Nike Inc (NKE) 2021 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to NIKE, Inc.'s Fiscal 2021 Third Quarter Conference Call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Andy Muir, VP, Investor Relations.

大家下午好，歡迎參加 NIKE, Inc. 的 2021 財年第三季度電話會議。對於那些想要參考今天的新聞稿的人，您可以在investors.nike.com 上找到它。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.

在我將電話轉給繆爾女士之前，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 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, 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有關業務績效的背景，消除外匯波動。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 Investors.nike.com 上提供可比較的 GAAP 措施和定量對賬的介紹。

Now I would 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 Third 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 財年第三季度業績。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. President and CEO, John Donahoe; and our Chief Financial Officer, Matt Friend. Following their prepared remarks, we will take your questions. (Operator Instructions) I'll now turn the call over to NIKE, Inc. President and CEO, John Donahoe.

加入我們今天電話會議的將是 NIKE, Inc. 總裁兼首席執行官 John Donahoe；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）我現在將電話轉給 NIKE, Inc. 總裁兼首席執行官 John Donahoe。

Thank you, Andy, and hello to everyone on today's call. First and foremost, like all companies around the world, we're pleased by the recent positive news of the vaccine rollout. We remain optimistic though we're prepared to operate through continued volatility until the virus is fully contained. Our teams have proven their agility to operate through uncertainty while also staying focused on the long term, and we once again demonstrated that agility in Q3. It's why I wouldn't trade our position with anyone.

謝謝你，安迪，今天的電話大家好。首先，與世界各地的所有公司一樣，我們對最近推出疫苗的積極消息感到高興。儘管我們準備在持續的波動中運作，直到病毒被完全控制住，但我們仍然保持樂觀。我們的團隊已經證明了他們在不確定性中運作的敏捷性，同時也專注於長期，我們在第三季度再次展示了這種敏捷性。這就是為什麼我不會與任何人交換我們的立場。

The power of NIKE is our consistency and the strength of our global portfolio. Throughout the pandemic, we have stayed focused on our unique advantages, and we've been resolute in fueling innovation, and our brand is as strong as ever.

耐克的力量在於我們的一致性和我們全球產品組合的實力。在整個疫情期間，我們一直專注於我們的獨特優勢，我們一直堅定地推動創新，我們的品牌一如既往地強大。

I'm proud of our results this quarter. Q3 saw us continue to deliver consumers new products, new campaigns, the energy from our roster of athletes and more. Our strategy puts the member at the center and keeps us in the lead and we will continue to drive even further competitive separation. And still, we push our own expectations of ourselves. Last week, we released our 2020 Impact Report and announced our new 2025 Purpose Targets. Our new 5-year purpose targets offer a road map to 2025, outlining clear goals, action plans and accountability. And for the first time, that accountability now includes linking executive compensation to our Purpose Goals.

我為我們本季度的業績感到自豪。第三季度，我們繼續為消費者提供新產品、新活動、來自我們運動員名單的能量等等。我們的戰略以會員為中心，讓我們保持領先地位，我們將繼續推動進一步的競爭分離。儘管如此，我們還是推動了自己對自己的期望。上週，我們發布了 2020 年影響報告並宣布了新的 2025 年目標目標。我們新的 5 年目標提供了到 2025 年的路線圖，概述了明確的目標、行動計劃和問責制。現在，這種問責制第一次包括將高管薪酬與我們的目標目標聯繫起來。

Our 2025 targets will keep us focused on accelerating our efforts against a wide range of priorities, from sustainability to representation, to investing in the future of sport in communities around the world. I encourage everyone to take a look at the report at purpose.nike.com. Ultimately, this isn't just the right thing to do, it makes great business sense. Setting purpose targets for ourselves creates long-term value, raises the bar for our industry and redefines our own potential for a positive impact in the world.

我們的 2025 年目標將讓我們專注於加速我們針對廣泛優先事項的努力，從可持續性到代表性，再到投資於世界各地社區的體育未來。我鼓勵大家在 purpose.nike.com 上查看這份報告。最終，這不僅是正確的做法，而且具有很好的商業意義。為自己設定目標可以創造長期價值，提高我們行業的標準，並重新定義我們自己對世界產生積極影響的潛力。

Our commitment to constant improvement is why I continue to be so amazed by this team. I have never been more confident in our leadership and teams around the world as we stay on the offense, accelerating our long-term strategy.

我們對不斷改進的承諾是我繼續對這個團隊如此驚訝的原因。當我們繼續進攻並加速我們的長期戰略時，我對我們在世界各地的領導力和團隊充滿信心。

And as I said, this continues to be a dynamic external environment, but I'm proud how adaptable NIKE is. No matter what happens, COVID spikes, forced enclosed -- store closures, port congestion on the West Coast and more, this team responds with solutions. We adjust and we win.

正如我所說，這仍然是一個動態的外部環境，但我為耐克的適應性感到自豪。無論發生什麼，COVID 激增、強制封閉——商店關閉、西海岸港口擁堵等等，這個團隊都會用解決方案來應對。我們調整，我們贏了。

Our brand continues to deeply connect all over the world. We remain consumers' #1 favorite brand in all 12 of our key cities in both men's and women's businesses. We're also seeing particularly strong connections in Greater China, where our strong portfolio of brands, including Jordan and Converse, is helping to extend our leadership position. All over the world, the relationships we have with consumers cannot easily be replicated. Our brand differentiates us, driven by the unique competitive advantages that we enjoy.

我們的品牌繼續深入連接世界各地。在我們所有 12 個主要城市的男裝和女裝業務中，我們仍然是消費者最喜歡的品牌。我們還在大中華區看到了特別緊密的聯繫，我們強大的品牌組合，包括喬丹和匡威，正在幫助擴大我們的領導地位。在世界各地，我們與消費者的關係無法輕易複製。在我們享有的獨特競爭優勢的推動下，我們的品牌使我們與眾不同。

First, NIKE's connections with consumers are driven by sport and cultural authenticity. Our roster of athletes is the greatest in the world. Naomi Osaka continues to emerge as a truly global sport icon, having won 4 Grand Slam titles at only 23 years old. Kylian Mbappé became the youngest footballer ever to score 25 Champions League goals, leading Paris Saint-Germain into the quarterfinals. The NBA All-Star Game has proved yet again of our dominance in basketball, with Lebron's team taking on KD's, Giannis winning MVP and a young core of Jordan Brand superstars led by Zion and Luka. And the energy of March Madness tips off today, with Jordan and NIKE schools making up 10 of the top 16 women's teams and 15 of the top 16 men's teams. No brand connects with consumers with the power and culture of sport like NIKE and we pride ourselves on our leadership role to drive hope and inspiration all over the world.

首先，耐克與消費者的聯繫受到體育和文化真實性的驅動。我們的運動員名單是世界上最偉大的。 Naomi Osaka 繼續成為真正的全球體育偶像，年僅 23 歲就贏得了 4 個大滿貫冠軍。 Kylian Mbappé成為有史以來最年輕的25個冠軍聯賽進球的足球運動員，帶領巴黎圣日耳曼隊進入四分之一決賽。 NBA 全明星賽再次證明了我們在籃球領域的統治地位，勒布朗的球隊戰勝了 KD，詹尼斯贏得了 MVP，而由錫安和盧卡領導的喬丹品牌超級巨星的年輕核心。瘋狂三月的活力今天開始顯現，喬丹和耐克的學校在前 16 名女隊中佔據了 10 所，在前 16 名男隊中佔據了 15 所。沒有哪個品牌能像耐克這樣以運動的力量和文化與消費者建立聯繫，我們為自己在世界各地推動希望和靈感的領導作用感到自豪。

Second, our brand is powered by our global scale. This is particularly critical advantage as we continue to fuel our digital transformation. We've had tremendous success in digital, quickly pivoting to serve consumers as they shift to digital channels. But even as this consumer shift is felt across industries, NIKE's digital transformation remains a unique advantage. Scale matters. The strength of our brand allows us to stay personal at scale with consumers in all of our geographies. And more than ever, the portfolio effect of being a truly global brand is powerful.

其次，我們的品牌由我們的全球規模驅動。隨著我們繼續推動我們的數字化轉型，這一優勢尤為重要。我們在數字化方面取得了巨大成功，隨著消費者轉向數字化渠道，我們迅速轉向為他們提供服務。但是，即使整個行業都感受到了這種消費者轉變，耐克的數字化轉型仍然是一個獨特的優勢。規模很重要。我們品牌的實力使我們能夠與我們所有地區的消費者保持大規模的個性化。作為一個真正的全球品牌，其產品組合效應比以往任何時候都更加強大。

Third, we stay at the front of the pack, thanks to our compelling consumer experiences. Last quarter, we announced the launch of SNKRS Live, our first product drop via live streaming. In Q3, we doubled the number of countries with live streaming, adding Japan, Germany and Italy. We're seeing phenomenal engagement for this live interaction with average viewing duration doubling to over 15 year -- 15 minutes, I wish it were 15 years, well above the industry norms. We're also creating content to connect members to the sport and sneaker community, content that drives the highest engagement on sneakers. So whether it's through the SNKRS App, our Activity apps, platforms like TikTok and more, we continue to find compelling ways to deliver an authentic NIKE experience in digital.

第三，由於我們引人注目的消費者體驗，我們始終處於領先地位。上個季度，我們宣布推出 SNKRS Live，這是我們通過直播發布的第一個產品。在第三季度，我們增加了日本、德國和意大利的直播國家數量。我們看到這種現場互動的參與度驚人，平均觀看時長翻了一番，超過 15 年——15 分鐘，我希望是 15 年，遠高於行業標準。我們還在創建內容以將會員與運動和運動鞋社區聯繫起來，這些內容推動了對運動鞋的最高參與度。因此，無論是通過 SNKRS 應用程序、我們的 Activity 應用程序、TikTok 等平台等等，我們都會繼續尋找令人信服的方式來提供真實的 NIKE 數字體驗。

And fourth, the Jordan Brand had a very strong quarter, growing double digits in Q3. This growth was broad-based, led by our biggest growth opportunities: digital, international, apparel and women's. In fact, Jordan's women's business was up nearly triple digits, a strong statement of how the brand continues to serve a broader set of consumers. Q3 also saw the launch of the Air Jordan 11 Jubilee, one of the largest and most successful footwear launches ever, with more than $175 million in revenue. We are incredibly confident about the continued growth opportunity for the Jordan Brand moving forward.

第四，喬丹品牌的季度表現非常強勁，在第三季度增長了兩位數。這種增長基礎廣泛，由我們最大的增長機會引領：數字、國際、服裝和女裝。事實上，喬丹的女裝業務增長了近三位數，有力地說明了該品牌如何繼續為更廣泛的消費者服務。第三季度還見證了 Air Jordan 11 Jubilee 的發布，這是有史以來規模最大、最成功的鞋類發布之一，收入超過 1.75 億美元。我們對 Jordan Brand 未來的持續增長機會充滿信心。

As always, our brand is propelled by our unmatched innovation investment and pipeline. Innovation's at our core, reflecting not just our foundational values, but the values we share with consumers. We don't just innovate for the elite athlete, we use innovation and design to solve problems for all consumers no matter their sport or style of play. And we consistently bring fresh new product to market, supported by compelling storytelling that helps drive consumer demand. At the core of our innovation engine is our edge in performance. And we continue to use this edge to evolve some of the most popular products for everyday runners.

一如既往，我們無與倫比的創新投資和渠道推動了我們的品牌發展。創新是我們的核心，不僅反映了我們的基本價值觀，還反映了我們與消費者分享的價值觀。我們不只是為精英運動員創新，我們用創新和設計為所有消費者解決問題，無論他們的運動或比賽風格如何。我們不斷地將新鮮的新產品推向市場，並輔以引人入勝的故事講述，幫助推動消費者需求。我們創新引擎的核心是我們的性能優勢。我們繼續利用這一優勢為日常跑步者開發一些最受歡迎的產品。

This quarter, we focused on a key problem for runners, with new footwear that continues our mission to unlock injury prevention. The ZoomX Invincible Run offers a brand-new look for Nike Running, with increased foam in the midsole. This creates a soft ride that makes running feel easy with incredible energy return and is designed to help reduce running-related injuries. We also just launched the React Escape, a shoe specifically designed for the female runner. The React Escape's silhouette, materials and design details are all aimed at new runners, and it's seeing great sell-through as it encourages more women to pick up the sport.

本季度，我們專注於跑步者面臨的一個關鍵問題，新鞋款將繼續我們的使命，即解除傷害預防。 ZoomX Invincible Run 為 Nike Running 提供了全新的外觀，中底增加了泡沫。這創造了一種柔軟的騎行體驗，讓跑步感覺輕鬆，並具有令人難以置信的能量回饋，旨在幫助減少與跑步相關的傷害。我們還剛剛推出了專為女性跑步者設計的 React Escape。 React Escape 的輪廓、材料和設計細節都是針對新跑步者的，它的銷量非常好，因為它鼓勵更多女性參與這項運動。

We're also driving our sustainability agenda through strong product innovation. We've set ambitious goals around the use of sustainable materials throughout our line and we'll continue to invest in new materials and methods of make to maintain our leadership position here. Last month, we launched Cosmic Unity, our first performance shoe under Our Move to Zero initiative. This initiative, which moves us towards zero waste and zero carbon, embraces circular design as a guiding principle. Cosmic Unity, which has also been already been worn on court by some of the NBA's best, including Anthony Davis, is NIKE's first performance shoe made out of at least 25% recycled content by weight and offers just a hint of our future with sustainable product.

我們還通過強大的產品創新推動我們的可持續發展議程。我們圍繞在整個生產線使用可持續材料設定了雄心勃勃的目標，我們將繼續投資於新材料和製造方法，以保持我們在這方面的領先地位。上個月，我們推出了 Cosmic Unity，這是我們在“向零邁進”倡議下推出的第一款高性能鞋。這一倡議將我們推向零浪費和零碳，將循環設計作為指導原則。 Cosmic Unity 也已經被包括安東尼戴維斯在內的一些 NBA 最佳球員在球場上穿著，它是耐克的第一款高性能鞋，由至少 25% 的可回收成分製成，並通過可持續產品為我們的未來提供了暗示.

We're also resolute in our pursuit of making sport a daily habit for all athletes. A great example of this work is the Nike Go FlyEase. Its easy-on, easy-off design solves for an ambitious North Star, the creation of a truly hands-free shoe. This is a shoe for everyone, from elite athletes to parents with their hands full. We're initially launching Nike Go FlyEase first for our most engaged members with broader consumer availability coming later this year. And we continue to push our industry in creating product through better consumer insights.

我們還堅定地追求讓運動成為所有運動員的日常習慣。這項工作的一個很好的例子是 Nike Go FlyEase。其易穿易脫設計解決了雄心勃勃的北極星，創造了一款真正的免提鞋。這是一款適合每個人的鞋，從精英運動員到雙手滿滿的父母。我們最初為我們最活躍的會員推出 Nike Go FlyEase，今年晚些時候將推出更廣泛的消費者可用性。我們繼續通過更好的消費者洞察力推動我們的行業創造產品。

This quarter, we acquired Datalogue, a data integration platform that will help us process, analyze and act on the data we enjoy, thanks to our scale advantage. This lets us harness the full power of our data, turning it into more actionable insights and enabling greater speed. As part of our recent organizational realignment, we also put our data teams alongside the creative teams to unlock this opportunity. NIKE has always married the art and science of product creation and the move towards deeper and more dynamic insights, along with our talent and investments in data science and machine learning, creates a capacity that no other brand has.

本季度，我們收購了 Datalogue，這是一個數據集成平台，由於我們的規模優勢，它將幫助我們處理、分析和處理我們喜歡的數據。這使我們能夠充分利用數據的力量，將其轉化為更具可操作性的洞察力並提高速度。作為我們最近的組織重組的一部分，我們還將我們的數據團隊與創意團隊放在一起，以釋放這個機會。 NIKE 始終將產品創造的藝術與科學結合起來，朝著更深入、更有活力的洞察力邁進，再加上我們在數據科學和機器學習方面的才能和投資，創造了其他品牌所沒有的能力。

Let's quickly talk about the Tokyo Olympics and Para Olympics. Despite the unique circumstances surrounding the games, we look forward to leveraging that world stage to showcase our innovation and purpose commitments. Our pipeline and cadence has continued its pace, including some new innovations and the scaling of a few of our recent innovation platforms. This summer in Tokyo, we look forward to sharing the next-generation of FlyEase and its mission of inclusive innovation, as well as delivering some new and exciting women-specific innovations.

讓我們快速談談東京奧運會和殘奧會。儘管圍繞遊戲的獨特環境，我們期待利用這個世界舞台來展示我們的創新和目標承諾。我們的管道和節奏繼續其步伐，包括一些新的創新和我們最近的一些創新平台的擴展。今年夏天在東京，我們期待分享下一代 FlyEase 及其包容性創新的使命，以及提供一些新的、令人興奮的女性專用創新。

The last thing I'd like to discuss is digital. We're taking even greater advantage of our vast digital opportunity as we create the future of retail. We know that our consumers want a consistent, seamless and premium experience. And so alongside our strategic partners, we continue to consolidate the marketplace to give our consumers that premium experience. Our owned digital business is thriving, with growth of 54% on a currency-neutral basis during the quarter. This growth was led by North America, which had its first-ever quarter with $1 billion in digital revenue.

我想討論的最後一件事是數字。隨著我們創造零售業的未來，我們正在更大程度地利用我們巨大的數字機會。我們知道，我們的消費者想要一致、無縫和優質的體驗。因此，與我們的戰略合作夥伴一起，我們繼續鞏固市場，為我們的消費者提供優質體驗。我們擁有的數字業務正在蓬勃發展，本季度在貨幣中性的基礎上增長了 54%。這一增長由北美引領，該地區有史以來第一個季度的數字收入達到 10 億美元。

As you know, we set a bold vision for digital across owned and operated and partnered, being 50% of our business in the long term. We have made significant progress to date, increasing the digital mix of our business by more than 10 points in Q3 versus the prior year. NIKE's ability to sustainably grow digital for the long-term is rooted in our member connections and compelling experiences that only NIKE can offer. And our members are more engaged than ever, with an over 60% increase in monthly engaged users for the quarter, led by our SNKRS App, where we're seeing 4x the engagement in monthly active users versus last year. This heightened engagement is translating into buying. We're seeing continued member growth outpace total digital growth as buying members increased 80% versus the prior year.

如您所知，我們為自有、運營和合作的數字化設定了大膽的願景，長期占我們業務的 50%。迄今為止，我們已經取得了重大進展，第三季度我們業務的數字化組合比去年增加了 10 多個百分點。耐克長期可持續發展數字化的能力植根於我們的會員聯繫和只有耐克才能提供的引人入勝的體驗。我們的會員比以往任何時候都更加投入，在我們的 SNKRS 應用程序的帶領下，本季度每月活躍用戶增加了 60% 以上，我們看到每月活躍用戶的參與度是去年的 4 倍。這種提高的參與度正在轉化為購買。我們看到會員的持續增長超過了數字化總增長，因為購買會員比上一年增加了 80%。

And these connections extend beyond digital. In our own stores, member demand penetration rates are seeing meaningful increases, enabled by robust store training programs, member-specific promotions and enhanced account linking capabilities. This is critical as we strategically focus on better serving and driving repeat engagement with active, high-value members across all of our channels.

這些聯繫超越了數字化。在我們自己的商店中，會員需求滲透率正在顯著提高，這得益於強大的商店培訓計劃、針對會員的促銷和增強的帳戶鏈接功能。這一點至關重要，因為我們在戰略上專注於更好地服務並推動與我們所有渠道中活躍的高價值成員的重複參與。

In the end, NIKE is staying on offense, and we're focused on extending our leadership position. We have a proven playbook, led by digital, and everything we've seen makes us more confident in our future. Our focus is on the long term, and we're not slowing down. And with that, I'll turn the call over to Matt.

最後，NIKE 繼續進攻，我們專注於擴大我們的領導地位。我們有一本經過驗證的劇本，以數字為主導，我們所看到的一切都讓我們對未來更有信心。我們的重點是長期的，我們不會放慢腳步。有了這個，我會把電話轉給馬特。

Thank you, John, and hello to everyone on the call. As we've entered into a new calendar year filled with new opportunities amidst pandemic-related challenges, our focus has not wavered. We continue to position NIKE to win today and over the long term. We are now 1 year into managing through these dynamics and we have met every hurdle with leadership and decisive action. While we are optimistic about the pace of vaccine distribution and how this will enable safe reopening of the global economy in the near future, the effects of the virus continue to create short-term volatility in our business performance.

謝謝你，約翰，大家好。隨著我們進入新的日曆年，在與大流行相關的挑戰中充滿了新的機遇，我們的重點並沒有動搖。我們繼續將耐克定位為今天和長期的勝利。我們現在已經過了 1 年的時間來管理這些動態，我們已經通過領導和果斷的行動克服了每一個障礙。雖然我們對疫苗分發的速度以及這將如何在不久的將來使全球經濟安全重新開放感到樂觀，但病毒的影響繼續在我們的業務表現中造成短期波動。

For example, in Q3, disruption in the global supply chain due to container shortages, transportation delays and port congestion has interrupted the flow of inventory supply. The result has been supply shortages relative to continued strong marketplace demand. In North America specifically, inventory supply was delayed by more than 3 weeks, impacting the timing of wholesale shipments and growth in the quarter. In EMEA, additional COVID-related lockdowns caused a higher number of physical retail stores to be closed and/or operate on reduced hours versus the prior quarter. But our operating priorities remain unchanged and we're focused on what we can control: optimize marketplace supply and demand with speed and agility, accelerate the pace of direct connections with consumers and exert our financial strength to move faster towards our long-term strategic vision of the consumer direct acceleration.

例如，在第三季度，由於集裝箱短缺、運輸延誤和港口擁堵導致的全球供應鏈中斷，中斷了庫存供應的流動。結果是相對於持續強勁的市場需求而言，供應短缺。特別是在北美，庫存供應延遲了 3 週以上，影響了本季度的批發出貨時間和增長。在歐洲、中東和非洲，與上一季度相比，與新冠病毒相關的額外封鎖導致更多實體零售店關閉和/或減少營業時間。但我們的運營重點保持不變，我們專注於我們可以控制的事情：以速度和敏捷性優化市場供需，加快與消費者直接聯繫的步伐，並發揮我們的財務實力以更快地實現我們的長期戰略願景消費者直接加速。

I am proud of how our teams continue to respond, demonstrating how to win in a dynamic and rapidly changing environment. And our results reflect our team's unwavering commitment to serving our consumers. John couldn't have said it any better, we adjust and we win. This is the mentality that will propel us forward as we focus on the future.

我為我們的團隊如何繼續做出回應感到自豪，展示瞭如何在動態和快速變化的環境中取勝。我們的結果反映了我們團隊對服務消費者的堅定承諾。約翰說得再好不過了，我們調整了，我們贏了。當我們專注於未來時，這種心態將推動我們前進。

Now as I reflect on the third quarter, I want to highlight 2 important points. First, NIKE's brand momentum is as strong as ever, and we are driving focused growth in our largest opportunities. Our innovation and product franchises are resonating with consumers. This translated into double-digit retail sales growth over the holiday season. We drove a higher proportion of full-price sales with lower markdown activity, and this retail momentum has continued into the spring season.

現在，當我回顧第三季度時，我想強調兩個重點。首先，耐克的品牌勢頭一如既往地強勁，我們正在推動我們最大機會的集中增長。我們的創新和產品專營權正在引起消費者的共鳴。這轉化為假日季節的兩位數零售額增長。我們以較低的降價活動推動了更高比例的全價銷售，這種零售勢頭一直持續到春季。

At our core, NIKE is a growth company. And we delivered another strong quarter of performance against our largest long-term growth opportunities. Greater China set the pace for our geographies, growing revenue 42% on a currency-neutral basis. We set another record for Chinese New Year, with digital demand doubling versus fiscal '19. NIKE Digital grew 54%, led by strong growth across our mobile app ecosystem. Demand on the NIKE App grew 90% versus the prior year. Women's drove over-indexing revenue growth for the quarter, including nearly 90% growth in NIKE Digital. And with high double-digit retail sales growth across the marketplace, we are increasing NIKE's market share across our key markets. And last, the Jordan Brand grew 15%, delivering its third consecutive quarter of double-digit growth with incredible brand momentum and a clear formula of growth for the future.

在我們的核心，耐克是一家成長型公司。在我們最大的長期增長機會的基礎上，我們又實現了強勁的季度業績。大中華區為我們的地區設定了步伐，在貨幣中性的基礎上，收入增長了 42%。我們為農曆新年創造了另一個記錄，數字需求與 19 財年相比翻了一番。在我們的移動應用生態系統強勁增長的帶動下，NIKE Digital 增長了 54%。 NIKE App 的需求與去年相比增長了 90%。女性推動了本季度的超指數收入增長，其中包括 NIKE Digital 近 90% 的增長。隨著整個市場的高兩位數零售額增長，我們正在增加耐克在我們主要市場的市場份額。最後，Jordan Brand 增長了 15%，連續第三個季度實現兩位數的增長，品牌勢頭令人難以置信，未來的增長模式也很清晰。

We are exceeding pre-pandemic levels of business, and our brand momentum is clear. From our relentless flow of new product and storytelling, to our deep consumer connections, our extensive portfolio of athletes and teams and the scale of our digital platforms, NIKE is positioned to drive high-quality, sustainable and profitable growth across our portfolio.

我們的業務超過了大流行前的水平，我們的品牌勢頭很明顯。從我們源源不斷的新產品和故事講述，到我們深厚的消費者聯繫，我們廣泛的運動員和團隊組合以及我們數字平台的規模，耐克的定位是推動我們的產品組合實現高質量、可持續和盈利的增長。

Second, this quarter demonstrated how a more direct, digitally enabled NIKE will fuel long-term strategic and financial value. Our consumer direct acceleration strategy is driving a meaningful and broader marketplace shift and it is transforming our financial model. Our own digital business has grown more than 70% year-to-date, and our mix of owned and partner digital now exceeds 35% of our total business. This quarter, we increased member buying frequency and grew retained buying members versus the prior year and the prior quarter. Looking ahead to fiscal '22 and beyond, we expect digital to continue to be our fastest-growing marketplace channel, with digital mix increasing towards our 50% vision.

其次，本季度展示了更直接、數字化的耐克將如何推動長期戰略和財務價值。我們的消費者直接加速戰略正在推動有意義的和更廣泛的市場轉變，它正在改變我們的財務模式。今年迄今為止，我們自己的數字業務增長了 70% 以上，我們的自有和合作夥伴數字業務組合現在超過了我們總業務的 35%。本季度，與去年和上一季度相比，我們增加了會員購買頻率並增加了留存的購買會員。展望 22 財年及以後，我們預計數字化將繼續成為我們增長最快的市場渠道，數字化組合將朝著我們 50% 的願景增長。

NIKE physical stores are another key enabler to drive our consumer direct acceleration. And our monobrand store expansion strategy creates an incremental market opportunity for NIKE. New retail concepts such as Live, Rise and Unite will create distinctive, authentic and premium NIKE consumer experiences in the marketplace. They will accelerate NIKE member acquisition at scale, while unlocking higher retail productivity. They will recapture displaced consumer demand as we restructure the wholesale marketplace with our strategic partners. And most importantly, they will accelerate NIKE Digital growth by scaling online to offline capabilities as our physical presence reaches a greater number of consumers. A great example of this are the 2 new Nike Live concepts we opened in Greater China this quarter, where member checkout rates reached 90%, paving the way for connected member journeys and member-led digital growth. We look forward to scaling these new retail concepts into fiscal '22.

耐克實體店是推動我們消費者直接加速的另一個關鍵推動力。我們的單一品牌門店擴張戰略為耐克創造了增量市場機會。 Live、Rise 和 Unite 等新零售概念將在市場上創造獨特、真實和優質的耐克消費者體驗。他們將加速耐克會員的大規模收購，同時釋放更高的零售生產力。隨著我們與戰略合作夥伴重組批發市場，他們將重新獲得被取代的消費者需求。最重要的是，隨著我們的實體店覆蓋更多消費者，他們將通過將在線功能擴展到離線功能來加速 NIKE Digital 的增長。一個很好的例子是我們本季度在大中華區開設的 2 個全新 Nike Live 概念，會員結賬率達到 90%，為互聯會員旅程和會員主導的數字增長鋪平了道路。我們期待將這些新的零售概念擴展到 22 財年。

As I've said before, this strategic shift to increasingly direct and personalized connections with consumers unlock strategic and financial opportunity for NIKE. This quarter, NIKE Direct gross margins contributed to our overall gross margin expansion of 130 basis points, being fueled by a higher mix of digital, which carries a higher gross margin rate as well as optimization of new pricing capabilities using advanced analytics in North America. We are also continuing to test and learn within our full funnel digital marketing activities and our pace of learning is accelerating with so much opportunity ahead.

正如我之前所說，這種與消費者建立越來越直接和個性化聯繫的戰略轉變為耐克帶來了戰略和財務機會。本季度，NIKE Direct 毛利率為我們的整體毛利率增長 130 個基點做出了貢獻，這得益於更高的數字組合，其具有更高的毛利率以及使用北美高級分析優化新定價能力。我們還將繼續在我們的全渠道數字營銷活動中進行測試和學習，並且我們的學習步伐正在加快，前面有很多機會。

During Q3 in North America, we leveraged data to identify consumer cohorts and feature personalized product recommendations to members to both activate members who have never purchased and increase repeat purchasing. We expect Datalogue to amplify our speed in analyzing consumer data and inform product, marketing and service recommendations, ultimately increasing member buying frequency, basket size and member retention rates.

在北美的第三季度，我們利用數據來識別消費者群體，並向會員提供個性化的產品推薦，以激活從未購買過的會員並增加重複購買。我們希望 Datalogue 能夠加快我們分析消費者數據並提供產品、營銷和服務建議的速度，最終提高會員購買頻率、購物籃規模和會員保留率。

It is clear that our shift to a more direct, member-centric business is beginning to drive strategic and financial value for NIKE and we are confident we are making the right investments in the areas that matter most.

很明顯，我們轉向更直接、以會員為中心的業務開始為耐克帶來戰略和財務價值，我們有信心在最重要的領域做出正確的投資。

Now let's turn to the details of our third quarter financial results and operating segment performance. NIKE, Inc. revenue grew 3% in Q3, declining 1% on a currency-neutral basis, as NIKE Direct grew 16%, led by strong NIKE Digital growth, offset by declines in our wholesale business due to the timing of wholesale shipments caused by global supply chain challenges in North America and mandatory store closures in EMEA.

現在讓我們來看看我們第三季度財務業績和運營部門業績的細節。 NIKE, Inc. 第三季度收入增長 3%，在貨幣中性基礎上下降 1%，因為 NIKE Direct 增長 16%，這主要得益於 NIKE Digital 的強勁增長，但由於批發發貨時間造成的批發業務下滑抵消了這一影響受到北美全球供應鏈挑戰和歐洲、中東和非洲地區強制關閉商店的影響。

Gross margin increased 130 basis points versus the prior year, resulting from higher full price product margins, due in part to geography mix and favorable NIKE Digital mix, partially offset by lower NIKE Direct rate as we continue to manage inventory levels due to COVID-19 as well as foreign exchange headwinds.

毛利率較上年增長 130 個基點，原因是全價產品利潤率提高，部分原因是地理組合和有利的 NIKE 數字組合，部分被 NIKE Direct 利率降低所抵消，因為我們繼續管理由於 COVID-19 導致的庫存水平以及外匯逆風。

SG&A declined 7% in the quarter, as we shifted certain demand creation initiatives to better align our investments with product delivery time lines and market conditions, along with lower operating overhead due primarily to lower wage related costs versus the prior year and continued expense management. Our effective tax rate for the quarter was 11.4% compared to 3.9% for the same period last year due to decreased benefits from discrete items and a shift in earnings mix, in part due to the impact of the COVID-19 pandemic.

SG&A 在本季度下降了 7%，因為我們改變了某些需求創造計劃，以更好地使我們的投資與產品交付時間線和市場條件保持一致，同時由於與上一年相比工資相關成本降低和持續費用管理降低了運營開銷。我們本季度的有效稅率為 11.4%，而去年同期為 3.9%，原因是離散項目的收益減少和收入組合發生變化，部分原因是 COVID-19 大流行的影響。

Third quarter diluted earnings per share was $0.90, up 70% versus the prior year. As a reminder, prior year EPS included a $0.25 noncash FX-related charge associated with the planned transition to a strategic distributor model in South America.

第三季度每股攤薄收益為 0.90 美元，比上年增長 70%。提醒一下，上一年的每股收益包括 0.25 美元的非現金外匯相關費用，該費用與計劃向南美戰略分銷商模式的過渡相關。

With that, let's turn to our operating segments. In North America, Q3 revenue declined 11% on a currency-neutral basis and EBIT increased 4% on a reported basis. We saw strong retail sales growth over the holiday season and drove clean marketplace inventory due to our first half supply and demand management actions. However, starting in late December, container shortages and West Coast port congestion began to increase the transit times of inventory supply by more than 3 weeks. The result was a lack of available supply, delayed shipments to wholesale partners and lower-than-expected quarterly revenue growth. We expect to capture this delayed revenue in the fourth quarter. NIKE Direct, however, grew 15% on a currency-neutral basis, led by NIKE Digital growth of more than 50%, and we have seen this momentum continue into March.

有了這個，讓我們轉向我們的運營部門。在北美，在貨幣中性的基礎上，第三季度的收入下降了 11%，在報告的基礎上，息稅前利潤增長了 4%。由於我們上半年的供需管理行動，我們看到假期期間零售銷售強勁增長，並推動清潔市場庫存。然而，從 12 月下旬開始，集裝箱短缺和西海岸港口擁堵開始使庫存供應的中轉時間增加 3 週以上。結果是供應不足、向批發合作夥伴發貨延遲以及季度收入增長低於預期。我們預計將在第四季度捕捉到這種延遲的收入。然而，在貨幣中性的基礎上，NIKE Direct 增長了 15%，其中 NIKE Digital 增長超過 50%，我們看到這種勢頭一直持續到 3 月份。

This quarter, we accelerated analytics capabilities to dynamically adjust pricing and fulfillment alternatives as we balance consumer demand, inventory availability and profitability. We also prioritized available product supply to NIKE Direct and our strategic partners.

本季度，我們加快了分析能力，以便在平衡消費者需求、庫存可用性和盈利能力的同時動態調整定價和履行方案。我們還優先考慮向 NIKE Direct 和我們的戰略合作夥伴提供可用產品。

Inventory in North America grew 31% versus the prior year. We had extraordinarily high levels of in-transit inventory due to increased transit times. Inventory units in our distribution centers declined nearly 20%. With strong consumer demand continuing through the spring season and marketplace inventory down high double digits versus the prior year, we expect continued full price momentum, despite the short-term supply disruption and elevated levels of in-transit inventory related to ongoing global supply chain dynamics.

北美的庫存比上年增長了 31%。由於運輸時間增加，我們的在途庫存水平非常高。我們配送中心的庫存單位下降了近 20%。由於春季消費者需求持續強勁，市場庫存較上年下降兩位數，儘管短期供應中斷和與持續的全球供應鏈動態相關的在途庫存水平升高，我們預計仍將保持全價上漲勢頭.

In EMEA, Q3 revenue declined 9% on a currency-neutral basis and EBIT declined 7% on a reported basis. Across most countries in Western Europe, government restrictions caused an acceleration of store closures, with approximately 45% of our NIKE-owned stores closed over the last 2 months of the quarter. We have leveraged our supply and demand playbook and specifically Express Lane to recalibrate marketplace inventory. Excess inventory in EMEA is manageable and lower than during the first wave of lockdowns. Assuming lockdown restrictions begin to ease by mid-April, we expect EMEA inventory to be normalized in the first quarter of fiscal '22.

在歐洲、中東和非洲地區，在貨幣中性的基礎上，第三季度的收入下降了 9%，在報告的基礎上，息稅前利潤下降了 7%。在西歐的大多數國家/地區，政府限制導致門店關閉加速，在本季度的最後 2 個月，我們約 45% 的耐克旗下門店關閉。我們利用我們的供需手冊，特別是 Express Lane 來重新校準市場庫存。歐洲、中東和非洲地區的過剩庫存是可控的，並且低於第一波封鎖期間的庫存。假設鎖定限制在 4 月中旬開始放寬，我們預計 EMEA 庫存將在 22 財年第一季度正常化。

As of today, approximately 35% of our NIKE-owned stores are closed and this situation continues to be dynamic. But in markets where our stores have reopened, we are seeing strong consumer response and continued brand momentum, with higher conversion rates and strong comp sales growth year-over-year, complementing strong digital growth. With NIKE-owned and partner stores mostly closed, we leveraged the strength of our NIKE Digital business, which grew 60% on a currency-neutral basis, led by the NIKE App, which grew triple digits in the quarter, and NIKE Digital demand has continued to grow triple digits in March.

截至今天，我們約 35% 的耐克旗下門店已關閉，這種情況仍在持續。但在我們的門店重新開業的市場中，我們看到了強烈的消費者反應和持續的品牌勢頭，轉化率更高，複合銷售額同比增長強勁，與強勁的數字增長相輔相成。由於 NIKE 擁有和合作夥伴的商店大多關閉，我們利用了 NIKE Digital 業務的優勢，在 NIKE 應用程序的帶動下，在貨幣中性的基礎上增長了 60%，該應用程序在本季度增長了三位數，NIKE Digital 需求已經3 月份繼續增長三位數。

With that, let's turn to Greater China, which achieved its second consecutive $2 billion quarter and grew 42% on a currency-neutral basis, with EBIT growth of 75% on a reported basis. NIKE Direct grew 52% versus the prior year, with more than 40% growth in digital and nearly 60% growth in NIKE-owned stores as the retail market largely returned to normal, including strong double-digit growth in partner retail stores, widening our market lead as the favorite brand with consumers.

有了這個，讓我們轉向大中華區，它連續第二個季度達到 20 億美元，在貨幣中性的基礎上增長了 42%，在報告的基礎上，息稅前利潤增長了 75%。隨著零售市場基本恢復正常，NIKE Direct 同比增長 52%，數字增長超過 40%，NIKE 自有門店增長近 60%，其中合作夥伴零售店實現兩位數的強勁增長，擴大了我們的市場領先，成為消費者喜愛的品牌。

As I mentioned earlier, Chinese New Year was a key highlight and through our Express Lane offense, we created and delivered hyperlocal products to celebrate the moment, including the Dunk Low and the women's Dunk Disrupt, which both instantly sold out. Our women's business grew more than 60% versus the prior year, and our 2 new Nike Live stores are resonating deeply with her since opening.

正如我之前提到的，中國新年是一個重要的亮點，通過我們的 Express Lane 進攻，我們創造並交付了超本地產品來慶祝這一時刻，包括 Dunk Low 和女子 Dunk Disrupt，它們都立即售罄。與去年相比，我們的女裝業務增長了 60% 以上，我們的 2 家新 Nike Live 門店自開業以來就引起了她的強烈共鳴。

In digital, we focused on engaging and serving members across multiple platforms, including live stream and social media. During Chinese New Year, we doubled our number of high-value members. We also -- while also increasing member retention. We're excited by the opportunity we see ahead and so we are accelerating investment in Greater China, including in the local consumer digital experience, new retail concepts and omnichannel integration with our owned and partner stores.

在數字領域，我們專注於跨多個平台吸引和服務會員，包括直播和社交媒體。春節期間，我們的高價值會員數量翻了一番。我們還 - 同時還增加了會員保留率。我們對我們看到的未來機會感到興奮，因此我們正在加快在大中華區的投資，包括本地消費者數字體驗、新零售概念以及與我們自有和合作夥伴商店的全渠道整合。

Finally, in our APLA geography, Q3 revenue declined 8% on a currency-neutral basis and was temporarily impacted by the transition of our business in Brazil to a strategic distributor model, partially offset by continued strength in South Korea and Pacific. And Q3 EBIT grew 5% versus the prior year on a reported basis. NIKE Digital grew nearly 70% on a currency-neutral basis and we focused on member engagement and the scaling of consumer services like member days. In Japan, we drove record weeks of member buying, launched our interactive live streaming on SNKRS and activated new O2O capabilities. In Mexico, we more than doubled our digital growth and we plan to launch the NIKE mobile app in the first half of fiscal '22.

最後，在我們的 APLA 地區，在貨幣中性的基礎上，第三季度的收入下降了 8%，並受到我們在巴西的業務向戰略分銷商模式過渡的暫時影響，部分被韓國和太平洋地區的持續增長所抵消。根據報告，第三季度息稅前利潤與去年同期相比增長了 5%。 NIKE Digital 在貨幣中性的基礎上增長了近 70%，我們專注於會員參與和會員日等消費者服務的擴展。在日本，我們推動了創紀錄的會員購買週數，在 SNKRS 上推出了互動直播，並激活了新的 O2O 功能。在墨西哥，我們的數字增長翻了一番多，我們計劃在 22 財年上半年推出 NIKE 移動應用程序。

I will now turn to our financial outlook. This past year has been one of the most dynamic operating environments in our history, and Q3 was no exception. Despite these continued challenges, we remain focused on serving the consumer while making clear operating decisions with speed and agility. We can see the near-term operating environment with increasing clarity yet we remain focused on what's required to win for the long term. With that in mind, we are now more confident in our full year outlook for revenue and expect low to mid-teens growth versus the prior year.

我現在將轉向我們的財務前景。過去的一年是我們歷史上最具活力的運營環境之一，第三季度也不例外。儘管存在這些持續的挑戰，我們仍然專注於為消費者提供服務，同時以速度和敏捷性做出明確的運營決策。我們可以越來越清晰地看到近期的運營環境，但我們仍然專注於長期獲勝所需的條件。考慮到這一點，我們現在對全年收入前景更有信心，並預計與上一年相比，增長將在十幾歲左右。

Specifically for Q4, in our least comparable quarter of the fiscal year, we expect revenue growth of roughly 75% versus the prior year. This reflects government-mandated restrictions in Europe starting to ease in April and inventory transit times slowly improving in North America. We now expect gross margin to expand up to 75 basis points versus the prior year, reflecting the continued shifts we've seen to our more profitable NIKE Direct business, partially offset by higher logistics and freight costs and higher markdowns to liquidate excess inventory in EMEA. Foreign exchange is now estimated to be a roughly 35 basis point headwind on the full year.

特別是對於第四季度，在我們本財年可比性最低的季度，我們預計收入將比上年增長約 75%。這反映了歐洲政府規定的限制在 4 月開始放寬，而北美的庫存運輸時間也在緩慢改善。我們現在預計毛利率將比上一年擴大多達 75 個基點，這反映了我們看到的利潤更高的 NIKE Direct 業務的持續轉變，部分被更高的物流和貨運成本以及更高的降價以清算歐洲、中東和非洲的過剩庫存所抵消.現在估計全年外匯匯率將受到大約 35 個基點的不利影響。

We expect SG&A dollars will be slightly up versus the prior year as we rebuild investment levels and demand creation towards pre-pandemic levels and continue to invest to accelerate the pace of our digital transformation. We expect our effective tax rate to be in the low to mid-teens for the full year. And finally, we will resume moderate levels of share repurchase beginning in the fourth quarter. We are confident in our outlook for strong free cash flow growth, which enables us to accelerate capital returns while making the necessary investments to enable our consumer direct acceleration.

隨著我們將投資水平和需求創造恢復到大流行前的水平，並繼續投資以加快我們的數字化轉型步伐，我們預計 SG&A 美元將比上一年略有上升。我們預計全年的有效稅率將在十幾歲左右。最後，我們將從第四季度開始恢復適度的股票回購。我們對強勁的自由現金流增長前景充滿信心，這使我們能夠加速資本回報，同時進行必要的投資以實現我們的消費者直接加速。

Looking ahead to fiscal '22, as I said earlier, we are already exceeding our pre-pandemic levels of business. And I expect the momentum we are seeing to translate into continued strong revenue growth. I will provide more specific guidance for fiscal '22 on our next earnings call.

正如我之前所說，展望 22 財年，我們已經超過了大流行前的業務水平。我預計我們所看到的勢頭將轉化為持續強勁的收入增長。我將在下一次財報電話會議上為 22 財年提供更具體的指導。

As a growth company, our offense is working. NIKE's brand momentum is as strong as ever. Our product is resonating, the pipeline is strong and our brands are more deeply connected to consumers than ever before. The pace of our digital transformation is also accelerating and we are investing against the large market opportunity we see. We are converting more consumers into members and connecting more deeply, more frequently and more meaningfully via our digital platforms and ultimately, also through our One Nike Marketplace strategic partners. My optimism for NIKE's long-term potential has never been higher. And so with that, let's open up the call for questions.

作為一家成長型公司，我們的進攻正在發揮作用。 NIKE的品牌勢頭一如既往的強勁。我們的產品能引起共鳴，渠道強大，我們的品牌與消費者的聯繫比以往任何時候都更加緊密。我們數字化轉型的步伐也在加快，我們正在針對我們看到的巨大市場機會進行投資。我們正在將更多的消費者轉變為會員，並通過我們的數字平台以及最終通過我們的 One Nike Marketplace 戰略合作夥伴進行更深入、更頻繁和更有意義的聯繫。我對耐克長期潛力的樂觀態度從未如此高漲。因此，讓我們開始提問。

(Operator Instructions) Our first question comes from the line of Bob Drbul with Guggenheim Securities.

（操作員說明）我們的第一個問題來自古根海姆證券公司的 Bob Drbul。

I guess, I was wondering on the inventory, I think the delayed flow of inventory, you talked about your confidence in essentially just moving everything into the fourth quarter. Just -- can you just give us a little bit more color in terms of -- will that be largely into the wholesale where you sort of missed some of the sales? Are you going to move it to more the apps or the online, the SNKRS App or Nike.com app? Just could you give us a little more color around the plans to move that inventory in the fourth quarter?

我想，我想知道庫存，我認為庫存的延遲流動，你談到了你對基本上把所有東西都轉移到第四季度的信心。只是——你能不能給我們更多的色彩——這將主要用於批發，而你有點錯過了一些銷售？您打算將其轉移到更多應用程序還是在線應用程序、SNKRS 應用程序或 Nike.com 應用程序？您能否為我們在第四季度轉移庫存的計劃提供更多信息？

Sure. Well, as I mentioned, we saw an extension of transit times of inventory by up to 3 weeks. And what that means is that across the marketplace, we were anticipating to have more available supply in the third quarter than ultimately what we were able to have to satisfy demand across both the direct side of the business and across our wholesale partners. We've now effectively absorbed the longer lead times through our third quarter. And so we do expect a more consistent flow of inventory in the fourth quarter, recognizing that transit times are elevated versus the prior year, but we expect a more consistent flow of inventory from here.

當然。好吧，正如我所提到的，我們看到庫存的運輸時間最多延長了 3 週。這意味著在整個市場上，我們預計第三季度的可用供應量將超過我們最終能夠滿足業務直接方面和批發合作夥伴需求的供應量。我們現在已經有效地吸收了第三季度更長的交貨時間。因此，我們確實預計第四季度的庫存流動會更加一致，因為與上一年相比，運輸時間有所增加，但我們預計從這裡開始的庫存流動會更加一致。

I mentioned, Bob, in my prepared remarks, that we continue to see strong demand across the marketplace. And we're seeing stronger demand. We continue to see stronger demand in differentiated retail, which is our strategic partners, than we're seeing an undifferentiated retail. And so we will continue to prioritize inventory for our strategic partners and for NIKE Direct. And when we look at where marketplace inventory is today, it's down high double digits versus where it was a year ago. And so there is strong demand for that inventory across our strategic partners and NIKE Direct, and we continue to -- we intend to continue to fulfill that demand in both of those locations.

鮑勃，我在準備好的講話中提到，我們繼續看到整個市場的強勁需求。我們看到更強勁的需求。我們繼續看到差異化零售的需求更強，這是我們的戰略合作夥伴，而不是我們看到的非差異化零售。因此，我們將繼續為我們的戰略合作夥伴和 NIKE Direct 優先考慮庫存。當我們查看今天的市場庫存時，與一年前相比，它下降了兩位數的高位。因此，我們的戰略合作夥伴和 NIKE Direct 對庫存有強烈的需求，我們將繼續——我們打算繼續滿足這兩個地點的需求。

Great. Great. And if I could just ask a follow-up question, the -- so I recently had a chance to rewatch The Last Dance. And I think the original budget for the Jordans in -- was that, what, $4 million or $3 million in year 4, they did $126 million in year 1. I was wondering if you could tell us who was responsible for the budget that year? And maybe if you could just give us a little bit more flavor on how different your forecasting is these days? I think that might be of interest.

偉大的。偉大的。如果我可以問一個後續問題，那麼我最近有機會重溫最後一支舞。我認為喬丹隊最初的預算是——第 4 年 400 萬美元或 300 萬美元，他們在第 1 年做了 1.26 億美元。我想知道你能不能告訴我們誰負責那年的預算?也許你能給我們更多一點關於這些天你的預測有多麼不同的味道？我認為這可能很有趣。

Well, Bob, I've been at NIKE for a little over 12 years, and so I might suggest that you go back and re-read Shoe Dog. You might be able to figure out who was back there at that point in time, who was making those decisions, and I sure hope our forecasting is better than that.

好吧，鮑勃，我已經在耐克工作了 12 年多一點，所以我可能會建議你回去重新閱讀 Shoe Dog。您也許能夠弄清楚當時誰在場，誰在做出這些決定，我當然希望我們的預測比這更好。

All right. I'll do that.

好的。我會去做的。

He dreamed big and we delivered.

他夢想成真，我們實現了。

Our next question is from Michael Binetti with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

And Matt, I wanted to ask you, I think you just said that you raised the revenue growth rate for the year. Obviously, that helps add a lot of confidence to your ability to unlock some of that inventory. But I think you previously described that the SG&A for the year at up low singles, and now you're saying up slightly, while you're raising revenue growth. But you did say there was some reinvestment in demand creation there, too. So I'm trying to put the -- just at a high level, the picture together. It seems like there's either much more efficient demand creation going on that we can think about as the model kind of builds back post COVID longer-term, or better leverage on the operating overhead expense line. Maybe you could just help us think about why the SG&A is able to stay at a fairly manageable level there while you keep raising the revenue line?

還有馬特，我想問你，我想你剛剛說你提高了今年的收入增長率。顯然，這有助於為您解鎖部分庫存的能力增加很多信心。但我認為您之前曾將今年的 SG&A 描述為低單曲，現在您在提高收入增長的同時略有上升。但你確實說過那裡也有一些對需求創造的再投資。所以我試圖把圖片放在一個高層次上。似乎有更有效的需求創造，我們可以考慮作為模型類型在 COVID 後長期建立，或者更好地利用運營間接費用線。也許您可以幫助我們思考為什麼 SG&A 能夠在您不斷提高收入線的同時保持在相當可控的水平？

Sure. Well, I should start by saying that as we get into the fourth quarter, the comparisons start to get pretty challenging as you look year-over-year. The comparisons aren't going to be linear as compared to where we've been in prior quarters, nor will they be intuitive. But when I talk about investment levels, I need to start with the core principle, which is NIKE is a growth company. And so as we continue to see the market opportunity in front of us, we are poised and in this position of strength to be able to accelerate investment against the things that are most critical in order to enable and drive our consumer direct acceleration strategy.

當然。好吧，我首先應該說，隨著我們進入第四季度，比較開始變得非常具有挑戰性，因為你看起來與去年同期相比。與前幾個季度相比，這些比較不會是線性的，也不會是直觀的。但談到投資水平，我需要從核心原則說起，那就是NIKE是一家成長型公司。因此，當我們繼續看到擺在我們面前的市場機會時，我們已經做好準備並處於這種優勢地位，能夠針對最關鍵的事物加速投資，以實現和推動我們的消費者直接加速戰略。

Now in the middle of COVID, we got extremely focused on what matters most. And we reallocated resources and tightly -- and from a disciplined perspective, managed our expenses so that we could continue investing against the things that matter most to our strategy, like our tech -- end-to-end tech transformation, digitizing our supply chain and ultimately investing in the marketplace. And so we've continued to do that while we've been able to manage other expenses more tightly as a result of the environment we're in.

現在在 COVID 的中間，我們非常關注最重要的事情。我們重新分配了資源，並從嚴格的角度嚴格管理我們的開支，以便我們可以繼續投資於對我們的戰略最重要的事情，比如我們的技術——端到端的技術轉型，數字化我們的供應鏈並最終投資於市場。因此，我們繼續這樣做，同時由於我們所處的環境，我們能夠更嚴格地管理其他費用。

As we start to look at coming out of the pandemic, we don't intend to just add it back in, okay? Every dollar we're putting back in we know is going to create or we have a plan to create a return on it. And so we're taking advantage of the moment to be able to do that and we will continue to accelerate investment against those levels. But to your point, historically, prior to COVID, we were at about 33% of revenue in terms of our SG&A levels, and we've been able to manage through the last -- the first 3 quarters of this year, closer to 29%.

當我們開始考慮擺脫大流行時，我們不打算將其重新加入，好嗎？我們投入的每一美元我們都知道會創造或者我們有計劃創造回報。因此，我們正在利用這一時機來做到這一點，我們將繼續加快針對這些水平的投資。但就您而言，從歷史上看，在 COVID 之前，就我們的 SG&A 水平而言，我們的收入約佔收入的 33%，而且我們已經能夠度過最後一個季度——今年前 3 個季度，接近 29 個季度%。

And demand creation has been a source of leverage over this period. The reduction in sport activity in the first half of this year as well as some work that we did to sharpen certain areas of historical marketing investment. And as a result of that, demand creation investment was driving some leverage for us. Prior to COVID, we were at something like 9% or 10% of revenue, and it fell to about 7% in the first half. But what I mentioned on the last earnings call is that we don't think these are sustainable levels for demand creation as we look forward. And so given the speed of our recovery in the first half, our plan was to start accelerating investment back towards pre-pandemic levels. We won't get there in one quarter. We will get there over a period of time, but we believe that that's the right thing to do from a position of strength and given the size and scale of our brand and our recovery.

在此期間，需求創造一直是槓桿的來源。今年上半年體育活動的減少以及我們為加強歷史營銷投資的某些領域所做的一些工作。因此，需求創造投資為我們帶來了一些影響力。在 COVID 之前，我們大約佔收入的 9% 或 10%，上半年下降到 7% 左右。但我在上次財報電話會議上提到的是，我們認為這些不是我們期待的需求創造的可持續水平。因此，鑑於上半年我們的複蘇速度，我們的計劃是開始加速投資回到大流行前的水平。我們不會在一個季度內到達那裡。我們將在一段時間內到達那裡，但我們相信，鑑於我們品牌的規模和規模以及我們的複蘇，從實力地位來看，這是正確的做法。

So we had planned to spend more in the third quarter. But when we started to see the supply chain shifts occurring, we decided to shift some of that marketing investment into the fourth quarter in order to be able to balance and have those marketing investments occur at the time that the product was available in the marketplace.

所以我們計劃在第三季度增加支出。但是當我們開始看到供應鏈發生變化時，我們決定將部分營銷投資轉移到第四季度，以便能夠平衡並讓這些營銷投資在產品上市時進行。

We're going to be accelerating investment in Q4 against our biggest growth opportunities. Women's, we're going to continue to be investing internationally, as I mentioned, against -- we're going to be investing behind Jordan. And we are going to continue to invest against digital. But we do believe longer term, Michael, that digital will be a source of leverage for us as we drive a greater return on ad spend and see more effectiveness in our full funnel marketing. And so that will be a source of leverage over time.

針對我們最大的增長機會，我們將加快第四季度的投資。女足，我們將繼續在國際上進行投資，正如我所提到的，我們將在喬丹身後進行投資。我們將繼續投資於數字技術。但我們確實相信，邁克爾，從長遠來看，數字化將成為我們的槓桿來源，因為我們推動了更大的廣告支出回報，並在我們的全渠道營銷中看到了更高的效率。因此，隨著時間的推移，這將成為槓桿的來源。

Okay. And then John, if I could ask one follow-up. You speak about the physical store strategy globally. It sounds like there's a lot of new interesting concepts. And I guess in North America, a market that grew up long ago is more of a wholesale model, and you've made the biggest effort to transform the marketplace there. If the -- I'm curious how you see the segmentation effort as a lot of undifferentiated retailers come out of your business, but you still do have strategic partners through -- with stores through the U.S.

好的。然後約翰，如果我可以問一個後續。您談到全球實體店戰略。聽起來有很多新的有趣的概念。我猜在北美，一個很久以前成長起來的市場更像是一個批發模式，你已經為改變那裡的市場做出了最大的努力。如果 - 我很好奇你如何看待細分工作，因為許多沒有差異化的零售商從你的業務中出來，但你仍然有戰略合作夥伴 - 通過美國的商店

In the past, we've seen you segment by House of Hoops, Track Club, the big installations at DICK's Sporting Goods, those kinds of things. How do you think about the next round of segmenting the market when, if you're going to be bringing more NIKE brand stores into the market now in a backdrop that has some of those wholesale partners still out there that are generating good business?

過去，我們看到過你按House of Hoops、Track Club、DICK's Sporting Goods 的大型裝置等進行細分。您如何看待下一輪市場細分，如果您現在要在市場上還有一些批發合作夥伴仍在產生良好業務的背景下將更多耐克品牌商店推向市場？

Well, Michael, we start with the consumer, we start in every case with the consumer, and the consumer is really clear that they want to get what they want, when they want it, how they want it. And they want a seamless, premium digital and physical experience. In fact, in many cases, they don't see a difference between digital and physical, whether they bought it on digitally and had it delivered at home or whether they bought it digitally and picked it up in store, whether it was one of our stores or one of our strategic partner stores. And so we do see a need and a really important role for strategic physical presence, both ours and our partners.

好吧，邁克爾，我們從消費者開始，我們在每種情況下都從消費者開始，消費者非常清楚他們想要得到他們想要的東西，他們想要什麼時候，他們想要什麼。他們想要無縫、優質的數字和物理體驗。事實上，在很多情況下，他們看不出數字和實體之間的區別，無論他們是通過數字方式購買並在家中交付，還是以數字方式購買並在商店取貨，無論是我們的商店或我們的戰略合作夥伴商店之一。因此，我們確實看到了戰略實體存在的必要性和非常重要的作用，無論是我們的還是我們的合作夥伴。

And the way we'll go forward is we are driving, starting with our own digital and our own stores, the seamless premium experience that's centered on the member, where we know who the member is. That member expects us to know who they are, whether they're in our stores or our partner stores. And so we'll work with a smaller number of strategic partners that see the same future we do and that want to and are willing to share membership data so that we can together deliver a very seamless experience, a very personalized experience for consumers. And the whole One Nike Marketplace will allow us to help consumers to get what they want, when they want it, how they want it.

我們前進的方式是我們正在推動，從我們自己的數字商店和我們自己的商店開始，以會員為中心的無縫優質體驗，我們知道會員是誰。該會員希望我們知道他們是誰，無論他們是在我們的商店還是在我們的合作夥伴商店。因此，我們將與少數戰略合作夥伴合作，他們看到了與我們相同的未來，並且希望並願意共享會員數據，以便我們能夠共同為消費者提供非常無縫的體驗和非常個性化的體驗。整個 One Nike Marketplace 將使我們能夠幫助消費者以他們想要的方式獲得他們想要的東西。

And so as we segment, it's -- we're leaning in with those partners that see the world the same way we do. And those are the ones and the good news is they do. And the good news is those are the partners that have the most robust business with our shared consumers today. So the consolidation will continue. And again, I think you'll see even more movement from undifferentiated retail into a smaller number of a smaller number of partners and our own stores that provide that seamless premium experience.

因此，當我們進行細分時，我們正在與那些以與我們相同的方式看待世界的合作夥伴傾斜。這些就是那些，好消息是他們做到了。好消息是，這些合作夥伴如今與我們共同的消費者有著最強勁的業務。因此，整合將繼續。再一次，我認為你會看到更多的變化，從無差異的零售到少數合作夥伴和我們自己的商店，提供無縫的優質體驗。

Our next question is from Erinn Murphy with Piper Sandler.

我們的下一個問題來自 Erinn Murphy 和 Piper Sandler。

John, for you, I was hoping you could speak a little bit more about the strength you've seen in China, maybe a little bit on the consumer behavior as well as the product trends as that economy has picked up. Is there anything that you're looking or that you can learn from what you're seeing there for the rest of the world as we all open up?

約翰，對你來說，我希望你能多談談你在中國看到的實力，也許是關於消費者行為以及隨著經濟復甦的產品趨勢。當我們都開放時，有什麼你正在尋找的東西，或者你可以從你在世界其他地方看到的東西中學到什麼？

And then, Matt, just for you, a clarification. Would you be able to quantify kind of what you think the port miss was on North American segment in the quarter?

然後，馬特，只是為了你，澄清一下。您能否量化您認為港口小姐在本季度北美部分的情況？

Well, Erinn, on China, it's just really clear, and it's sort of interesting. I'm on my, I guess, 14th month, but I so distinctly remember and fondly recall, my first week at NIKE was in China, as you recall, on the streets of Shanghai and Beijing, seeing the incredible connection that the Chinese consumer has with the NIKE, Jordan and Converse brands. And frankly, seeing really high-quality physical retail to my prior -- to the prior question, prior answer. The merchandising -- these are all mono-brand stores, as you know, with us, our direct ones and our partners. And when you see what a outstanding physical merchandise experience can be and link that to a seamless digital experience, it's quite powerful. And we're probably furthest along in the world on that in China.

嗯，Erinn，關於中國，它真的很清楚，而且有點有趣。我大概是第 14 個月，但我清楚地記得和深情地記得，我在耐克的第一周是在中國，正如你所記得的，在上海和北京的街道上，看到了中國消費者之間令人難以置信的聯繫與 NIKE、Jordan 和 Converse 品牌合作。坦率地說，在我之前看到真正高質量的實體零售 - 對於之前的問題，之前的答案。商品銷售——如您所知，這些都是單一品牌商店，與我們、我們的直銷店和我們的合作夥伴一起。當您看到出色的實體商品體驗可以是什麼並將其與無縫的數字體驗聯繫起來時，它就非常強大。在中國，我們可能在世界上走得最遠。

And I will say that our Chinese team has just done a fabulous job in the past year of not just building a great business, but showing the way for other parts of the company. They obviously have done that through the pandemic being constantly 3 to 6 months ahead. Including today, being back at work side-by-side and the energy that comes with that, including today having physical retail open and seeing traffic getting close to historical levels.

我想說的是，我們的中國團隊在過去的一年裡做得非常出色，不僅建立了一個偉大的業務，而且為公司的其他部門指明了道路。他們顯然已經通過持續提前 3 到 6 個月的大流行做到了這一點。包括今天，並肩工作以及隨之而來的能量，包括今天實體零售店的開放和看到流量接近歷史水平。

But they're also leading on that seamless experience. An example I'll highlight is just the one, I think Matt mentioned this in his remarks, on our new doors there, they're getting 70%, 80%, 90% of consumers in physical doors to either identify themselves as members or sign up and become members. And that allows that seamless experience for a consumer. So they're not -- they're completely indifferent about whether they buy it, have it shipped to home, buy it online and pick it up in the store, whether within the store and they buy it and have it shipped home. And so I think that strong connection we have with consumers, brand-wise, but also that when we talk about the consistent premium, seamless experience, online to offline, that deliver consumers, we're furthest along. We're furthest along in China, and I give that team huge credit, and we're rapidly following that in our other geographies and regions.

但他們也在這種無縫體驗方面處於領先地位。我要強調的一個例子就是一個，我認為馬特在他的講話中提到了這一點，在我們那裡的新門上，他們讓 70%、80%、90% 的消費者進入實體門，要么將自己標識為會員，要么註冊並成為會員。這為消費者提供了無縫體驗。所以他們不是——他們對是否購買它、是否將其運送到家、是否在線購買並在商店中取貨、是否在商店內購買並且是否將其運送回家完全無動於衷。因此，我認為我們與消費者之間的緊密聯繫，在品牌方面，而且當我們談論一致的優質、無縫的體驗，從線上到線下，為消費者提供服務時，我們走得最遠。我們在中國走得最遠，我非常信任這個團隊，我們正在其他地區和地區迅速跟進。

I'd maybe just jump in and say on the China piece that we continue to scale the Express Lane in China. And I referenced a couple of examples in the quarter related to Chinese New Year specific product. But we doubled the Express Lane in the quarter, and it continues to have significant impact, not only on localizing product but also -- localizing product, but also speed and agility in the marketplace through our fulfillment models.

我可能會直接跳入中國文章中說，我們將繼續擴大中國的快速通道。我在本季度引用了幾個與中國新年特定產品相關的示例。但我們在本季度將 Express Lane 翻了一番，它繼續產生重大影響，不僅對產品本地化，而且對產品本地化，以及通過我們的履行模式在市場上的速度和敏捷性產生重大影響。

And then, Erinn, maybe one other indication vis-à-vis China being ahead of other places, as the world has opened up, sport is returning. And so just the energy that we're seeing with sport returning, we're seeing our Performance business continue to grow significantly as well as our Kids business in that market, and it gives us a lot of optimism as we're looking ahead to reopening occurring in North America, Europe and other places.

然後，Erinn，也許是另一個跡象表明中國領先於其他地方，隨著世界的開放，體育正在回歸。因此，我們看到運動回歸的活力，我們看到我們的表演業務以及我們在該市場的兒童業務繼續顯著增長，這給了我們很多樂觀，因為我們正在展望未來重新開放發生在北美、歐洲和其他地方。

Specifically on your question about North America, what I would just say is we were on track to deliver our internal plans, and we were seeing momentum that was consistent with the type of momentum that we've been seeing year-to-date. As we are shifting, creating the marketplace shifts and continuing to lead with NIKE Direct and our strategic partners.

特別是關於你關於北美的問題，我只想說我們正在按計劃交付我們的內部計劃，而且我們看到的勢頭與我們今年迄今所看到的勢頭類型一致。隨著我們不斷變化，創造市場變化並繼續與 NIKE Direct 和我們的戰略合作夥伴一起引領潮流。

Our next question is from Omar Saad with Evercore ISI.

我們的下一個問題來自與 Evercore ISI 的 Omar Saad。

John, I wanted to follow-up on an interesting comment you made about merging art and science. And when you were talking about putting the data people alongside the creative people, maybe you could dive into that a little bit more. What your vision is and what areas are you applying data? Is it just customer analytics? Or is it in design and marketing and other areas? We'd be really curious to see how you're doing that.

約翰，我想跟進你關於融合藝術和科學的有趣評論。當您談論將數據人員與創意人員放在一起時，也許您可以再深入一點。您的願景是什麼，您在哪些領域應用數據？僅僅是客戶分析嗎？還是在設計和營銷等領域？我們真的很想知道你是怎麼做到的。

And then my follow-up question is around women's. It kind of seems like a recurring theme. You guys are doing really well in a lot of areas in the women's business. What are the key drivers? What's the difference from the past? NIKE has been focused on women's a long time, but it seems to be inflecting. And maybe if you could update us on where women's is in the mix and how big that maybe that could be over time.

然後我的後續問題是關於女性的。這似乎是一個反復出現的主題。你們在女性行業的很多領域都做得很好。關鍵驅動因素是什麼？和過去有什麼區別？ NIKE 長期以來一直專注於女裝，但它似乎在變形。也許如果你能告訴我們女性在混合中的位置以及隨著時間的推移可能會有多大。

Great, Omar. And Matt, why don't I take a cut of these and you can fill in. On -- Omar, on data, data will ultimately improve our ability to deliver great experiences throughout our value chain. Now the most obvious place is at the consumer-facing front, right? So even in this quarter, we saw use of data to deliver more targeted communications to consumers and more personalized experience. And I would say, relative to what's possible, we're just scratching the surface there. So on that sort of consumer-facing side, data played a really -- has played an important role and will continue to play an important role.

太好了，奧馬爾。還有馬特，我為什麼不從這些中分一杯羹，你可以填寫。奧馬爾，關於數據，數據最終將提高我們在整個價值鏈中提供出色體驗的能力。現在最明顯的地方是面向消費者的前端，對吧？因此，即使在本季度，我們也看到使用數據向消費者提供更有針對性的通信和更個性化的體驗。我想說，相對於可能的情況，我們只是觸及表面。因此，在這種面向消費者的方面，數據確實發揮了重要作用，並將繼續發揮重要作用。

The second area it plays an important role is one part of the consumer experience was getting the right product in the right place at the right time. And so this is where our select acquisition has allowed us to fairly impressively pivot to a more direct-to-consumer supply chain. And I, again, give our supply chain team enormous credit for what they've done over the last year as we have pivoted toward digital. But what that's all about is knowing what inventory to have resident in local regional warehouses so that you can get delivered more rapidly and often through ground transportation.

它發揮重要作用的第二個領域是消費者體驗的一部分是在正確的時間在正確的地方獲得正確的產品。因此，這就是我們精選的收購使我們能夠相當令人印象深刻地轉向更直接面向消費者的供應鏈的地方。在我們轉向數字化的過程中，我再次對我們的供應鏈團隊在過去一年所做的工作給予了極大的讚譽。但這就是要知道哪些庫存要存放在當地的區域倉庫中，這樣您就可以通過地面運輸更快、更頻繁地交貨。

By the way, both of those are scale games. The more data you have, if you're the leader and you have more scale, it allows you to deliver better experiences and have better efficiency. And as you described, data will ultimately also be able to help us do better design and create better products. Some of the people that are most excited in the company about what data and technology can do are John Hoke, our -- who runs design, and Phil McCartney and Aaron Heiser, who run footwear and apparel. They're like with the data that we now have from our digital sites and that we can get from our consumer insights group, it just means that we can design footwear and apparel that's even more focused and more targeted on what the consumer wants.

順便說一句，這兩個都是規模遊戲。你擁有的數據越多，如果你是領導者並且擁有更大的規模，它就能讓你提供更好的體驗並提高效率。正如您所描述的，數據最終也將能夠幫助我們進行更好的設計和創造更好的產品。公司中對數據和技術的作用最感興趣的一些人是我們的負責設計的 John Hoke，以及負責鞋類和服裝的 Phil McCartney 和 Aaron Heiser。它們就像我們現在從我們的數字網站獲得的數據以及我們可以從我們的消費者洞察小組獲得的數據一樣，這只是意味著我們可以設計出更加專注和更有針對性的鞋類和服裝，以滿足消費者的需求。

And so I'd say we're into our data journey, but there's so much more opportunity to come. And I think the entire company sees it and is excited about it.

所以我想說我們正在進入我們的數據之旅，但還有更多的機會來。而且我認為整個公司都看到了它並為此感到興奮。

With respect to women's, the women's business is having a great momentum. It was the -- I think eighth straight quarter where women's growth out indexed overall growth. And that's across both NIKE and Jordan Brand. And that had 86% growth in NIKE Digital. And physical retail, marketplace retail, grew to high double digits, and we're gaining share in women's, both on footwear and apparel.

女裝方面，女裝業務發展勢頭強勁。這是 - 我認為連續第八個季度女性增長超過指數整體增長。耐克和喬丹品牌都這樣。 NIKE Digital 增長了 86%。實體零售、市場零售增長到兩位數的高位，我們在女鞋和服裝方面的份額正在增加。

And while we're seeing success in women's to date, this move toward the consumer construct that we've described with a real dedicated and focused women's team, means that we can increase our investment. So we've doubled our investment in women's innovation over the past year, and that extends end-to-end. And so a wonderful example of what that can produce is what I referred to earlier, this React Escape. Because we launched it this quarter, this running shoe takes into account the physiological differences between male and female bodies. And so its silhouette, its materials, its design details are all aimed at the new female runner. And we think it's just a wonderful example of how we can take sharper insights and a greater focus end-to-end across our organization to really continue to turbocharge our women's business.

迄今為止，雖然我們在女裝領域取得了成功，但這種向我們所描述的消費者結構的轉變意味著我們可以增加投資。因此，在過去的一年裡，我們在女性創新方面的投資翻了一番，而且是端到端的。所以我之前提到的這個 React Escape 就是一個很好的例子。因為我們在本季度推出，這款跑鞋考慮到了男性和女性身體的生理差異。所以它的輪廓、它的材料、它的設計細節都針對新的女性跑步者。我們認為這只是一個很好的例子，說明我們如何能夠在整個組織中獲得更敏銳的洞察力和更大的端到端關注，以真正繼續推動我們的女性業務。

I would just add that some of the comments John made earlier as well just about our store strategy, the Nike Live concept is a is a concept that's intended to unlock significant growth in the women's marketplace. And we just -- it would be hard, Omar, to size the opportunity because the women's market is so large. And we see the opportunity relative to where our business is penetrated today. And so while we continue to take share, those definitions are within the refinement of the way people define the market from an athletic footwear and athletic apparel in this. But what we're also seeing is athletic taking share of the broader women's marketplace. And so those are going to be fuel for growth for us as we continue to invest behind this exciting opportunity.

我只想補充一點，John 之前就我們的商店戰略發表的一些評論，Nike Live 概念是一個旨在釋放女性市場顯著增長的概念。我們只是——奧馬爾，很難把握機會，因為女性市場是如此之大。我們看到了與我們今天的業務滲透相關的機會。因此，在我們繼續分享份額的同時，這些定義在人們從運動鞋和運動服裝定義市場的方式中得到改進。但我們還看到，運動員在更廣泛的女性市場中佔有一席之地。因此，隨著我們繼續投資於這個令人興奮的機會，這些將成為我們增長的動力。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

Our last question comes from Jamie Merriman with Bernstein.

我們的最後一個問題來自傑米梅里曼和伯恩斯坦。

John, I think we've talked on several calls about the investment in data and even on this one. And so I was just wondering if you could talk a little bit more about the Datalogue acquisition? And then I think, Matt, on prior calls has talked about the margin advantage of digital. But it seems to me that there's some real P&L benefits from the scaling of data. So if you kind of had to dream the dream, what do you think the opportunity is there?

約翰，我想我們已經在幾次電話會議上討論過數據投資，甚至在這個電話上。所以我只是想知道你是否可以多談談 Datalogue 的收購？然後我認為，馬特在之前的電話會議上談到了數字的利潤優勢。但在我看來，數據的擴展可以帶來一些真正的損益。所以，如果你不得不夢想夢想，你認為機會在哪裡？

Well, Matt, maybe I'll dream the dream around the consumer, and you can dream the dream around our income statement. I think they're very linked. Jamie, it's -- I had to say we're just scratching the surface. I mean, so yes, Datalogue is our fourth data and analytics acquisition over the past couple of years. And they use machine learning to help automate, translating raw data into critical and actionable insights and doing it real-time at enterprise scale. And so as I said earlier, you're beginning to see whether it's improved and personalized search results, whether you're seeing more personalized recommendations of what if you bought this, you should buy this, if it's anticipating timing of when you're due for potentially some new footwear or some new apparel.

好吧，馬特，也許我會圍繞消費者夢想夢想，而您可以圍繞我們的損益表夢想夢想。我認為他們的聯繫非常緊密。傑米，這是 - 我不得不說我們只是在摸索表面。我的意思是，是的，Datalogue 是我們在過去幾年中第四次收購數據和分析。他們使用機器學習來幫助實現自動化，將原始數據轉化為關鍵且可操作的見解，並在企業規模上實時進行。正如我之前所說，你開始看到它是否是改進和個性化的搜索結果，你是否看到更多個性化的建議，如果你買了這個，你應該買這個，如果它預測你什麼時候由於潛在的一些新鞋類或一些新服裝。

Data just allows us to have a more personalized experience with consumers, and it's what consumers want and expect from a brand like NIKE, There are an awful lot of brands out there or platforms where they don't want people, they don't want people to know them well. NIKE is a brand and Jordan, where consumers want us to know them well and offer that even better experience. And then as you said and as I said a minute ago, almost across every step of our value chain, data enables us to, one, deliver the right product, right place, right time to that consumer. As I described earlier, and two, it drives efficiency and productivity. But our focus will be on the consumer. And that's one of the things that I think has always been a hallmark of NIKE is the consumer is absolutely at the center. And so we're going to prioritize that and continue to invest heavily in technology enablement and data.

數據只是讓我們對消費者有更個性化的體驗，這是消費者對耐克這樣的品牌的期望和期望，有很多品牌或平台他們不想要人，他們不想要人們很了解他們。 NIKE 是一個品牌和 Jordan，消費者希望我們能夠很好地了解他們並提供更好的體驗。然後正如你所說，正如我在一分鐘前所說，幾乎在我們價值鏈的每一步，數據使我們能夠，一個，向消費者提供正確的產品、正確的地點、正確的時間。正如我前面所描述的，第二，它提高了效率和生產力。但我們的重點將放在消費者身上。這也是我認為耐克一直以來的標誌之一，那就是消費者絕對是中心。因此，我們將優先考慮這一點，並繼續在技術支持和數據方面進行大量投資。

And as you said, scale matters. Scale matters because you get the most actionable data. This is -- it's true in the technology industry. It's also true, I think, in our industry, and so we'll have a scale advantage in data. And it will drive both better consumer experience and efficiency. Matt, do you want to comment, add to that?

正如你所說，規模很重要。規模很重要，因為您可以獲得最可操作的數據。這是 - 在技術行業中確實如此。我認為，在我們的行業中也是如此，因此我們將在數據方面擁有規模優勢。它將推動更好的消費者體驗和效率。馬特，你想評論一下嗎？

Yes. So I'll dream the dream on the financial side of it. We think that, as I've said for several quarters in a row, and Andy said before me, that the financial value of data and technology are significant for us. And we're already starting to see some of it, Jamie, in our current performance, but the opportunity in front of us is significant. It's being right more of the time. And where you'll see it drive financial value through our P&L is making better pricing and merchandising decisions, where we place our inventory, how we choose to fulfill demand. All of those things will result in, and we see how a much more scientific and data-driven and machine learning approach to this is taking -- is using human judgment with great analytics to enable us to make those decisions.

是的。所以我會在財務方面做夢。我們認為，正如我連續幾個季度所說的那樣，安迪在我之前說過，數據和技術的財務價值對我們來說很重要。傑米，我們已經開始在我們目前的表現中看到其中的一些，但擺在我們面前的機會是巨大的。它在更多時候是正確的。您會看到它通過我們的損益表推動財務價值的是做出更好的定價和銷售決策，我們將庫存放在哪裡，我們選擇如何滿足需求。所有這些事情都將導致，我們看到正在採取一種更加科學、數據驅動和機器學習的方法——使用人類判斷和強大的分析來使我們能夠做出這些決定。

And then I think more broadly as an enterprise, as we continue to automate the way we work and leverage technology end-to-end, there's going to be productivity in the manual processes and work that we do as a company today. And so I think you'll also see productivity in SG&A over time as a result of us being able to leverage this type of capacity versus working in a more legacy type of fashion. And so we're investing heavily towards all of those opportunities.

然後我更廣泛地認為，作為一家企業，隨著我們繼續自動化我們的工作方式並端到端地利用技術，我們今天作為一家公司所做的手動流程和工作將會提高生產力。因此，我認為隨著時間的推移，您還會看到 SG&A 的生產力，因為我們能夠利用這種類型的能力，而不是以更傳統的方式工作。因此，我們正在大力投資所有這些機會。

And Matt, I'm going to just maybe add one final comment before we wrap up because I do want to -- we've had 2, 3 data questions in a row. But as you said, Jamie, art and science. The science, the science of what we're doing, it's been done, it's doable. But the thing that makes this company remarkable is the art. It's the creativity of our apparel designers, of our footwear designers. It's the creativity of our brand teams and the storytelling they do. And so data doesn't displace art. It's both. It's data and technology help enhance it and supplement it. But this -- the core of this, the heart and soul of this company is an amazing wellspring of creativity and innovation and the mindset in everything we do.

還有馬特，我可能會在結束之前添加最後一條評論，因為我確實想——我們已經連續有 2、3 個數據問題。但正如你所說，傑米，藝術和科學。科學，我們正在做的事情的科學，它已經完成了，它是可行的。但讓這家公司與眾不同的是藝術。這是我們服裝設計師和鞋履設計師的創造力。這是我們品牌團隊的創造力和他們所做的講故事。所以數據不會取代藝術。兩者都是。它的數據和技術有助於增強和補充它。但這——這家公司的核心和靈魂是創造力和創新的驚人源泉，以及我們所做的每一件事的心態。

And so I just -- this is going to make it a little bit more direct-to-consumer and make it a little bit more efficient. But we will never lose sight of the art of what NIKE, Jordan and Converse do. So with that, Andy, time to wrap up.

所以我只是 - 這將使它更直接面向消費者並使其更有效率。但我們永遠不會忘記 NIKE、Jordan 和 Converse 所做的藝術。所以，安迪，是時候結束了。

Yes. Thank you, Jamie, and thank you, everyone. We appreciate you joining us today, and we look forward to speaking with you next quarter. So take care.

是的。謝謝你，傑米，謝謝大家。感謝您今天加入我們，我們期待在下個季度與您交談。所以保重。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。