Nike Inc (NKE) 2022 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2022 First Quarter Conference Call. For those who want to reference today's press release, you'll find it at http://investors.nike.com. Leading today's call is Paul Trussell, VP of Investor Relations and Strategic Finance.

大家下午好。歡迎參加 NIKE, Inc. 2022 財年第一季電話會議。對於想要參考今天的新聞稿的人來說，你可以在http://investors.nike.com找到。主持今天電話會議的是投資人關係與策略財務副總裁 Paul Trussell。

Before I turn the call over to Mr. Trussell, let me remind you that 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. These risks and uncertainties are detailed in the reports filed with the SEC, including the annual report filed on Form 10-K. Some forward-looking statements may concern expectations of future revenue growth or gross margin.

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

In addition, participants may discuss non-GAAP financial measures, including references to constant dollar revenue. References to constant dollar revenue are intended to provide context as to the performance of the business eliminating foreign exchange fluctuations. Participants may also make references to other nonpublic financial and statistical information and non-GAAP financial measures. To the extent nonpublic financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, http://investors.nike.com.

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

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

現在我想將電話轉給保羅·特魯塞爾 (Paul Trussell)。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2022 first quarter results. As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You will find the appropriate reconciliations in our press release, which was issued about an hour ago, or at our website, investors.nike.com.

謝謝您，接線生。大家好，感謝您今天加入我們討論 NIKE, Inc. 2022 財年第一季業績。正如接線員所指出的，今天電話會議的參與者可能會討論非公認會計準則財務指標。您可以在我們大約一小時前發布的新聞稿中，或在我們的網站 investor.nike.com 上找到相應的對帳內容。

Joining us on today's call will be NIKE, Inc. President and CEO, John Donahoe; and our Chief Financial Officer, Matt Friend. Following their prepared remarks, we will take your questions. We would like to allow as many of you to ask questions as possible in our allotted time. So we would appreciate you limiting your initial questions to one. Thank you for your cooperation on this.

參加今天電話會議的還有 NIKE, Inc.總裁兼執行長約翰·多納霍 (John Donahoe)；以及我們的財務長馬特·弗蘭德（Matt Friend）。在他們發表準備好的發言後，我們將回答大家的提問。我們希望在規定的時間內讓盡可能多的人提出問題。因此，我們希望您將最初的問題限制為一個。感謝您的合作。

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

現在我將電話轉給耐吉公司。總裁兼執行長約翰·多納霍 (John Donahoe)。

Thanks, Paul, and hello to everyone on today's call. NIKE creates value through our relentless drive to serve the future of sport. And as we saw again in Q1, our strategy is working with business results that reflect our deep connection to consumers around the world. Thanks to our brand momentum, culture of innovation, commitment to purpose and proven operational playbook, we stay at the front of the pack.

謝謝保羅，向今天電話會議中的各位嘉賓問好。耐吉透過不懈努力服務體育的未來來創造價值。正如我們在第一季再次看到的那樣，我們的策略正在與業務成果相結合，這反映了我們與全球消費者的深度連結。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營運策略，我們始終處於領先地位。

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

第一季對 NIKE 來說又是一個強勁的季度，營收成長了 16%。儘管我們看到大部分投資組合中的實體零售流量都在回升，但數位行銷仍保持了其發展勢頭，剔除匯率因素，成長率達 25%，其中北美地區成長最為顯著，超過 40%。我們在數位化方面的成功證明了產品創新、品牌實力和規模，這些推動了我們與消費者建立有意義的關係，因為我們繼續在實現最大成長重點方面表現出強勁勢頭。

As has been the case since the start of pandemic, I'm proud of the way our entire NIKE, Inc. team has delivered through macro volatility. Over the past 18 months, we've demonstrated our ability to manage through turbulence to emerge even stronger and better positioned. And that's what we'll continue to do as we navigate through these current supply chain issues. We'll focus on what we can control while leveraging the many levers at our disposal. You'll hear Matt walk through our mitigation efforts in a few minutes.

自從疫情開始以來，我為整個 NIKE 公司所做的努力感到自豪。團隊已克服宏觀波動。在過去的 18 個月裡，我們證明了我們有能力克服動盪，變得更加強大和更有利的地位。在解決當前供應鏈問題時，我們將繼續這樣做。我們將集中精力於我們能夠控制的事物，同時利用我們掌握的多種槓桿。幾分鐘後您將聽到馬特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. Why? Because the changes happening in the market work in our favor. Consumers' shift to digital that might have taken 5 years will now only take 2. That plays to NIKE's advantage. And our Consumer Direct Acceleration strategy is capitalizing on this marketplace transformation. We know that when we get to the other side of this, we'll be in even stronger shape. We'll be more agile, more direct and more digital.

今天，我們相對於競爭對手的地位比疫情前更強大。為什麼？因為市場發生的變化對我們有利。消費者轉向數位化可能需要 5 年時間，而現在只需要 2 年。我們的消費者直接加速策略正在利用這一市場轉型。我們知道，當我們度過難關時，我們的狀態會變得更強大。我們將變得更加靈活、更加直接、更加數位化。

So we remain focused and confident in our long-term business outlook. 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. As we drive strong, sustained consumer demand, our confidence remains undiminished.

因此，我們仍然專注於我們的長期業務前景並充滿信心。我們的競爭優勢包括我們的創新產品、由引人入勝的故事推動的品牌實力、我們擁有的世界最優秀運動員名單以及我們在零售領域行業領先的數位體驗，這些優勢將繼續創造差異化。隨著我們推動強勁、持續的消費需求，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. And moments like these are exciting for our company because sport energizes our roughly 75,000 employees around the world. You can just feel it. And it's through that passion for sport that we continue to innovate and connect to the consumer.

我們剛結束了一個精彩的運動夏季，當然，其中最精彩的是奧運和殘奧會。這樣的時刻對我們公司來說都是令人興奮的，因為運動為我們遍布全球的約 75,000 名員工注入了活力。你就能感覺到。正是憑藉著對體育的熱情，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. If NIKE were a country, we would have eclipsed the competition, capturing 226 medals, including 85 golds.

今年夏天在東京，我們作為全球最具創新力的運動品牌的領導地位再次展現。如果耐吉是一個國家，我們將遠遠超越競爭對手，奪得 226 枚獎牌，其中包括 85 枚金牌。

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

以下是今年夏天最讓我們興奮的幾個例子。我們看到 Z 世代崛起，成為一支強大的下一代運動員，領銜的兩位 13 歲的滑板運動員向我們展示了體育定義擴展的樂趣。我們在主要的團隊運動項目中表現出色，包括足球，耐吉隊在男子和女子足球比賽中均奪得金牌；以及籃球項目，耐吉和喬丹共獲得了 6 枚獎牌中的 5 枚，包括兩枚金牌。我們在田徑運動中繼承了我們的偉大傳統，耐吉運動員在田徑項目上贏得的個人獎牌比所有其他品牌的總和還要多。

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

與此同時，歐洲錦標賽為 Q1 的足球比賽帶來了令人難以置信的活力，英格蘭隊進入了決賽。我們的品牌主題曲「新足跡之地」為這項運動帶來了全新的視角，代表了耐吉的願景：在這項運動中，每個人都受到歡迎。該影片在所有管道的觀看次數已超過 8 億次，超過一半的 EMEA 地區 Z 世代人口至少觀看過一次該影片。

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

在夏季賽中，揚尼斯和密爾瓦基公鹿隊在與克里斯保羅、德文布克和菲尼克斯太陽隊的激動人心的總決賽中贏得了 NBA 總冠軍。幾天后，我們發布了揚尼斯的最新簽名鞋 Zoom Freak 3，這款鞋旨在支持決定他比賽風格的主導身體素質。我們繼續看到市場對 Zoom Freak 的強烈反響，我們對 Giannis 業務的不斷成長感到興奮。

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. 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.

說到德文·布克，第一季很好地提醒了我們如何在繼續建立運動員陣容的同時，對下一代超級巨星進行投資。喬丹品牌在本季度簽下了 NFL 的達克·普雷斯科特 (Dak Prescott)，加入了耐吉公司 (NIKE, Inc.) 家族的新興全球偶像行列，其中包括美國公開賽冠軍埃瑪·拉杜卡努 (Emma Raducanu) 和曼聯的賈登·桑喬 (Jadon Sancho)。

At the end of the quarter, the summer sport gave way to back-to-school season. So far this fall, we've seen sell-through in our kids business up almost 30%, led by digital with growth of almost 70. As we focus on the kids opportunity, our new consumer construct, through that, we are connecting with families more authentically than ever before. We're creating kid-specific designs and leveraging new channels for us to connect with these consumers.

在本季末，夏季運動會就讓位給返校季節。今年秋季截至目前，我們兒童業務的銷售額已成長近 30%，其中數位業務的銷售額成長了近 70%。當我們關注兒童的機會、我們的新消費者結構時，我們就能比以前更真實地與家庭建立聯繫。我們正在創造專門針對兒童的設計，並利用新管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. It's filled with games, challenges and exclusive athlete content, all aligned to our mission of encouraging movement and play. 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. Playlist has been a hit with kids and parents alike with viewership numbers well above our expectations.

以播放清單為例，這是 nike.com 和 YouTube 上專為兒童打造的系列節目。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。幾個月前，該系列的最新一季以一部新影片拉開序幕，由勒布朗·詹姆斯和電影《空中大灌籃：新的傳奇》中的幾位聯合主演主演。播放清單受到孩子和家長的一致好評，收視率遠遠超出我們的預期。

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

從長遠來看，我們的兒童業務仍然是我們重要的連結點，也是跨多代品牌的有機孵化器。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潛力。

And as I've said before, at NIKE, everything starts with innovation. Our culture of innovation is our most profound competitive advantage. And this week, I toured our new LeBron James innovation center here at our world headquarters with LeBron. 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. We expect this facility to act as an accelerant as it helps extend our advantage in innovation even further.

正如我之前所說，在耐吉，一切都始於創新。我們的創新文化是我們最深刻的競爭優勢。本週，我和勒布朗一起參觀了我們位於全球總部的全新勒布朗詹姆斯創新中心。我們的創新團隊的新總部佔地超過 750,000 平方英尺，是我們之前實驗室的 5 倍大，這繼續證明了 NIKE 在運動科學領域的領導地位。我們希望該設施能夠發揮加速器的作用，幫助我們進一步擴大創新優勢。

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. First, let's take a look at apparel. We're seeing strong over-indexing growth of 16% in this key growth driver. And the investments we're making in our new consumer construct are fueling higher apparel growth for women's led by our yoga business. Our yoga collection today features multiple industry-leading innovations, including Dri-FIT and Infinalon. These innovations are resonating with consumers and have helped us nearly quadruple our yoga business over the past 2 years.

回顧我們的創新議程，今天我想談談兩個領域，我們不斷推出的創新產品使我們與競爭對手區分開來：服裝和永續性。首先，我們來看看服裝。我們看到這一關鍵成長動力呈現 16% 的強勁超額指數成長。我們對新消費者結構的投資正推動以瑜珈業務為主導的女性服裝業務的更高成長。我們今天的瑜珈系列採用多項業界領先的創新，包括 Dri-FIT 和 Infinalon。這些創新引起了消費者的共鳴，並幫助我們在過去兩年將瑜珈業務成長了近四倍。

Another key apparel story for us in Q1 was our bras business. This quarter, we maintained our #1 market share in sports bras in North America and introduced the Nike Dri-FIT ADV Swoosh bra. Dri-FIT ADV combines the ultimate and cooling fabrics with highly engineered methods to make. It's an innovation that's connected with consumers as we scale this technology across our line.

我們第一季的另一個重要服裝業務是胸罩業務。本季度，我們在北美運動胸罩市場保持第一的份額，並推出了 Nike Dri-FIT ADV Swoosh 胸罩。Dri-FIT ADV 結合極致涼爽的面料和高度工程化的方法來製作。當我們在整個產品線中推廣這項技術時，它是一項與消費者息息相關的創新。

And now to take a look at sustainability, look at what we've done with Space Hippie. Space Hippie, as you may recall, is quite literally made from trash. 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. Now since then, we have strategically grown this franchise to global scale. And what's more, we've also scaled these individual material innovations across our entire portfolio.

現在來看看永續性，看看我們對 Space Hippie 所做的事情。您可能還記得，Space Hippie 實際上是用垃圾製成的。它最初是在我們的 2020 年未來論壇上推出的，並為我們首次推出了 4 種獨立的可持續材料創新，包括隕石坑泡沫和太空廢物紗線。自那時起，我們已策略性地將這項特許經營權拓展至全球規模。此外，我們還將這些單獨的材料創新擴展到整個產品組合。

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

因此，今天，即首次推出一年後，已有超過 43 種款式採用 Space Hippie 創新技術，涵蓋 4 項運動、3 個品牌和我們的完整消費者結構。例如，您可以在 Air Force 1 隕石坑等標誌性系列、Cosmic Unity 等全新性能創新平台，甚至在我們的免持無障礙產品線（如 Glide FlyEase 等款式）中看到它的身影。透過跨平台推動新維度，我們擴大 Space Hippie 創新規模的工作促進了成長。消費者顯然對永續性做出了反應，因為我們看到這一系列產品的全價銷售非常強勁，並且還有巨大的機會繼續推動消費者和商業價值的持續成長。

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

這只是我們如何以平台而非產品引領的一個例子。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全新創新平台感到非常興奮。

Next, let's discuss NIKE's increasing digital advantage. We continue to lead the industry by creating a premium, consistent and seamless experience that deepens relationships between consumers and our brands. Our advantage comes to life at retail in both digital as well as at the intersection of digital and physical. I'll discuss both here.

接下來我們來討論一下NIKE不斷增強的數位化優勢。我們透過創造優質、一致、無縫的體驗來加深消費者與我們品牌之間的關係，從而繼續引領產業。我們的優勢在零售領域既體現在數位領域，也體現在數位與實體的結合領域。我將在這裡討論這兩點。

Even as physical retail revenue approach pre-pandemic levels, our Digital business this quarter grew double digits. This is the result of an unwavering focus on our strategy and the investments we've made against our end-to-end digital transformation. And so we continue to expect Digital to be our leading channel for growth in fiscal '22.

儘管實體零售收入接近疫情前的水平，但本季我們的數位業務仍實現了兩位數的成長。這是我們對策略的堅定關注以及我們對端到端數位轉型的投資的結果。因此，我們繼續預期數字將成為我們22財年的主要成長管道。

Now one of the best gauges for success in our Digital business is how strongly we're connecting with members. Our Digital growth is led by outsized member buying, which has seen a penetration increase of 14 points since last year. Our membership strategy is working as we increasingly use data and analytics to personalize member product offering and experiences. And we're seeing this come to life as repeat buying members grew more than 70% in the quarter.

現在衡量我們數位業務成功的最佳標準之一就是我們與會員的聯繫有多緊密。我們的數位成長主要由超額會員購買推動，自去年以來，會員購買滲透率增加了 14 個百分點。隨著我們越來越多地使用數據和分析來個人化會員產品和體驗，我們的會員策略正在發揮作用。我們看到這一趨勢正在實現，因為本季重複購買會員的數量增加了 70% 以上。

Now part of our success stems from our constant focus on expanding what it means to be a Nike member. We brought this to life in Q1 by introducing a new launch experience exclusive to the SNKRS App that revolutionizes how we serve consumers. The new experience debuted in one of the year's most highly anticipated launches, the Off-White Dunk. For the launch last month, we rolled out our new elevated SNKRS Exclusive Access. 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.

現在，我們的成功部分源自於我們不斷致力於擴大耐吉會員的意義。我們在第一季實現了這一目標，推出了 SNKRS App 獨有的全新發布體驗，徹底改變了我們為消費者提供服務的方式。這項全新體驗在今年最受期待的新品之一 Off-White Dunk 中首次亮相。上個月，我們推出了全新升級的 SNKRS 獨家存取權。這種方法根據會員與 SNKRS 的互動程度、過去的購買嘗試以及其他標準，向會員發送個人化的購買優惠，利用數據科學來推動數位會員定位。

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. 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. And this improved consumer experience has a positive impact on the entire business. We've seen that those who benefit from Exclusive Access on SNKRS spend more across NIKE, fueled by the energy of their win. 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.

例如，Off-White Dunk 的 90% 邀請對像都是過去 2 年錯失與 Off-White 合作機會的會員。最終，Off-White Dunk 落入了數十萬最值得擁有的會員手中，創造了我們所謂的規模化獨家性。這種改善的消費者體驗對整個業務產生了積極的影響。我們發現，那些從 SNKRS 獨家訪問權中受益的人在獲勝的能量的推動下，在 NIKE 上的支出增加了。因此，我們日益個人化的發布方式，以及會員日和獨家 Nike By You 訪問等福利，凸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. A couple of weeks ago, I was in Los Angeles and toured some of our great retail there. 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. And across each and every store, what jumped out to me was our team. 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.

我們也利用我們的數位優勢，投資我們的實體店，創造引人注目的零售足跡，增強我們在實體和數位領域為消費者提供服務的方式。幾週前，我去了洛杉磯，參觀了那裡的一些優質零售店。我看到了各種各樣的商店，包括位於長灘的 NIKE Live 門市、位於東洛杉磯的社區門市等等。在每一家商店，讓我印象深刻的都是我們的團隊。他們對社區的熱愛、對我們產品的熱情以及為消費者帶來產品的活力令人鼓舞，看到這一點真是太棒了。

I also enjoyed visiting a few strategic partner doors, including DICK's and Foot Locker. What's clear across the marketplace, both owned and partnered, is how online to offline is becoming second nature. We know that higher levels of connectivity across physical and digital are driving better consumer experience and loyalty.

我也很高興能參觀一些策略夥伴，包括 DICK's 和 Foot Locker。無論是自有市場還是合作市場，明顯的是線上到線下正在成為第二天性。我們知道，實體和數位之間更高程度的連結正在帶來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. And we're starting to extend these innovative experiences globally. In Q1, we brought our Nike Rise, an immersive concept, to Seoul. 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.

O2O 服務（例如線上購買、店內取貨和店內發貨）以及 Nike App 的店內購物功能推動了我們優質、無縫的消費者體驗。我們開始在全球推廣這些創新體驗。第一季度，我們將沉浸式概念 Nike Rise 帶到了首爾。耐吉首爾為 Live（更確切地說是 Rise）推出了新功能，其中包括 Inside Track，這是一個支援 RFID 的互動式數位鞋類表，購物者只需將任何兩雙鞋放在桌子上即可比較它們的詳細資訊。

Our digitally connected retail experiences are clearly resonating with consumers. This quarter, our in-line fleet grew over 70% in revenue, approaching pre-pandemic levels. 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. And so we'll continue expanding these compelling experiences across our fleet in fiscal '22, driving that interplay between physical and digital retail.

我們的數位化零售體驗顯然引起了消費者的共鳴。本季度，我們的直營車隊收入成長了 70% 以上，接近疫情前的水平。我們看到會員數量呈現超指數成長，不僅在數位零售領域，在實體零售領域亦是如此，自去年以來，會員購買滲透率成長了兩位數。因此，我們將在 22 財年繼續在我們的車隊中擴大這些引人注目的體驗，推動實體零售和數位零售之間的相互作用。

In the end, NIKE is doing what we always do, staying on the offense. The strength of our consumer demand around the world continues to give us confidence in our playbook and execution. 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. Our confidence as we look long term has not changed one bit. We've already gotten stronger through this pandemic, and we're going to emerge from it even stronger yet.

最終，耐吉還是做了我們一直在做的事情，繼續進攻。全球範圍內強勁的消費者需求持續給予我們對我們的策略和執行力以信心。我之前說過，現在我再說一遍，我為耐吉、喬丹和匡威堅韌而富有創造力的團隊以及我們持續為消費者提供的工作感到自豪。我們的長遠信心沒有任何改變。我們已經透過這場疫情變得更加強大，而且我們將變得更加強大。

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

現在，我將把電話轉給馬特。

Thank you, John, and hello to everyone on the call today. NIKE's acceleration to a more direct member-centric business model continues to fuel deep connections between consumers and our portfolio of brands. 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.

謝謝你，約翰，也向今天電話會議中的各位嘉賓問好。NIKE 加速朝向更直接的以會員為中心的商業模式發展，持續加強消費者與我們的品牌組合之間的深層聯繫。憑藉我們的創新文化、無與倫比的全球規模和我們領先業界的數位平台，我們將繼續以 NIKE 獨有的方式為現代消費者提供服務。

Our first quarter results proved again that our strategy is working. And NIKE's Consumer Direct Acceleration is fueling the transformation of our long-term financial model. Our relentless focus on serving the consumer translated into revenue growth of 16% and EBIT growth of 22% versus the prior year.

我們的第一季業績再次證明我們的策略是有效的。NIKE 的消費者直接加速計畫正在推動我們長期財務模式的轉型。我們堅持不懈地致力於為消費者服務，這使我們的收入比上年增長了 16%，息稅前利潤增長了 22%。

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

NIKE 品牌在我們遍布全球的主要城市中仍然保持著獨特且緊密的聯繫。從紐約到巴黎，從上海到東京，耐吉仍然是消費者最愛的第一個酷炫品牌，隨著我們度過疫情，這一地位進一步增強。

Consumer demand for Nike, Jordan and Converse, remains incredibly high. And our first quarter financial results would have been even stronger, if not for supply chain congestion, resulting in lack of available supply. Despite these headwinds, retail sales still grew double digits versus the prior year, including a record-setting back-to-school season in North America.

消費者對耐吉、喬丹和匡威的需求仍然非常高。如果不是供應鏈擁塞導致供應不足，我們的第一季財務表現會更加強勁。儘管面臨這些不利因素，零售額仍比上年增長了兩位數，其中北美返校季創下了紀錄。

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

SNKRS 已日益成為品牌熱度的指標和晴雨表，目前已在全球 50 個國家大規模運作。NIKE 數位業務目前佔 NIKE 品牌總收入的 21%，比去年增加了 2 個百分點，即使實體零售店大規模重新開放，仍比前一年實現了強勁的兩位數增長。數位化正日益成為每個人購物旅程的一部分，我們已準備好實現在 25 財年之前擁有 40% 數位化業務的願景。

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. 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.

回到市場健康狀況，本季我們實現了平均售價強勁成長，全價實現率持續提高。這項業績反映了我們在需求激增的情況下刻意管理產品特許經營的健康狀況、調動可用庫存以透過正確的管道滿足需求以及為消費者帶來更優質的體驗。

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

本季度，我們超額完成了 65% 的全額銷售實現目標，這反映了我們在上一次投資者日提出的期望。隨著我們加快以消費者為主導的數位轉型，我們正在開發和完善新的能力，改變我們的營運模式，並迅速成為耐吉的競爭優勢。

Central to these capabilities is scaling our digital-first supply chain to enable NIKE's digital growth while optimizing service, cost, convenience and sustainability. We are evolving our distribution network and forward deploying inventory closer to the consumer, leveraging data and advanced analytics. These actions will improve service levels, reduce carbon impact and ultimately reduce cost to fulfill an order. 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.

這些能力的核心是擴展我們的數位優先供應鏈，以實現耐吉的數位成長，同時優化服務、成本、便利性和永續性。我們正在改進我們的分銷網絡，並利用數據和先進的分析技術將庫存部署到更靠近消費者的地方。這些措施將提高服務水平，減少碳影響，並最終降低完成訂單的成本。我們在洛杉磯以外的區域服務中心於一年前開業，我們很高興在第一季又開設了兩個中心，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. 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.

我們對O2O服務的投資使我們的產品能夠觸及更多的消費者，並更有效地優化我們的庫存。今天，我們在美國每家 NIKE 自營商店都提供至少 2 項 O2O 服務，並且我們正在積極在全球範圍內擴展這些服務。

Our Express Lane offense is also creating more and more agility across our portfolio. 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. This quarter, Express Lane grew roughly 20% versus the prior year and increased its share of overall business.

我們的快速通道進攻也為我們的投資組合帶來了越來越大的靈活性。透過在更短的交貨時間內生產本地相關產品到利用整個市場的共享庫存池，我們能夠以更大的營運靈活性更好地保護消費者，從而獲得更高的盈利能力。本季度，Express Lane 業務較上年同期成長約 20%，在整體業務中的份額也有所增加。

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

最後，Nike App 持續實現實體購物和數位購物旅程的融合，消除消費者的購物摩擦。從會員驅動的個人化和在地化，到透過與我們最重要的批發合作夥伴進行數位化整合建構無盡貨架，消費者直銷加速計畫正在轉變耐吉的營運模式，使其能夠跟上消費者的速度。

Now let me turn to the details of our first quarter financial results and operating segment performance. NIKE, Inc. revenue grew 16% and 12% on a currency-neutral basis, with growth across all marketplace channels. NIKE Digital grew 25% and NIKE-owned stores grew 24%. Wholesale grew 5% in the quarter, negatively impacted by lower available inventory supply due to worsening transit times. 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.

現在，讓我來詳細介紹我們的第一季財務業績和經營部門的業績。耐吉公司營收成長 16%，以貨幣中性計算成長 12%，所有市場通路均成長。NIKE 數位管道成長了 25%，NIKE 自有商店成長了 24%。本季批發額增加了 5%，但由於運輸時間惡化導致可用庫存供應減少而產生負面影響。毛利率較前一年增加 170 個基點，主要由於 NIKE Direct 利潤率提高，但被海運附加費增加部分抵銷。

SG&A grew 20% versus the prior year. This was due to higher wage-related expenses, higher levels of brand activity connected to return to sport and strategic technology investments. Our effective tax rate for the quarter was 11% compared to 11.5% for the same period last year. This was due to increased benefits from stock-based compensation and discrete items, offset by a shift in our earnings mix. First quarter diluted earnings per share was $1.16, up 22% versus the prior year.

銷售、一般及行政開支較上年同期成長了 20%。這是由於與工資相關的支出增加、與重返運動相關的品牌活動水準提高以及策略性技術投資增加。我們本季的有效稅率為 11%，而去年同期為 11.5%。這是由於股票薪酬和單一項目的福利增加，但被我們獲利組合的轉變所抵銷。第一季每股攤薄收益為 1.16 美元，較上年增長 22%。

Now let's move to our operating segments. In North America, Q1 revenue grew 15% and EBIT grew 10%. Demand for NIKE remained incredibly strong for the fifth consecutive season, energized this quarter by back to school and the return to sport. 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.

現在讓我們轉到我們的營運分部。在北美，第一季營收成長 15%，息稅前利潤成長 10%。連續第五個季度，對耐吉的需求保持著令人難以置信的強勁，本季的開學和重返運動為其註入了新的活力。受奧運、新 WNBA 賽季和 NBA 總決賽的推動，秋季我們的運動產品業務零售額實現了強勁的兩位數增長，其中跑步、健身和籃球類產品表現最為亮眼。

NIKE Direct grew more than 45%, with NIKE Digital now representing 26% share of business. 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. The return to physical retail accelerated NIKE-owned store growth of over 50% as we serve members with elevated experiences.

NIKE Direct 成長超過 45%，其中 NIKE Digital 現佔業務份額的 26%。數位業務持續保持良好勢頭，成長超過 40%，透過超越行業趨勢、流量和重複購買會員活動的強勁成長，增加了市場份額。隨著我們為會員提供更高級的服務體驗，回歸實體零售加速了 NIKE 自有商店的成長，增幅超過 50%。

NIKE-owned inventory increased 12% versus the prior year. 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. This impacted product availability across the marketplace and our ability to serve strong levels of consumer demand, particularly in the wholesale channels. Closeout inventory was down double digits versus the prior year.

NIKE 自有庫存較去年同期增加了 12%。這是由於上個季度北美的運輸時間惡化，導致在途庫存水準大幅上升，目前運輸時間幾乎是疫情前的兩倍。這影響了整個市場的產品供應以及我們滿足大量消費者需求的能力，尤其是在批發管道。清倉庫存與上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. 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. We saw a strong consumer response to both the material boot and replica jerseys during the tournament. NIKE Direct grew 10% on a currency-neutral basis, led by our NIKE-owned stores. Following a full reopening, we saw traffic increase by double digits versus the prior year with better-than-expected conversion rates.

在歐洲、中東和非洲地區，第一季收入以貨幣中性計算增長了 8%，息稅前利潤以報告基礎計算增長了 26%。今年夏天的歐洲盃為該地區注入了新的活力，耐吉球員在比賽中進球數超過了所有其他品牌球員進球數的總和，而這些進球中有一半以上是穿著我們的材料球鞋進球的。在比賽期間，我們看到消費者對材料戰靴和仿製球衣的強烈反應。以匯率中性計算，NIKE Direct 成長了 10%，其中，NIKE 自有商店的銷售額佔比最大。全面重新開放後，我們看到流量比前一年增加了兩位數，轉換率也比預期好。

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

在歐洲、中東和非洲地區，雖然 NIKE Digital 本季成長了 2%，但與去年同期更高的清算水準相比，全價產品的需求成長了近 30%。據報道，NIKE 自有庫存下降了 14%，清倉庫存下降了兩位數。在過去 90 天裡，歐洲、中東和非洲地區的運輸時間也惡化了，導致運輸途中庫存增加，對產品供應產生負面影響，無法滿足強勁的消費者需求。

In Greater China, Q1 revenue grew 1% on a currency-neutral basis. EBIT grew 2% on a reported basis as the team delivered in line with our own recovery expectations. Retail sales were impacted in late July and August due to regional closures and lower levels of foot traffic due to COVID containment. Prior to late July, physical traffic had been approaching prior year levels. In July, we engaged with consumers through the launch of our Joy of Sports local marketing campaign. This campaign generated over 1 billion local views, demonstrating strong brand connection with Chinese consumers.

在大中華區，第一季營收按匯率中立計算成長了 1%。由於團隊表現符合我們自己的復甦預期，息稅前利潤 (EBIT) 按報告基礎成長了 2%。由於地區封鎖以及新冠疫情防治導致客流量減少，7 月底和 8 月零售額受到影響。七月下旬之前，實物流量已接近去年同期水準。7 月份，我們透過啟動「運動的樂趣」在地行銷活動與消費者進行了互動。這項活動在當地獲得了超過 10 億的瀏覽量，展現了品牌與中國消費者之間的緊密聯繫。

NIKE Direct declined 3% on a currency-neutral basis, partially impacted by retail closures. 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. 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. Demand in our SNKRS App grew more than 130% for the quarter. Our experienced local team continues to navigate through marketplace dynamics. We finished the quarter with healthy marketplace weeks of supply, and inventory normalization is on plan.

以匯率中立計算，NIKE Direct 銷售額下跌 3%，部分原因是受到零售店關閉的影響。與去年同期更高的清算額相比，NIKE Digital 下降了 6%，但全額銷售組合的兩位數成長部分抵消了這一下降。我們經歷了強勁的6/18消費熱潮，較上年增長了近10%，並且仍然是天貓上排名第一的運動品牌。本季度，我們 SNKRS 應用程式的需求成長了 130% 以上。我們經驗豐富的本地團隊不斷探索市場動態。本季結束時，市場供應量保持健康，庫存正常化正在按計劃進行。

Now moving to APLA. First quarter revenue grew 31% on a currency-neutral basis and EBIT grew 72% on a reported basis. 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. NIKE Digital grew more than 60% on a currency-neutral basis, highlighted by the expansion of our Nike App. In June, the app went live in Mexico and 6 additional countries across Southeast Asia, generating 3 million local downloads during the quarter.

現在轉向 APLA。第一季營收以貨幣中性計算成長了 31%，息稅前利潤以報告基礎計算成長了 72%。收入成長主要由 SOCO、日本、墨西哥和韓國推動，而由於新冠疫情限制和政府強制關閉商店，太平洋和東南亞以及印度的收入成長較為溫和。以貨幣中性計算，NIKE Digital 增長了 60% 以上，其中 Nike App 的擴展尤為突出。6 月份，該應用程式在墨西哥和東南亞另外 6 個國家上線，當季本地下載量達 300 萬次。

Earlier on the call, John spoke about the new Nike Rise retail experience in Seoul. To mark the opening of the store, our Express Lane, SNKRS and Nike Rise teams created the 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.

在電話會議早些時候，約翰談到了首爾新的 Nike Rise 零售體驗。為了紀念該店的開業，我們的 Express Lane、SNKRS 和 Nike Rise 團隊打造了 Nike Seoul Dunk。此次合作推動了第一天銷售額的一半以上，並強調了數位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. Consumer demand for NIKE remains at an all-time high, and we are confident that our deep consumer connections and brand momentum will continue. However, we are not immune to the global supply chain headwinds that are challenging the manufacture and movement of product around the world.

現在我來談談我們的財務前景。消費者對 NIKE 的需求仍然處於歷史最高水平，我們相信我們與消費者的深厚聯繫和品牌發展勢頭將會持續下去。然而，我們並不能免受全球供應鏈逆風的影響，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. 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. Additionally, several of our factory partners in Vietnam and Indonesia were required to abruptly cease operations in the first quarter. As of today, Indonesia is now fully operational. But in Vietnam, nearly all footwear factories remain closed by government mandate.

之前，我曾表示，我們計劃在 22 財年剩餘時間內保持較高的運輸時間。不幸的是，第一季的情況進一步惡化，北美和歐洲、中東和非洲地區的運輸時間增加，主要原因是港口和鐵路擁堵以及勞動力短缺。此外，我們在越南和印尼的幾家工廠合作夥伴被要求在第一季突然停止運作。截至今日，印尼已全面運作。但在越南，幾乎所有鞋廠仍依政府要求關閉。

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

根據我們應對新冠疫情導致的工廠關閉的經驗，復工和恢復全面生產規模需要時間。因此，我們正在修改短期財務前景，以考慮以下因素：自 7 月中旬以來，越南已經損失了 10 週的生產；工廠將從 10 月開始分階段復工，並在幾個月內達到全面生產；並延長了運輸時間，與我們目前的營運情況一致。

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

我們現在預計 22 財年收入將比上年增長中等個位數，而我們之前預期的增長是低兩位數，這完全是由於我剛才描述的供應鏈的影響。具體到第二季度，我們預計收入成長將與上年持平或下降個位數，因為工廠關閉影響了假期和春季的生產和交貨時間。數週的生產損失，加上更長的運輸時間，將導致未來幾季市場出現短期庫存短缺。

We expect all geographies to be impacted by these factors. 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. For the balance of fiscal '22, we expect strong marketplace demand to exceed available supply. 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.

我們預計所有地區都會受到這些因素的影響。然而，第一季末在途庫存較少的亞洲地區將從第二季開始遭受不成比例的影響。對於22財年的餘額，我們預期強勁的市場需求將超過可用的供應量。我們樂觀地認為，在各地區品牌實力雄厚、市場拉動健康的背景下，2023財年的庫存供應將會改善。

Turning to the rest of the P&L. 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. This more than offsets roughly 100 basis points of additional transportation, logistics and airfreight costs to move inventory in this dynamic environment. We also expect a lower foreign exchange benefit, now estimated to be a tailwind of roughly 60 basis points. 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.

轉向損益表的其餘部分。我們仍然預計毛利率將比上年擴大 125 個基點，處於我們先前指引的低端，這反映了強於預期的全價實現、持續向利潤更高的 NIKE 直銷業務的轉變以及下半年的價格上漲。這足以抵銷在這動態環境下轉移庫存所產生的約 100 個基點的額外運輸、物流和空運成本。我們也預期外匯收益將會降低，目前估計約為 60 個基點的順風。對於第二季度，我們預計毛利率的增幅將低於全年，因為假期期間計劃增加空運投資。

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

我們預期銷售、一般及行政開支將以十五到十六%的速度成長。我們打算保持我們作為最酷和最受歡迎的品牌的地位，並在激勵和吸引世界各地消費者的同時慶祝體育的回歸。正如我在前幾個季度所概述的那樣，我們還將繼續推進我們的多年投資計劃，以便改變我們的未來業務。耐吉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勁的資產負債表使我們能夠繼續專注於贏得客戶並長期服務消費者所需的一切。

In closing, our vision for NIKE's long-term future remains unchanged. NIKE is a growth company with unlimited potential. 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. 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. I wouldn't trade our position with anyone, and there is no better team to navigate through volatility and lead long-term transformational change.

最後，我們對 NIKE 長期未來的願景保持不變。NIKE是一家擁有無限潛力的成長型公司。儘管短期營運動態出現新情況，但我們的消費者直接加速攻勢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符合我上個季度分享的長期 25 財年財務前景。本季令人印象深刻的業績進一步證明，我們的策略不僅適用於當前，也為我們有機會為運動員和體育運動的未來提供服務，而耐吉正是如此。我不會與任何人交換我們的地位，也沒有比我們更好的團隊來駕馭波動並引領長期變革。

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

現在，我們開始提問。

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

您的第一個問題來自派珀·桑德勒 (Piper Sandler) 的艾琳·墨菲 (Erinn Murphy)。

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

偉大的。我非常感謝您即時更新的供應鏈情況。我想我的問題是，如果你展望秋季和下半年或假期，是否有任何主要的鞋類特許經營權受到比其他特許經營權更大的影響？然後，當您回過頭來思考更長遠的問題時，您會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. There are several aspects to the current supply chain challenges that are probably not intuitive, just based on my prepared remarks. And so let me take a couple of minutes to try to break it down further.

好吧，艾琳，謝謝你的提問。根據我準備好的發言，目前供應鏈面臨的挑戰有幾個方面可能不是直觀的。因此，請容許我花幾分鐘來進一步分析一下。

As I said earlier, consumer demand has never been higher, and we expect strong demand to continue for quarters to come. Over the last 90 days, 2 things have happened in the industry that we didn't anticipate. First, already long transit times worsened; and second, local governments mandated shutdowns in Vietnam and Indonesia.

正如我之前所說，消費者需求從未如此高漲，我們預計未來幾季強勁需求仍將持續。在過去的 90 天裡，產業發生了兩件我們沒有預料到的事情。首先，本來就很長的運輸時間變得更糟；其次，越南、印尼等地政府強制停工。

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. Prior to the pandemic, it would have taken approximately 40 days to move product from Asia to North America. Transit times have been increasing due to container shortages, port congestion, rail congestion and labor shortages, impacting the entire industry. And during Q1, these lead times worsened further to now sit at 80 days, roughly 2x normal.

請記住，全球範圍內存在複雜性，不同地區的運輸時間和採購組合也存在差異，因此我將以北美為例，更深入地說明我所談論的內容。疫情爆發前，產品從亞洲運到北美大約需要 40 天。由於貨櫃短缺、港口擁堵、鐵路擁堵和勞動力短缺，運輸時間不斷增加，影響了整個產業。而在第一季度，交貨時間進一步延長至目前 80 天，約為正常情況的 2 倍。

So here's where the geo-specific piece comes in. 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. We would have had an even stronger top line result if we had more product available to serve that consumer demand. 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.

這就是地理特定部分發揮作用的地方。因此，當我們在第一季結束時，在途庫存水準較高時，這意味著我們擁有無法用於滿足本季當前消費者需求的全價庫存。如果我們有更多的產品來滿足消費者的需求，我們的營收業績將會更加強勁。我們看到的運輸時間延長的問題，我們已經討論了好幾個季度了，而本季度的情況更加惡化，並繼續對我們的業務產生影響。

And then in addition to that, there's Vietnam. And it's important to think about these 2 impacts together. As of today, 80% of our footwear factories located in the South and nearly half of our apparel factories in Vietnam are currently closed. 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. So this has created a gap to the flow of inventory originally ordered for delivery beginning in mid-October. 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.

除此之外，還有越南。把這兩種影響放在一起考慮是很重要的。截至目前，我們位於南部的 80% 鞋類工廠和位於越南的近一半服裝工廠目前已關閉。所以到本週為止，這意味著我們已經損失了 10 週的生產時間，而且這種差距將持續下去，直到工廠能夠重新開工並以正常產能生產產品。因此，這導致原定於10月中旬交付的庫存流出現缺口。根據我們過去 18 個月應對疫情的經驗，我們的經驗表明，恢復全面生產需要幾個月的時間。

Now on a positive note, a few factories have just had their reopening plans approved, like this week. And so we're optimistic about a phased reopening and ramp of production beginning in October. And as I said in the call -- earlier in the call, Indonesia is already operational, and they're ramping back up to capacity.

現在積極的一面是，一些工廠的復工計劃剛剛獲得批准，例如本週。因此，我們對10月開始分階段恢復營業和提高產量持樂觀態度。正如我早些時候在電話會議中所說，印尼已開始運營，並且正在恢復產能。

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. But holiday and spring production has been delayed. 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. 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.

因此，北美在第二季的運輸庫存增加，這意味著北美將有更多的秋季產品可在第二季銷售。但假期和春季生產已被推遲。如果再加上更長的交貨時間，產量損失的影響將對第三季的北美產生更大的影響。相反，大中華區由於距離工廠更近，在途庫存水準較低、運輸時間較短，將在第二季早些時候感受到生產損失的影響。

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

我們的團隊正在利用他們的經驗和我們的營運手冊並採取行動來嘗試減輕這些影響。他們正在採取的措施包括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印尼、中國和其他可行的國家，策略性地利用空運。然後，考慮到我們以全價銷售的成功經驗，即使產品上市的時間比我們預期的要晚，我們仍將繼續採用不分季節的產品銷售方式來滿足極其強勁的消費者需求。

So while the environment is dynamic, these supply chain issues, we believe, are temporary. And from what we can see today, we're optimistic that available inventory supply will be improved as we head into fiscal year '23.

因此，雖然環境是動態的，但我們認為這些供應鏈問題是暫時的。從我們今天看到的情況來看，我們樂觀地認為，隨著進入23財年，可用庫存供應將會改善。

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. 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. So that's continuing. 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.

艾琳，關於你問題的第二部分——在這種背景下的投資，我們正在做強大的公司在這樣的時期所做的事情。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行銷組合和數位轉型。事情還在繼續。然後，即使在供應受限的市場中，我們也將繼續大力推動需求和品牌，正如馬特所提到的，加速航空運輸和供應鏈中的其他事物，使我們能夠在這種供應鏈受限的環境中充分利用所有可能的槓桿。

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

因此，我們將——我們——再說一次，我們進入下一階段的口號與我們進入疫情第一階段的口號相同。讓我們確保，走出困境後，我們會比現在更強大。

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? How best to think about overall TAM for NIKE as we exit the pandemic? Can you leverage size, scale and innovation to accelerate market share?

那麼約翰，你能談談體育產業的整體健康狀況嗎？當我們擺脫疫情時，如何最好地考慮 NIKE 的整體 TAM？您能否利用規模、範圍和創新來加速市場佔有率？

And then, Matt, real quick, just on the revised gross margin outlook for this year aside from the supply chain impact. I guess my question is, could you speak to maybe some of the underlying drivers? It sounds like full-price selling, digital margin's on track. Meaning aside from the supply chain dynamics, does anything really change? Meaning do you see this as fully transitory? Any change to the multiyear gross margin outlook?

然後，馬特，除了供應鏈的影響之外，我們快速討論今年修訂後的毛利率前景。我想我的問題是，您能否談談一些潛在的驅動因素？這聽起來像是全價出售，數位利潤正在步入正軌。意思是除了供應鏈動態之外，還有什麼真正改變嗎？意思是您認為這是完全暫時的嗎？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. And that is just such an energizing and important thing for NIKE. And we saw that this summer. I won't go back through it, whether it's the Olympics, basketball, global football, incredible U.S. Open tennis. It goes -- college football, U.S. football back. I mean it's -- so I would say traditional sports is what I'll call it, is strong and back. And that's also happening now in high schools and grade schools as kids come back to school.

嗯，馬修，關於你問題的第一部分，健康的體育市場 - [正如我們所說的]，體育運動又回來了。這對耐吉來說是一件令人振奮且非常重要的事。今年夏天我們看到了這一點。我不會重溫這一切，無論是奧運、籃球、全球足球還是令人難以置信的美國網球公開賽。事情是這樣的——大學橄欖球，美國橄欖球又回來了。我的意思是——所以我會說我所說的傳統運動是強壯的，而且是後仰的。現在，隨著孩子們返校，中學和小學也出現了同樣的情況。

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. Some of the most exciting moments in the Olympics was around skate, right? And it's that young generation, Gen Z generation really dominating remarkably in a very compelling way.

我們看到的第二件事是體育定義的擴展，例如滑冰等運動首次被納入奧運。奧運最令人興奮的時刻之一就是與滑冰有關，對嗎？年輕的一代，Z 世代，確實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. And so part of the tailwind we're seeing is sport is becoming part of everyone's everyday life. And that's a powerful tailwind for us.

但同時，在疫情過後，我認為，體育運動的定義要以不同的方式接觸到每一位運動員 [星號]，只是運動和健康的概念，以及體育運動可以在你的客廳裡進行，也可以去健身房、瑜伽館或籃球場進行。因此，我們看到的順風之一是體育運動正在成為每個人日常生活的一部分。這對我們來說是一股強大的順風。

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. So we're doubling down on traditional sport, on capitalizing on these -- the new emerging definition of sport. You saw that in skate in the Olympics. You see that in some of our brand campaigns being really close to where that Gen Z consumer is. And we think that bodes well for our future.

運動休閒模糊了生活中運動部分和生活其他部分之間的界限，這也是我們視為順風的東西。因此，我們加倍重視傳統體育，充分利用這些新興的體育定義。您可以在奧運滑冰比賽中看到這一點。您會發現，我們的一些品牌活動非常接近 Z 世代消費者的定位。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. We believe that this quarter was an excellent proof point of the success that we're seeing in driving our consumer-led digital transformation. We're seeing meaningful movement forward in both NIKE Direct mix of business and also NIKE Digital mix of business, as I mentioned. 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.

我很快就會達到毛利率，馬特。我們相信，本季是我們在推動消費者主導的數位轉型方面取得成功的絕佳證明。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。這就是推動我們第一季毛利率擴大的動力：高水準的全價實現、NIKE Direct 和 NIKE Digital 業務的更大組合以及更低的降價幅度，因為我們利用我們的能力來滿足消費者的需求，無論他們在哪裡想要什麼。

As we look longer term, we're absolutely continuing to look towards that high 40s gross margin outlook that we provided last quarter. And in the short term, we're going to navigate through these transitory impacts. 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.

從長遠來看，我們絕對會繼續期待上個季度提出的 40% 以上的毛利率前景。短期內，我們將克服這些暫時的影響。但當你擁有一個強大的品牌和一個健康的拉動市場時，我們看到的是強勁的全價利潤率抵消了我們在世界各地運輸產品時將遇到的一些暫時性成本。

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? I guess jump ball, John, on that. 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. Any kind of dimensions this quarter? You mentioned there are some COVID lockdowns in a few markets that weighed on the total China trend. 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.

約翰，也許您能更深入地了解本季的中國趨勢嗎？我想，約翰，就此開始吧。上個季度，您談到了 4 月受到影響後該季度的一些趨勢，這有助於我們了解當時恢復正常的路徑。本季有哪些規模？您提到一些市場實施了疫情封鎖，這對中國整體趨勢造成了影響。也許我們目前處於第二季度的情況以及您所看到的是考慮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. I know you had a good amount in transit that can feed into 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? Is it similar dynamics to what we saw in the first quarter? Or any change in that trajectory?

然後在北美，你確實需要在未來的庫存分配方面做出決策。我知道您有大量的運輸物資可以用於第二季。但是，當我們從這裡向前推進時，我們應該如何思考您如何考慮 DTC 管道和批發之間的分配？這與我們在第一季看到的情況類似嗎？或是該軌跡有任何改變嗎？

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

馬特，我來回答麥克問題的第一部分，你來回答北美問題的第二部分吧。

On China, Michael, I'll just reiterate what I said last quarter, is we take a long-term view in China. We'll invest for the long term, and we're confident in the long-term opportunity. And coincidentally, this is the 40th -- this month is the 40th anniversary of NIKE's participation in China.

關於中國，邁克爾，我只想重申我上個季度所說的話，我們對中國持長遠眼光。我們將進行長期投資，我們對長期機會充滿信心。巧的是，本月是NIKE進入中國40週年。

And we saw Q1 results that were roughly in line with our expectations. And as Matt said, supply constraints will impact our second quarter performance. 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.

我們看到第一季的業績大致符合我們的預期。正如馬特所說，供應限制將影響我們第二季的業績。但坦白說，我們將繼續做菲爾從一開始就在中國做的事情，他過去 40 年一直在做，我們也在做，並將繼續在未來 40 年繼續做，那就是提供創新產品，與當地消費者建立聯繫，與消費者建立牢固的品牌聯繫，而全國 7,000 家單一品牌店在一定程度上加強了這一聯繫。

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

我們很幸運擁有一支非常強大的本地團隊，我為這支團隊以及他們的奮進感到驕傲。正如我們之前多次說過的，他們帶領我們制定了應對疫情的策略，並且在當地繼續保持積極響應。

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

我們一直是、並將繼續做非常尊重和負責任的企業公民，透過活動促進體育運動和福祉，推動永續發展和其他重要的社會主題。因此，我們將繼續遵循這項策略，並在這段時間內進行持續、長期的投資。

And just transitioning to North America, we've continued to deliver strong growth in that marketplace. I mentioned 5 consecutive quarters of -- or seasons, I should say, of incredibly strong demand. As we think about the marketplace, our approach is really no different than we've been talking about for a couple of years now.

在轉向北美之後，我們在該市場繼續保持強勁成長。我提到連續 5 個季度（或應該說是幾個季節）的需求都非常強勁。當我們思考市場時，我們的方法與我們幾年來一直在談論的方法其實沒有什麼不同。

We start through the eyes of the consumer. Where is the consumer shopping? How is the consumer engaging with our brand across the marketplace? 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. And that's what we're going to continue to do to serve that demand.

我們從消費者的角度開始。消費者在哪裡購物？消費者在市場上如何與我們的品牌互動？我們將繼續專注於優先確保我們的產品在消費者購物地點的供應，並將繼續在 NIKE 區域通路和我們最具戰略意義的批發合作夥伴內。我們將繼續這樣做以滿足這一需求。

The marketplace, as I said, is going to be lean. We're going to have lean inventory across the marketplace. 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.

正如我所說，市場將會變得精簡。我們將在整個市場上保持精簡庫存。但耐吉和我們的合作夥伴將在本財年剩餘時間內繼續努力創造最佳的消費者體驗。

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

您的下一個問題來自古根漢證券公司的鮑伯‧德布爾 (Bob Drbul)。

Just 2 questions. The first one is on the spending levels. 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? And I have a follow-up.

僅 2 個問題。第一個問題是支出水準。隨著供應鏈中斷的收入前景發生變化，您能否幫助我們了解您如何考慮針對較低收入水準的支出，無論是需求創造還是投資技術？我還有一個後續問題。

Sure. Thanks, Bob. The year-over-year comparisons, as we've talked about for a while here, are not really intuitive. 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. And in particular, where we were investing was against technology, our digital -- creating a digital-first supply chain and the marketplace. And we created a multiyear investment plan against our outlook to drive that growth.

當然。謝謝，鮑伯。正如我們之前討論過的，同比對比並不是很直觀。幾個季度前，我談到，當我們開始看到消費者聯繫的實力和業務的加速發展時，我們將開始加快投資以推動我們的數位轉型。特別是，我們的投資針對的是技術、數位——創造數位優先的供應鏈和市場。我們根據我們的前景制定了多年投資計劃來推動這一成長。

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

當我們結束第一季時，我們第一季的支出約佔收入的29％。當我們考慮到這些影響的暫時性時，我們相信此時耐吉的財務實力才是真正的競爭優勢。因此，我們相信這些短期動態將會過去，但我們更加堅信並致力於在執行該策略時，大規模經營直接消費者業務所需的能力。

And so that's where our focus and attention is going to be. We're going to keep our teams focused on creating those capabilities and -- which we're seeing translate into strong growth and profitability. And that also includes the investments that we're making from a brand perspective. Strong brands get stronger in this environment. 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.

這就是我們關注的重點和注意力所在。我們將繼續致力於創造這些能力，並將其轉化為強勁的成長和獲利能力。這也包括我們從品牌角度進行的投資。在這樣的環境下，強大的品牌會變得更強大。而擁有這種深厚的消費者聯繫，特別是當這種聯繫紮根於體育運動以及體育運動的回歸時，絕對是我們為了繼續保持優勢地位所需要做的事情。

Great. And if I could just sneak one more in. I think the Drake NOCTA line dropped today. 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.

偉大的。如果我可以再偷偷溜進去一個的話。我認為 Drake NOCTA 線路今天下跌了。我只是想知道您是否可以告訴我們您對該產品的進展以及您在該產品方面擁有的機會。

Bob, I am so glad you asked. I had a SNKRS win this morning on the NOCTA line, the vest. I'm excited. It was a great -- it's a great collection. Any time you went on SNKRS, it's a jolt. I was in the middle of my workout in one of our gyms here on campus. I stopped the workout at 7 a.m. to see if I won, and I won. So I'm pumped up about that.

鮑勃，我很高興你問這個問題。今天早上我在 NOCTA 線上贏得了 SNKRS 背心。我很興奮。這是一個很棒的——這是一個很棒的收藏。每當你造訪 SNKRS 時，都會感到震撼。我當時正在校園裡的一間健身房鍛鍊身體。我早上七點就停止了運動。看看我是否贏了，結果我贏了。所以我對此感到很興奮。

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

正如我們之前嚴肅地說過的，SNKRS 有數百萬的用戶。真是一次很棒的經驗。顯然，該產品線只是耐吉在創造真正的創新、時尚熱度並與消費者建立聯繫方面無與倫比的能力的另一個例子。

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

您的下一個問題來自 BMO 資本市場 (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?

當您考慮需求價格彈性時，請認識到您所說的庫存單位壓力，您能否談談您看到的潛在定價機會或數量級？

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，有沒有辦法分析出本季無差異合作夥伴和您繼續支持的策略夥伴之間批發業績的變化？

Yes. So on the pricing question, we -- I mentioned in my prepared remarks that we've taken some pricing actions in the second half. And what I would say, Simeon, is that we evaluate price value of our products on a season-by-season basis. And we consider a number of different factors that we incorporate to make a decision about what to do. But what I will tell you is that we take a long -- we have a long-standing relationship with our consumer. And so we take a long-term view to these types of decisions.

是的。因此，關於定價問題，我在準備好的發言中提到，我們在下半年採取了一些定價行動。西緬，我想說的是，我們根據每個季節來評估我們產品的價格價值。我們會考慮多種不同的因素來決定該做什麼。但我要告訴你的是，我們與消費者保持了長期的關係。因此，我們會以長遠的眼光來看待這些類型的決定。

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

因此，我們下半年實施的價格上漲幅度處於個位數的低點。考慮到我們營運的市場和我提到的其他因素，我們認為這是合適的，因為我們面臨著不斷上升的投入成本和其他影響我們業務的因素。

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，非常重要的一點是，我們不應忽視這樣一個事實：我們繼續看到整個市場的平均售價強勁增長，這得益於更高的全價實現率（正如我們幾個季度以來一直在談論的那樣）、更低的降價幅度，以及利用識別庫存的能力，了解我們想要把它放在哪裡，把它放在消費者的路徑上，在我們自己和我們的批量合作夥伴無限的存取權限。

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

所有這些都有助於提高整個市場的全價實現水準。因此，我們確實相信，這是我們想要營運的基礎，而不是某個時間點，而這在充滿混亂的時刻推動了耐吉的獲利能力。

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. 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.

關於你的第二個問題，關於無差異化還是差異化，我想告訴你的是，我們繼續看到差異化合作夥伴的強勁成長。而我們差異化的合作夥伴，由於他們正在創造更好的消費者體驗並推動更多的需求，由於他們所推動的強勁需求，他們現有的庫存週數大約是他們目前希望的一半。

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

更進一步說，在過去 3 年裡，我們實際上已經退出了約 50% 的無差異帳戶，同時實現了強勁的兩位數成長。因此我們相信我們將繼續執行這項策略。正如約翰在他的準備好的發言中提到的那樣，我們相信與供應相關的減少可能會引發市場向耐吉和我們最重要的批發合作夥伴的轉變的進一步加速。

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金伯利格林伯格。

Great. And really, really great color on the call today. 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. 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?

偉大的。今天通話中的色彩確實非常棒。馬特，我只想談談生產的恢復情況，以及當您看到庫存水準恢復正常時假設生產在您所設定的 10 月、11 月時間範圍內恢復。當您考慮交貨時間、低庫存水準時，您認為在 2022 日曆年，什麼時候您會對解決阻礙未來幾季收入成長的庫存問題感到真正放心？

Sure. Well, Kimberly, our optimism stems from the fact that our factories are starting to have reopening plans approved. And that has happened this week. And so we're optimistic that we're going to start to see production begin in October. 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.

當然。嗯，金伯利，我們的樂觀源自於我們的工廠重新開工計畫開始獲得批准。而這件事本週就發生了。因此我們樂觀地認為生產將於十月開始。我們從疫情初期中國和本季初印尼因疫情而採取的關閉措施中得到的經驗告訴我們，這些工廠需要一些時間才能恢復滿載生產。

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

自七月中旬以來，我們已經損失了10週的生產時間。因此，我們真正關注的是我們的工廠合作夥伴是否恢復全部產能，以便我們能夠滿足市場需求。當我們將生產損失、產量重新調整以及延長的交貨時間結合起來時，我們樂觀地認為，隨著本財年結束、23財年即將到來，庫存供應將得到改善。我們的經驗告訴我們，雖然這種情況將是動態的，而且不會是線性的，但這就是我們目前的計劃。

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

金伯利，我可能只是想在此基礎上說，馬特和我都希望我們有一個水晶球，但我們沒有。我認為，我們透過這個非常動態的階段所展示的事情之一是，無論未來如何，我們都在利用它，對嗎？我們正在做偉大運動團隊所做的事情，即面對現實，做出調整，表現出敏捷性，並以一種讓我們更強大的方式執行。

And so we had demand shocks last year with the closing of retail in Phase 1 of pandemic. And now we've got some supply shocks with Phase 2 of the pandemic this year. We will navigate through those just as we did last year. 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. And in the process, we're building that capability where we're leveraging our strengths and we're leveraging the leadership position.

因此，去年由於疫情第一階段零售業的關閉，我們面臨需求衝擊。今年，隨著疫情進入第二階段，我們面臨一些供應衝擊。我們將像去年一樣解決這些問題。我認為我們今天比 18 個月前更強大，而且 18 個月後我們將比今天更強大。在這個過程中，我們正在建立這種能力，利用我們的優勢和領導地位。

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

保羅，在結束本次電話會議之前，我想再次對全球 75,000 名耐吉隊友表示誠摯的感謝和讚賞，他們日復一日地適應賽場上的情況，展現出團隊合作、韌性和創造力，為消費者服務並不斷創新。無論未來如何，我們都會繼續這樣做。

Thank you, Kimberly, for the question, and thanks to all for joining us today. We look forward to speaking with you next quarter. Take care, and stay safe.

謝謝金伯莉提出這個問題，也謝謝大家今天參加我們的活動。我們期待下個季度與您交談。保重，注意安全。

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

女士們、先生們，感謝你們參加今天的電話會議。今天的電話會議到此結束。您現在可以斷開連線。