向前推進時，我們應該如何考慮您如何考慮 DTC 渠道和批發之間的分配？

Is it similar dynamics to what we saw in the first quarter?

它是否與我們在第一季度看到的動態相似？

Or any change in that trajectory?

或者這條軌蹟有什麼變化？

Matt, why don't I take the first part of Mike's question, and you take the second for North American.

馬特，我為什麼不回答邁克問題的第一部分，而你回答北美問題的第二部分。

On China, Michael, I'll just reiterate what I said last quarter, is we take a long-term view in China.

關於中國，邁克爾，我將重申我上個季度所說的話，我們是否對中國有長遠的看法。

We'll invest for the long term, and we're confident in the long-term opportunity.

我們將進行長期投資，我們對長期機會充滿信心。

And coincidentally, this is the 40th -- this month is the 40th anniversary of NIKE's participation in China.

巧合的是，今年是第 40 天——本月是 NIKE 進入中國的第 40 週年。

And we saw Q1 results that were roughly in line with our expectations.

我們看到第一季度的結果大致符合我們的預期。

And as Matt said, supply constraints will impact our second quarter performance.

正如馬特所說，供應限制將影響我們第二季度的業績。

But we are continuing to do what, frankly, Phil has done from the beginning in China, which he's done over the last 40 years, and we've done and we will continue to do over the next 40, which is deliver innovative product that can -- connects with local consumers, strong consumer connections to our brand, partly reinforced by the 7,000 monobrand stores across the country.

但坦率地說，我們將繼續做 Phil 從一開始就在中國所做的事情，這是他在過去 40 年裡所做的事情，我們已經做到了，我們將在接下來的 40 年裡繼續做下去，那就是提供創新的產品， can - 與當地消費者建立聯繫，與我們的品牌建立了強大的消費者聯繫，這在一定程度上得到了全國 7,000 家單一品牌商店的加強。

We're blessed to have a really strong local team, and I am so proud of that team, how they're navigating through.

我們很幸運擁有一支非常強大的本地團隊，我為這支球隊感到驕傲，他們是如何度過難關的。

As we've said many times before, they have led us in the sort of pandemic playbook, and they continue to be very responsive on the ground there.

正如我們之前多次說過的那樣，他們帶領我們進入了那種流行病的劇本，並且他們在那裡繼續非常敏感。

And then we always have been, and will continue to be, very respectful and responsible corporate citizens, promoting sport and the well-being through activity and promoting sustainability and other important societal themes.

然後我們一直並將繼續成為非常尊重和負責任的企業公民，通過活動促進體育和福祉，促進可持續性和其他重要的社會主題。

And so we'll continue to stay on that playbook and invest with consistency and longevity during this period of time.

因此，我們將繼續遵循該劇本，並在這段時間內以一致性和長期性進行投資。

And just transitioning to North America, we've continued to deliver strong growth in that marketplace.

剛剛過渡到北美，我們繼續在該市場實現強勁增長。

I mentioned 5 consecutive quarters of -- or seasons, I should say, of incredibly strong demand.

我提到了連續 5 個季度——或者說是季節，我應該說，需求非常強勁。

As we think about the marketplace, our approach is really no different than we've been talking about for a couple of years now.

當我們考慮市場時，我們的方法實際上與我們幾年來一直在談論的沒有什麼不同。

We start through the eyes of the consumer.

我們從消費者的角度出發。

Where is the consumer shopping?

消費者在哪裡購物？

How is the consumer engaging with our brand across the marketplace?

消費者如何在整個市場上與我們的品牌互動？

And we're going to continue to focus on prioritizing our product availability for those locations where the consumer is shopping, and that will continue to be within NIKE zone channels and our most strategic wholesale partners.

我們將繼續專注於為消費者購物的地點優先考慮我們的產品可用性，這將繼續在耐克區域渠道和我們最具戰略意義的批發合作夥伴內。

And that's what we're going to continue to do to serve that demand.

這就是我們將繼續為滿足這一需求而做的事情。

The marketplace, as I said, is going to be lean.

正如我所說，市場將變得精益求精。

We're going to have lean inventory across the marketplace.

我們將在整個市場上擁有精益庫存。

But NIKE and our partners will continue to try to create the best consumer experience that we can throughout the remainder of that -- of this fiscal year.

但耐克和我們的合作夥伴將繼續努力在本財政年度的剩餘時間裡創造最好的消費者體驗。

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

您的下一個問題來自古根海姆證券公司的 Bob Drbul。

Just 2 questions.

就2個問題。

The first one is on the spending levels.

第一個是關於支出水平。

With the updated outlook on the revenue with the disruption of the supply chain, can you just help us understand how you're thinking about spending against the lower levels of revenue, whether it's demand creation or the investment technologies?

隨著供應鏈中斷對收入前景的更新，您能否幫助我們了解您如何考慮針對較低收入水平的支出，無論是需求創造還是投資技術？

And I have a follow-up.

我有一個後續行動。

Sure.

當然。

Thanks, Bob.

謝謝，鮑勃。

The year-over-year comparisons, as we've talked about for a while here, are not really intuitive.

正如我們在這裡討論了一段時間的那樣，逐年比較並不是很直觀。

And a couple of quarters ago, I talked about as we were starting to see the strength in consumer connections and the acceleration of our business that we were going to begin accelerating investment to drive our digital transformation.

幾個季度前，當我們開始看到消費者聯繫的力量和我們業務的加速時，我談到了我們將開始加速投資以推動我們的數字化轉型。

And in particular, where we were investing was against technology, our digital -- creating a digital-first supply chain and the marketplace.

特別是，我們投資的領域是反對技術，我們的數字——創建一個數字優先的供應鍊和市場。

And we created a multiyear investment plan against our outlook to drive that growth.

我們針對我們的前景制定了一項多年投資計劃，以推動這一增長。

And when we finished the first quarter, we finished our first quarter spending at about 29% of revenue.

當我們完成第一季度時，我們的第一季度支出佔收入的 29% 左右。

And as we think about the transitory nature of these impacts, we believe this is a moment where NIKE's financial strength is a real competitive advantage.

當我們考慮到這些影響的暫時性時，我們相信這是耐克的財務實力成為真正競爭優勢的時刻。

And so we believe these short-term dynamics will pass, but we're more convinced and committed to what we believe the capabilities we need to operate a consumer direct business at scale as we execute the strategy.

因此，我們相信這些短期動態將會過去，但我們更相信並致力於我們認為在執行戰略時大規模運營消費者直接業務所需的能力。

And so that's where our focus and attention is going to be.

這就是我們的重點和關注點。

We're going to keep our teams focused on creating those capabilities and -- which we're seeing translate into strong growth and profitability.

我們將讓我們的團隊專注於創造這些能力，並且我們看到這些能力轉化為強勁的增長和盈利能力。

And that also includes the investments that we're making from a brand perspective.

這還包括我們從品牌角度進行的投資。

Strong brands get stronger in this environment.

強大的品牌在這種環境下變得更強大。

And having that deep consumer connection, especially when it's rooted to sport and the return of sport, is absolutely what we need to be doing in order to continue to stay in a position of strength.

擁有深厚的消費者聯繫，特別是當它植根於體育和體育回歸時，絕對是我們需要做的事情，才能繼續保持強勢地位。

Great.

偉大的。

And if I could just sneak one more in.

如果我能再偷偷溜進去一個。

I think the Drake NOCTA line dropped today.

我認為 Drake NOCTA 線今天下降了。

I just wondered if you might give us some learnings on what you think about how that product is going and the opportunity that you have for something like that.

我只是想知道您是否可以向我們介紹您對該產品的發展方式以及您對此類產品的機會的看法。

Bob, I am so glad you asked.

鮑勃，我很高興你問。

I had a SNKRS win this morning on the NOCTA line, the vest.

今天早上我在 NOCTA 線上贏得了 SNKRS 的勝利，這件背心。

I'm excited.

我很興奮。

It was a great -- it's a great collection.

這是一個偉大的 - 這是一個偉大的收藏。

Any time you went on SNKRS, it's a jolt.

任何時候你在 SNKRS 上，都會感到震驚。

I was in the middle of my workout in one of our gyms here on campus.

我正在校園裡的一個健身房鍛煉身體。

I stopped the workout at 7 a.m.

我在早上 7 點停止了鍛煉。

to see if I won, and I won.

看看我是否贏了，我贏了。

So I'm pumped up about that.

所以我對此很興奮。

As our -- as we said earlier, in all seriousness, millions and millions of SNKRS users.

正如我們 - 正如我們之前所說，嚴肅地說，數以百萬計的 SNKRS 用戶。

What a great experience.

多麼棒的體驗。

And obviously, that line is just another example of how NIKE is unparalleled in our ability to create real innovative, stylish heat and connection with the consumer.

顯然，該系列只是 NIKE 在創造真正創新、時尚的熱量和與消費者的聯繫方面無與倫比的另一個例子。

Your next question comes from the line of Simeon Siegel with BMO Capital Markets.

您的下一個問題來自 BMO Capital Markets 的 Simeon Siegel。

Just when thinking about your price elasticity of demand, so recognizing the unit pressures you're talking about with inventory, can you just talk about maybe the opportunity or order of magnitude for potential pricing you see?

就在考慮你的需求價格彈性時，認識到你在談論庫存的單位壓力，你能談談你看到的潛在定價的機會或數量級嗎？

And then, Matt, any way just to parse out the change in wholesale performance this quarter between the undifferentiated partners and then the strategic partners that you're continuing to support?

然後，馬特，有什麼方法可以分析出本季度批發業績在未分化合作夥伴之間的變化，然後是您繼續支持的戰略合作夥伴？

Yes.

是的。

So on the pricing question, we -- I mentioned in my prepared remarks that we've taken some pricing actions in the second half.

所以關於定價問題，我們 - 我在準備好的評論中提到我們在下半年採取了一些定價行動。

And what I would say, Simeon, is that we evaluate price value of our products on a season-by-season basis.

Simeon，我想說的是，我們會按季節評估產品的價格價值。

And we consider a number of different factors that we incorporate to make a decision about what to do.

我們考慮了許多不同的因素，我們結合這些因素來決定做什麼。

But what I will tell you is that we take a long -- we have a long-standing relationship with our consumer.

但我要告訴你的是，我們需要很長時間——我們與消費者建立了長期的關係。

And so we take a long-term view to these types of decisions.

因此，我們對這些類型的決定採取長遠的眼光。

And so the price increases that we've implemented in the second half are in the low single-digit range.

因此，我們在下半年實施的價格上漲處於低個位數範圍內。

And we feel it's appropriate given the marketplace we're operating in and those other factors that I referenced, considering we've got rising input costs and other factors that are impacting our business.

我們認為考慮到我們所經營的市場和我提到的其他因素，考慮到我們的投入成本不斷上升和其他影響我們業務的因素，這是合適的。

But I think it's really important not to drive past the fact that we continue to see strong growth in ASPs across the whole marketplace driven by higher full-price realization as we've been talking about for several quarters and lower markdowns and leveraging the capabilities of identifying our inventory, knowing where we want to put it, putting it in the path of the consumer, optimizing it between ourselves and our physical locations, our digital locations and increasingly providing that endless access to some of our wholesale -- to some of our most strategic wholesale partners.

但我認為，重要的是不要忽略這樣一個事實，即我們繼續看到整個市場的 ASP 強勁增長，這是由於我們已經討論了幾個季度的更高的全價實現和更低的降價以及利用識別我們的庫存，知道我們想把它放在哪裡，把它放在消費者的路徑上，在我們自己和我們的物理位置、我們的數字位置之間優化它，並越來越多地提供對我們的一些批發的無限訪問——對我們的一些最具戰略性的批發合作夥伴。

All of these things are contributing to a higher level of full-price realization across the marketplace.

所有這些都有助於在整個市場實現更高水平的全價。

And so we do believe that this is a base from where we want to operate as opposed to a moment in time, and that's driving profitability for NIKE at a moment that -- where there's lots of disruption.

因此，我們確實相信，這是我們想要運營的基地，而不是某個時刻，這正在推動耐克的盈利能力——在那個有很多破壞的時刻。

I think in terms of your second question in terms of undifferentiated or differentiated, what I would tell you is that we continue to see strong growth in our differentiated partners.

我認為就您關於未差異化或差異化的第二個問題而言，我要告訴您的是，我們繼續看到差異化合作夥伴的強勁增長。

And our differentiated partners, because of the fact that they are creating a better consumer experience and driving more demand, their weeks of inventory on hand is about half where they would like for it to be right now because of the strong demand that they're driving.

而我們的差異化合作夥伴，由於他們正在創造更好的消費者體驗並推動更多需求，他們手頭上的庫存週數大約是他們現在希望的一半，因為他們的需求強勁駕駛。

And to take it a step further, over the last 3 years, we've actually exited about 50% of our undifferentiated accounts while we've been able to deliver strong double-digit growth.

更進一步，在過去 3 年中，我們實際上已經退出了大約 50% 的未差異化賬戶，同時我們已經能夠實現兩位數的強勁增長。

And so we believe that we will continue down this strategy.

因此，我們相信我們將繼續沿用這一策略。

And as John alluded to in his prepared remarks, we believe that the supply-related reductions will likely trigger an even greater acceleration in the transformation of the marketplace towards NIKE and our most important wholesale partners.

正如約翰在他準備好的講話中提到的那樣，我們認為與供應相關的減少可能會引發市場向耐克和我們最重要的批發合作夥伴轉變的更大加速。

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

您的最後一個問題來自摩根士丹利的 Kimberly Greenberger。

Great.

偉大的。

And really, really great color on the call today.

今天電話會議上的顏色真的非常棒。

Matt, I wanted to just talk through the resumption in production and when you see inventory levels normalizing assuming that production resumes through that October, November time frame that you laid out.

馬特，我只想談談生產的恢復以及當你看到庫存水平正常化時，假設生產恢復到你制定的 10 月、11 月的時間框架。

As you sort of think about your lead times, the low inventory levels, when do you think, in calendar year 2022, you're going to feel really comfortable about having gotten caught up on the inventory that is holding back revenue growth here over the next few quarters?

當您考慮交貨時間、低庫存水平時，您認為在 2022 日曆年什麼時候，您會感到非常自在地趕上了阻礙收入增長的庫存未來幾個季度？

Sure.

當然。

Well, Kimberly, our optimism stems from the fact that our factories are starting to have reopening plans approved.

好吧，金伯利，我們的樂觀源於我們的工廠開始批准重新開放計劃這一事實。

And that has happened this week.

這發生在本週。

And so we're optimistic that we're going to start to see production begin in October.

因此，我們樂觀地認為，我們將在 10 月開始看到生產開始。

Our experience from the COVID-related closures in China earlier in the pandemic and then in Indonesia earlier this quarter tells us that it will take time for those factories to ramp back up to full capacity.

我們從大流行初期在中國和本季度初在印度尼西亞與 COVID 相關的關閉的經驗告訴我們，這些工廠需要時間才能恢復到滿負荷生產。

We've lost 10 weeks of production since mid-July.

自 7 月中旬以來，我們已經失去了 10 週的生產時間。

And so what we're really focused on is are our factory partners getting back to full capacity so that we can serve demand that we see in the marketplace.

因此，我們真正關注的是我們的工廠合作夥伴恢復滿負荷生產，以便我們能夠滿足我們在市場上看到的需求。

When we combine the lost production and the reramping plus the extended lead times, we feel optimistic that we're going to see inventory supply improving as we exit this fiscal year and move into fiscal year '23.

當我們將損失的產量和重新調整加上延長的交貨時間結合起來時，我們感到樂觀的是，當我們退出本財年並進入 23 財年時，我們將看到庫存供應有所改善。

And our experience would tell us that while this situation is going to be dynamic and it's not going to be linear, that's what we're planning towards at this point in time.

我們的經驗會告訴我們，雖然這種情況將是動態的，並且不會是線性的，但這就是我們目前計劃的目標。

And I might just build on that, Kimberly, to say, both Matt and I wish we had a crystal ball, but we don't.

金伯利，我可能會在此基礎上說，馬特和我都希望我們有一個水晶球，但我們沒有。

And one of the things that I think we are demonstrating through this very dynamic phase is regardless of what the future holds, we're capitalizing on it, right?

我認為我們在這個充滿活力的階段所展示的一件事是，無論未來如何，我們都在利用它，對吧？

We're doing what great sports teams do, which is making -- confronting the reality, making adjustments, showing agility and executing in a way where we emerge stronger.

我們正在做偉大運動隊所做的事情，那就是製造——面對現實，做出調整，展示敏捷性，並以一種我們變得更強大的方式執行。

And so we had demand shocks last year with the closing of retail in Phase 1 of pandemic.

因此，隨著大流行第一階段零售業的關閉，我們去年受到了需求衝擊。

And now we've got some supply shocks with Phase 2 of the pandemic this year.

現在，今年大流行的第二階段給我們帶來了一些供應衝擊。

We will navigate through those just as we did last year.

我們將像去年一樣瀏覽這些內容。

I think we're stronger today than we were 18 months ago, and we'll be stronger 18 months from now than we are today.

我認為我們今天比 18 個月前更強大，18 個月後我們會比今天更強大。

And in the process, we're building that capability where we're leveraging our strengths and we're leveraging the leadership position.

在此過程中，我們正在利用我們的優勢和領導地位建立這種能力。

And I just want to maybe conclude this call, Paul, by once again just expressing my sincere thanks and appreciation for the 75,000 NIKE teammates around the world, who day in and day out are adjusting to the circumstances on the field, are demonstrating teamwork and resilience and creativity to serve consumers and continuing to innovate.

保羅，我想結束這次電話會議，再次表達我對全球 75,000 名耐克隊友的誠摯感謝和感謝，他們日復一日地適應球場上的環境，展示團隊合作精神，為消費者服務並持續創新的韌性和創造力。

And that's what we'll continue to do regardless of what the future deals us.

這就是我們將繼續做的事情，無論未來給我們帶來什麼。

Thank you, Kimberly, for the question, and thanks to all for joining us today.

感謝 Kimberly 提出這個問題，並感謝大家今天加入我們。

We look forward to speaking with you next quarter.

我們期待在下個季度與您交談。

Take care, and stay safe.

保重，並保持安全。

Ladies and gentlemen, we thank you for your participation in today's call.

女士們，先生們，我們感謝你們參加今天的電話會議。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。