Nike Inc (NKE) 2021 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2021 Fourth 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 Andy Muir, VP, Investor Relations.

大家下午好。歡迎來到 NIKE, Inc. 的 2021 財年第四季度電話會議。對於那些想要參考今天的新聞稿的人，您可以在 http://investors.nike.com 找到它。領導今天的電話會議的是投資者關係副總裁 Andy Muir。

Before I turn the call over to Ms. Muir, let me remind you that participants on this call will make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in 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 Muir 女士之前，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。這些風險和不確定性在提交給 SEC 的報告中有詳細說明，包括以 10-K 表提交的年度報告。一些前瞻性陳述可能涉及對未來收入增長或毛利率的預期。

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

此外，參與者可以討論非 GAAP 財務指標，包括對固定美元收入的引用。提及不變的美元收入旨在提供關於消除外匯波動的業務表現的背景。參與者還可以參考其他非公開財務和統計信息以及非公認會計原則財務措施。在討論非公開財務和統計信息的範圍內，可在 NIKE 的網站 http://investors.nike.com 上提供可比較的 GAAP 措施和定量對賬的介紹。

Now I'd like to turn the call over to Andy Muir, VP, Investor Relations.

現在，我想將電話轉給投資者關係副總裁 Andy Muir。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2021 fourth quarter results. As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You will find the appropriate reconciliations in our press release, which was issued about an hour ago or at our website, investors.nike.com.

謝謝你，接線員。大家好，感謝您今天加入我們討論 NIKE, Inc. 的 2021 財年第四季度業績。正如運營商所說，今天電話會議的參與者可能會討論非公認會計原則的財務措施。您可以在我們大約一小時前發布的新聞稿或在我們的網站investors.nike.com 上找到適當的對賬。

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

NIKE Inc. 的總裁兼首席執行官 John Donahoe 將與我們一起參加今天的電話會議；和我們的首席財務官 Matt Friend。在他們準備好的評論之後，我們將回答您的問題。 （操作員說明）

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

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

Thanks, Andy. And hello to everyone on today's call. Looking at Q4 and the full fiscal year we just concluded, our strong business results proved yet again NIKE's unique competitive advantage. Our relentless focus on our objectives is clear and our strategy is working. We're excited by the momentum we continue to see.

謝謝，安迪。在今天的電話會議上向大家問好。回顧第四季度和我們剛剛結束的整個財年，我們強勁的業務業績再次證明了耐克獨特的競爭優勢。我們對目標的不懈關注是明確的，我們的戰略正在奏效。我們對繼續看到的勢頭感到興奮。

In Q4, we saw growth of over 95%, which translates to 19% growth for the fiscal year. This full year growth was led by our own digital business, which has now more than doubled versus fiscal '19 prior to the pandemic. I've said before that these are times when strong brands can get stronger. And each quarter, this reality becomes even more clear. Today, we are better positioned to drive sustainable long-term growth than we were before the pandemic. Our team has proven their ability to be unrelenting and executing against the macro complexities while also building the future.

在第四季度，我們看到了超過 95% 的增長，這意味著本財年增長了 19%。這一全年增長是由我們自己的數字業務引領的，與大流行之前的 19 財年相比，該業務現在增長了一倍多。我之前說過，現在是強勢品牌變得更強大的時候。每個季度，這一現實都變得更加清晰。今天，我們比大流行之前更有能力推動可持續的長期增長。我們的團隊已經證明了他們在面對宏觀複雜性的同時堅持不懈和執行的能力，同時也建立了未來。

We saw broad-based growth this quarter led by North America at over 140%. Greater China's currency-neutral growth of 9% was impacted amidst marketplace dynamics with improving trends as we exited the quarter. One of NIKE's strengths is our diverse global portfolio. And through the power of that portfolio, we once again overdelivered on our expectations for the quarter.

我們看到本季度以北美為首的廣泛增長超過 140%。大中華區 9% 的貨幣中性增長受到市場動態的影響，隨著我們退出本季度，趨勢有所改善。耐克的優勢之一是我們多元化的全球產品組合。通過該投資組合的力量，我們再次超額完成了對本季度的預期。

As we look ahead to fiscal '22, the opportunity ahead of us is significant. We remain very confident in our long-term strategy and our growth outlook. The structural tailwinds we've discussed before, including the return to sport and permanent shifts in consumer behavior towards digital and health and wellness continue to create energy for us. And we remain focused on our largest growth drivers, including our women's business, apparel, Jordan and international. NIKE sets the pace through a continuous flow of new innovation, the world's greatest roster of athletes and compelling experiences for consumers that create lifelong relationships with our brand. Our strengths and proven playbook give us the confidence to move even faster to invest at even a more accelerated pace against the opportunities we see ahead.

當我們展望 '22 財年時，我們面前的機會是巨大的。我們對我們的長期戰略和增長前景仍然充滿信心。我們之前討論過的結構性順風，包括重返體育運動以及消費者行為向數字化、健康和保健的永久性轉變，繼續為我們創造能量。我們仍然專注於我們最大的增長動力，包括我們的女裝業務、服裝、約旦和國際業務。耐克通過持續不斷的創新、世界上最偉大的運動員陣容以及為消費者打造與我們品牌建立終生關係的引人入勝的體驗來引領潮流。我們的優勢和久經考驗的劇本使我們有信心更快地採取行動，以更快的速度進行投資，以應對我們看到的未來機遇。

As the world's largest athletic footwear and apparel brand, we take seriously our leadership position to promote sport participation and an active lifestyle through inspiration and innovation. Our goal isn't merely to take market share. Our goal is also to grow the entire market. NIKE's growth has been and will continue to be the result of 3 areas I'll walk through today: connecting with consumers through compelling brand experiences across Nike, Jordan and Converse; driving product innovation against our greatest growth opportunities; and expanding our digital advantage.

作為世界上最大的運動鞋和服裝品牌，我們認真對待我們的領導地位，通過靈感和創新促進運動參與和積極的生活方式。我們的目標不僅僅是佔領市場份額。我們的目標也是發展整個市場。耐克的增長已經並將繼續是我今天將介紹的三個領域的成果：通過耐克、喬丹和匡威的引人注目的品牌體驗與消費者建立聯繫；針對我們最大的增長機會推動產品創新；並擴大我們的數字優勢。

First, let's discuss how we serve consumers. As sport continues to return, NIKE leads with our unique rich heritage and our deep roster of global superstars and up-and-comers who connect us with consumers everywhere. Euro 2020 started 2 weeks ago with Cristiano Ronaldo becoming the leading scorer in Euro's history. England, France, Portugal and the Netherlands are among the teams with great momentum heading into the tournament's next stage. And we're proud that more goals have been scored thus far, wearing NIKE boots than all other brands combined. On the club side, Chelsea won the Champions League on the men's side and Barcelona was the top team on the women's side.

首先，讓我們討論一下我們如何為消費者服務。隨著體育運動的不斷回歸，耐克憑藉我們獨特的豐富傳統和深厚的全球超級巨星和後起之秀名冊引領我們與世界各地的消費者。 2020 年歐洲杯於兩週前開始，克里斯蒂亞諾·羅納爾多 (Cristiano Ronaldo) 成為歐洲杯歷史上的頭號得分手。英格蘭、法國、葡萄牙和荷蘭是進入下一階段比賽勢頭強勁的球隊之一。我們感到自豪的是，到目前為止，穿著耐克靴子打進的進球比所有其他品牌的總和還要多。在俱樂部方面，切爾西在男子方面贏得了冠軍聯賽，而巴塞羅那是女子方面的頂級球隊。

In the U.S. The WNBA season is underway with the Seattle Storm in first place, led by Sue Bird and Jewell Loyd. And then the NBA, a captivating playoffs has showcased our unmatched rosters of the game's greatest players across NIKE and Jordan, including KD, LeBron, Luka, Jokic and several who are still in the hunt like Giannis, Chris Paul, Devin Booker and Paul George.

在美國，WNBA 賽季正在進行，西雅圖風暴隊在 Sue Bird 和 Jewell Loyd 的帶領下排名第一。然後是 NBA，一場引人入勝的季后賽展示了我們無與倫比的耐克和喬丹球員名單，包括 KD、勒布朗、盧卡、約基奇和一些仍在追捕中的球員，如揚尼斯、克里斯保羅、德文布克和保羅喬治.

And earlier this week, I was in Eugene for the U.S. track and field trials and got to see incredible performances from Sha'Carri Richardson, Michael Norman, Ryan Crouser and many others. We remain excited for the power of sport on full display during the Olympics and Paralympics in Tokyo this summer and in Beijing next year.

本週早些時候，我在尤金參加了美國田徑試驗，並看到了 Sha'Carri Richardson、Michael Norman、Ryan Crouser 和其他許多人的精彩表演。我們仍然對今年夏天在東京和明年在北京舉行的奧運會和殘奧會充分展示體育的力量感到興奮。

This authentic connection with consumers is also fueled by our belief in redefining how we open access to sports for consumers everywhere. A recent campaign, Play New, launched in May, kicking off our largest ever invitation to Gen Z and marking the ignition point of a month-long rally around finding joy and movement in play. We focus Play New on TikTok and Snapchat to show Gen Z that, in their words, "Sport is a change accelerator." And their response has been remarkable. The app's augmented reality lenses featuring yoga, dance and surf led to more than 600 million Gen Z impressions in just the first 2 weeks.

這種與消費者的真實聯繫也得益於我們重新定義我們如何為世界各地的消費者開放體育運動的信念。最近的一項名為 Play New 的活動於 5 月啟動，啟動了我們對 Z 世代的最大邀請，並標誌著為期一個月的集會的點火點，該集會圍繞在遊戲中尋找快樂和運動而展開。我們將 Play New 重點放在 TikTok 和 Snapchat 上，以向 Z 世代展示，用他們的話來說，“體育是變革的加速器”。他們的反應非常出色。該應用程序的增強現實鏡頭以瑜伽、舞蹈和衝浪為特色，僅在前 2 週內就為 Z 世代帶來了超過 6 億次展示。

Earlier, I mentioned our goal to grow the market. Well, by inspiring people to try something for the first time, we vastly expand the community of athletes. And we continue to bring the emotion and power of our brand to life through our digital ecosystem, which is led by the SNKRS App. In Q4, SNKRS grew over 90% in demand and saw a nearly 80% growth in monthly active users. We're now offering this growing audience of high-value members and almost daily flow of compelling content and product launches. For Air Max Day in March, 6 different livestream events gave SNKRS Live its highest viewership ever. So whether it's through SNKRS Live or user-generated style inspiration, SNKRS is the perfect intersection of content, community and commerce.

早些時候，我提到了我們發展市場的目標。好吧，通過鼓勵人們第一次嘗試某些東西，我們極大地擴展了運動員社區。我們繼續通過由 SNKRS 應用程序領導的數字生態系統，將我們品牌的情感和力量帶入生活。在第四季度，SNKRS 的需求增長了 90% 以上，月活躍用戶增長了近 80%。我們現在為越來越多的高價值會員提供受眾，並且幾乎每天都有引人入勝的內容和產品發布。在 3 月的 Air Max Day，6 場不同的直播活動為 SNKRS Live 帶來了有史以來最高的收視率。因此，無論是通過 SNKRS Live 還是用戶生成的風格靈感，SNKRS 都是內容、社區和商業的完美交匯點。

Moving to my second point. Our relentless pipeline of innovative products continues to create separation between us and our competition. Our product is fueled by sharp consumer insight supported by marketing data and analytics as we continue to invest in our digital transformation. And through our new operating model, we are bringing more precision to the art of product creation as we blend the heart and science of innovation.

轉到我的第二點。我們持續不斷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。隨著我們繼續投資於我們的數字化轉型，我們的產品受到營銷數據和分析支持的敏銳消費者洞察力的推動。通過我們新的運營模式，我們將創新的核心和科學融合在一起，為產品創造的藝術帶來了更高的精確度。

For Q4, let me touch on 2 great examples of how we're investing in our top growth opportunities, our women's business and Jordan Brand. We're investing and focused across the entire value chain to unlock the vast opportunity we see for women's. For the full year, our women's business drove outsized growth of 22% versus the prior year. And despite the tremendous momentum we're seeing in women's, we know that there's even greater growth ahead as we move even faster with our new organization structure and invest far more resources and serving women end to end.

對於第四季度，讓我談談我們如何投資於我們的最大增長機會、我們的女性業務和喬丹品牌的兩個很好的例子。我們正在整個價值鏈上進行投資和關注，以釋放我們看到的女裝巨大機會。全年，我們的女性業務比上一年實現了 22% 的超額增長。儘管我們在女性領域看到了巨大的發展勢頭，但我們知道，隨著我們通過新的組織結構加快步伐並投入更多資源並端到端為女性提供服務，未來還會有更大的增長。

For instance, in the marketplace, we continue to provide more compelling retail environment through our NIKE Live format. In fact, this past year, we opened 9 new NIKE Live doors, which offer personalized experiences and services for female consumers. Our investments also mean a larger sharper focus on women's-only insights, services and product innovation. And we're already seeing this work come to life. Consumer insight from our female consumer drove the new Pegasus 38, which kept the best cushioning innovations from this popular franchise while improving and tailoring comfort and fit that she wants. The Peg 38 has sold extremely well, and we continue to be energized by the potential we see in footwear for her.

例如，在市場上，我們繼續通過我們的 NIKE Live 格式提供更具吸引力的零售環境。事實上，在過去的一年裡，我們新開了 9 家 NIKE Live 門，為女性消費者提供個性化的體驗和服務。我們的投資還意味著更加專注於女性專屬的見解、服務和產品創新。我們已經看到這項工作變得生動起來。我們女性消費者的消費者洞察力推動了新的 Pegasus 38，它保留了這個受歡迎的系列中最好的緩衝創新，同時改進和定制了她想要的舒適度和合身性。 Peg 38 賣得非常好，我們繼續為她在鞋類中看到的潛力而充滿活力。

For the WNBA's 25th season this year, we created the most comprehensive player, team and fan apparel collection in league history. The new WNBA uniforms were completely reengineered to deliver the exact fit, movement and comfort players said that they want from their jersey and sport. The players love them and consumers have agreed with sales growth well above our expectations. And that heightened demand extended to the larger product assortment, with the WNBA's 25th anniversary tee selling out in 1 day. This is just one example of how we drive energy for women's sport across the marketplace as we remain excited by this enormous opportunity looking forward.

對於今年 WNBA 的第 25 個賽季，我們創造了聯盟歷史上最全面的球員、球隊和球迷服裝系列。新的 WNBA 球衣經過完全重新設計，以提供球員們希望從球衣和運動中獲得的精確合身、運動和舒適感。玩家喜歡它們，消費者也同意銷售增長遠高於我們的預期。這種高漲的需求延伸到更大的產品種類，WNBA 25 週年紀念 T 卹在 1 天內售罄。這只是我們如何在整個市場推動女性運動能量的一個例子，因為我們仍然對這一巨大的機會充滿期待。

Next, let's discuss Jordan Brand, whose momentum continues to be driven by its unique blend of heritage and innovation as well as its deep connections to consumers and communities around the globe. In fiscal '21, Jordan Brand grew 31%, propelling the business to nearly $5 billion. This growth was driven by continued energy for Jordan's most coveted icons, including the AJ1 and AJ11 as well as new product dimensions. For example, Jordan's women's business nearly tripled in Q4, fueled by compelling product, such as the Flight Essentials apparel collection. We are also increasingly are excited about our delivery of exclusive access for women through collabs like Aleali May's AJ1, which drove over 40% female buyers, more than 10 points higher than average AJ1 buyer profile.

接下來，讓我們討論一下 Jordan Brand，其發展勢頭繼續受到其獨特的傳統與創新融合以及與全球消費者和社區的深厚聯繫的推動。在 21 財年，Jordan Brand 增長了 31%，將業務推高至近 50 億美元。這一增長是由喬丹最令人垂涎的標誌（包括 AJ1 和 AJ11 以及新產品尺寸）的持續活力推動的。例如，在 Flight Essentials 服裝系列等引人注目的產品的推動下，喬丹的女裝業務在第四季度幾乎增長了兩倍。我們也越來越對我們通過 Aleali May 的 AJ1 等合作為女性提供獨家訪問感到興奮，這推動了超過 40% 的女性買家，比 AJ1 買家的平均水平高出 10 個百分點以上。

In Q4, Jordan also launched Zion Williamson's first signature shoe, the Zion 1, as well as the apparel collection. As the first Gen Z signature shoe in Jordan Brand's history, Zion offers both transcendent athletic possibility as well as a deep personal connection with fans. The strong sell-through of Zion's signature shoe collection demonstrates the continued love for Jordan Brands' roster of athletes all over the world.

在第四季度，喬丹還推出了錫安威廉姆森的第一款簽名鞋 Zion 1 以及服裝系列。作為 Jordan Brand 歷史上的第一雙 Z 世代簽名鞋，Zion 提供了超凡的運動可能性以及與球迷的深厚個人聯繫。錫安標誌性鞋履系列的強勁銷售表明了對 Jordan Brands 全球運動員名單的持續喜愛。

Quickly looking to the summer in Tokyo. In the next few weeks, we'll be officially launching more of our Olympic product, including our U.S.A. women's basketball and football uniforms, our 4 Skateboarding Federation Kits and a new Medal Stand shoe featuring our hands-free FlyEase technology. We're excited by the strong reaction we've seen for our Olympic product thus far. And we're also thrilled to see our innovation continue to separate us. In running, this includes our Vaporfly Next% 2 for distance runners as well as our best-in-class track spikes. As you've probably heard, our spikes are creating dominant performances at the U.S. track and field trials not just for NIKE athletes but competitor athletes as well. From performance to the Medal Stand to sustainability, we're excited for the world stage this summer in Tokyo to put a global spotlight on our advantage and innovation.

快速尋找東京的夏天。在接下來的幾週內，我們將正式推出更多奧運產品，包括我們的美國女子籃球和足球製服、我們的 4 個滑板聯合會套件和採用我們免提 FlyEase 技術的全新 Medal Stand 鞋。迄今為止，我們對奧運產品的強烈反應讓我們感到興奮。我們也很高興看到我們的創新繼續將我們分開。在跑步方面，這包括我們為長跑運動員設計的 Vaporfly Next% 2 以及我們一流的田徑鞋釘。您可能已經聽說過，我們的鞋釘在美國田徑比賽中創造了卓越的表現，不僅為 NIKE 運動員，也為競爭者運動員。從表演到獎牌台再到可持續發展，我們很高興今年夏天在東京的世界舞台上讓全球關注我們的優勢和創新。

One final observation on innovation. I recently got the chance to see the long-term product plans that our teams are developing against our new consumer construct of women's, men's, kids and Jordan with sharpness against sport performance and sport lifestyle, and I could not be more excited. It's safe to say that we're more confident than ever in our product pipeline as our focus on the consumer of the future drives our relentless innovation engine. And as we start welcoming employees back to work in our new state-of-the-art design and innovation centers, I know that our innovation pace will only quicken as we reinvent what's possible.

關於創新的最後一個觀察。我最近有機會看到我們的團隊針對我們新的女性、男性、兒童和喬丹消費者結構開發的長期產品計劃，以及對運動表現和運動生活方式的敏銳度，我感到非常興奮。可以肯定地說，我們對我們的產品線比以往任何時候都更有信心，因為我們對未來消費者的關注推動了我們不懈的創新引擎。當我們開始歡迎員工回到我們最先進的新設計和創新中心工作時，我知道我們的創新步伐只會加快，因為我們重新發明了可能的東西。

My third and final point is increasing our digital advantage. As I said earlier, our owned digital business has more than doubled over the past 2 years to over $9 billion. And at the center of our digital ecosystem is our suite of apps, which in Q4 reflected over 40% of our owned digital business. This is the result of deeper consumer connections fueled by compelling product and content.

我的第三點也是最後一點是增加我們的數字優勢。正如我之前所說，我們擁有的數字業務在過去 2 年中翻了一番多，達到 90 億美元以上。我們數字生態系統的核心是我們的應用程序套件，在第四季度反映了我們擁有的數字業務的 40% 以上。這是由引人注目的產品和內容推動的更深層次的消費者聯繫的結果。

A key differentiator for us is membership. It has proven to be a compelling driver of repeat engagement and buying across digital and physical retail. In Q4, we continued to see growth in member demand outpace total digital growth, hitting a new record of $3 billion. This member demand growth was underscored by strong results across the consumer funnel, including member engagement, average order value and buying frequency. In this fiscal year, we met the goals we set at our last Investor Day around membership a full year early and now have more than 300 million NIKE members. More importantly, buying member growth is outpacing new member growth, signaling progress on a deeper member-led commerce funnel.

對我們來說，一個關鍵的區別是會員資格。事實證明，它是數字和實體零售重複參與和購買的有力推動力。在第四季度，我們繼續看到會員需求的增長超過了總數字增長，達到了 30 億美元的新紀錄。整個消費者渠道的強勁結果突顯了會員需求的增長，包括會員參與度、平均訂單價值和購買頻率。在本財年，我們提前一整年實現了在上一個投資者日設定的會員目標，現在擁有超過 3 億耐克會員。更重要的是，購買會員的增長速度超過了新會員的增長，這標誌著更深層次的會員主導的商業渠道取得了進展。

We're always looking to elevate our unique member proposition whether that means expanding the number of member-exclusive products or creating new and meaningful retail experiences through Member Days, our NIKE-only retail moments. And this engaging membership experience fuels a virtuous cycle, feeding insight to product creation, inventory optimization and more. Knowing and serving our members drives greater competitive separation.

我們一直在尋求提升我們獨特的會員主張，無論這意味著擴大會員專享產品的數量，還是通過會員日這一僅限耐克的零售時刻來創造新的和有意義的零售體驗。這種引人入勝的會員體驗促進了良性循環，為產品創建、庫存優化等提供了洞察力。了解和服務我們的成員會推動更大的競爭分離。

Today, we're the clear leaders in our industry, and we continue to see digital as our leading channel for growth in fiscal '22. The combination of owned and partner digital revenue is now nearly 35% of our total business, more than 3 years ahead of our prior plan. And we see no sign of this shift slowing. In fact, we believe we will achieve 50% digital mix of business across owned and partnered in fiscal '25.

今天，我們是我們行業的明顯領導者，我們繼續將數字視為我們在 22 財年增長的主要渠道。自有和合作夥伴的數字收入現在占我們總業務的近 35%，比我們之前的計劃提前了 3 年多。我們沒有看到這種轉變放緩的跡象。事實上，我們相信我們將在 25 財年實現擁有和合作的 50% 的數字業務組合。

As part of our overall One Nike Marketplace, we're also actively engaged with our strategic wholesale partners who share our vision. Today, we're working closely with large strategic partners like DICK's Sporting Goods, Foot Locker and JD Sports as well as compelling local neighborhood partners who are authentic to sport performance and lifestyle. Together, we are driving change to create a new, more connected and seamless experience for consumers around the world, which is exactly what consumers want. It's a shift that speaks to our belief that the strong gets stronger. We're supercharging how we serve consumers with convenience, innovation, content and services. This is how we stay ahead of the pack and expand our lead.

作為我們整體 One Nike Marketplace 的一部分，我們還積極與與我們有著共同願景的戰略批發合作夥伴進行接觸。今天，我們正與 DICK's Sporting Goods、Foot Locker 和 JD Sports 等大型戰略合作夥伴以及對運動表現和生活方式具有真實感的引人注目的當地社區合作夥伴密切合作。我們共同推動變革，為全球消費者創造一種新的、更加互聯的和無縫的體驗，這正是消費者想要的。這種轉變說明了我們相信強者會變得更強大的信念。我們正在通過便利、創新、內容和服務來增強我們為消費者服務的方式。這就是我們保持領先地位並擴大領先優勢的方式。

Finally, as we end our fiscal year, I want to thank our global NIKE teammates. We've all been through a lot this past year. And at NIKE, that's included store closures, supply chain challenges, a digital transformation, a new accelerated strategy and more. And throughout it all, our team has delivered for our consumers and communities. So I just want to take a moment as I close to recognize and personally thank our 75,000 NIKE teammates. You've demonstrated creativity, teamwork and resilience, and you are the reason NIKE leads. I've said it before, and I'll say it again, the people of NIKE are our greatest competitive advantage.

最後，在我們結束本財年之際，我要感謝我們的全球耐克隊友。在過去的一年裡，我們都經歷了很多。在耐克，這包括關閉商店、供應鏈挑戰、數字化轉型、新的加速戰略等等。在整個過程中，我們的團隊為我們的消費者和社區提供了服務。因此，我只想花一點時間來認識並親自感謝我們的 75,000 名 NIKE 隊友。你展現了創造力、團隊合作精神和韌性，你是耐克領先的原因。我以前說過，我再說一遍，NIKE 的人是我們最大的競爭優勢。

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

有了這個，我會把電話轉給馬特。

Thank you, John, and hello to everyone on the call today. Before I begin my prepared remarks, I too want to take a moment to thank our incredible team. They've delivered extraordinary results over the past year. I also want to take a moment and recognize Andy Muir. This will be her last earnings call as Vice President of Investor Relations after recently becoming CFO of our Jordan Brand. Thank you, Andy, for your leadership and specifically for your support in my transition to CFO last year. I wish you the best of luck in your new role. I know you'll do great. And backfilling Andy in this role is Paul Trussell, who many of you already know. Paul joins us from Deutsche Bank, and we're excited to welcome him to the NIKE team.

謝謝你，約翰，向今天電話中的每一個人問好。在我開始準備發言之前，我也想花點時間感謝我們不可思議的團隊。在過去的一年裡，他們取得了非凡的成果。我也想花點時間認識安迪·繆爾。這將是她最近成為我們喬丹品牌的首席財務官後，作為投資者關係副總裁的最後一次財報電話會議。謝謝你，安迪，感謝你的領導，特別是在我去年過渡到首席財務官的過程中的支持。祝你在新角色中好運。我知道你會做得很好。而在這個角色中填補安迪的是保羅·特魯塞爾，你們中的許多人都已經知道了。 Paul 從德意志銀行加入我們，我們很高興歡迎他加入 NIKE 團隊。

Now I'd like to begin today's call with a baseline on where we are in our recovery. Just as we anticipated, NIKE is emerging from the pandemic stronger and better positioned to serve the consumer. And the reason for this is clear, NIKE's Consumer Direct Acceleration is fueling a deeper consumer connection with our brands and driving business results, all while highlighting greater strategic and financial opportunity ahead.

現在，我想以我們處於恢復階段的基線開始今天的電話會議。正如我們所預期的那樣，耐克正在從大流行中走出來，變得更強大，更有能力為消費者服務。原因很明顯，耐克的消費者直接加速正在推動消費者與我們的品牌建立更深層次的聯繫並推動業務成果，同時突顯未來更大的戰略和財務機會。

Over the past 15 months, we have navigated through this challenging environment with outstanding execution of our operational playbook. We have faced every challenge head-on, focused on what we could control, all while keeping the consumer at the center. These actions have helped set a strong foundation for sustainable growth and profitability, with business performance now exceeding pre-pandemic levels.

在過去的 15 個月中，我們以出色的運營手冊執行力度過了這一充滿挑戰的環境。我們直面每一個挑戰，專注於我們可以控制的事情，同時以消費者為中心。這些行動為可持續增長和盈利能力奠定了堅實的基礎，業務表現現已超過大流行前的水平。

In the fourth quarter, we delivered over $12 billion of reported revenue, our largest quarter ever. Our NIKE Direct business is now approaching 40% of total NIKE Brand revenue. NIKE Digital represents 21% of total NIKE Brand revenue, a milestone we've reached several years ahead of our prior plan. And finally, our fiscal '21 EBIT margin reached 15.5%, reflecting more than 300 basis points of expansion when compared to fiscal '19. These metrics now become the new baseline from which we expect to grow.

在第四季度，我們實現了超過 120 億美元的報告收入，這是我們有史以來最大的一個季度。我們的 NIKE Direct 業務現在接近 NIKE 品牌總收入的 40%。 NIKE Digital 佔 NIKE 品牌總收入的 21%，這是我們比之前計劃提前幾年達到的里程碑。最後，我們的 21 財年息稅前利潤率達到 15.5%，與 19 財年相比擴大了 300 多個基點。這些指標現在成為我們期望增長的新基準。

As we recover from the global pandemic, it is clear that our Consumer Direct Acceleration strategy is transforming NIKE's financial model. So later on the call, I will share our financial outlook through fiscal year '25, reflecting a more direct, member-centric business model. However, first, I would like to provide additional detail on our extraordinary fourth quarter results and operating segment performance.

隨著我們從全球大流行中恢復過來，我們的消費者直接加速戰略顯然正在改變耐克的財務模式。因此，稍後在電話會議上，我將分享我們在 25 財年的財務展望，反映更直接、以會員為中心的商業模式。但是，首先，我想提供有關我們非凡的第四季度業績和運營部門業績的更多細節。

NIKE, Inc.'s revenue increased 96% and 88% on a currency-neutral basis. This was driven by strong wholesale shipments and NIKE owned store performance as we anniversary pandemic-related store closures. Even as physical retail reopened, we continued to see strong growth in NIKE Digital of 37% versus the prior year.

在貨幣中性的基礎上，耐克公司的收入增長了 96% 和 88%。這是由強勁的批發出貨量和耐克擁有的商店表現推動的，因為我們週年紀念與大流行相關的商店關閉。即使實體零售重新開放，我們仍然看到 NIKE Digital 的強勁增長比去年同期增長了 37%。

Gross margin increased 850 basis points versus the prior year driven by favorable NIKE Direct margins and the anniversary of higher costs, including actions taken to manage supply and demand in the face of the COVID-19 pandemic.

受有利的 NIKE Direct 利潤率和成本上漲週年的推動，毛利率與上一年相比增長了 850 個基點，包括為應對 COVID-19 大流行而採取的管理供需的行動。

SG&A grew 17% versus the prior year due to higher levels of brand activity connected to return of sport, digital marketing to drive digital demand, technology investments to support our digital transformation and higher wage-related expenses.

SG&A 與去年相比增長了 17%，原因是與體育回歸相關的品牌活動水平更高、數字營銷推動數字需求、技術投資支持我們的數字轉型以及與工資相關的費用增加。

Our effective tax rate for the quarter was 18.6% compared to 1.7% for the same period last year due to decreased benefits from discrete items in the prior year and a shift in earnings mix, primarily related to pandemic recovery.

我們本季度的有效稅率為 18.6%，而去年同期為 1.7%，原因是上一年離散項目的收益減少以及主要與大流行複蘇有關的收益組合發生變化。

Fourth quarter diluted earnings per share was $0.93 and full year diluted earnings per share was $3.56, up 123% versus the prior year.

第四季度每股攤薄收益為 0.93 美元，全年攤薄每股收益為 3.56 美元，比上年增長 123%。

Now let's move to our operating segments. In North America, Q4 revenue grew 141%. This also marked the first-ever $5 billion quarter for North America driven by notable improvement in full price sell-through as the marketplace reopened and sport activity returned. Demand for NIKE remained incredibly strong. And as we expected, delayed revenue from the global supply chain disruption in the third quarter was recaptured during the fourth quarter.

現在讓我們轉到我們的運營部門。在北美，第四季度收入增長了 141%。這也標誌著北美有史以來第一個 50 億美元的季度，這得益於隨著市場重新開放和體育活動的回歸，全價銷售顯著改善。對耐克的需求仍然非常強勁。正如我們預期的那樣，第三季度全球供應鏈中斷導致的延遲收入在第四季度重新獲得。

NIKE Direct grew over 120% as NIKE owned stores returned to positive sales growth versus pre-pandemic levels. More importantly, NIKE Digital grew over 50%, while physical traffic continued to improve across the marketplace. NIKE Direct performance was propelled by our members across both digital and physical retail. Member demand nearly doubled versus the prior year, and the number of buying members grew roughly 80%.

NIKE Direct 增長超過 120%，因為 NIKE 自有門店的銷售額與疫情前的水平相比恢復了正增長。更重要的是，NIKE Digital 增長了 50% 以上，而整個市場的實體流量繼續改善。 NIKE Direct 的表現是由我們的會員在數字和實體零售方面推動的。與去年相比，會員需求幾乎翻了一番，購買會員的數量增長了大約 80%。

Across the total marketplace, we continue to see retail sales growth and consumer demand for our brands exceeding marketplace supply with marketplace inventory down double digits versus the prior year. NIKE owned inventory declined 7% with double-digit declines in closeout inventory. In-transit full price inventory remains elevated as we continue to experience longer end-to-end lead times for supply. We expect supply chain delays and higher logistics costs to persist throughout much of fiscal '22.

在整個市場中，我們繼續看到零售銷售增長和消費者對我們品牌的需求超過市場供應，市場庫存與去年相比下降了兩位數。耐克自有庫存下降了 7%，清倉庫存下降了兩位數。由於我們繼續經歷更長的端到端供應提前期，在途全價庫存仍然較高。我們預計供應鏈延遲和更高的物流成本將在 22 財年的大部分時間裡持續存在。

In EMEA, Q4 revenue grew 107% on a currency-neutral basis with strong growth across the region, including the U.K. and Ireland, France, Germany and Italy. NIKE Direct grew 57% despite government restrictions requiring nearly half of our NIKE owned stores to remain closed for the first 2 months of the quarter. In May, as restrictions eased, we saw a strong consumer response with incredible pent-up demand, and this momentum has continued into June. NIKE Digital grew nearly 30% versus the prior year. Through our member days, we saw strong engagement with member demand outpacing total NIKE Direct revenue growth with all-time highs for female active members during Air Max week. In the fourth quarter, we also expanded the NIKE mobile app to more than 10 new countries across the region.

在歐洲、中東和非洲地區，在貨幣中性的基礎上，第四季度的收入增長了 107%，整個地區的增長強勁，包括英國和愛爾蘭、法國、德國和意大利。儘管政府限制要求我們近一半的 NIKE 自有門店在本季度的前 2 個月保持關閉，但 NIKE Direct 增長了 57%。 5 月，隨著限制的放鬆，我們看到了強烈的消費者反應和令人難以置信的被壓抑的需求，這種勢頭一直持續到 6 月。 NIKE Digital 與去年相比增長了近 30%。在我們的會員日中，我們看到會員需求的強勁參與超過了 NIKE Direct 總收入增長，在 Air Max 週期間女性活躍會員的收入創下歷史新高。在第四季度，我們還將 NIKE 移動應用程序擴展到該地區的 10 多個新國家/地區。

During our last earnings call, I shared our expectation that inventory in EMEA would normalize in the first quarter of fiscal '22. We have exceeded that goal due to stronger-than-anticipated consumer demand, ending fiscal '21 in a healthy and normalized inventory position.

在我們上次的財報電話會議上，我分享了我們的預期，即 EMEA 的庫存將在 22 財年第一季度正常化。由於消費者需求強於預期，我們已經超過了這一目標，以健康和正常化的庫存狀況結束了 21 財年。

In Greater China, Q4 revenue grew 9% on a currency-neutral basis. For the full year, Greater China delivered its seventh consecutive year of double-digit growth, demonstrating our consistent brand strength and commitment to serving the consumer. NIKE Direct grew 2% in Q4, with strong growth in NIKE owned stores, partially offset by declines in NIKE Digital.

在大中華區，在貨幣中性的基礎上，第四季度的收入增長了 9%。全年，大中華區連續第七年實現兩位數增長，彰顯了我們一貫的品牌實力和服務消費者的承諾。 NIKE Direct 在第四季度增長了 2%，NIKE 自有門店增長強勁，部分被 NIKE Digital 的下降所抵消。

As John mentioned earlier, Q4 business results were impacted by marketplace dynamics. After a strong March, our business in Greater China was impacted in April, and we adjusted our operations by suspending marketing activities and product launches. We then began to see a recovery trend, improving to a single-digit decline in May and sequentially improving into June, with month-to-date retail sales trends approaching prior year levels. And for the 6/18 consumer moment, our flagship store on Tmall ranked #1, driving the highest demand across the sports industry.

正如約翰之前提到的，第四季度的業務結果受到市場動態的影響。在經歷了強勁的 3 月之後，我們在大中華區的業務在 4 月受到影響，我們通過暫停營銷活動和產品發布來調整我們的運營。然後，我們開始看到復蘇趨勢，5 月份下降至個位數，並在 6 月份連續改善，本月至今的零售銷售趨勢接近去年水平。而對於 6/18 的消費時刻，我們在天貓的旗艦店排名第一，帶動了整個體育行業的最高需求。

Building on our 40-year history in Greater China, we continue to invest in serving consumers with the best products Nike has to offer in locally relevant ways. We also continue to invest in the creation of a premium, seamless consumer digital experience and supply chain capabilities. And we plan to open a new digital technology center in Shenzhen to better serve Chinese consumers.

基於我們在大中華區 40 年的歷史，我們將繼續投資於為消費者提供耐克必須以當地相關方式提供的最佳產品。我們還繼續投資於創建優質、無縫的消費者數字體驗和供應鏈能力。我們計劃在深圳開設一個新的數字技術中心，以更好地服務中國消費者。

We have an experienced local team in Greater China who helped create our operational playbook at the beginning of the pandemic. They have proactively managed marketplace supply and demand in order to navigate through these dynamics, and we expect inventory to be normalized by the end of Q2.

我們在大中華區擁有一支經驗豐富的本地團隊，他們在大流行初期幫助制定了我們的運營手冊。他們主動管理市場供需，以應對這些動態，我們預計庫存將在第二季度末恢復正常。

Now moving to APLA. Q4 revenue grew 76% on a currency-neutral basis, with growth across all territories led by Japan, SOCO and Mexico. And Korea grew double digits this quarter on top of the 8% growth they delivered in the fourth quarter of last year. NIKE Digital grew more than 50%, enabled and amplified by our membership offense. This was highlighted by member days, which drove all-time highs for member demand. This momentum also extended to our marketplace partners in APLA as they return to growth versus pre-pandemic levels and achieved their highest level of full price realization since the beginning of the pandemic.

現在搬到APLA。在貨幣中性的基礎上，第四季度的收入增長了 76%，所有地區的增長都以日本、SOCO 和墨西哥為首。在去年第四季度實現 8% 的增長基礎上，韓國本季度實現了兩位數的增長。 NIKE Digital 增長了 50% 以上，這得益於我們的會員違規行為。會員日突顯了這一點，這推動了會員需求的歷史新高。這種勢頭也擴展到了我們在 APLA 的市場合作夥伴，因為他們恢復了與大流行前水平相比的增長，並實現了自大流行開始以來的最高全價實現水平。

During Golden Week in Japan, the Express Lane assortment was heavily influenced by member insights and delivered a sell-through rate that was 2x the rate of the rest of NIKE Digital in Japan, showcasing the power of blending art and science that John referenced earlier. APLA was the last geography to launch our Express Lane offense, and we see significant opportunity to leverage these capabilities to drive deeper, authentic consumer connections across the region.

在日本的黃金周期間，Express Lane 產品系列深受會員洞察力的影響，其銷售率是 NIKE Digital 在日本其他產品的 2 倍，展示了 John 之前提到的藝術與科學融合的力量。 APLA 是最後一個推出 Express Lane 進攻的地區，我們看到了利用這些能力推動整個地區更深入、更真實的消費者聯繫的重要機會。

Now as we look ahead to fiscal '22 and beyond, I want to provide a new financial outlook through fiscal '25. As we emerge from the pandemic, accelerate our consumer direct strategy and transform the operating model of the company.

現在，當我們展望 22 財年及以後，我想通過 25 財年提供新的財務前景。隨著我們擺脫大流行，加快我們的消費者直接戰略並轉變公司的運營模式。

First of all, NIKE is a growth company, and we expect to sustain strong revenue growth going forward. This is based on the significant market opportunity that we see for our brands across the portfolio as well as our accelerated shift to a more direct member-centric business model. As a result, we expect revenue growth to inflect upwards to a range of high single-digit to low double-digit growth on average with outsized marketplace opportunities in women's, apparel, Jordan, digital and international.

首先，耐克是一家成長型公司，我們預計未來將保持強勁的收入增長。這是基於我們在整個產品組合中為我們的品牌看到的重要市場機會，以及我們加速轉向更直接的以會員為中心的商業模式。因此，我們預計收入增長將上升至高個位數到低兩位數的平均增長，在女裝、服裝、喬丹、數字和國際市場機會巨大。

Growth will be led by NIKE Direct and our strategic marketplace partners. Earlier, I mentioned NIKE Direct is approaching 40% of our brand business today, and we expect it to represent approximately 60% of the business in fiscal '25, led by growth in digital. And as John said earlier, we expect owned and partnered digital to achieve 50% business mix in fiscal '25 with NIKE owned digital to represent 40% of the business.

增長將由 NIKE Direct 和我們的戰略市場合作夥伴引領。早些時候，我提到 NIKE Direct 正在接近我們今天品牌業務的 40%，我們預計它將在 25 財年占到約 60% 的業務，主要是數字業務的增長。正如約翰之前所說，我們預計擁有和合作的數字將在 25 財年實現 50% 的業務組合，而耐克擁有的數字將佔業務的 40%。

We will continue reshaping our wholesale business portfolio, which includes divesting from undifferentiated retail while investing in our strategic wholesale partners for healthy growth. Overall, we expect wholesale revenue to remain roughly flat versus fiscal '21. We will support partners who continue to authenticate our brand as well as those who have the scale to create a consistent, premium, digitally connected experience for consumers across the marketplace.

我們將繼續重塑我們的批發業務組合，包括剝離非差異化零售，同時投資於我們的戰略批發合作夥伴以實現健康增長。總體而言，我們預計批發收入將與 21 財年大致持平。我們將支持繼續驗證我們品牌的合作夥伴，以及那些有能力為整個市場的消費者創造一致、優質、數字連接體驗的合作夥伴。

Our longer-term revenue outlook reflects higher growth expectations across several operating segments. We will continue to leverage the power of our diverse global portfolio. And we expect, on average, North America to grow mid-single to high single digits, EMEA to grow high single digits and APLA to grow low double digits. And with respect to Greater China, while marketplace dynamics still exist, we are optimistic that we can continue to grow low to mid-teens over the long term. We remain committed to investing in the local consumer experience and inspiring the next generation of athletes in China. We will continue to serve consumers with NIKE's performance innovation and sports style product franchises, while also increasing local customization of style and fit for consumers.

我們的長期收入前景反映了多個運營部門的更高增長預期。我們將繼續利用我們多元化的全球投資組合的力量。我們預計，平均而言，北美將增長中個位數至高個位數，EMEA 將增長高個位數，而 APLA 將增長低兩位數。就大中華區而言，雖然市場動態仍然存在，但我們樂觀地認為我們可以在長期內繼續增長到十幾歲。我們將繼續致力於投資當地的消費者體驗並激勵中國的下一代運動員。我們將繼續通過 NIKE 的性能創新和運動風格產品專營權服務於消費者，同時也增加對消費者的風格和合身的本地定制。

For several quarters now, I've highlighted that the strategic and financial benefit of shifting to a higher mix of business through NIKE Direct led by digital and leveraging enhanced data and analytics capabilities to optimize inventory, drive higher full price realization and lower digital fulfillment costs.

幾個季度以來，我一直強調通過以數字為主導的 NIKE Direct 轉向更高的業務組合併利用增強的數據和分析能力來優化庫存、推動更高的全價實現和降低數字履行成本的戰略和財務利益.

We now see gross margin rate reaching the high 40s by fiscal '25. We will continue to reallocate resources and invest to enable our digital transformation and fuel the long-term growth and profitability opportunities that we see. Having said that, we expect to invest in SG&A at a rate that drives leverage versus pre-pandemic levels, which averaged roughly 32% to 33% of revenue. As a result of all of these, we see our EBIT margin reaching high teens by fiscal '25 with earnings per share growth of mid- to high teens on average over this period.

我們現在看到毛利率在 25 財年達到 40 年代的高位。我們將繼續重新分配資源和投資，以實現我們的數字化轉型，並推動我們看到的長期增長和盈利機會。話雖如此，我們預計對 SG&A 的投資速度將高於大流行前水平，平均約為收入的 32% 至 33%。由於所有這些，我們看到我們的息稅前利潤率在 25 財年達到了十幾歲，在此期間平均每股收益增長了十幾歲。

As we drive towards a more direct business model, we remain committed to create long-term value for our shareholders through serving consumers and sustaining our disciplined financial management. We expect to deliver strong growth in free cash flow, maintain annual capital expenditures at roughly 3% of revenue, drive returns on invested capital above prior guidance of the low 30% range and deliver consistent returns to shareholders through dividends and share repurchases.

隨著我們朝著更直接的商業模式邁進，我們仍然致力於通過服務消費者和維持我們嚴格的財務管理來為股東創造長期價值。我們預計將實現自由現金流的強勁增長，將年度資本支出保持在收入的 3% 左右，將投資資本回報率提高到高於先前 30% 低範圍的指導，並通過股息和股票回購為股東提供持續的回報。

Now that I've discussed our updated financial outlook through fiscal '25, I will provide guidance for fiscal '22. As I've already said, we entered the fiscal year strong, confident that our deep consumer connections and brand momentum will continue despite being in a dynamic operating environment. Our confidence is rooted in the fact that consumers in key cities rate NIKE as their favorite brand, that retail sales continue to grow strongly on lean marketplace inventory and our organization is aligned against our new consumer construct, which will help us accelerate even faster against our largest growth opportunities.

既然我已經討論了我們通過 '25 財年更新的財務前景，我將為 '22 財年提供指導。正如我已經說過的，我們在進入本財年時表現強勁，相信儘管處於動態的運營環境中，我們深厚的消費者聯繫和品牌勢頭仍將繼續。我們的信心植根於這樣一個事實，即主要城市的消費者將耐克視為他們最喜歡的品牌，零售銷售在精益市場庫存的基礎上繼續強勁增長，我們的組織與我們的新消費者結構保持一致，這將有助於我們更快地加速我們的最大的增長機會。

In fiscal '22, we expect revenue to grow low double digits and surpass $50 billion, reflecting strong consumer demand across our operating segments as we lead with digital, scale NIKE owned physical retail concepts and grow with our strategic partners. It's important to note, as we normalize our post-pandemic business and continue to reshape the marketplace, we do not expect quarter-by-quarter growth to be linear. Therefore, we expect first half growth to be slightly higher than second half growth.

在 22 財年，我們預計收入將增長兩位數並超過 500 億美元，這反映了我們運營部門的強勁消費者需求，因為我們以數字化、規模化耐克擁有的實體零售概念為主導，並與我們的戰略合作夥伴一起成長。值得注意的是，隨著我們使大流行後的業務正常化並繼續重塑市場，我們預計逐季度增長不會是線性的。因此，我們預計上半年增長將略高於下半年增長。

We expect gross margin to expand 125 to 150 basis points, reflecting our continued shift to a more profitable NIKE Direct business and sustained strong full price realization, partially offset by higher product costs, supply chain investments and the annualization of certain onetime benefits in fiscal '21.

我們預計毛利率將擴大 125 至 150 個基點，這反映了我們繼續轉向利潤更高的 NIKE Direct 業務以及持續強勁的全價實現，部分被更高的產品成本、供應鏈投資和財政年度某些一次性收益的年度化所抵消。 21.

Foreign exchange is estimated to be a tailwind of roughly 70 basis points. We expect SG&A growth to slightly outpace revenue growth as we normalize spend with return to sport and more consistent store operating schedules as well as investments focused against our largest growth opportunities, which I have shared previously. However, we do expect leverage relative to pre-pandemic rates of investment. And last, we expect the fiscal '22 effective tax rate to be mid-teens.

外匯估計是大約 70 個基點的順風。我們預計 SG&A 的增長將略高於收入增長，因為我們通過回歸體育和更一致的商店運營計劃以及針對我們最大增長機會的投資使支出正常化，我之前已經分享過。但是，我們確實預計相對於大流行前的投資率而言的槓桿率。最後，我們預計 22 財年的有效稅率將在十幾歲左右。

As we begin our next fiscal year, NIKE continues to navigate through a dynamic and rapidly changing environment. At the same time, we are on the offense and accelerating our strategy to serve more consumers personally and at scale. Our unmatched innovation continues to enable world-class athletes to reach new levels of performance as sport returns to the main stage. Our product pipeline is strong, and we are even more deeply connected to consumers than before the pandemic.

隨著我們下一個財政年度的開始，耐克將繼續在充滿活力和快速變化的環境中前行。與此同時，我們正在進攻並加速我們的戰略，以個人和大規模地為更多消費者提供服務。隨著體育重返主舞台，我們無與倫比的創新繼續使世界級運動員達到新的表現水平。我們的產品線很強大，與大流行之前相比，我們與消費者的聯繫更加緊密。

We are building upon the strong foundation we set in fiscal '21 and accelerating our pace for the next leg of the race. We have a clear vision for our brand's long-term future and we are focused on what it will take to get there.

我們正在鞏固我們在 21 財年奠定的堅實基礎，並加快下一輪比賽的步伐。我們對品牌的長期未來有著清晰的願景，我們專注於實現目標所需的一切。

With that, we'll now open up the call for questions.

有了這個，我們現在將打開提問的電話。

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

您的第一個問題來自古根海姆證券公司的 Bob Drbul。

And Paul Trussell, congratulations. And Andy, best of luck. I guess the first question that I have, can you spend a little more time on China? Exactly -- I mean you gave us a lot of detail around how it's progressing. I guess I'd be curious just to hear, when you think about the inventories and you think about how you're planning the next few quarters from a flow perspective, if you could give us a little more color just how you would plan China on the revenues, I guess, either quarterly or just for the year based on the trends.

還有保羅·特魯塞爾，祝賀你。還有安迪，祝你好運。我想我的第一個問題，你能多花點時間在中國嗎？沒錯——我的意思是你給了我們很多關於它是如何進展的細節。我想我很想听聽，當您考慮庫存時，您會從流程的角度考慮如何計劃接下來的幾個季度，如果您能給我們更多的顏色，說明您將如何計劃中國根據趨勢，我猜是季度收入還是一年收入。

Sure, Bob. And hello, and thanks for the question. As we think about the dynamics that we're managing through in China right now, we're optimistic as we continue to see improvement sequentially each month. As we think about fiscal '22 and the guidance we provided, we're planning for continued recovery throughout fiscal year '22, but we don't expect it to be linear. And what I would say is, longer term, we're optimistic given our history of operating in China and our connections and relationships with consumers that, over the long term, we'll be able to deliver low to mid-teens growth.

當然，鮑勃。你好，謝謝你的提問。當我們考慮我們目前在中國管理的動態時，我們很樂觀，因為我們每個月繼續看到連續的改善。當我們考慮 22 財年和我們提供的指導時，我們計劃在整個 22 財年持續復甦，但我們預計它不會是線性的。我想說的是，從長遠來看，鑑於我們在中國的經營歷史以及我們與消費者的聯繫和關係，我們持樂觀態度，從長遠來看，我們將能夠實現中低端增長。

Great. And I just have a question sort of -- I guess it will be a North American question as a follow-up. But with LeBron out and KD out, you still have Giannis. And I just wondered if you think this is his year and you think he can bring the trophy home.

偉大的。我只是有一個問題——我想這將是一個北美問題作為後續問題。但是在勒布朗出局和KD出局的情況下，你仍然擁有字母哥。我只是想知道你是否認為這是他的一年，你認為他可以把獎杯帶回家。

Well, we certainly hope so. If not LeBron, Devin Booker; and if not Devin Booker, Paul George or many of the other NIKE athletes in what's been one of the -- just one of the great NBA Playoffs. I know we've all enjoyed the games. It's so great the sport is back. It's so great that the stands are full. So the excitement that we feel with the entire NBA and, frankly, all the great sport going on right now is palpable.

好吧，我們當然希望如此。如果不是勒布朗，德文布克；如果不是德文·布克、保羅·喬治或許多其他耐克運動員的話，那也是——只是一場偉大的 NBA 季后賽之一。我知道我們都喜歡這些遊戲。太棒了，這項運動又回來了。太棒了，看台都擠滿了。因此，我們對整個 NBA 的興奮，坦率地說，現在正在進行的所有偉大運動都是顯而易見的。

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

您的下一個問題來自摩根士丹利的 Kimberly Greenberger。

Great. Thanks so much for the outlook here through 2025. There's a noticeable sort of inflection in the business that you're calling for here. And I can just hear the enthusiasm. So I wanted to just ask about what are the sort of key underpinnings that's giving you confidence in the acceleration in the growth rate. And where do you see basically the support for this level of acceleration? What's driving that?

偉大的。非常感謝您對 2025 年的展望。您在這裡呼籲的業務有一種明顯的變化。我能聽到熱情。所以我想問一下，讓你對增長率加速充滿信心的關鍵基礎是什麼。您在哪里基本上看到了對這種加速水平的支持？是什麼驅動了它？

Sure, Kimberly. Well, as we've talked about throughout this year, we have continued to see the way that we have gotten closer to the consumer, creating deeper connections. And as we look at how our brand is positioned around the world, we continue to be very optimistic with what we see. That's translated into very strong retail sales growth throughout the year. And in many circumstances, we've seen demand outstripping supply.

當然，金伯利。好吧，正如我們在今年全年所討論的那樣，我們繼續看到我們與消費者更接近的方式，建立更深層次的聯繫。當我們審視我們的品牌在全球的定位時，我們仍然對我們所看到的非常樂觀。這轉化為全年非常強勁的零售額增長。在許多情況下，我們看到供不應求。

As we think about the future, especially as we exit '21 and we move forward to '22, there are definitely specific things that give us optimism and confidence. John just mentioned one of them, which is the return to sport, and we're already starting to see an acceleration in our sport performance business. We are excited about the connections that we're driving from a digital perspective, especially as physical retail reopens. We believe that is a sticky shift that will continue, and that's embedded in our guidance for '22 and also the longer-term outlook that I provided for you. And that shift of -- a 20-point mix shift in direct is definitely an inflection from a revenue -- it creates an inflection from a revenue perspective.

當我們思考未來時，特別是當我們退出 21 年並邁向 22 年時，肯定有一些具體的事情讓我們保持樂觀和信心。約翰剛剛提到了其中之一，那就是回歸體育運動，我們已經開始看到我們的運動表現業務正在加速發展。我們對我們從數字角度推動的聯繫感到興奮，尤其是在實體零售重新開放時。我們相信這是一個將繼續下去的棘手轉變，這已包含在我們對 '22 的指導以及我為您提供的長期前景中。而這種轉變——直接的 20 點混合轉變絕對是收入的轉折點——它從收入的角度創造了轉折點。

And then lastly, I would say that we continue to talk about the significant opportunities that we see more broadly in the marketplace. And while we've had momentum, and we continue to see those dimensions of business outstrip the growth of the rest of the business, the opportunity is still significant relative to our share in those specific areas. And so what I'm referring to there is our women's business and the opportunity we see in front of us, the apparel business and the opportunities that we see there and then the momentum that we have with the Jordan Brand, in particular, and the opportunities that we see for that brand both in North America but in international markets as well.

最後，我想說的是，我們將繼續談論我們在市場上更廣泛地看到的重大機遇。雖然我們有動力，而且我們繼續看到這些業務方面的增長超過了其他業務的增長，但相對於我們在這些特定領域的份額而言，機會仍然很重要。所以我指的是我們的女裝業務和我們在我們面前看到的機會，服裝業務和我們在那裡看到的機會，然後是我們在喬丹品牌方面的勢頭，尤其是我們在北美和國際市場都看到了該品牌的機會。

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。

Congrats on a really nice quarter and a really great hire. So John, maybe on the digital transformation, could you help outline what you think most differentiates your digital strategy to continue to build the marketplace leadership? And Matt, maybe with that, could you just help walk through the profitability of the digital channel as it relates to the algorithm that you outlined and maybe which line items it's most impacting?

祝賀一個非常好的季度和一個非常好的招聘。那麼約翰，也許在數字化轉型方面，您能否幫助概述您認為最能區分您的數字戰略以繼續建立市場領導地位的因素？馬特，也許有了這個，你能不能幫助了解一下數字渠道的盈利能力，因為它與你概述的算法有關，也許它對哪些行項目影響最大？

Well, sure, Matthew. The first thing, never look a wonderful tailwind in the eye or look away from one. So we've got a -- there's a fundamental shift in consumer behavior toward digital. And that's been happening, but the pandemic has simply accelerated that. And that provides the opportunity for us to have a direct connection with consumers, which is increasingly important in a digital world where consumers, while they're going more digital, are focusing on fewer and fewer apps. And we are going to be one of the very few apps that have a direct connection with consumers.

好吧，當然，馬修。第一件事，永遠不要在眼中看到美妙的順風或將視線移開。所以我們有一個——消費者行為向數字化的根本轉變。這種情況一直在發生，但大流行只是加速了這種情況。這為我們提供了與消費者建立直接聯繫的機會，這在數字世界中變得越來越重要，在消費者越來越數字化的同時，他們關注的應用程序越來越少。我們將成為極少數與消費者有直接聯繫的應用程序之一。

And that's unlocking great growth. That's unlocking growth in our ability to serve them with more personalized shopping experiences, with recommendations across our vast product portfolio, with services and other ways to engage them like NIKE Run Club, NIKE Training Club. So we think we're one of the very few in our industry that will be able to establish that direct connection with consumers both around commerce but also engage them on a weekly, monthly, quarterly basis.

這正在釋放巨大的增長。這釋放了我們為他們提供更個性化的購物體驗的能力的增長，在我們龐大的產品組合中提供建議，通過服務和其他方式來吸引他們，例如 NIKE Run Club、NIKE Training Club。因此，我們認為我們是業內為數不多的能夠與消費者建立直接聯繫的公司之一，既能圍繞商業建立直接聯繫，又能每週、每月、每季度與他們互動。

And then that produces great consumer insight. And that consumer insight has a bit of a virtuous cycle. The more you have it, the more you can use it. You can use that consumer insight, as I said earlier on, personalizing a recommendation or anticipating a need on replenishing a product when you know they're going to need it. It also drives efficiency in our operations, right? We talk about building a digital supply chain. What that's all about is having the intelligence to know, having the right product in the right place at the right time, so that we can deliver that product in a low-cost, convenient and speedy and in a climate-friendly way.

然後產生了很好的消費者洞察力。這種消費者洞察力有一點良性循環。你擁有的越多，你就越能使用它。正如我之前所說，您可以使用這種消費者洞察力來個性化推薦或在您知道他們需要時預測補充產品的需求。它還提高了我們的運營效率，對吧？我們談論建立數字供應鏈。關鍵在於擁有知道的智慧，在正確的時間將正確的產品放在正確的地方，這樣我們就可以以低成本、方便、快捷和氣候友好的方式交付該產品。

And last, but not least, that insight -- consumer insight helps fuel product creation. I mean the more we know about our consumers, the more we can build the kind of compelling product that they want and need. And so we feel like -- as Matt said, there's a virtuous cycle by embracing our digital transformation as aggressive as we are. We think we can create competitive separation. And so -- and we still -- we think it's going to be a journey that has continuous improvement and continuous ROI and benefits along the way.

最後但同樣重要的是，這種洞察力——消費者洞察力有助於推動產品創造。我的意思是，我們對消費者了解得越多，就越能打造出他們想要和需要的引人注目的產品。所以我們覺得 - 正如馬特所說，通過像我們一樣積極地擁抱我們的數字化轉型，這是一個良性循環。我們認為我們可以創造競爭性分離。所以——我們仍然——我們認為這將是一個不斷改進、持續投資回報率和收益的旅程。

Yes. And I would just add that the NIKE App or our app ecosystem continues to have a significant impact, and we are continuing to invest in the consumer experience in order to take advantage of the consumers' interest and appetite in engaging with our brand in that way. The app actually represents about 40% of our digital business at this point in time, and we're planning to launch the NIKE App in 10 more countries in fiscal year '22.

是的。我只想補充一點，NIKE 應用程序或我們的應用程序生態系統繼續產生重大影響，我們將繼續投資於消費者體驗，以利用消費者以這種方式與我們的品牌互動的興趣和胃口.目前，該應用程序實際上占我們數字業務的 40% 左右，我們計劃在 22 財年在另外 10 個國家/地區推出 NIKE 應用程序。

As I think about the financial model, Matt, as you asked, I sort of answered in my question to Kimberly, which is this shift to digital and that direct sale to the consumer is definitely causing us confidence to inflect our revenue outlook upwards as a first point.

當我考慮財務模型時，馬特，正如你所問的那樣，我在向金伯利提出的問題中回答了一些問題，即這種向數字化的轉變以及向消費者的直接銷售無疑使我們有信心將我們的收入前景向上調整為第一點。

The second point I would say is that as we've continued to see over the past several quarters and really, if you sort of look through the pandemic, it's really over the last 3 years as we've been seeing more and more business being done through direct and digital, we've been talking about how that shift in mix has enabled us to drive and increase our gross margin expansion versus historical levels of gross margin expansion. And so that's what's embedded in that high 40s guidance outlook. It's continuing to shift to more direct business. And then within that direct business, we continue to see opportunities like I referenced, leveraging data and analytical capabilities, so digital transformation-type capabilities to know where to place our inventory, how to fulfill demand closer to the consumer, whether it's through our stores or through our regional service centers, how to think about pricing based on the way inventory is flowing and then continued demand and supply management.

我要說的第二點是，正如我們在過去幾個季度中繼續看到的那樣，實際上，如果您從大流行中看一下，實際上是在過去 3 年中，因為我們已經看到越來越多的業務正在通過直接和數字化完成，我們一直在談論這種組合轉變如何使我們能夠推動和增加我們的毛利率擴張，而不是毛利率擴張的歷史水平。這就是 40 多歲的指導展望中所包含的內容。它繼續轉向更直接的業務。然後在直接業務中，我們繼續看到我提到的機會，利用數據和分析能力，因此數字化轉型類型的能力可以知道我們的庫存放在哪裡，如何滿足更接近消費者的需求，無論是通過我們的商店或者通過我們的區域服務中心，如何根據庫存流動的方式來考慮定價，然後繼續進行供需管理。

And then I guess the last thing I would say is that the way that we framed our SG&A guidance is that we feel confident that as we look at the transformation that's taking place in our business over the next 4 years that at that level of SG&A investment, which is better than where we were in the pandemic, we can fund the investments that we need to fuel this growth and sustain the opportunity that we have in front of us.

然後我想我要說的最後一件事是，我們制定 SG&A 指導的方式是，當我們看到未來 4 年我們的業務正在發生的轉型時，我們有信心在這個 SG&A 投資水平上，這比我們在大流行中的情況要好，我們可以為推動這種增長和維持擺在我們面前的機會所需的投資提供資金。

Congrats on the momentum and the new multiyear model.

祝賀勢頭和新的多年模式。

Thanks.

謝謝。

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

您的下一個問題來自 Erinn Murphy 和 Piper Sandler 的台詞。

I guess a follow-up question for the team on the China marketplace. Bigger picture, just with the accelerating growth of late and some of the national athletic brands, can you just share how you're thinking about NIKE's market share potential as you work through the 2025 plan within China specifically?

我想這是中國市場團隊的後續問題。更大的圖景，隨著後期和一些民族運動品牌的加速增長，您能否分享一下您在具體實施 2025 年計劃時如何看待 NIKE 在中國的市場份額潛力？

And then secondly, if I could just ask on the women's business, it hit over $8.5 billion in this fiscal year. Could you just share kind of what your expectation is in the plan by 2025 and just the role you see some of the smaller footprint stores and the suite of apps you've developed playing in the progression there?

其次，如果我只能問女性業務，本財年它達到了超過 85 億美元。您能否分享一下您對 2025 年計劃的期望，以及您看到的一些規模較小的商店和您開發的應用程序套件在其中發揮的作用？

Sure. Matt, why don't I take the first part and then maybe you take the second part of Erinn's question.

當然。馬特，我為什麼不回答第一部分，然後也許你回答 Erinn 問題的第二部分。

Sure.

當然。

So Erinn, bottom line, we're confident about what we're seeing in China as we drive long-term growth. And we have a long-term view about China. And we've always taken a long-term view. We've been in China for over 40 years. Phil invested significant time and energy in China in the early days. And today, we're the largest sport brand there, and we're a brand of China and for China.

所以 Erinn，最重要的是，我們對我們在中國看到的情況充滿信心，因為我們推動了長期增長。我們對中國有長遠的看法。而且我們始終著眼長遠。我們在中國已經 40 多年了。菲爾早期在中國投入了大量時間和精力。今天，我們是那裡最大的運動品牌，我們是中國品牌，也是中國品牌。

And the biggest asset we have in China is the consumer equity. Consumers feel a strong, deep connection to the NIKE, Jordan and Converse brands in China. And it's real. I saw that in my first week here. Can't wait to get back there. And it's strong. And that's brought to life on streets all over China through the over 7,000 mono-brand stores we have in China. So we have a strong consumer franchise in China, and they feel very connected to our brand.

我們在中國擁有的最大資產是消費者權益。消費者對中國的 NIKE、Jordan 和 Converse 品牌產生了強烈而深刻的聯繫。這是真實的。我在這裡的第一周就看到了這一點。等不及要回到那裡了。而且很強大。通過我們在中國擁有的 7,000 多家單一品牌商店，這在中國各地的街道上變得栩栩如生。因此，我們在中國擁有強大的消費者特許經營權，他們感覺與我們的品牌息息相關。

And so we're going to continue to invest. We'll continue our long-term investment in China whether it's through the Express Lane, which allows us to have local product insights, so design and deliver with speed and agility or we're localizing our tech stack. Matt mentioned we're opening a new digital technology center in Shenzhen. And we're going to invest for the long term, and we're encouraged by the momentum and we have confidence in the future.

所以我們將繼續投資。我們將繼續我們在中國的長期投資，無論是通過 Express Lane，它使我們能夠了解本地產品，因此設計和交付速度和敏捷性，或者我們正在本地化我們的技術堆棧。馬特提到我們正在深圳開設一個新的數字技術中心。我們將進行長期投資，我們受到這種勢頭的鼓舞，我們對未來充滿信心。

It's interesting. We've been the #1 sports brand in Tmall for a decade, and we're still #1 today once we open back up on it. Over the last month, we've added 1 million new members on Tmall through the 6/18 shopping holiday. And so we're focusing on what we can control. We're confident of our momentum and our position. And we'll -- as Matt outlined, we feel confident about our long-term growth in China.

這真有趣。十年來，我們一直是天貓排名第一的運動品牌，一旦重新開放，我們今天仍然是排名第一。在過去的一個月裡，我們在 6/18 購物假期期間在天貓上增加了 100 萬新會員。所以我們專注於我們可以控制的事情。我們對我們的勢頭和我們的地位充滿信心。而且我們將——正如馬特所概述的那樣，我們對我們在中國的長期增長充滿信心。

Yes. And I'll just jump in, Erinn, on women's. We -- this might sound interesting, but we're the largest women's athletic brand in the world today at $8.5 billion. And we are very bullish on the opportunity for women's. We've been talking about it for several years. And it starts by what John said on the call, which is that the main purpose of our realigning our organizational structure was to try to amplify the investment at multiples of where we were previously investing against our women's business. And those investments are end-to-end, from specific innovation and the way we invest in innovation to the way we're investing in product creation, to the way that we're now investing in the marketplace through our NIKE Live concepts.

是的。 Erinn，我會直接加入女裝。我們——這聽起來可能很有趣，但我們是當今世界上最大的女性運動品牌，價值 85 億美元。我們非常看好女性的機會。我們已經談論它好幾年了。首先是約翰在電話會議上所說的話，即我們重新調整組織結構的主要目的是試圖將投資擴大到我們之前對女性業務進行投資的倍數。這些投資是端到端的，從特定的創新和我們投資創新的方式到我們投資於產品創造的方式，再到我們現在通過我們的 NIKE Live 概念投資市場的方式。

And our NIKE Live stores are almost 50% women's sales, which are more than 15 points ahead of our other stores in terms of women's proportion of the revenue. And so it's definitely embedded and underlying our revenue outlook. And I would tell you that we expect to see women's outpace other elements of our business as we invest and drive against the long-term opportunity.

而我們的 NIKE Live 門店幾乎有 50% 是女性的銷售額，在女性收入佔比方面領先我們其他門店超過 15 個百分點。因此，它絕對是我們收入前景的嵌入和基礎。我會告訴你，在我們投資和把握長期機會的過程中，我們希望看到女性的發展速度超過我們業務的其他要素。

That's super helpful, and congratulations to all.

這非常有幫助，恭喜大家。

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

我們的下一個問題來自與 Evercore 的 Omar Saad。

Great quarter. Congrats to everyone. High-teens operating margin target really is a huge breakout from historical trend and a lot of the long-term guidance that you guys have given over the years. Clearly, technology and NIKE's digital excellence is really the root of this kind of transformation we've all been talking about. I'd love to hear -- I saw that Converse continues to improve. I'd love to hear you talk about how you're using that digital advantage and applying it at Converse. Is Converse starting to generate some of the benefits of these incredible technologies that you've developed under the Jordan and NIKE halo? I'd love to hear more on those lines.

很棒的季度。恭喜大家。十幾歲的營業利潤率目標確實是對歷史趨勢的巨大突破，也是你們多年來給出的許多長期指導。顯然，技術和耐克的卓越數字化確實是我們一直在談論的這種轉型的根源。我很想听聽——我看到匡威繼續進步。我很想听聽你談論你是如何利用數字優勢並在 Converse 應用它的。 Converse 是否開始從您在 Jordan 和 NIKE 光環下開發的這些令人難以置信的技術中產生一些好處？我很想听到更多關於這些線路的信息。

Well, the short answer, Omar, is yes. I mean we are blessed with this wonderful portfolio of brands: Nike, Jordan and Converse. And they're additive. That's what's so striking is, while there's some consumer overlap, the role that each plays is additive in the eyes of the consumer. And so Scott and the Converse team are doing a great job of connecting with a distinct consumer and expanding -- it's much like the Jordan playbook -- expanding beyond just historical icons like the Chuck and bringing new design, new dimension to the product there. In fact, it's the fastest-growing part of their portfolio.

好吧，奧馬爾，簡短的回答是肯定的。我的意思是，我們很幸運擁有這些出色的品牌組合：耐克、喬丹和匡威。而且它們是添加劑。令人驚訝的是，雖然存在一些消費者重疊，但每個人所扮演的角色在消費者眼中都是相加的。因此，Scott 和 Converse 團隊在與獨特的消費者建立聯繫方面做得很好，並且正在擴展——這很像喬丹的劇本——超越了像 Chuck 這樣的歷史偶像，並為那裡的產品帶來了新的設計、新的維度。事實上，這是他們投資組合中增長最快的部分。

We just had an operating review a couple of weeks ago and was really striking to see how they're extending that brand into both performance product into new ways to leverage that Converse brand and the product line as well as getting into apparel and going global. And so their digital capabilities are growing to have their own, as you know, in addition to being able to get to them on the NIKE website, get to them on their own website. And their digital business is growing at very comparable levels as NIKEs are and Jordans are around the world. And so we see a lot of upside in the Converse opportunity and the Converse brand.

幾週前我們剛剛進行了一次運營審查，看到他們如何將該品牌擴展到性能產品，以新的方式利用匡威品牌和產品線，以及進入服裝和走向全球，這真是令人震驚。因此，他們的數字能力正在增長，如您所知，除了能夠在 NIKE 網站上找到他們之外，還可以在他們自己的網站上找到他們。他們的數字業務正在以非常可比的水平增長，就像耐克和喬丹在世界各地一樣。所以我們看到匡威的機會和匡威品牌有很多好處。

Yes. And we think that digital is going to play a really important role for Converse as they reshape the composition of their own marketplace. And so that's what's been driving growth for the last couple of quarters or for the last 8 quarters, and it's continued to help us as they create that direct connection with consumers as well.

是的。我們認為，在 Converse 重塑自己的市場構成時，數字化將發揮非常重要的作用。這就是過去幾個季度或過去 8 個季度推動增長的原因，並且在他們與消費者建立直接聯繫時繼續幫助我們。

Your last question comes from the line of Adrienne Yih with Barclays.

您的最後一個問題來自巴克萊銀行的 Adrienne Yih。

Congratulations on the quarter, and congratulations to Andy and Paul. My question is, Matt, on the $50 billion or greater than $50 billion for the out-year for fiscal '22, what is the expectation for China in that number? And I guess more specifically, in what quarter can we -- or half of the year perhaps -- can we expect to see China return to perhaps pre-pandemic trend rate? And which channel is going to be the most predictive: wholesale or direct/digital?

祝賀本季度，祝賀安迪和保羅。我的問題是，馬特，關於 22 財年的 500 億美元或超過 500 億美元，中國在這個數字上的預期是什麼？而且我想更具體地說，我們可以在哪個季度——或者可能是今年的一半——我們可以期待看到中國恢復到大流行前的趨勢速度？哪個渠道最具預測性：批發還是直接/數字？

Well, Adrienne, the -- our FY '22 guidance reflects the optimism and the momentum that we're seeing across our full portfolio, brands and different geographies. As I mentioned on China, we're optimistic and encouraged based on the sequential improvements that we're seeing, so our business was impacted in April. It was down single digits in May, but improving, and approaching prior year levels in these first 3 weeks of June. Obviously, the 6/18 consumer moment gives us optimism as we continue this recovery. And we're planning for recovery throughout fiscal year '22, but we don't expect it to be linear.

好吧，Adrienne，我們的 22 財年指導反映了我們在整個產品組合、品牌和不同地區看到的樂觀情緒和勢頭。正如我在中國提到的那樣，基於我們所看到的連續改善，我們感到樂觀和鼓舞，因此我們的業務在 4 月份受到了影響。它在 5 月份下降了個位數，但在 6 月的前 3 周有所改善並接近去年的水平。顯然，隨著我們繼續復甦，6/18 的消費時刻讓我們感到樂觀。我們計劃在整個 22 財年恢復，但我們預計它不會是線性的。

Thank you, Adrienne. Thanks, everyone, for joining us today. We look forward to speaking to you next quarter. Take care and stay safe.

謝謝你，阿德里安。謝謝大家，今天加入我們。我們期待在下個季度與您交談。小心並保持安全。

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

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