Nike Inc (NKE) 2021 Q2 法說會逐字稿

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

大家下午好。歡迎參加 NIKE, Inc. 的 2021 財年第二季度電話會議。對於那些想要參考今天的新聞稿的人，您可以在 Investors.nike.com 上找到它。今天的電話會議由投資者關係副總裁 Andy Muir 主持。

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 the 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.

在我將電話轉交給Muir 女士之前，請允許我提醒您，本次電話會議的參與者將根據當前的預期做出前瞻性聲明，這些聲明受到某些風險和不確定性的影響，可能導致實際結果存在重大差異。這些風險和不確定性在向 SEC 提交的報告中進行了詳細說明，包括以 10-K 表格提交的年度報告。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.

此外，參與者還可以討論非公認會計原則財務指標，包括參考不變的美元收入。提及恆定的美元收入旨在提供有關業務績效的背景信息，消除外匯波動。

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.

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準則財務指標。在討論非公開財務和統計信息的範圍內，可比 GAAP 衡量標準和定量調節表的介紹將在耐克網站 Investors.nike.com 上提供。

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安迪·繆爾 (Andy Muir)。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s Fiscal 2021 Second 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. 2021 財年第二季度業績。正如該運營商所表示的，今天電話會議的參與者可能會討論非公認會計準則財務措施。您可以在我們大約一小時前發布的新聞稿中或在我們的網站 Investors.nike.com 上找到適當的調節表。

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.

參加今天電話會議的包括耐克公司總裁兼首席執行官約翰·多納霍 (John Donahoe)；以及我們的首席財務官馬特·弗蘭德。在他們準備好的發言之後，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, and happy holidays to everyone on today's call. Before I get into our Q2 performance, I want to acknowledge the global environment right now. We continue to deal with the COVID-19 pandemic with surges across the U.S. and in many countries around the world.

謝謝你，安迪，你好，祝今天電話會議上的每個人節日快樂。在討論第二季度的業績之前，我想先了解一下目前的全球環境。我們繼續應對在美國和世界許多國家爆發的新冠肺炎 (COVID-19) 疫情。

In fact, consistent with social distancing norms, Matt, Andy and I are doing this call from our homes. So if this audio sounds a little different, that's life in the Zoom world. And we're feeling optimistic with positive news on vaccines. But in the meantime, we hope everyone stays safe out there.

事實上，根據社交距離規範，馬特、安迪和我是在家裡打這個電話的。因此，如果此音頻聽起來有點不同，那就是 Zoom 世界的生活。我們對疫苗的積極消息感到樂觀。但與此同時，我們希望每個人都保持安全。

Looking at Q2, our strong business results reflect our relentless focus on our objectives. I'm going to talk this quarter about the same themes I talked about last quarter and most probably next quarter, I'll talk to you about them again. The reason for this consistency is that our strategy is sound, our strategy is working, and we're excited by what we're seeing as we continue to execute it.

看看第二季度，我們強勁的業務業績反映出我們對目標的不懈關注。我將在本季度討論我上個季度討論過的相同主題，很可能在下個季度，我將再次與您討論這些主題。這種一致性的原因是我們的戰略是合理的，我們的戰略正在發揮作用，並且我們對繼續執行該戰略所看到的結果感到興奮。

In Q2, we returned to growth of 9% on a reported basis. This revenue improvement reflects currency-neutral growth across all of our geographies, NIKE Digital up 80% globally and women's growth outpacing our overall growth. But beyond any one quarter's results, the clear momentum we have right now is evidence of our product innovation and brand strength that allows us to connect with consumers worldwide.

據報導，第二季度我們恢復了 9% 的增長。這一收入增長反映了我們所有地區的貨幣中性增長，NIKE Digital 全球增長了 80%，女性增長超過了我們的整體增長。但除了任何一個季度的業績之外，我們現在擁有的明顯勢頭證明了我們的產品創新和品牌實力，使我們能夠與全球消費者建立聯繫。

I've said it before, these are times when strong brands get stronger. The structural tailwinds we're seeing, including permitted shifts toward digital, athletic wear and health and wellness, continue to offer us incredible opportunity. And of course, as organized sport returns around the world, that energy creates yet another tailwind for NIKE. For example, we were excited to see so many runners participating in the Shanghai Marathon 2 weeks ago.

我之前說過，現在是強品牌變得更強的時代。我們看到的結構性順風，包括允許向數字化、運動服裝以及健康和保健的轉變，繼續為我們提供難以置信的機會。當然，隨著有組織的體育運動在世界各地回歸，這種能量為耐克帶來了又一個順風車。例如，兩週前我們很高興看到這麼多跑者參加上海馬拉松。

Speaking of Greater China, the growth we saw there in Q2 was evidence of the progress we've made toward our end-to-end digital transformation, which allows us to better manage volatility and deliver strong growth. As a result, in Q2, Greater China grew 19% on a currency-neutral basis and 24% on a reported basis.

說到大中華區，我們在第二季度看到的增長證明了我們在端到端數字化轉型方面取得的進展，這使我們能夠更好地管理波動並實現強勁增長。結果，第二季度，大中華區在貨幣中性的基礎上增長了 19%，在報告的基礎上增長了 24%。

Our success in Greater China was also driven by a triumphant Singles' Day, in which NIKE yet again was the #1 sports brand with the highest store demand and highest traffic on Tmall. This growth underscores how we engage with consumers on Singles' Day, bringing more than 4 million new members to NIKE. Overall, Singles' Day drove more than $0.5 billion in digital demand.

我們在大中華區的成功也得益於光棍節的勝利，耐克再次成為天貓上店鋪需求量和流量最高的排名第一的運動品牌。這一增長凸顯了我們在雙十一與消費者互動的方式，為耐克帶來了超過 400 萬新會員。總體而言，雙十一帶動了超過 5 億美元的數字需求。

More broadly, this holiday season also was highlighted by the record-setting digital sales we saw during Black Friday week, which has shown the power of our digital transformation all over the globe. Digital is now woven into everything we do as a company. It's how we operate and prioritize, from how we engage with members, to how we operate our supply chain, to how we serve consumers in the marketplace.

更廣泛地說，黑色星期五週期間創紀錄的數字銷售也凸顯了這個假日季的亮點，這展示了我們在全球範圍內數字化轉型的力量。如今，數字化已經融入到我們公司所做的一切事情中。這就是我們的運營方式和優先順序，從我們如何與會員互動，到我們如何運營供應鏈，再到我們如何為市場上的消費者提供服務。

Today, I'd like to focus on 2 key areas of increasing competitive advantage for us: our leadership in innovation and our incredible brand momentum. Let's start with product and innovation.

今天，我想重點談談我們增強競爭優勢的兩個關鍵領域：我們在創新方面的領導力和我們令人難以置信的品牌勢頭。讓我們從產品和創新開始。

Innovation has always been our lifeblood at NIKE. It's what continues to create separation between us and our competition. Our return to growth this quarter was fueled by our relentless innovation pipeline. In the last 90 days, we've introduced exciting products at an impressive pace, and this will continue going forward.

創新始終是耐克的命脈。這是我們與競爭對手之間繼續產生差距的原因。我們不懈的創新渠道推動了我們本季度恢復增長。在過去 90 天裡，我們以令人印象深刻的速度推出了令人興奮的產品，並且這種情況還將繼續下去。

Through innovation, we are serving consumers in ways no other brand can. We're using digital to connect product to consumers like never before. We're bringing more athletes into sport through inclusivity, and we're scaling sustainable materials further in our product portfolio.

通過創新，我們以其他品牌無法做到的方式為消費者提供服務。我們正在利用數字技術以前所未有的方式將產品與消費者聯繫起來。我們通過包容性讓更多的運動員參與到體育運動中，並且我們正在我們的產品組合中進一步擴展可持續材料。

This quarter's launches in basketball, including the LeBron 18 and the Kyrie 7, have sold incredibly well. I'm particularly excited that both were launched digital first. The LeBron 18 was introduced in September through an integrated live stream with Tencent in Greater China, driving deeper connection to local hoops culture. And we launched the Kyrie 7 by announcing 4 colorways available only as mystery repurchases through the SNKRS App.

本季度推出的籃球鞋，包括 LeBron 18 和 Kyrie 7，銷量非常好。我特別興奮的是，兩者都是首先以數字方式推出的。 LeBron 18 於 9 月通過與騰訊的整合直播在大中華區推出，加深了與當地籃球文化的聯繫。我們推出了 Kyrie 7，宣布 4 種配色僅可通過 SNKRS 應用程序神秘回購。

In women's, our (M) Maternity Collection is connecting with consumers in the marketplace with 100% sell-through of tights in the first 2 days. Due to high consumer demand for our new maternity wear, we're bringing more units into the marketplace and rolling out more content and inspiration for women pre and postpartum on our activity apps. This is a great example of how we start with product and then scale further through engagement to deepen our connection with consumers.

在女裝方面，我們的 (M) 孕婦系列正在與市場上的消費者建立聯繫，連褲襪在前 2 天的銷售率為 100%。由於消費者對我們的新款孕婦裝的需求很高，我們正在向市場推出更多產品，並在我們的活動應用程序上為產前和產後女性推出更多內容和靈感。這是一個很好的例子，說明我們如何從產品開始，然後通過參與進一步擴大規模，以加深我們與消費者的聯繫。

We also grow sport through inclusivity. For example, we continue to extend our size offerings as we give more consumers access to sport. For example, in women's, we now have more than 100 styles of extended sized apparel across NIKE and Jordan, and we will continue to further increase our offering. And this quarter, we launched extended sizing in our kids business in North America with a plan to increase to 25% of our kids assortment next summer.

我們還通過包容性發展體育運動。例如，隨著我們為更多消費者提供運動機會，我們將繼續擴大我們的尺碼產品。例如，在女裝方面，我們現在在 NIKE 和 Jordan 上擁有 100 多種大碼服裝，並且我們將繼續進一步增加我們的產品種類。本季度，我們在北美推出了兒童業務的尺碼擴大計劃，計劃明年夏天將我們的兒童品種增加到 25%。

Finally, sustainability will always be core to our innovation efforts. 85% of our recently launched ACG apparel collection contains more than 90% recycled materials. And we'll also continue to scale sustainability through our sportwear icons. In fact, just this past quarter, we launched our new sustainable Crater Foam in both Air Force 1 and Waffle Racer. The demand for these products and more shows that consumer hunger for sustainability continues to accelerate.

最後，可持續發展永遠是我們創新努力的核心。我們最近推出的 ACG 服裝系列中 85% 含有超過 90% 的回收材料。我們還將繼續通過我們的運動服標誌來擴大可持續發展。事實上，就在上個季度，我們在 Air Force 1 和 Waffle Racer 中推出了新的可持續 Crater 泡沫。對這些產品及其他產品的需求表明，消費者對可持續發展的渴望持續加速。

We are proud of this innovation pipeline, and we have no plans to slow down. In coming quarters, new innovations will include exciting new women's product in Jordan Brand, a new running style designed to help reduce injury and our first performance shoe in our sustainable footwear platform.

我們為這條創新渠道感到自豪，並且我們沒有計劃放慢腳步。在接下來的幾個季度中，新的創新將包括 Jordan Brand 令人興奮的全新女式產品、旨在幫助減少傷害的新跑步風格以及我們可持續鞋類平台中的第一款高性能鞋。

Innovation differentiates NIKE. We don't settle for the lead, and our ability to innovate remains unrivaled. It's so fundamental to us that we increased our investment in innovation during the uncertainty of the pandemic to create even further separation. This is how NIKE stays in the lead.

創新使耐克與眾不同。我們不滿足於領先地位，我們的創新能力仍然無與倫比。這對我們來說至關重要，因此我們在大流行的不確定性期間增加了對創新的投資，以造成進一步的分離。這就是耐克保持領先地位的原因。

Moving to our brand strength. Our deep connection with consumers through authentic brand moments at global scale also continues to expand our leadership position. As I said earlier, the strong are getting stronger, and our scale is unmatched. In Q2, NIKE generated over 7 billion brand impressions across social platforms globally, directly connecting with consumers on the platforms where they spend their time.

轉向我們的品牌實力。我們通過全球範圍內真實的品牌時刻與消費者建立深厚的聯繫，這也不斷擴大我們的領導地位。正如我剛才所說，強者愈強，我們的規模是無與倫比的。第二季度，耐克在全球社交平台上產生了超過 70 億次品牌印象，直接在消費者消磨時間的平台上與他們建立聯繫。

For example, our Never Too Far Down film became the #1 ad that consumers chose to watch on YouTube during 2020. And these touch points led to over 400 million social engagements. It's clear we're not just reaching our consumers, we're creating dialogue and opportunities for action that continue to exceed our own internal benchmarks.

例如，我們的《Never Too Far Down》電影成為 2020 年消費者在 YouTube 上選擇觀看的排名第一的廣告。這些接觸點帶來了超過 4 億次社交互動。很明顯，我們不僅僅是接觸消費者，我們還在創造對話和行動機會，繼續超越我們自己的內部基準。

This deep and meaningful connection has a direct result, a NIKE membership. Since the pandemic began, we've added more than 70 million new members globally. And we're deeply focused on the member funnel outcomes, including new member buying, reactivation and retention, and it's working. Importantly, buying member growth is outpacing new and active member growth. And growth in member demand is outpacing total digital growth.

這種深刻而有意義的聯繫有一個直接的結果：耐克會員資格。自疫情爆發以來，我們在全球新增了超過 7000 萬會員。我們非常關注會員渠道的成果，包括新會員購買、重新激活和保留，而且它正在發揮作用。重要的是，購買會員的增長速度超過了新會員和活躍會員的增長速度。會員需求的增長速度超過了數字化總體增長速度。

As we drive our membership efforts, we continue to innovate how we serve members. This quarter, NIKE hosted our first-ever globally coordinated member days, which demonstrate how we continue to create value for NIKE members. This unique retail moment offers first access to product, rewards for activity and exclusives across stores and digital. This event reached over 60 million members across 25 countries, driving higher engagement and conversion metrics for the quarter.

在我們推動會員努力的同時，我們不斷創新為會員服務的方式。本季度，耐克舉辦了首次全球協調會員日，展示了我們如何繼續為耐克會員創造價值。這個獨特的零售時刻提供了首次購買產品、活動獎勵以及跨商店和數字渠道的獨家優惠。該活動吸引了來自 25 個國家/地區的超過 6000 萬會員，推動了本季度更高的參與度和轉化率指標。

And in Q2, we once again used the SNKRS App to push digital retail to the next level. SNKRS remains one of NIKE's greatest competitive advantages, delivering truly innovative features for consumers. For example, this quarter, we launched SNKRS live with our first-ever product drop via live streaming, resulting in 100% sell-through of the Air Jordan 4 PSG in under 2 minutes.

在第二季度，我們再次使用 SNKRS 應用程序將數字零售推向新的水平。 SNKRS 仍然是 NIKE 最大的競爭優勢之一，為消費者提供真正的創新功能。例如，本季度，我們通過直播推出了 SNKRS 直播，首次通過直播發布產品，導致 Air Jordan 4 PSG 在不到 2 分鐘內就實現了 100% 的銷售。

This live streaming capability is now fully launched in both North America and EMEA with plans to expand in Japan. Live interaction creates stronger member engagement with NIKE, giving them better access to our best products and experiences. We see so much value here that we opened a brand-new live streaming studio in Greater China just in time for Singles' Day.

該直播功能現已在北美和歐洲、中東和非洲地區全面推出，併計劃在日本擴展。實時互動增強了會員與耐克的互動，使他們能夠更好地獲得我們最好的產品和體驗。我們看到了這裡的巨大價值，因此我們在雙十一期間在大中華區開設了一家全新的直播工作室。

Simply put, the NIKE brand is strong. We have a scale that's unparalleled, and the brand is creating meaningful connections everywhere the Swoosh exists. Just look at our results this quarter. Our brands power this year has been second to none.

簡而言之，NIKE品牌強大。我們擁有無與倫比的規模，並且該品牌正在 Swoosh 存在的任何地方建立有意義的聯繫。看看我們本季度的業績就知道了。今年我們的品牌力量是首屈一指的。

Before I wrap up, I want to give a little more context for a number I mentioned earlier, our 80% NIKE Digital growth this quarter. We've now had 3 straight quarters of roughly 80% digital growth. As we've said, this growth won't always be so uniform, but we are growing the pie and taking share from competition. This is the sharp point of our strategy. The consumer shift to digital is permanent, and our digital penetration will only increase in years to come.

在結束之前，我想為我之前提到的一個數字提供更多背景信息，即本季度耐克數字業務增長 80%。我們現在已經連續三個季度實現了大約 80% 的數字增長。正如我們所說，這種增長並不總是那麼均勻，但我們正在做大蛋糕並從競爭中獲取份額。這是我們戰略的重點。消費者向數字化的轉變是永久性的，我們的數字化滲透率在未來幾年只會增加。

Across the quarter, our innovation pipeline and brand strength positioned us to continue to navigate a dynamic environment with agility. We have a proven playbook, led by digital. The foundation of this playbook is our commitment to product and consumer connection. The fundamental truth of NIKE is that our innovation and brand strength continue to set the pace.

在整個季度，我們的創新渠道和品牌實力使我們能夠繼續敏捷地駕馭動態環境。我們有一個經過驗證的劇本，以數字化為主導。本手冊的基礎是我們對產品和消費者聯繫的承諾。耐克的基本事實是我們的創新和品牌實力繼續引領潮流。

Now Matt will give you more detail on our playbook. But before he does, I'd like to finish by saluting our teams around the globe. Since the start of the pandemic, we've said that we would stay on the offense, and the credit for that continued effort and execution goes to our team. Around the world in every facet of our business and our organization, they continue to demonstrate commitment, resilience and creativity. I could not be prouder of everyone on the NIKE team, and I genuinely thank them. And now I'll turn things over to Matt.

現在，馬特將為您提供有關我們劇本的更多詳細信息。但在他這樣做之前，我想首先向我們全球各地的團隊致敬。自疫情爆發以來，我們就說過我們將繼續進攻，而我們的團隊持續努力和執行力的功勞。在世界各地，我們業務和組織的各個方面，他們不斷展現出承諾、韌性和創造力。我為耐克團隊的每個人感到無比自豪，我真誠地感謝他們。現在我會把事情交給馬特。

Thank you, John, and hello, and happy holidays to everyone. As I said in our last call, NIKE is recovering faster, fueled by our unparalleled brand momentum and sharp focus on operational execution. Consumer engagement with our brands continues to grow in frequency and depth through the power of our product franchises and fresh storytelling delivered through improved digital and physical experiences.

謝謝你，約翰，你好，祝大家節日快樂。正如我在上次電話會議中所說，在我們無與倫比的品牌勢頭和對運營執行的高度關注的推動下，耐克正在更快地複蘇。借助我們的產品特許經營權以及通過改進的數字和物理體驗提供的新鮮故事講述的力量，消費者與我們品牌的互動頻率和深度不斷增長。

Our financial results in the second quarter and for the first half of fiscal '21 are proof that NIKE has recovered and is moving forward. We have a new consumer offense and a clear vision for how we will engage and serve consumer demand for our brands through digital, leveraging a technology-enabled operating model, which is being built for greater speed, efficiency and effectiveness.

我們第二季度和 21 財年上半年的財務業績證明耐克已經恢復並正在向前發展。我們制定了新的消費者攻勢，並就如何通過數字化、利用技術驅動的運營模式來吸引和滿足消費者對我們品牌的需求有清晰的願景，該模式的建立是為了提高速度、效率和效果。

While uncertainty due to the global pandemic persists, our teams are now better equipped than ever to navigate through the dynamics we face. We continue to leverage our operational playbook, and we learn more every week. Our leadership momentum and trajectory in Greater China is helping to shape decisions we are making around the rest of the world. Our teams are sharply focused on the key metrics that matter most to accelerate the pace of our recovery and return to sustainable, profitable growth.

儘管全球大流行造成的不確定性依然存在，但我們的團隊現在比以往任何時候都更有能力應對我們所面臨的動態。我們繼續利用我們的運營手冊，每週都會學到更多。我們在大中華區的領導勢頭和軌跡正在幫助影響我們在世界其他地區做出的決策。我們的團隊高度關注對加快復甦步伐並恢復可持續盈利增長最重要的關鍵指標。

In June, we set clear measures of success for the first half of this fiscal year, and now 6 months later, we've exceeded those goals. Let me share a few of the highlights.

6 月份，我們為本財年上半年制定了明確的成功衡量標準，現在 6 個月後，我們已經超額完成了這些目標。讓我分享一些亮點。

We said inventory would return to a healthy and normalized level by the end of Q2. And now through intentional supply and demand management actions, marketplace health has been restored across all geographies without compromising the value of our brands and product franchises. And NIKE-owned inventory is clean, ending Q2 down 2% versus prior year while delivering 9% revenue growth on a reported basis.

我們表示庫存將在第二季度末恢復到健康且正常的水平。現在，通過有意識的供需管理行動，所有地區的市場健康狀況都已恢復，而不會損害我們品牌和產品特許經營權的價值。耐克擁有的庫存很乾淨，第二季度末比去年同期下降了 2%，但據報告收入增長了 9%。

We said that digital acceleration brought on by COVID-19 was indicative of a new future marketplace and not a temporary phenomenon. In Q1, we exceeded our digital penetration goal of 30% across owned and partnered, almost 3 years earlier than planned. Now in Q2, our momentum continues with 80% NIKE Digital revenue growth on a currency-neutral basis. And we increased our digital penetration further by improving product availability through search optimization, moving inventory across marketplace channels and increasing digital fulfillment capacity through scale and automation.

我們說過，COVID-19 帶來的數字化加速預示著一個新的未來市場，而不是暫時的現象。第一季度，我們在自有和合作夥伴中超出了 30% 的數字滲透率目標，比計劃提前了近 3 年。現在，在第二季度，我們的勢頭仍在繼續，在貨幣中性的基礎上，耐克數字收入增長了 80%。我們通過搜索優化提高產品可用性、跨市場渠道轉移庫存以及通過規模和自動化提高數字履行能力，進一步提高了數字化滲透率。

We said we would tightly manage costs, and in the first half of fiscal '21, SG&A declined 6% versus prior year. Over the course of the last 6 months, we have reduced discretionary spending in nonpriority areas while accelerating investment to support our digital transformation and realigning our organization to a new consumer construct.

我們表示將嚴格管理成本，21 財年上半年，SG&A 比上年下降了 6%。在過去 6 個月中，我們減少了非優先領域的可自由支配支出，同時加快投資以支持我們的數字化轉型，並根據新的消費者結構重新調整我們的組織。

And finally, we said our product pipeline would remain robust. And you've seen us continue a consistent flow of innovation and new storytelling around our most important product franchises. This has translated into deep consumer engagement with our brands and market share gains, driving first half revenue growth of 4% versus the prior year. Simply put, we have executed on our plan, and NIKE is now even better positioned to compete and serve consumers than prior to the pandemic.

最後，我們表示我們的產品線將保持強勁。您已經看到我們圍繞我們最重要的產品系列持續不斷地進行創新和講述新的故事。這轉化為消費者對我們品牌的深入參與和市場份額的增長，推動上半年收入較上年增長 4%。簡而言之，我們已經執行了我們的計劃，與大流行之前相比，耐克現在處於更好的競爭和服務消費者的地位。

Now as we look ahead to the second half of fiscal '21 and beyond, I want to share some perspective on how we will strategically and financially manage the company. You've heard me talk about these principles before, and I will continue to reiterate them as we execute against our strategy and transform our business.

現在，當我們展望 21 財年下半年及以後時，我想分享一些關於我們將如何從戰略和財務角度管理公司的觀點。您以前聽過我談論過這些原則，在我們執行我們的戰略和轉變我們的業務時，我將繼續重申它們。

First and foremost, despite the short-term uncertainty, we are managing the business and making decisions for the long term. Consumer interest in sport, fitness, health and wellness has never been greater, and NIKE's market opportunity is as large as ever.

首先也是最重要的是，儘管存在短期不確定性，但我們正在管理業務並製定長期決策。消費者對運動、健身、健康和保健的興趣從未如此強烈，耐克的市場機會也一如既往地巨大。

While short-term consumer demand may continue to be impacted, we are focused on moving faster against the most important elements to position NIKE for the long term: deepening relationships our 3 brands have with consumers, scaling direct connections with contactable members, expanding capabilities to manage a rapidly growing digital business and transforming and elevating the marketplace.

雖然短期消費者需求可能會繼續受到影響，但我們專注於更快地應對最重要的因素，以實現耐克的長期定位：加深我們的3 個品牌與消費者的關係，擴大與可聯繫會員的直接聯繫，擴展能力管理快速增長的數字業務並轉變和提升市場。

Second, we will continue to optimize supply and demand with speed and agility, maintaining healthy inventory levels and increasing full price realization. Capabilities like Express Lane, now operationalized in all 4 geographies and representing almost 20% of our total business, enables increased flexibility and responsiveness in serving consumer demand while driving higher profitability.

其次，我們將繼續快速、靈活地優化供需，保持健康的庫存水平並提高全價實現。 Express Lane 等功能現已在所有 4 個地區投入運營，占我們總業務的近 20%，可提高滿足消費者需求的靈活性和響應能力，同時提高盈利能力。

Third, we will capitalize on the relative speed of our recovery and our financial strength by accelerating investment levels from the first half. Our investment priorities will be focused on a few key areas. We will begin to rebuild investment in demand creation, activating against major sports moments, athletes and innovation and expanding the reach and impact of significant growth opportunities in women's, apparel, digital and our Jordan Brand.

第三，我們將利用複甦的相對速度和財務實力，從上半年開始加快投資水平。我們的投資重點將集中在幾個關鍵領域。我們將開始重建對需求創造的投資，激活重大體育時刻、運動員和創新，並擴大女裝、服裝、數字和我們的喬丹品牌重大增長機會的影響力和影響力。

We expect demand creation as a percentage of revenue will gradually increase versus recent quarters, although new capabilities and a member-focused digital marketing model will enable greater return on investment over time.

我們預計，與最近幾個季度相比，需求創造佔收入的百分比將逐漸增加，儘管新功能和以會員為中心的數字營銷模式將隨著時間的推移帶來更大的投資回報。

We will create a digital-first supply chain, built on a strong technology and analytics foundation in order to optimize service, cost, convenience and sustainability. We already see return on our investments in North America, where we ramped up our new regional service center in Los Angeles to serve peak holiday demand, aided by capabilities from our Celect acquisition.

我們將創建一個數字優先的供應鏈，建立在強大的技術和分析基礎之上，以優化服務、成本、便利性和可持續性。我們已經看到了在北美的投資回報，在收購 Celect 的能力的幫助下，我們在洛杉磯建立了新的區域服務中心，以滿足高峰假期需求。

As a result, we delivered over 100% NIKE Digital revenue growth in Q2 in North America while lowering digital fulfillment cost per unit versus the prior year. We will accelerate the technology enablement of our operating model to change the speed with which we directly engage with and serve the consumer from online to off-line services, digital marketing, personalization and digital supply and demand management.

因此，我們在第二季度在北美實現了超過 100% 的 NIKE Digital 收入增長，同時與上一年相比降低了單位數字履行成本。我們將加快運營模式的技術支持，以改變我們直接接觸和服務消費者的速度，從線上到線下服務、數字營銷、個性化和數字供需管理。

In North America, we leveraged new tools to make dynamic pricing decisions during Black Friday. We also continue to scale RFID capabilities across our stores in EMEA, enabling better product allocation and replenishment, and we began testing consumer-facing RFID capabilities like self-checkout in our stores in Korea.

在北美，我們利用新工具在黑色星期五期間做出動態定價決策。我們還繼續在歐洲、中東和非洲地區的商店中擴展 RFID 功能，以實現更好的產品分配和補貨，並且我們開始測試面向消費者的 RFID 功能，例如在韓國商店中的自助結賬。

In the marketplace, we will increase the pace of opening new stores as we create an elevated, differentiated and digitally connected experience for our consumers. In Q2 alone, we opened 2 Nike Live and 6 Nike Unite stores, which is our next-generation factory store concept. And we plan to open an additional 30 stores in the second half of this fiscal year and even more in fiscal year '22, enabling accelerated growth in women's, digital and apparel.

在市場上，我們將加快開設新店的步伐，為消費者創造提升、差異化和數字化互聯的體驗。僅第二季度，我們就開設了 2 家 Nike Live 店和 6 家 Nike Unite 店，這是我們的下一代工廠店概念。我們計劃在本財年下半年再開設 30 家門店，並在第 22 財年開設更多門店，從而加速女裝、數碼和服裝業務的增長。

And finally, we will drive strong free cash flow growth and consistent balance sheet management as we target leverage down towards pre-pandemic levels. We recently announced a 12% increase in our annual dividend and, when appropriate, will resume share repurchase activity. The underlying benefits from our business shift towards NIKE Digital and NIKE Direct are becoming increasingly clear, and these principles will enable us to move faster towards our long-term strategic vision of Consumer Direct Acceleration.

最後，我們將推動強勁的自由現金流增長和一致的資產負債表管理，因為我們的目標是將槓桿率降低到大流行前的水平。我們最近宣布將年度股息增加 12%，並將在適當的時候恢復股票回購活動。我們的業務轉向 NIKE Digital 和 NIKE Direct 的根本好處正變得越來越明顯，這些原則將使我們能夠更快地實現消費者直接加速的長期戰略願景。

Now let's turn to the details of our second quarter financial results and operating segment performance. NIKE, Inc. revenue grew 9% in Q2, up 7% on a currency-neutral basis; as NIKE Direct grew 30%, led by strong NIKE Digital growth of 80% and partially offset by declines in our wholesale business.

現在讓我們來詳細了解第二季度的財務業績和運營部門的業績。 NIKE, Inc. 第二季度收入增長 9%，在匯率中性的基礎上增長 7%； NIKE Direct 增長了 30%，其中 NIKE Digital 增長了 80%，部分被我們批發業務的下降所抵消。

Gross margin decreased 90 basis points in Q2 versus the prior year, resulting from higher promotional activity to reduce excess inventories. Performance in the quarter was impacted by nonrecurring costs associated with the organizational realignment, which reduced gross margin by approximately 30 basis points.

由於減少過剩庫存而開展的促銷活動增多，第二季度毛利率比去年同期下降了 90 個基點。本季度的業績受到與組織重組相關的非經常性成本的影響，毛利率下降了約 30 個基點。

SG&A declined 2% in the quarter as disciplined expense management and lower marketing spend on brand and sports events was partially offset by increased investments in digital marketing. This quarter, SG&A was also negatively impacted by approximately $135 million of nonrecurring costs associated with the organizational realignment.

本季度銷售管理費用下降 2%，原因是嚴格的費用管理以及品牌和體育賽事營銷支出的減少被數字營銷投資的增加部分抵消。本季度，SG&A 還受到與組織重組相關的約 1.35 億美元非經常性成本的負面影響。

Our effective tax rate for the quarter was 14.1% compared to 10.7% for the same period last year, primarily due to changes in our earnings mix and an increase in tax associated with recently finalized U.S. tax regulations and increased benefits from stock compensation. Second quarter diluted earnings per share was $0.78, up 11% versus the prior year.

我們本季度的有效稅率為 14.1%，而去年同期為 10.7%，這主要是由於我們盈利結構的變化以及與最近最終確定的美國稅收法規相關的稅收增加以及股票薪酬福利的增加。第二季度攤薄後每股收益為 0.78 美元，較上年增長 11%。

With that, let's turn to our operating segments. In North America, Q2 revenue grew 1% and includes noncomparable items in the prior year, such as the sale of Hurley and the transition of our NFL license business to Fanatics. And Q2 EBIT increased 17% on a reported basis.

接下來，讓我們轉向我們的運營部門。在北美，第二季度收入增長了 1%，其中包括上一年不可比的項目，例如出售 Hurley 以及將我們的 NFL 許可業務轉讓給 Fanatics。據報導，第二季度息稅前利潤增長了 17%。

Q2 provided more clear evidence on the state of our marketplace transformation and shift in channel mix. Despite a 14% decline in wholesale revenue and traffic in NIKE-owned stores remaining well below prior year levels, North America was able to grow 1% overall due to more than 100% growth in NIKE Digital.

第二季度為我們的市場轉型和渠道組合轉變的狀況提供了更清晰的證據。儘管耐克自營商店的批發收入和客流量下降了 14%，仍遠低於去年水平，但由於耐克數字業務超過 100% 的增長，北美地區總體增長了 1%。

NIKE Digital now represents nearly 25% of our North America business, and it continues to serve a broader consumer base. In Q2, member days drove records for weekly member metrics and engagement with strong NIKE Digital performance in women's, apparel and sub-$100 product, all areas of significant growth opportunity.

NIKE Digital 目前占我們北美業務的近 25%，並將繼續為更廣泛的消費者群體提供服務。第二季度，會員日推動了每週會員指標和參與度的記錄，耐克數字化在女裝、服裝和 100 美元以下產品領域的強勁表現，這些領域都具有重大增長機會。

Within wholesale, we continue to shift the marketplace towards differentiated retail. And to give you some context on our progress leading up to the pandemic, over the last 3 years, we have reduced the number of undifferentiated accounts in North America by roughly 30% while still delivering mid-single-digit growth on average.

在批發領域，我們繼續將市場轉向差異化零售。為了讓您了解我們在應對這一流行病方面取得的進展，在過去3 年裡，我們將北美的無差異賬戶數量減少了大約30%，同時仍然實現了平均個位數的中個位數增長。

And in Q2, as we managed product supply in response to the pandemic, we took further steps towards account and channel consolidation by reprioritizing product allocations to benefit our strategic partners and NIKE Direct. As a result, undifferentiated wholesale revenue declined at an even faster rate compared to total wholesale.

在第二季度，當我們管理產品供應以應對疫情時，我們通過重新調整產品分配的優先順序，進一步採取措施來整合客戶和渠道，以使我們的戰略合作夥伴和 NIKE Direct 受益。因此，與批發總額相比，無差異批發收入的下降速度甚至更快。

Looking forward, over the next 2 years, we will more aggressively accelerate change with larger undifferentiated accounts as we and our strategic partners together reprofile the shape of the marketplace and recapture short-term demand dislocation.

展望未來，在未來兩年中，我們將與戰略合作夥伴共同重塑市場格局並重新抓住短期需求錯位，從而通過更大的無差異化客戶更積極地加速變革。

In EMEA, Q2 revenue grew 12% on a currency-neutral basis and EBIT grew 29% on a reported basis. Despite a resurgence of COVID-19 and lockdown restrictions in November, EMEA continued to drive momentum in Q2 through strong weekly sales growth and a higher full price realization.

在歐洲、中東和非洲地區，按貨幣中性計算，第二季度收入增長 12%，按報告計算，息稅前利潤增長 29%。儘管 11 月份 COVID-19 疫情捲土重來並實施封鎖限制，歐洲、中東和非洲地區仍通過強勁的每週銷售增長和更高的全價實現繼續推動第二季度的發展勢頭。

NIKE Direct grew 25% on a currency-neutral basis. And wholesale grew 6% in the quarter, led by strong double-digit strategic partner growth in JD Sports and Zalando, partially offset by double-digit declines in undifferentiated wholesale. NIKE Digital grew nearly 100% driven by Cyber Week that broke records across revenue and member engagement.

在貨幣中性的基礎上，NIKE Direct 增長了 25%。在 JD Sports 和 Zalando 戰略合作夥伴強勁的兩位數增長的帶動下，本季度批發業務增長了 6%，但部分被無差異化批發業務的兩位數下降所抵消。在網絡週的推動下，NIKE Digital 增長了近 100%，打破了收入和會員參與度的記錄。

In our NIKE-owned stores, we continued expansion of services to consumers. We piloted virtual experts sessions at NikeTown London, driving increases in conversion and basket size, with plans to scale this capability across EMEA. And we utilized digital queuing and additional self-checkout options to improve the consumer experience and safety.

在我們的耐克自營商店中，我們不斷擴大對消費者的服務。我們在倫敦 NikeTown 試行了虛擬專家會議，推動了轉化率和購物籃規模的增加，併計劃在整個歐洲、中東和非洲地區擴展此功能。我們利用數字排隊和額外的自助結賬選項來改善消費者體驗和安全。

Our Express Lane offense in EMEA once again drove significant growth in Q2, increasing more than 30% versus the prior year. This is a key enabler to navigating the current environment through a more flexible inventory strategy.

我們在歐洲、中東和非洲地區的快速通道進攻再次推動了第二季度的顯著增長，與上一年相比增長了 30% 以上。這是通過更靈活的庫存策略應對當前環境的關鍵推動因素。

We lowered futures bookings for holiday and leveraged Express Lane to replenish inventory on a significantly shorter lead time and responding to current retail trends. And with the recent lockdown measures announced this week, we will be agile in managing ongoing uncertainty by leveraging our operational playbook.

我們降低了假期的期貨預訂量，並利用 Express Lane 來補充庫存，顯著縮短交貨時間，並響應當前的零售趨勢。隨著本周宣布的最新封鎖措施，我們將利用我們的運營手冊靈活地管理持續的不確定性。

With that, let's turn to Greater China, which achieved its first $2 billion quarter and grew an incredible 19% on a currency-neutral basis in Q2 with EBIT growth of 28% on a reported basis. As John mentioned earlier, Singles' Day drove significant growth in the quarter with over $0.5 billion in digital demand.

接下來，我們來看看大中華區，該地區實現了第一個20 億美元的季度業績，並且在不考慮貨幣因素的情況下，第二季度實現了19% 的令人難以置信的增長，據報導，息稅前利潤(EBIT) 增長了28%。正如 John 之前提到的，雙十一帶動了本季度的顯著增長，數字需求超過 5 億美元。

In order to fulfill the record level of orders, we implemented several initiatives to maximize flexibility and responsiveness in our supply chain. From enabling multi-node network fulfillment to employing robot delivery and green packaging, the Greater China team was prepared to deliver on elevated consumer expectations. And it paid off as we shipped out all units within 48 hours and delivered nearly half with same-day or next-day delivery.

為了滿足創紀錄的訂單水平，我們實施了多項舉措，以最大限度地提高供應鏈的靈活性和響應能力。從實現多節點網絡履行到採用機器人交付和綠色包裝，大中華區團隊已準備好滿足消費者更高的期望。我們的努力得到了回報，我們在 48 小時內發貨了所有商品，並通過當日或次日送達方式交付了近一半的商品。

And digital wasn't the only growth driver across greater China. Every marketplace channel grew versus last year, including year-over-year growth in traffic in our NIKE-owned stores, the first quarter to achieve this since the start of the pandemic, all while continuing to expand conversion rates versus the prior year.

數字化並不是大中華區唯一的增長動力。每個市場渠道都比去年有所增長，包括耐克旗下商店的客流量同比增長，這是自大流行開始以來的第一個季度實現這一目標，同時與上一年相比，轉化率繼續提高。

Finally, in our APLA geography, Q2 revenue grew 5% on a currency-neutral basis and EBIT grew 12% on a reported basis. NIKE Digital grew more than 90% on a currency-neutral basis as we significantly expanded our digital footprint with the local launch of Nike.com in Mexico and through key digital partnerships across Mexico, Japan and Southeast Asia.

最後，在我們的 APLA 地區，按貨幣中性計算，第二季度收入增長了 5%，按報告計算，息稅前利潤增長了 12%。隨著我們在墨西哥本地推出 Nike.com 以及通過墨西哥、日本和東南亞的重要數字合作夥伴關係，顯著擴大了我們的數字足跡，在貨幣中性的基礎上，NIKE Digital 增長了 90% 以上。

We opened the first Nike Unite store globally in Korea, and this generated the highest revenue in the first 10 days of any NIKE store opening ever. Nearly 90% of transactions were linked to a member, and it's indicative of the broader engagement we are seeing across the geography and the strength of our membership offense.

我們在韓國開設了全球第一家 Nike Unite 商店，這在所有 NIKE 商店開業的前 10 天內創造了最高的收入。近 90% 的交易與會員相關，這表明我們在各個地區看到了更廣泛的參與度以及我們的會員進攻力度。

In December, we successfully transitioned our business in Brazil to a strategic distributor model in partnership with Grupo SBF, the largest sporting goods retailer in Brazil and across Latin America.

12 月，我們與巴西及拉丁美洲最大的體育用品零售商 Grupo SBF 合作，成功將巴西業務轉型為戰略分銷商模式。

We look forward to continuing to serve our consumers in Brazil through a more efficient and profitable operating model. That being said, NIKE and Grupo Axo have mutually agreed to terminate the sale and purchase agreement for the transition of NIKE's business in Argentina, Chile and Uruguay. We will continue to own and operate the businesses in this region in the near term, while we assess future prospects to move to a distributor model in all 3 countries.

我們期待通過更高效、更有利可圖的運營模式繼續為巴西的消費者提供服務。儘管如此，耐克和 Grupo Axo 已共同同意終止關於耐克在阿根廷、智利和烏拉圭業務過渡的買賣協議。我們將在短期內繼續擁有和經營該地區的業務，同時我們評估未來在所有 3 個國家轉向分銷商模式的前景。

I will now turn to our financial outlook. Fiscal '21 continues to be dynamic, including a new wave of government restrictions implemented across Europe and parts of North America. We remain focused on what we can control, deepening our consumer connections while we manage risk and uncertainty in this challenging environment. We are tightly buying inventory and are focused on ensuring the long-term health of all of our brands and product franchises.

我現在談談我們的財務前景。 21 財年繼續充滿活力，包括在歐洲和北美部分地區實施的新一波政府限制措施。我們仍然專注於我們可以控制的事情，加深我們與消費者的聯繫，同時在這個充滿挑戰的環境中管理風險和不確定性。我們正在嚴格購買庫存，並致力於確保我們所有品牌和產品特許經營權的長期健康發展。

With that in mind, we are increasing our full year outlook for revenue and now expect low teens growth versus the prior year. In the second half, we will continue to take a cautious approach to supply and demand to maintain healthy marketplace inventory amidst continued uncertainty and to ensure that we set a strong foundation for growth and profitability in fiscal year '22 and beyond.

考慮到這一點，我們正在提高全年收入預期，目前預計與上一年相比，增長率將較低。下半年，我們將繼續對供需採取謹慎態度，以在持續的不確定性中保持健康的市場庫存，並確保我們為 22 財年及以後的增長和盈利能力奠定堅實的基礎。

Our gross margin outlook is also improving with stronger-than-planned return to normalized inventory levels and lower-than-expected markdown activity across our portfolio. For the full year, we now expect gross margin to expand up to 50 basis points versus the prior year, including 35 basis points of foreign exchange headwinds. We expect to continue to see quarterly sequential improvement with Q3 gross margin expansion to be roughly flat versus the prior year.

我們的毛利率前景也在改善，恢復正常庫存水平的速度強於計劃，而且整個投資組合的降價活動低於預期。我們現在預計全年毛利率將較上年擴大至 50 個基點，其中包括 35 個基點的外匯不利因素。我們預計季度環比將繼續改善，第三季度毛利率擴張將與上年基本持平。

For the full year, we expect SG&A will now grow low single digits, driven by increased variable costs associated with our improved revenue outlook as well as amplified investment in demand creation to further strengthen our brands and drive higher member engagement.

就全年而言，我們預計SG&A 將增長較低的個位數，這是由於我們收入前景改善導致可變成本增加，以及為進一步強化我們的品牌並提高會員參與度而加大對創造需求的投資。

Across gross margin and SG&A, we continue to expect approximately $315 million of nonrecurring execution costs associated with simplifying our organizational structure, of which approximately $220 million was incurred in the first half of this fiscal year. And last, we expect our effective tax rate to be in the mid-teens range, reflecting an increase in tax associated with finalized U.S. tax regulations.

在毛利率和銷售管理費用方面，我們仍然預計與簡化組織結構相關的非經常性執行成本約為 3.15 億美元，其中約 2.2 億美元發生在本財年上半年。最後，我們預計我們的有效稅率將在十幾歲左右，反映出與最終確定的美國稅收法規相關的稅收增加。

NIKE is navigating the current environment with an even clearer vision of our brand's long-term future, along with a sharp focus of near-term and long-term priorities. The team is highly engaged and executing with a passion to win.

耐克正在應對當前的環境，對我們品牌的長期未來有更清晰的願景，並重點關注近期和長期優先事項。該團隊高度投入，執行力強，充滿求勝熱情。

While we expect continued volatility in the short term due to the pandemic, a faster first half recovery has mitigated the largest operational risks. We are now better positioned to accelerate investment in our business and create even greater competitive separation as we pursue our full potential with consumers around the world. I could not be more excited about the future. With that, let's open up the call for questions.

雖然我們預計短期內因疫情將繼續波動，但上半年更快的複蘇已緩解了最大的運營風險。我們現在處於更好的位置，可以加速對業務的投資，並在我們充分發揮與世界各地消費者的潛力的同時，創造更大的競爭優勢。我對未來感到無比興奮。接下來，讓我們開始提問。

(Operator Instructions) Our first question comes from Adrienne Yih with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Adrienne Yih。

Congratulations on the progress. Really nice to see the inventory ahead of plan. Sort of sticking with that thematic on inventory, I was wondering if you can talk about the quality or the mix of the inventory entering this next quarter.

祝賀取得的進展。很高興提前看到庫存。有點堅持庫存主題，我想知道您是否可以談談進入下個季度的庫存的質量或組合。

Is the -- are the promotional aspects of it behind -- were they -- was the promotional piece of the business in the sub-$100 category? Or were there any characteristics that we can glean from the promotional activity? And then as you look forward to the inflection, sort of the global reopening, how are you thinking about the capacity to chase inventory, particularly in the High Heat product?

其促銷方面是否落後於 100 美元以下類別的業務促銷部分？或者說我們可以從促銷活動中發現什麼特點嗎？然後，當您期待全球重新開放的拐點時，您如何考慮追逐庫存的能力，特別是在高溫產品中？

Sure, Adrienne, thanks for your question. As a starting point, as we mentioned several quarters ago, our focus has been on managing supply and demand. And we talked specifically about our focus of trying to normalize inventory by the end of the second quarter.

當然，艾德麗安，謝謝你的問題。首先，正如我們幾個季度前提到的，我們的重點是管理供需。我們特別談到了我們努力在第二季度末使庫存正常化的重點。

And so the work that we've done around the world not only to cut supply, but also to work with our marketplace partners and to try to capture and drive demand over these past 6 months has been significant in order to be able to put us in this position that we're in today.

因此，在過去 6 個月裡，我們在世界各地所做的工作不僅是為了減少供應，而且還與我們的市場合作夥伴合作，努力捕捉和推動需求，這些工作意義重大，以便能夠讓我們我們今天所處的位置。

I mentioned in my remarks that we've seen markdown levels, which continue to be worse than the prior year, but better than we had anticipated and better broadly than what we're seeing across the rest of the marketplace, indicative of the strength of our brand. And so as we finish this quarter, the health of our inventory and the health of the inventory across the broader marketplace is exactly where we were hoping for it to be.

我在發言中提到，我們已經看到了降價水平，該水平仍然比上一年更差，但比我們預期的要好，並且比我們在市場其他地方看到的更廣泛，這表明了市場的實力我們的品牌。因此，當我們本季度結束時，我們的庫存狀況以及整個市場的庫存狀況正是我們所希望的。

As we look forward, we're obviously still in the midst of a pandemic. And so I've said a couple quarters in a row now that we continue to take a cautious approach to supply and demand management as we look at the second half. We're still in a pandemic, and we know things won't be linear until we see the pandemic and the virus under control or contained.

展望未來，我們顯然仍處於大流行之中。因此，我已經連續幾個季度表示，在展望下半年時，我們將繼續對供需管理採取謹慎的態度。我們仍處於大流行之中，我們知道，在大流行和病毒得到控製或遏制之前，事情不會是線性的。

And so what we've been focused on is ensuring that we protect the value of our brands and our product franchises and ensure that we set the company up for healthy growth and profitability in fiscal year '22 and for the years after that. So that's really been what's guiding our approach.

因此，我們一直致力於確保保護我們的品牌和產品特許經營權的價值，並確保我們為公司在 22 財年及之後的幾年實現健康增長和盈利能力做好準備。這確實是指導我們方法的因素。

I did mention the Express Lane in my remarks, and it's a tool that we've been using around the world. It's almost 20% of our business today. It's not equally 20% across every geo. It's largest in EMEA as we've been talking about for several quarters. And it's absolutely a useful tool for us that we continue to intend to use to grow as a larger portion of our business, but also as a really critical lever to be able to manage supply and demand as we're reading the marketplace on a weekly basis.

我在發言中確實提到了“快速通道”，這是我們在世界各地都在使用的工具。這幾乎占我們今天業務的 20%。每個地區的 20% 比例並不相同。正如我們幾個季度以來一直在談論的那樣，它是歐洲、中東和非洲地區最大的。這對我們來說絕對是一個有用的工具，我們將繼續打算使用它來發展我們業務的更大一部分，同時也是我們每週了解市場情況時能夠管理供需的一個非常關鍵的槓桿。基礎。

So that's going to end up being a critical component of our future as we look forward in a much more responsive way than the way we've been able to operate in the past.

因此，這最終將成為我們未來的一個重要組成部分，因為我們將以比過去更加敏感的方式進行展望。

As far as High Heat product and those things, we're managing those styles and those franchises the same way we manage the rest of our franchises. And so we continue to have plans, and we use those as great tools to create brand energy in the marketplace, but also to give consumers what they love. And we're not managing those franchises any differently than we would manage any other franchises in this time. We're managing them for the long term, and that's what we will intend to do in the second half.

就 High Heat 產品和這些東西而言，我們管理這些風格和這些特許經營權的方式與管理我們其餘特許經營權的方式相同。因此，我們繼續制定計劃，並利用這些計劃作為在市場上創造品牌能量的強大工具，同時也為消費者提供他們喜歡的東西。我們管理這些特許經營權的方式與我們目前管理任何其他特許經營權的方式沒有任何不同。我們正在對它們進行長期管理，這就是我們下半年打算做的事情。

Our next question is from Bob Drbul with Guggenheim.

我們的下一個問題來自古根海姆的鮑勃·德布爾（Bob Drbul）。

I guess the first question that I have, I guess when considering the call date, what were the gating factors between choosing Friday evening or Saturday morning?

我想我的第一個問題是，我想在考慮通話日期時，選擇週五晚上或週六早上之間的限制因素是什麼？

Well, we called your assistant and we asked her whether -- when you would be most available, and she thought that this would be a better time.

好吧，我們打電話給你的助理，問她你什麼時候最有空，她認為這是一個更好的時間。

Always. I wouldn't miss it, wouldn't miss it. So I guess the other question that I have is can you talk -- in your specifically, the play between some of the lockdowns in the various countries and your digital and your bricks-and-mortar, can you just talk about how that's really materializing? And if you could maybe just talk through a little bit here in the U.S., what you're seeing in some of the markets where the virus is spreading and impacting the stores over the last few weeks?

總是。我不會錯過，不會錯過。所以我想我的另一個問題是你能具體談談各個國家的一些封鎖與你的數字和實體之間的關係嗎？你能談談這是如何真正實現的嗎？ ？如果您能簡單談談在美國，您在過去幾周病毒正在傳播並影響商店的一些市場中看到了什麼？

Sure, Bob. So what I would say is that the situation has been dynamic since March. And we've watched wave after wave of the pandemic hit different markets and different time lines around the world. And really, the only marketplace where we've seen continued sort of trajectory in terms of managing the virus has been China.

當然，鮑勃。所以我想說的是，自三月份以來，情況一直在變化。我們看到一波又一波的大流行襲擊了世界各地不同的市場和不同的時間線。事實上，我們在病毒管理方面看到持續發展軌蹟的唯一市場是中國。

But we expect the marketplace to continue to be pretty dynamic. I think I mentioned that we're seeing waves of more restrictions happening across Europe and in parts of the U.S. And we're expecting that the situation is going to continue to be unique here as we finish the holiday season and enter into the later part of winter.

但我們預計市場將繼續充滿活力。我想我提到過，我們看到歐洲和美國部分地區出現了一波又一波的限制措施。我們預計，隨著假期結束並進入下半年，這裡的情況將繼續保持獨特。冬天的。

However, we are looking at and have raised our guidance to low teens revenue growth because we feel like the momentum that we have, the brand strength and the playbook that we're employing is giving us confidence that we can continue to manage through this.

然而，我們正在考慮並提高了對青少年收入增長的指導，因為我們覺得我們擁有的勢頭、品牌實力和我們正在採用的策略讓我們有信心能夠繼續應對這一挑戰。

As it specifically relates to what we're seeing now, our retail sales across the marketplace for holiday have continued to track very well versus the prior year. But in Europe, where we're seeing more restrictions of shutdowns, physical retail continues to be the area where we're seeing the largest impact.

由於它與我們現在所看到的情況特別相關，因此我們整個假期市場的零售額與上一年相比繼續保持良好勢頭。但在歐洲，我們看到更多的停工限制，實體零售仍然是受到影響最大的領域。

Stores continue to open and close on different cadences. They have to manage through traffic capacity constraints. And at this point in time, as of today, about 80% of our stores are open in EMEA, but many of them are still operating under modified and -- or reduced hours. So it's -- the situation is dynamic to say the least.

商店繼續以不同的節奏開門和關門。他們必須克服交通容量限制。截至今天，我們大約 80% 的商店在歐洲、中東和非洲地區營業，但其中許多商店的營業時間仍在調整或縮短。所以至少可以說，情況是動態的。

We're also watching carefully potential bottlenecks in the supply chain. And to date, we've been able to continue to meet EDDs with consumers on our digital business. And we're leveraging the relationships that we have with carriers and otherwise in order to manage our business through this time. But it's definitely something that we're watching, Bob, and it's dynamic.

我們還在仔細觀察供應鏈中潛在的瓶頸。迄今為止，我們已經能夠繼續與消費者就我們的數字業務進行 EDD 會面。我們正在利用與運營商和其他方面的關係來管理我們的業務度過這段時間。但這絕對是我們正在關注的事情，鮑勃，而且它是動態的。

I guess where I'd probably finish is just to say that we know the path isn't going to be linear, and we've been saying that for several quarters. But we think we're better positioned at this point to manage through the uncertainty probably than we were prior to the pandemic. We've learned so much over the last 9 months. And the way that we're operating as a team gives us a lot of confidence that we can continue to manage through this.

我想我可能會說，我們知道這條路不會是線性的，而且我們已經這麼說了幾個季度了。但我們認為，與大流行之前相比，我們目前可能能夠更好地應對不確定性。在過去的 9 個月裡，我們學到了很多東西。我們作為一個團隊的運作方式給了我們很大的信心，我們可以繼續渡過難關。

And as I said earlier, we're just -- we're focused on setting a strong foundation for growth and profitability in fiscal year '22 and beyond. And so we're making decisions in the midst of the uncertainty here to do that and to position ourselves to accelerate once the pandemic is behind us.

正如我之前所說，我們只是 - 我們專注於為 22 財年及以後的增長和盈利能力奠定堅實的基礎。因此，我們正在不確定的情況下做出決定，以便在疫情結束後加快步伐。

And Matt, maybe 2 things I'd just add on. One is just a shout out to our stores, our direct team and our stores team who have just been -- just amazing through this period of the open close, open close. Our store athletes, our frontline store athletes, our entire stores team and our supply chain and distribution team, they have been sort of the unsung heroes, I think, through what has been a very dynamic time.

馬特，也許我想補充兩件事。其中之一隻是向我們的商店、我們的直接團隊和我們的商店團隊大聲喊叫，他們在這段開閉、開閉的時期裡表現得非常出色。我認為，我們的商店運動員、我們的一線商店運動員、我們的整個商店團隊以及我們的供應鍊和分銷團隊，在這個充滿活力的時期，他們一直是無名英雄。

And as Matt said, while we're opening and closing physical retail, digital is open 7 days a week, 24 hours a day. And what's fascinating to watch is the consistency of the growth across digital. And so I think there's -- we have increasing evidence that when a consumer wants to get something, if physical retail is closed, they're coming to us digitally, and our ability to reach consumers digitally in a variety of manners is just getting better and better as this pandemic goes on.

正如馬特所說，在我們開設和關閉實體零售店的同時，數字零售店每週 7 天、每天 24 小時營業。令人著迷的是數字領域的持續增長。所以我認為，我們有越來越多的證據表明，當消費者想要買東西時，如果實體零售關閉，他們就會以數字方式來找我們，而我們以各種方式以數字方式接觸消費者的能力正在變得更好隨著這種流行病的繼續，情況會變得更好。

Our next question is from Michael Binetti with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的邁克爾·比內蒂。

Congrats on a nice quarter. On -- I want to ask you, John, on North America, on wholesale, I think you mentioned -- or I guess, Matt, you mentioned down 14% in the quarter, a bit of a deceleration from last quarter. And you did talk about accelerating the strategy and transforming the end markets, but I know there was a very purposeful focus on getting the inventories aligned.

恭喜您度過了一個美好的季度。關於——我想問你，約翰，關於北美，關於批發，我想你提到過——或者我猜，馬特，你提到了本季度下降了 14%，比上季度略有減速。您確實談到了加速戰略和轉變終端市場，但我知道有一個非常有目的的重點是使庫存保持一致。

So I'm curious, as you look at the North America wholesale outlook, is second quarter -- is it smart to think that that might be the peak of the pullback in the near term and that drag gets a little better from here with the inventories more aligned? Or would you say that to think about it still being down at that level as you go forward as you kind of keep working on the marketplace?

因此，我很好奇，當你看到第二季度的北美批發前景時，認為這可能是近期回調的峰值，並且隨著庫存更加一致？或者，當你繼續在市場上工作時，考慮到它仍然處於這個水平，你會這麼說嗎？

Sure, Michael. I'll take that. And then, John, if there's anything you want to layer in here, please do. Yes, so overall, wholesale was down 14% in the quarter. And we referenced that we had to make some real-time decisions in the quarter in order to address the realities of the situation in the marketplace.

當然，邁克爾。我會接受的。然後，約翰，如果您想在此處添加任何內容，請這樣做。是的，總體而言，本季度批發量下降了 14%。我們提到，我們必須在本季度做出一些實時決策，以解決市場的現實情況。

And I think in the last call, I said something along the lines of -- or maybe it was 2 calls ago, I said something along the lines of, as we were adjusting forward-looking supply, we took a more aggressive action in North America because we did not believe the recovery curve in North America was going to look the same is what we expected to see in China, Asia or even in Europe, given the way that we were seeing differences in response to the -- different countries' response to the virus.

我想在最後一次電話會議中，我說了類似的話——或者也許是兩次電話前，我說了類似的話，因為我們正在調整前瞻性供應，我們在北部採取了更積極的行動美國，因為我們不相信北美的複蘇曲線會與我們預期在中國、亞洲甚至歐洲看到的情況相同，因為我們看到不同國家的反應存在差異。對病毒的反應。

And so when we got close to the second quarter and into the second quarter, we had to make some decisions about how to allocate that inventory, and we focused it on our strategic partners and serving consumer demand through NIKE Direct. And so we saw a greater reduction in undifferentiated wholesale.

因此，當我們接近第二季度並進入第二季度時，我們必須就如何分配庫存做出一些決定，我們將重點放在我們的戰略合作夥伴上，並通過 NIKE Direct 滿足消費者需求。因此，我們看到無差異批發的大幅減少。

As we look forward, we're going to be more aggressive in adjusting our plans with undifferentiated wholesale. But what I would tell you is that we believe that we and our partners are very well positioned to capture demand that gets dislocated from changing the profile and the shape of the marketplace.

展望未來，我們將更加積極地調整我們的無差異化批發計劃。但我要告訴你的是，我們相信我們和我們的合作夥伴處於非常有利的位置，可以捕捉因市場概況和形狀變化而混亂的需求。

And so I think looking at this quarter, I think this quarter was more indicative of the way we managed supply and demand in the face of the pandemic and the challenges that that created in the short term versus it's an indication of trend for that line of channel of business, okay?

因此，我認為，從本季度來看，我認為本季度更能說明我們在面對大流行病以及短期內帶來的挑戰時管理供需的方式，而不是表明該趨勢線的趨勢。業務渠道好不好？

But as we look forward, we are going to be more aggressive with larger undifferentiated customers that we have been working with. And we're working closely with our strategic wholesale partners in a city-by-city, mall-by-mall, street by street basis to work together to determine how we're going to recapture that demand.

但展望未來，我們將更加積極地對待我們一直合作的規模更大、無差異化的客戶。我們正在與我們的戰略批發合作夥伴在逐個城市、逐個購物中心、逐條街道的基礎上密切合作，共同確定我們將如何重新抓住這一需求。

And that's absolutely our plan because we believe longer term, as we've said before, we believe that a premium, consistent experience for consumers across the marketplace connected to digital is the type of market foundation that we think we need as a premium brand to create and to be the foundation for long-term growth in the North America marketplace.

這絕對是我們的計劃，因為我們相信從長遠來看，正如我們之前所說，我們相信為整個市場中與數字相關的消費者提供優質、一致的體驗是我們認為作為優質品牌所需要的市場基礎類型。創造並成為北美市場長期增長的基礎。

Can I just follow that with a question on China, and it's nice to see the margin -- the EBIT margin there return back to expansion in the quarter. Some of our work suggests there's quite a bit of inflation in that market in areas like freight, but more so in marketing and CAC digital, customer acquisition cost.

接下來我可以問一個關於中國的問題嗎？很高興看到利潤率——該季度的息稅前利潤率恢復擴張。我們的一些工作表明，該市場在貨運等領域存在相當大的通貨膨脹，但在營銷和 CAC 數字、客戶獲取成本方面更是如此。

Does the top line trajectory there offset a lot of that inflation? Are the prior peak margins that we saw in that market still attainable? Or is it -- do you feel like that market -- more appropriate to focus on profit dollar growth and margin expansion back to historic levels as we kind of come past COVID here?

那裡的收入軌跡是否抵消了很多通貨膨脹？我們在該市場看到的之前的峰值利潤率還能達到嗎？或者，您是否覺得這個市場更適合關注利潤增長和利潤率擴張回到歷史水平，因為我們已經度過了新冠疫情的時期？

Yes. I mean it's a great question. And as we've been working our way out of COVID in China, the thing that we're just reminded of is how large of a market opportunity that is for us, and we continue to see it again this quarter. We're not able to meet the full demand that we see in that China marketplace. And we continue to see the strength of our brand increasing quarter after quarter after quarter.

是的。我的意思是這是一個很好的問題。當我們一直在努力擺脫中國的新冠疫情時，我們剛剛想起的一件事是，這對我們來說有多大的市場機會，而且我們在本季度將繼續看到它。我們無法滿足中國市場的全部需求。我們繼續看到我們的品牌實力逐季增強。

I think that as it relates to cost, we've been in a really high -- we've been driving, and forgive me for forgetting the number, but in the 10s -- the 20s of quarters of double-digit growth in that Greater China marketplace, and we've done it while maintaining a very strong profit profile.

我認為，就成本而言，我們一直處於非常高的水平——我們一直在推動，請原諒我忘記了這個數字，但在 10 到 20 個季度中，兩位數的增長大中華市場，我們做到了這一點，同時保持了非常強勁的利潤狀況。

So what you saw over the last 2 quarters was more indicative of us working through the dynamics in China with inventory and those things as a result of managing through COVID versus there being an underlying theme of profit erosion long term. I think we believe that the China marketplace continues to be a great opportunity for us. And we're -- we manage the business top to bottom, Michael.

因此，過去兩個季度的情況更能說明我們正在努力應對中國的庫存動態以及通過新冠疫情進行管理的結果，而不是長期利潤侵蝕的潛在主題。我認為我們相信中國市場對我們來說仍然是一個巨大的機會。邁克爾，我們自上而下地管理業務。

So we're looking at pricing. We're consistently looking at opportunities to grow the business in dimensions where we have less of share. But we're really pleased to see the growth in our market share in that marketplace, and we believe that profits will continue to grow at an accelerated rate over time.

所以我們正在考慮定價。我們一直在尋找機會在我們所佔份額較少的領域發展業務。但我們真的很高興看到我們在該市場的市場份額的增長，並且我們相信隨著時間的推移，利潤將繼續加速增長。

Matt, what I'd just add onto that is the strength of our brand in China, both NIKE and Jordan, very, very strong, and I think that is partly what's driving the share gain there.

馬特，我要補充的是我們在中國的品牌實力，無論是耐克還是喬丹，都非常非常強大，我認為這在一定程度上推動了中國市場份額的增長。

Our next question is from Kimberly Greenberger with Morgan Stanley.

我們的下一個問題來自摩根士丹利的金伯利格林伯格。

That digital growth is really impressive and sustaining at such a high level consistently. I'm wondering do you think that's a function of just the additional digital touch points you've acquired this year or a more savvy digital marketing strategy? I'm just wondering if you could hypothesize about some of the drivers there.

這種數字增長確實令人印象深刻，並且持續保持在如此高的水平。我想知道您認為這只是您今年獲得的額外數字接觸點的功能還是更精明的數字營銷策略的功能？我只是想知道你是否可以對那裡的一些驅動程序進行假設。

And when you take a look at that digital P&L, I think you mentioned over 100% growth, for example, here in North America or in the U.S., helped by the new L.A. regional service center. Are you hitting the point where you're starting to see a sort of inflection in your incremental margins in that business, either for scale or because of some of the unlocks like in that regional service center?

當你看一下數字損益表時，我想你提到了超過 100% 的增長，例如，在北美或美國，在新的洛杉磯區域服務中心的幫助下。您是否已經開始看到該業務的增量利潤出現某種變化，無論是規模還是區域服務中心等的一些解鎖？

Matt, maybe why don't I take the first part of Kimberly's question, and you take the second?

馬特，也許我為什麼不回答金伯利問題的第一部分，而你回答第二部分？

Sounds good.

聽起來不錯。

So Kimberly, yes, our digital business has been experiencing tremendous growth, 80% globally, 100% in the U.S. Our Nike App grew 200%, our Nike mobile app grew 200% this quarter. And I think what's underlying that is that digital is the new normal in consumer behavior, and we believe the trends that we're seeing are here to stay.

Kimberly，是的，我們的數字業務一直在經歷巨大的增長，全球增長了80%，美國增長了100%。本季度我們的耐克應用程序增長了200%，我們的耐克移動應用程序增長了200% 。我認為其根本原因是數字化是消費者行為的新常態，我們相信我們所看到的趨勢將持續下去。

In fact, as we've said now in a couple of quarters, we believe that we've well passed the 30% of our overall business, and we think it will be more in the range of 50% in the near future. And it's an area we have a clear lead.

事實上，正如我們在幾個季度中所說的那樣，我們相信我們已經超過了整體業務的 30%，並且我們認為在不久的將來它將更多地達到 50% 的範圍。在這個領域我們擁有明顯的領先優勢。

When you ask about what's driving it, again, we go back to a simple mindset: through the eyes of the consumer, which is consumers want to get what they want, when they want it, how they want it. And that means, obviously, great digital experiences mobiley through our apps, SNKRS and others online.

當你問起是什麼推動了它時，我們再次回到一個簡單的心態：通過消費者的眼睛，消費者希望在他們想要的時候、以他們想要的方式得到他們想要的東西。顯然，這意味著通過我們的應用程序、SNKRS 和其他在線應用程序提供出色的移動數字體驗。

But also consumers actually -- they don't differentiate digital and physical in the same way they used to. So they may want to buy online, pick up on store. They might want to buy online, have it shipped from store. They may want to go try it on and then have it shipped home.

但事實上，消費者也不再像以前那樣區分數字和物理。因此，他們可能想在網上購買，然後在商店提貨。他們可能想在網上購買，然後從商店發貨。他們可能想去試穿然後將其運回家。

And so we are driving our digital transformation end-to-end, right? So yes, it's impacting our digital experiences. No doubt that's getting better and better and better where it's better search, better -- the digital experiences are getting better each quarter. I'll come back to membership, which I think is key. As Matt said, we're building out our stores, working with our strategic partners that offer that consistent, seamless experience that consumers expect.

所以我們正在端到端地推動我們的數字化轉型，對嗎？是的，它正在影響我們的數字體驗。毫無疑問，搜索變得越來越好，數字體驗每個季度都在變得更好。我會回到會員資格，我認為這是關鍵。正如馬特所說，我們正在建設我們的商店，與我們的戰略合作夥伴合作，提供消費者期望的一致、無縫的體驗。

And frankly, the supply chain -- don't underestimate the impact of this digital on translating our supply chain. Matt talked about what we've done in Greater China. 300% increase in digital fulfillment capacity in North America, 400% in EMEA. Robots played a huge role. Over 1 million boxes shipped by robots and the productivity that comes with that. So to be a great digital company, you've got to be end-to-end.

坦率地說，供應鏈——不要低估這種數字化對我們供應鏈的影響。馬特談到了我們在大中華區所做的事情。北美的數字履行能力增加了 300%，歐洲、中東和非洲地區的數字履行能力增加了 400%。機器人發揮了巨大的作用。機器人運送了超過 100 萬個箱子以及隨之而來的生產力。因此，要成為一家偉大的數字公司，就必須做到端到端。

But I would say if there's one thing I'd highlight is the backbone's membership, right? Having a direct connection with consumers. And we are growing our membership. And it's simple. How do we bring more people into the top of the funnel and establish a direct connection with them? How do we engage them? Engage through them -- through engaging, whether it's Nike Running Club, Nike Training Club, SNKRS App, live streaming is a way to engage consumers.

但我想說，如果我要強調的一件事是骨干成員資格，對嗎？與消費者有直接聯繫。我們正在增加我們的會員數量。這很簡單。我們如何讓更多的人進入渠道的頂部並與他們建立直接聯繫？我們如何吸引他們？通過它們參與——通過參與，無論是耐克跑步俱樂部、耐克訓練俱樂部、SNKRS 應用程序，直播都是吸引消費者的一種方式。

And what we know is more engaged consumers buy more. And one of the most, I think, exciting things we saw in the quarter was these member days where it's really the first time we have really targeted our members, provided more personal recommendations. We've allocated scarce product for them, offered them first access. And the conversion rates were very impressive.

據我們所知，消費者參與度越高，購買量就越多。我認為，我們在本季度看到的最令人興奮的事情之一是這些會員日，這實際上是我們第一次真正針對我們的會員，提供更多個人建議。我們為他們分配了稀缺產品，並為他們提供了優先使用權。而且轉化率非常可觀。

And so I think this is a virtuous cycle that if we get better and better at the whole membership funnel, the full funnel that we can have a more direct connection with consumers. We can offer more personalized and targeted offerings. I think the opportunity to expand with women digitally is significant.

所以我認為這是一個良性循環，如果我們在整個會員渠道上做得越來越好，我們就可以與消費者建立更直接的聯繫。我們可以提供更加個性化和有針對性的產品。我認為與女性一起進行數字化擴張的機會非常重要。

So it's no one thing, and I learned this from my days in the digital world. It's a lot of little things that make a difference to be a great digital company. And we're a clear leader here. I think we're extending our market share lead digitally, and we're going to continue doubling down. Matt, you want to take the second piece of Kimberly's question?

所以這不是一回事，我從數字世界的日子裡學到了這一點。要成為一家偉大的數字公司，有很多小事情可以發揮重要作用。我們是這方面明顯的領導者。我認為我們正在以數字方式擴大我們的市場份額領先優勢，並且我們將繼續加倍努力。馬特，你想回答金伯利的第二個問題嗎？

Yes. Sure. I'll just jump in on the second piece. I guess what I'd say, Kimberly, is your question specifically about the regional service center, and John sort of hit it, I mean, our focus at the start is capacity. We needed more capacity because we were watching demand shift rapidly to digital.

是的。當然。我就直接跳到第二部分。我想我要說的是，金伯利，你的問題具體是關於區域服務中心的，約翰有點擊中了它，我的意思是，我們一開始的重點是容量。我們需要更多的容量，因為我們看到需求迅速轉向數字化。

And so not only did we open that regional service center in L.A., but we leverage omnichannel capabilities in our existing distribution centers in order to be able to do the 300% or 400% increase in volume that John referenced to fuel that business.

因此，我們不僅在洛杉磯開設了區域服務中心，而且還利用現有配送中心的全渠道功能，以便能夠實現約翰提到的為該業務提供動力的 300% 或 400% 的銷量增長。

As I think about the impact on the financial model, and I've probably said this a couple of times before, but I'll use a frame that John just used, getting consumers what they want, where they want and how they want.

當我思考對財務模型的影響時，我之前可能已經說過幾次了，但我將使用約翰剛剛使用的框架，讓消費者得到他們想要的東西、他們想要的地方以及他們想要的方式。

We're investing in technology in the supply chain so that we can better predict where to put inventory where we think consumers want the inventory. And the benefits for us in that are in gross margin. It's more full price realization. It's lower cost to fulfill. And frankly, it's better for the environment because it's less shipping and it's less moving stuff around. So it's better.

我們正在對供應鏈中的技術進行投資，以便我們能夠更好地預測將庫存放置在我們認為消費者需要庫存的地方。這對我們來說的好處是毛利率。這是更全價的實現。實現成本較低。坦率地說，這對環境更好，因為它減少了運輸，也減少了物品的移動。所以這樣更好。

We're investing in technology to create O2O capabilities in the marketplace. And while we don't have the largest store footprint today that -- relative to maybe pure vertical retailers, we are investing in stores with the intentionality of having stores in more places with O2O capabilities with capabilities like buy online, pickup in store; more pickup points; shipping from store; shipping to store. So that we can serve that demand more closely to consumers, again, lower cost, better for the environment, better sustainability.

我們正在投資技術以在市場上創建 O2O 功能。雖然我們今天沒有最大的商店足跡，但相對於純粹的垂直零售商，我們投資商店的目的是在更多地方開設具有 O2O 功能的商店，包括在線購買、店內提貨等功能；更多接送點；從商店發貨；運送到商店。這樣我們就可以更緊密地滿足消費者的需求，降低成本，更好地保護環境，更好的可持續性。

And then I guess the last thing I'd probably hit on, and John referenced it vis-à-vis member days and the member funnel, we're investing a lot of money in digital marketing today. But the marketing -- the opportunity that we see with greater acknowledgment of who our consumers are and how they shop across the marketplace is more personalization and it's a greater return on those marketing dollars because we're moving deeper into the funnel.

然後我想我可能想到的最後一件事，約翰在會員日和會員漏斗中提到了這一點，我們今天在數字營銷上投入了大量資金。但營銷——我們通過更多地了解我們的消費者是誰以及他們如何在市場上購物而看到的機會更加個性化，而且這些營銷資金的回報也更大，因為我們正在更深入地進入漏斗。

We know who those consumers are. And we have the ability to react and reengage them at a lower cost to us or a lower acquisition cost, which should improve -- either create leverage in our demand creation over time and/or enable us to use the dollars that we're using to drive a greater revenue plan.

我們知道這些消費者是誰。我們有能力以較低的成本或較低的採購成本做出反應並重新吸引他們，這應該會有所改善——隨著時間的推移，在我們的需求創造中創造槓桿和/或使我們能夠使用我們正在使用的美元推動更大的收入計劃。

So those are some of the things that we're excited about. Those are -- are we seeing the fruit of it today? We're starting to. But what you are seeing, Kimberly, is we can see more clearly, though, where the biggest pockets of opportunity are. And that's where we're focused, and that's where we're investing to create capability so that we can drive these outcomes as we look several years out. So this is where we're focused as a team, and it's what's going to fuel our financial model over the next several years.

這些是我們感到興奮的一些事情。這些是——我們今天看到了它的成果嗎？我們開始這麼做了但金伯利，你所看到的是，我們可以更清楚地看到最大的機會在哪裡。這就是我們關注的重點，也是我們投資創造能力的地方，以便我們能夠在未來幾年內推動這些成果。因此，這就是我們作為一個團隊關注的重點，這將在未來幾年推動我們的財務模式。

Our last question is from Paul Trussell with Deutsche Bank.

我們的最後一個問題來自德意志銀行的保羅·特魯塞爾。

Great team quarter, team. Wanted to ask about margins. Maybe a little bit more detail and color on the factors impacting both GPM and SG&A, both in terms of the second quarter and also your second half guidance. In particular, I would love to hear a little bit more about demand creation, which was obviously down double digits this quarter, and it sounds like it's going to inflect up a bit. And then also the profile of profitability of your DTC and digital business, right? Obviously, that's accretive, but certainly it's to the extent that you are scaling, obviously, meaningfully on the top line. And also earlier, you highlighted that you're finding ways to reduce per unit fulfillment cost. I'm just wondering to what extent is that channel's margins actually see an improvement overall.

偉大的團隊季度，團隊。想問一下關於利潤率的問題。也許對影響 GPM 和 SG&A 的因素有更多的細節和色彩，包括第二季度和下半年的指導。特別是，我很想听到更多有關需求創造的信息，本季度需求創造明顯下降了兩位數，而且聽起來似乎會有所上升。然後還有 DTC 和數字業務的盈利能力，對嗎？顯然，這是增值的，但肯定是在你擴大收入的範圍內，顯然，這是有意義的。早些時候，您強調說您正在尋找降低單位履行成本的方法。我只是想知道該渠道的利潤率總體上實際上得到了多大程度的改善。

Now, Matt, that is a great last simple question for the year, and I'm going to give you full permission to answer that in a very concise manner.

現在，馬特，這是今年最後一個簡單的問題，我將完全允許您以非常簡潔的方式回答這個問題。

Well, I guess where I'd start, Paul, is when we look at our margins in the second quarter, we're very pleased with where gross margin performance landed. We said gross margin in the short term would be more of a function of how we manage supply and demand. And so we were more focused on the quality and health of our franchises and restoring inventory levels. And that's ultimately what drove our operating plan for the last 6 months. We're probably even more so pleased with the speed of recovery because it puts us in a position now where we can look forward and say, how do we want to manage the business as we move forward. And as I said earlier today, we're incredibly focused on the things that are required in order for us to achieve that vision of Consumer Direct Acceleration.

好吧，保羅，我想我要從第二季度的利潤率開始，我們對毛利率的表現非常滿意。我們表示，短期毛利率將更多地取決於我們管理供需的方式。因此，我們更加關注特許經營的質量和健康狀況以及恢復庫存水平。這最終推動了我們過去 6 個月的運營計劃。我們可能對恢復速度更加滿意，因為它讓我們現在可以展望未來並說，在前進的過程中我們希望如何管理業務。正如我今天早些時候所說，我們非常關注實現消費者直接加速願景所需的事情。

So as we look ahead, our gross margins are going to be roughly flat is what our guidance is for the third quarter, and that's another quarter of sequential improvement in margin. That's being driven by a higher full price/mix in the third quarter and lower discount activity. And that's going to be offset to some degree by factory store liquidation that we talked about last quarter, where we're still planning for more markdowns in that specific channel because we continue to see traffic lagging behind the prior year in that specific channel so that we can keep conversion rates up.

因此，展望未來，我們的毛利率將與我們對第三季度的指導大致持平，這是利潤率連續改善的另一個季度。這是由第三季度更高的全價/組合和更低的折扣活動推動的。這將在一定程度上被我們上季度談到的工廠店清算所抵消，我們仍在計劃在該特定渠道中進行更多降價，因為我們繼續看到該特定渠道的流量落後於上一年，因此我們可以保持較高的轉化率。

In the third quarter, I should also say that we're going to -- we're expecting to see about 55 basis points of FX headwinds. So we've had about 30 per quarter in the first 2 quarters of this year, and we're expecting 55 basis points in Q3. And so FX adjusted, the margin looks even better sequentially. And what I'd say maybe as just a little side point on this is that we think the third quarter will end up being the trough on FX for us. So we've started to see benefits in translation on the top line. But FX has continued to be a headwind in EBIT through the second quarter and will be through the third quarter and it will lessen as we get into the fourth quarter. And then that's where we expect to start to see some inflection from a weaker U.S. dollar and strong growth outside the U.S.

在第三季度，我還應該說，我們預計會看到約 55 個基點的外匯逆風。因此，今年前兩個季度我們每季度大約有 30 個基點，我們預計第三季度將有 55 個基點。因此，經過外匯調整後，利潤率看起來甚至更好。我想說的也許只是一個小問題是，我們認為第三季度最終將成為我們外彙的低谷。因此，我們已經開始看到翻譯帶來的主要好處。但在第二季度和第三季度，外匯仍然是息稅前利潤的阻力，隨著進入第四季度，這種影響將會減弱。然後我們預計美元疲軟和美國以外地區的強勁增長將開始帶來一些變化。

So I think that's probably where I'll stop. And I know our team can follow-up with you with more questions specifically on the modeling. But thanks, and happy holidays.

所以我想我可能就到此為止了。我知道我們的團隊可以向您跟進更多具體關於建模的問題。但謝謝，節日快樂。

Thank you, Paul. John, were you going to say something?

謝謝你，保羅。約翰，你要說點什麼嗎？

Just, Andy -- Matt and I and Andy want to extend happy holidays to everyone on the call. Thank you for doing the call on a Friday afternoon. Hopefully, this frees up a little of your holiday week next week. And please, everyone, have a very safe and happy holiday. And thanks again to all the NIKE teammates around the world for incredible teamwork, resilience and commitment this year. Happy holidays.

只是，安迪——馬特、我和安迪想向通話中的每個人祝大家節日快樂。感謝您在周五下午打來電話。希望這能讓你下週的假期騰出一些時間。請大家度過一個安全、快樂的假期。再次感謝全球所有耐克團隊成員今年令人難以置信的團隊合作、堅韌和奉獻。節日快樂。

Thank you all.

謝謝你們。

This concludes today's conference call, and you may now disconnect.

今天的電話會議到此結束，您現在可以掛斷電話了。