Nike Inc (NKE) 2021 Q1 法說會逐字稿

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

大家下午好。歡迎來到 NIKE, Inc. 的 2021 財年第一季度電話會議。對於那些想要參考今天的新聞稿的人，您可以在 http://investors.nike.com 找到它。主持今天電話會議的是投資者關係副總裁安迪·繆爾 (Andy Muir)。

Before I turn the call over to Ms. Muir, let me remind you that participants on this call will make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in the reports filed with the SEC, including the annual report filed on Form 10-K. Some forward-looking statements may concern expectations of future revenue growth or gross margin.

在我將電話轉給 Muir 女士之前，讓我提醒您，本次電話會議的參與者將根據當前預期做出前瞻性陳述，這些陳述存在某些風險和不確定性，可能導致實際結果大不相同。這些風險和不確定性在向美國證券交易委員會提交的報告中有詳細說明，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. Participants may also make references to other nonpublic financial and statistical information and non-GAAP financial measures. To the extent nonpublic financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, http://investors.nike.com.

此外，與會者還可以討論非 GAAP 財務指標，包括對固定美元收入的參考。提及固定美元收入旨在提供有關業務績效的背景信息，從而消除外匯波動。參與者還可以參考其他非公開財務和統計信息以及非 GAAP 財務措施。在討論非公開財務和統計信息的範圍內，耐克網站 http://investors.nike.com 將提供可比較的 GAAP 措施和定量調節的介紹。

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

現在我想把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 first quarter results. As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You will find the appropriate reconciliations in our press release, which was issued about an hour ago, or at our website, investors.nike.com.

謝謝你，運營商。大家好，感謝您今天加入我們討論 NIKE, Inc. 2021 財年第一季度業績。正如接線員所指出的，今天電話會議的參與者可能會討論非 GAAP 財務指標。您可以在大約一個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。

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) Thanks for your cooperation on this.

與我們一起參加今天電話會議的還有 NIKE, Inc. 總裁兼首席執行官 John Donahoe；以及我們的首席財務官 Matt Friend。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）感謝您在此方面的合作。

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

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. Before I get into our Q1 performance, I want to take a moment to acknowledge the passing of John Thompson last month. Coach, as many of us called him, was a beloved member of the NIKE family, having served on our Board of Directors for over 30 years. He was a true leader and an icon in the world of sports, and we will miss him.

謝謝你，安迪，在今天的電話會議上向大家問好。在開始介紹我們的第一季度業績之前，我想花點時間感謝約翰湯普森上個月去世。 Coach，正如我們很多人對他的稱呼，是 NIKE 家族中深受喜愛的成員，在我們的董事會任職超過 30 年。他是體育界真正的領袖和偶像，我們會想念他。

And here on the West Coast, we're continuing to deal with the wildfires that have hit Oregon, Washington and California. Health and safety remain our first priority so we closed facilities and stores where appropriate. For those teammates who have been impacted by evacuation orders, we've made additional benefits and support available, and the NIKE foundation has donated $1 million to provide relief efforts for the Oregon wildfires, focusing on both intermediate- and longer-term needs.

在西海岸，我們正在繼續應對襲擊俄勒岡、華盛頓和加利福尼亞的野火。健康和安全仍然是我們的首要任務，因此我們在適當的時候關閉了設施和商店。對於那些受到疏散命令影響的隊友，我們提供了額外的福利和支持，NIKE 基金會捐贈了 100 萬美元，用於為俄勒岡州的野火提供救災工作，重點放在中期和長期需求上。

Moving to our business results this quarter. We continue to demonstrate NIKE's full competitive advantage. Over the past several months, we've established clear objectives for our business, and we have been relentless in our focus on these objectives and the results are reflecting that. Our revenue trend is improving, with Q1 flat to prior year on a constant currency basis. Greater China, EMEA, Japan and South Korea have already returned to growth. But more than the financial results, it's the continued strength of our brand, the response we're seeing from consumers and our unique position to be able to capitalize on our potential that excites me even more. We're getting stronger in the places that matter most. And even in the midst of disruption, we are on the offense. We have continued our unmatched pace of launching innovative product, generating a continuous flow of brand moments that connect with consumers and open groundbreaking retail concepts as we unlock significant long-term opportunity in a very dynamic environment.

轉到本季度的業務結果。我們繼續展示 NIKE 的全部競爭優勢。在過去的幾個月裡，我們為我們的業務制定了明確的目標，我們一直不懈地關注這些目標，結果也反映了這一點。我們的收入趨勢正在改善，第一季度按固定匯率計算與上年持平。大中華區、歐洲、中東和非洲、日本和韓國已經恢復增長。但除了財務業績之外，更讓我興奮的是我們品牌的持續實力、我們從消費者那裡看到的反應以及我們能夠利用我們的潛力的獨特地位。我們在最重要的地方變得更強大。即使在混亂中，我們也在進攻。我們繼續以無與倫比的速度推出創新產品，不斷創造與消費者聯繫的品牌時刻，並在我們在充滿活力的環境中釋放重要的長期機會的同時，開啟突破性的零售概念。

We can navigate, in fact, we can thrive in this environment, thanks to our digital advantage and the full breadth of our global portfolio. Building on our foundational strengths, there are 3 structural tailwinds that play to NIKE's advantage: the accelerated consumer shift toward digital is here to stay; the definition of sport to include all facets of health, wellness and fitness; and it's the deeply connected authentic brands with scale that will win. NIKE's strength amid these evolving conditions help keep us in the lead. These advantages allow us to stay aggressive, and it's why I believe that no company is better positioned to emerge from this period than NIKE.

我們可以導航，事實上，我們可以在這種環境中蓬勃發展，這要歸功於我們的數字優勢和我們全面的全球產品組合。基於我們的基礎優勢，有 3 個結構性的順風因素發揮了 NIKE 的優勢：消費者向數字化的加速轉變將持續下去；體育的定義包括健康、健康和健身的所有方面；並且具有規模的深度連接的真實品牌將獲勝。 NIKE 在這些不斷變化的條件下的實力幫助我們保持領先地位。這些優勢使我們能夠保持積極進取，這就是為什麼我相信沒有哪家公司比耐克更能從這一時期脫穎而出。

Over the past quarter, we continue to prove this out across 4 key areas. As always, it starts with product innovation. As I mentioned, our innovation pipeline and cadence has not slowed even during this uncertain environment. Second, our brand continues to deeply connect. Through the power of sport, we are creating hope and inspiration at a time when the world needs it. Third, we continue to take greater advantage of our vast digital opportunity as the shift in consumer shopping preferences accelerates. And fourth, this digital focus is guiding how we create the future of retail as we continue to launch seamless premium brick-and-mortar experiences. Let me briefly touch on each of these 4 themes.

在過去的一個季度中，我們繼續在 4 個關鍵領域證明這一點。一如既往，它始於產品創新。正如我所提到的，即使在這種不確定的環境中，我們的創新渠道和節奏也沒有放緩。其次，我們的品牌繼續深入聯繫。通過體育的力量，我們正在世界需要的時候創造希望和靈感。第三，隨著消費者購物偏好的轉變加速，我們將繼續更好地利用我們巨大的數字機會。第四，隨著我們繼續推出無縫的優質實體體驗，這種數字重點正在指導我們如何創造零售業的未來。讓我簡要談談這 4 個主題中的每一個。

Our belief in innovation is embedded in everything we do. New innovation continues to resonate with our consumers, with key innovation platforms becoming an even bigger part of our mix in Q1. We had many product highlights this quarter. Let's just take a look at a few. We continue to bring fresh points of view to our most beloved footwear, Air Force 1, Air Jordan 1 and our deep lineup of Air Max. By continuously adding new styles, we expand these popular platforms. And we're also focused on fueling a constant cycle of new, scalable, distinct platforms. For instance, we reenergized the iconic Air Max 90 this year, and it was one of the quarter's top growth drivers.

我們對創新的信念植根於我們所做的一切。新的創新繼續與我們的消費者產生共鳴，關鍵的創新平台在第一季度成為我們組合中更大的一部分。本季度我們有許多產品亮點。讓我們來看看幾個。我們繼續為我們最受歡迎的鞋類 Air Force 1、Air Jordan 1 和我們豐富的 Air Max 系列帶來新鮮的觀點。通過不斷添加新樣式，我們擴展了這些流行的平台。我們還專注於推動新的、可擴展的、獨特的平台的持續循環。例如，我們今年為標誌性的 Air Max 90 重新註入活力，它是本季度增長最快的驅動力之一。

We also pushed what's possible in sport as seen in the latest launch of our NIKE NEXT% footwear platform. Eliud Kipchoge broke the 2-hour barrier in a prototype of the Air Zoom Alphafly NEXT%. And now that consumers have access to this innovation, we have heard from many that they're running their fastest times ever. This summer, we also released a training shoe, the Air Zoom Tempo NEXT%, bringing the measurable benefit of NEXT% to runners focused on pace and endurance. And we're continuing to execute on the incredible opportunity we see in women's apparel. In Q1, we launched Nike (M), NIKE's first dedicated maternity collection.

正如我們最近推出的 NIKE NEXT% 鞋類平台所示，我們還推動了運動的可能性。 Eliud Kipchoge 在 Air Zoom Alphafly NEXT% 的原型中打破了 2 小時的障礙。現在，消費者可以使用這項創新，我們從許多人那裡聽說他們正在以有史以來最快的速度運行。今年夏天，我們還發布了一款訓練鞋 Air Zoom Tempo NEXT%，為註重配速和耐力的跑者帶來 NEXT% 的可衡量優勢。我們將繼續抓住我們在女裝中看到的難以置信的機會。第一季度，我們推出了 Nike (M)，這是 NIKE 的首個孕婦專用系列。

We also introduced a new NIKE yoga collection that serves all genders and body types with performance fabric innovation that's the result of more than 2 years of development. The response to this best-in-class yoga collection has been amazing and is already driving incredible growth for our women's yoga business. And last but not least, our sustainable footwear platform known as Space Hippie saw amazing sell-through in our highest heat innovation launch ever. Coupled with the popularity we saw for VaporMax 2020, we are seeing real consumer appetite for sustainability, especially with our youngest consumers. Sustainability will continue to be a key aspect of our innovation agenda going forward.

我們還推出了全新的 NIKE 瑜伽系列，該系列採用經過 2 年多開發的高性能面料創新，適用於所有性別和體型。對這一一流瑜伽系列的反響令人驚嘆，並且已經推動我們的女性瑜伽業務取得了令人難以置信的增長。最後但同樣重要的是，我們名為 Space Hippie 的可持續鞋類平台在我們有史以來最熱的創新發布中取得了驚人的銷量。加上我們看到的 VaporMax 2020 的受歡迎程度，我們看到了消費者對可持續發展的真正需求，尤其是我們最年輕的消費者。可持續性將繼續成為我們未來創新議程的一個關鍵方面。

This is how NIKE leads. Innovation is deeply ingrained in this company. And over the past 3 months, as most companies focused on just surviving, we are continuously bringing forward new compelling product to market. Our innovation pipeline demonstrates both our strength as well as our endurance. At NIKE, innovation is a systemic approach, and it's how we extend our lead.

這就是 NIKE 的領導方式。創新在這家公司根深蒂固。在過去的 3 個月裡，由於大多數公司只關註生存，我們不斷向市場推出新的引人注目的產品。我們的創新渠道展示了我們的實力和耐力。在 NIKE，創新是一種系統性方法，也是我們擴大領先優勢的方式。

Second, the power of the NIKE Brand continues to be felt all over the world. In all 12 of our key cities, NIKE remains consumers' #1 favorite brand. In challenging times, we know how to drive meaningful connections with our consumers. You can see this in our market share gains across the NIKE and Jordan brands. Most notably, during the pandemic, we've seen an acceleration of share gains in U.S. women's and apparel, 2 areas of strategic focus. And as always, we connect with consumers through the power of sport. We continue to see strong consumer engagement in the You Can't Stop Sport campaign, with over 2.6 billion impressions as we've reached more than 800 million unique consumers around the world. Our latest films celebrate sport as a source of inspiration. From Serena and Venus Williams in You Can't Stop Sisters to a sport -- a spot celebrating Kobe Bryant, who continues to inspire athletes all over the world, on and off the court. The consumer energy around this broader campaign is testimony to NIKE's brand appeal at a time when so much is going on in the world.

其次，NIKE 品牌的力量繼續在全世界傳播。在我們所有 12 個主要城市中，NIKE 仍然是消費者最喜愛的第一品牌。在充滿挑戰的時代，我們知道如何與消費者建立有意義的聯繫。您可以從耐克和喬丹品牌的市場份額增長中看到這一點。最值得注意的是，在大流行期間，我們看到美國女性和服裝這兩個戰略重點領域的份額增長加速。一如既往，我們通過體育的力量與消費者建立聯繫。我們繼續看到消費者對 You Can't Stop Sport 活動的強烈參與，我們已經覆蓋了全球 8 億多獨特消費者，展示次數超過 26 億次。我們最新的電影將體育作為靈感的源泉。從《你無法阻止姐妹》中的小威廉姆斯和維納斯威廉姆斯到一項運動——一個慶祝科比·布萊恩特的地方，科比·布萊恩特在球場內外繼續激勵著全世界的運動員。消費者圍繞這一更廣泛的活動所產生的活力證明了 NIKE 品牌在世界上發生如此多變化之際的吸引力。

And at the same time, we create experiences and services that inspire and enable our members to keep pushing themselves further. In Q1, we saw an all-time high of the percentage of our members working out on the Nike Training Club app, with more than 50% of our members worldwide starting a workout in Q1. And in the Nike Running Club, we've seen 4 consecutive months of more than 1 million downloads each month of our audio-guided runs. For those that have missed the camaraderie group runs during the pandemic, runners are telling us they're enjoying the connection and extra push offered by this feature. And in Q1, for the first time ever, women completed more of these runs than men.

與此同時，我們創造的體驗和服務能夠激發並幫助我們的會員不斷推動自己的進步。在第一季度，我們看到使用 Nike Training Club 應用程序鍛煉的會員比例創歷史新高，全球超過 50% 的會員在第一季度開始鍛煉。在 Nike Running Club，我們已經連續 4 個月看到我們的音頻指導跑步每月下載量超過 100 萬次。對於那些在大流行期間錯過了友情團體跑步的人，跑步者告訴我們他們很享受這個功能提供的聯繫和額外的推動力。在第一季度，女性完成的跑步次數首次超過男性。

We're also connecting to our purpose and values as our brand continues to be culturally embedded throughout the world of sport and beyond. Our athletes are doing the same. Just this month, you saw Naomi Osaka give voice to the Black Lives Matter movement by setting out the finals of the tournament just prior to the U.S. Open before returning to the U.S. Open and winning it. With leadership from global sports icons like Naomi and NBA players like LeBron and Giannis as well as the thousands of others who have stood up and spoken out, our athletes are having a profound impact in our society. All in all, from the cultural resonance of our brand to our expansion of what sport can mean, Q1 was a quarter that showed our relentless focus on deepening connections with our consumers matters.

隨著我們的品牌繼續融入體育世界及其他領域的文化，我們也與我們的宗旨和價值觀聯繫在一起。我們的運動員也在做同樣的事情。就在這個月，你看到大坂直美在美國公開賽之前安排了錦標賽決賽，然後回到美國公開賽並贏得了冠軍，從而為“黑人的命也是命”運動發聲。在 Naomi 等全球體育偶像、勒布朗和揚尼斯等 NBA 球員以及成千上萬站出來發聲的其他人的領導下，我們的運動員正在對我們的社會產生深遠的影響。總而言之，從我們品牌的文化共鳴到我們對運動意義的擴展，第一季度表明我們不懈地關注加深與消費者的聯繫。

Third, I continue to be excited about the opportunity I see for NIKE in digital. We know that digital is the new normal. The consumer today is digitally grounded and simply will not revert back. Our NIKE Digital business is already meeting our mixed goal of 30%, nearly 3 years ahead of schedule, and we will continue to grow from here. This quarter, our owned digital channel grew 83% on a currency-neutral basis, driving almost $900 million of incremental revenue versus the prior year and an acceleration versus the prior quarter, even as our doors at retail reopened.

第三，我仍然對 NIKE 在數字領域看到的機會感到興奮。我們知道數字是新常態。今天的消費者是數字化的，根本不會回頭。我們的 NIKE Digital 業務已經實現了 30% 的混合目標，比計劃提前了將近 3 年，我們將在此基礎上繼續發展。本季度，我們自有數字渠道在貨幣中性基礎上增長了 83%，與上一年相比增加了近 9 億美元的收入，並且與上一季度相比有所加速，即使我們的零售店重新開張。

Our engagement and membership metrics show incredible momentum. For example, we're seeing almost 200% growth in demand for our NIKE commerce app, with triple-digit growth in monthly active users. This is significant for us as it speaks to the increasing consumer adoption of our apps. And while we've had tremendous success in digital and quickly pivoted to the accelerated consumer shift, I truly believe that NIKE is just scratching the surface of what's possible. With our breadth and depth, no one has the advantage in this space that NIKE has to directly connect with consumers. NIKE's digital transformation strategy is not easily replicated. Simply put, scale matters. And NIKE leads, and we will continue to lead in this space for all the reasons I've already mentioned. Our size, our incredible product, our brand strength and affinity, the direct consumer relationships we deepen each day and our ability to create seamless and differentiated shopping experiences, that is how we drive continued separation.

我們的參與度和會員指標顯示出令人難以置信的勢頭。例如，我們看到對 NIKE 商務應用程序的需求增長了近 200%，月活躍用戶增長了三位數。這對我們來說意義重大，因為它表明越來越多的消費者採用我們的應用程序。雖然我們在數字化領域取得了巨大成功，並迅速轉向加速消費者轉變，但我堅信 NIKE 只是觸及了可能性的表面。憑藉我們的廣度和深度，在耐克必須直接與消費者建立聯繫的這一領域，沒有人擁有優勢。 NIKE 的數字化轉型戰略並不容易複製。簡而言之，規模很重要。由於我已經提到的所有原因，NIKE 處於領先地位，我們將繼續在這個領域處於領先地位。我們的規模、我們令人難以置信的產品、我們的品牌實力和親和力、我們每天加深的直接消費者關係以及我們創造無縫和差異化購物體驗的能力，這就是我們推動持續分離的方式。

Now we know this is a multiyear journey, and we have a bright future and lots of opportunity, but in many ways, we're just getting started. To date, we've done some impressive things to achieve scale, highlighted by our app ecosystem, our RFID investment and our omnichannel distribution centers. And as part of the consumer direct acceleration, we have some clear immediate priorities, including scaling O2O, improving personalization and creating a consistent end-to-end technology platform. And of course, we remain focused on increasing member engagement to unlock value for both NIKE and our consumers. After all, we know a consumer who connects with us on 2 or more platforms has a lifetime value that's 4x higher than those who don't. And in particular, I'm focused on how we will leverage consumer data and insights in our digital ecosystem to understand and serve consumers better and ultimately increase our competitive advantage. We'll use data to stay a step ahead and help us create a better product as consumer insights power our business end-to-end towards even greater growth.

現在我們知道這是一個多年的旅程，我們擁有光明的未來和很多機會，但在很多方面，我們才剛剛開始。迄今為止，我們已經做了一些令人印象深刻的事情來實現規模化，突出體現在我們的應用程序生態系統、我們的 RFID 投資和我們的全渠道配送中心。作為消費者直接加速的一部分，我們有一些明確的當務之急，包括擴展 O2O、改進個性化和創建一致的端到端技術平台。當然，我們仍然專注於提高會員參與度，為 NIKE 和我們的消費者釋放價值。畢竟，我們知道在 2 個或更多平台上與我們建立聯繫的消費者的生命週期價值比不這樣做的消費者高 4 倍。特別是，我專注於我們將如何利用數字生態系統中的消費者數據和洞察力來更好地了解和服務消費者，並最終提高我們的競爭優勢。我們將使用數據保持領先地位，並幫助我們創造更好的產品，因為消費者洞察力推動我們的端到端業務實現更大的增長。

Fourth and finally, digital is fueling how we create the future of retail. This is the first quarter since the start of the pandemic where our retail was essentially opened. And as more consumers return to our stores, we saw impressive conversion in-store, even as our digital business accelerated even further. Our store traffic and sales are improving quarter-over-quarter, and we're also seeing consumers increasingly self-identify as a member during checkout, or as we call it, a linked transaction, which is leading to even more engagement on our apps and an elevated O2O journey. This is our vision for the marketplace, a digitally connected experience where membership is a true differentiator.

第四，也是最後一點，數字技術正在推動我們創造零售業的未來。這是自大流行開始以來的第一個季度，我們的零售業基本上是開放的。隨著越來越多的消費者回到我們的商店，我們看到了令人印象深刻的店內轉化，即使我們的數字業務進一步加速。我們的商店客流量和銷售額環比增長，我們還看到消費者越來越多地在結賬時將自己視為會員，或者我們稱之為關聯交易，這導致我們的應用程序參與度更高以及提升的 O2O 旅程。這是我們對市場的願景，一種數字連接的體驗，其中會員資格是真正的差異化因素。

And just as our continuous product pipeline, we continue to innovate in the retail space. We're accelerating the shift we discussed last quarter to One NIKE marketplace as part of our digital, CDA acceleration. As you recall, our One NIKE marketplace approach leads with NIKE Digital and our own stores as well as a smaller number of strategic partners who share our vision to provide a consistent and seamless consumer experience. In fact, during the quarter, we took focused actions to proactively shift the North America marketplace as part of our strategy to serve consumers more consistently and more personally. Simply put, we're on the offense and accelerating toward this future vision. And this is evidenced by our new and innovative retail concepts, amplified by an elevated O2O consumer journey. Just in Q1, we launched new stores in Guangzhou, China; Seoul; Los Angeles; and Paris; with 2 new doors in New York City coming in the next few weeks. These stores range across many different formats, from our House of Innovation concept in Paris to a new Nike Factory Store in the Watts neighborhood of LA as we deepen our connection in key cities. And all these concepts are underpinned by digital.

正如我們持續的產品線一樣，我們在零售領域不斷創新。作為我們數字 CDA 加速的一部分，我們正在加速我們上個季度討論的向 One NIKE 市場的轉變。正如您所記得的，我們的 One NIKE marketplace 方法以 NIKE Digital 和我們自己的商店以及少數戰略合作夥伴為主導，他們與我們有著共同的願景，即提供一致和無縫的消費者體驗。事實上，在本季度，我們採取了重點行動來主動轉移北美市場，作為我們為消費者提供更一致和更個性化服務的戰略的一部分。簡而言之，我們正在進攻並加速實現這一未來願景。我們全新的創新零售概念證明了這一點，並通過提升​​的 O2O 消費者旅程得到了放大。就在第一季度，我們在中國廣州開設了新店；漢城;洛杉磯;和巴黎；未來幾週將在紐約市開設 2 家新店。隨著我們加深與主要城市的聯繫，這些商店涵蓋許多不同的形式，從我們在巴黎的創新之家概念到洛杉磯瓦茨社區的新耐克工廠店。所有這些概念都以數字為基礎。

I'll go a little deeper in one just as an example. Our new store in Guangzhou is a data-powered store concept that curates a one-to-one personalized shopping journey. We're already seeing member checkout in our Guangzhou store significantly outpace the rest of the fleet. This is just one reflection of how digitally enabled our future of retail is and how membership is a critical differentiator.

作為一個例子，我會更深入一點。我們在廣州的新店是一個數據驅動的商店概念，策劃一對一的個性化購物之旅。我們已經看到廣州門店的會員結賬率明顯超過其他門店。這只是我們未來零售業的數字化程度以及會員資格如何成為關鍵差異化因素的一種反映。

Personally, one of the things I am most thrilled about is the return to organized sport. In fact, there was a day earlier this month when you could watch the NBA, NFL, Major League Baseball, WNBA, NHL, tennis, U.S. Open, a golf tournament and about 6 different global football leagues, all taking place within the same 24 hours. Though health and safety remain paramount, you can just feel the optimism and excitement of sport coming back. And as we look to the Tokyo Olympics next summer, NIKE remains in a unique position to serve our consumers and fuel their passion for sport.

就個人而言，讓我最興奮的事情之一就是重返有組織的運動。事實上，本月早些時候的一天，你可以觀看 NBA、NFL、美國職業棒球大聯盟、WNBA、NHL、網球、美國公開賽、高爾夫錦標賽和大約 6 個不同的全球足球聯賽，所有這些都在同一個 24 小時內舉行小時。儘管健康和安全仍然是最重要的，但您可以感受到運動回歸的樂觀和興奮。當我們展望明年夏天的東京奧運會時，NIKE 仍然處於獨特的地位，可以為我們的消費者提供服務並激發他們對運動的熱情。

And so as you can see, even during market uncertainty, we're not slowing down. NIKE is staying on the offense and looking to extend our leadership position. We have that ability. And as I've said before, these are times when the strong can get stronger, and I'm energized by our incredible potential.

正如你所看到的，即使在市場不確定的情況下，我們也沒有放慢腳步。 NIKE 將繼續進攻並尋求擴大我們的領導地位。我們有那個能力。正如我之前所說，現在是強者可以變得更強大的時代，我為我們不可思議的潛力所鼓舞。

And in closing, I want to thank our teammates all over the world who continue to innovate, execute and show tremendous resilience throughout a challenging year. I could not be more proud of them, and we can't wait to show you what we're going to do next. With that, I'll now turn the call over to Matt.

最後，我要感謝我們在世界各地的隊友，他們在充滿挑戰的一年中繼續創新、執行並表現出巨大的韌性。我為他們感到無比自豪，我們迫不及待地想向您展示我們下一步要做什麼。有了這個，我現在將電話轉給馬特。

Thank you, John, and hello to everyone on the call. NIKE entered the pandemic with unparalleled brand and business momentum. And while we continue to navigate through uncertain dynamics, sport has returned. Interest and activity in health, fitness and wellness has never been greater. Consumer connection and engagement with our brand is growing, and NIKE is transforming the way we operate to better serve all consumers. Looking forward, we believe that NIKE is stronger and now even better positioned to drive separation than prior to the pandemic.

謝謝你，約翰，向通話中的每個人問好。 NIKE 以無與倫比的品牌和業務勢頭進入大流行。當我們繼續在不確定的動態中前行時，運動又回來了。對健康、健身和健康的興趣和活動從未如此強烈。消費者與我們品牌的聯繫和參與正在增加，耐克正在改變我們的運營方式，以更好地為所有消費者服務。展望未來，我們相信 NIKE 比大流行之前更強大，現在甚至更有能力推動分離。

As I reflect on the first quarter, there are 3 key strategic and financial themes that stand out: first, NIKE is recovering faster, fueled by brand momentum and our relentless focus on execution; second, we are accelerating investments in capabilities and services that will create value for the consumer, while simultaneously accelerating productivity; and third, our consumer-led digital transformation is clearly a catalyst for long-term revenue and earnings growth. Let me take a few minutes to walk through each of these points.

回顧第一季度，有 3 個突出的關鍵戰略和財務主題：首先，在品牌勢頭和我們對執行的不懈關注的推動下，NIKE 恢復得更快；其次，我們正在加快對能為消費者創造價值的能力和服務的投資，同時提高生產力；第三，我們以消費者為主導的數字化轉型顯然是長期收入和盈利增長的催化劑。讓我花幾分鐘時間逐一介紹這些要點。

First, as discussed on previous earnings calls, we implemented an enterprise-wide operational plan at the onset of the pandemic. Our teams have navigated with agility and focus to recalibrate supply and demand, to increase digital distribution capacity, to secure liquidity and to tightly manage costs, all while ensuring the health and safety of our employees and consumers. As a result, NIKE, Inc.'s first quarter reported revenue declined 1% versus prior year and was flat on a constant currency basis, and reported EBIT grew 13% versus prior year, all a sharp acceleration from last quarter and exceeding our internal plans.

首先，正如在之前的財報電話會議上所討論的那樣，我們在大流行開始時實施了一項全企業範圍的運營計劃。我們的團隊敏捷並專注於重新調整供需，增加數字分銷能力，確保流動性並嚴格管理成本，同時確保我們員工和消費者的健康和安全。因此，NIKE, Inc. 第一季度報告的收入較上年同期下降 1%，按固定匯率計算持平，而報告的息稅前利潤較上年同期增長 13%，與上一季度相比大幅增長，超過了我們的內部數據計劃。

There are a few elements that are important for me to highlight here. Despite ongoing uncertainty, more countries are emerging from containment and have returned to growth: China, Japan, South Korea, the U.K., France and Germany, just to name a few. Marketplace inventory is healthy and within our targeted guardrails. NIKE inventory levels have improved since May, with Q1 inventory growing 15% versus prior year as compared to 31% growth in Q4, and is on track to be normalized in the next 60 days. We are reducing excess inventory at lower promotional levels relative to the overall marketplace, highlighting the strength of our brand and the value of our key product franchises. And we ended Q1 in a net cash position, generating positive free cash flow and increasing our liquidity to over $13 billion.

有一些對我來說很重要的元素要在這裡強調。儘管存在持續的不確定性，但更多國家正在擺脫遏制並恢復增長：中國、日本、韓國、英國、法國和德國，僅舉幾例。市場庫存狀況良好，在我們的目標範圍內。 NIKE 庫存水平自 5 月以來有所改善，第一季度庫存較上年同期增長 15%，而第四季度增長 31%，並有望在未來 60 天內恢復正常。我們正在以相對於整個市場較低的促銷水平減少過剩庫存，突出我們品牌的實力和我們主要產品特許經營權的價值。我們以淨現金頭寸結束了第一季度，產生了正的自由現金流並將我們的流動性增加到超過 130 億美元。

These financial results offer clear evidence of a faster marketplace recovery for NIKE, fueled by consumer demand for all our brands. Our momentum is building. And more importantly, our market share is accelerating around the world. We now expect reported revenue to be roughly flat versus prior year in the first half of fiscal '21.

這些財務業績清楚地表明，在消費者對我們所有品牌的需求推動下，NIKE 的市場復甦更快。我們的勢頭正在增強。更重要的是，我們在全球的市場份額正在加速增長。我們現在預計 21 財年上半年報告的收入與上一年大致持平。

This leads me to the second theme, we are accelerating investments in capabilities and services that will create value for the consumer while simultaneously accelerating productivity. As you have seen over the last 2 quarters, our priorities are clear: we will continue to both accelerate investment against our digital transformation and prudently manage other spending. At the same time, we are focused on amplifying our brand impact.

這引出了我的第二個主題，我們正在加速對能力和服務的投資，這些能力和服務將為消費者創造價值，同時提高生產力。正如您在過去兩個季度所看到的那樣，我們的優先事項很明確：我們將繼續加快對數字化轉型的投資，並審慎管理其他支出。與此同時，我們專注於擴大我們的品牌影響力。

Over the past 2 quarters, as we have seen demand for our digital business rapidly accelerate, we've invested to further increase digital fulfillment capacity and inventory visibility. Our new regional service center near Los Angeles went live this month and uses predictive modeling to anticipate consumer demand and ensure the product our consumers want is available and will arrive within 1 to 2 days. We will achieve this level of service at a lower fulfillment cost over time. We scaled ship-from-store capabilities in North America's NIKE Brand inline stores, which now represents over 20% of revenue in enabled doors. These capabilities will be enhanced by our RFID investments, highlighting dramatic improvement we are making in our O2O service performance.

在過去的兩個季度中，由於我們看到對數字業務的需求迅速增加，我們進行了投資以進一步提高數字履行能力和庫存可見性。我們在洛杉磯附近的新區域服務中心於本月上線，並使用預測模型來預測消費者需求，並確保我們的消費者想要的產品可用，並會在 1 到 2 天內送達。隨著時間的推移，我們將以更低的履行成本實現這種服務水平。我們擴大了北美 NIKE 品牌線下商店的店內發貨能力，該功能現在佔啟用門的收入的 20% 以上。這些能力將通過我們的 RFID 投資得到增強，突顯出我們在 O2O 服務績效方面取得的巨大進步。

We are scaling robotics and automation in our logistics operations, accelerating digital throughput and cutting order cycle times by up to 50%. Especially during times of heightened safety measures due to COVID-19, this allows our teams to serve higher levels of digital demand with greater efficiency and precision. We've already deployed this automation in North America, Japan and EMEA, and we'll continue to scale these critical improvements further as delivery becomes increasingly important in consumer buying decisions.

我們正在物流運營中擴展機器人技術和自動化，加快數字吞吐量並將訂單週期縮短多達 50%。特別是在因 COVID-19 加強安全措施期間，這使我們的團隊能夠以更高的效率和精度滿足更高水平的數字需求。我們已經在北美、日本和 EMEA 部署了這種自動化，隨著交付在消費者購買決策中變得越來越重要，我們將繼續進一步擴展這些關鍵改進。

And while we double down on the strategic capability required to fuel our digital acceleration, we are simultaneously driving a sharper prioritization and sequencing of our investments. For example, we drove significant leverage in our demand creation spending versus prior year in the last 2 quarters, creating fewer but significantly more impactful brand campaigns. We were also able to increase the return on performance marketing investment, driving accelerated digital demand and greater digital engagement. The NIKE and Jordan brands are stronger than ever, delivering historic records of engagement through nearly 5 billion social media impressions just this quarter.

在我們加倍加強數字化加速所需的戰略能力的同時，我們也在推動更明確的投資優先級排序和排序。例如，在過去兩個季度中，與上一年相比，我們在需求創造支出方面發揮了顯著的槓桿作用，創造了更少但影響力更大的品牌活動。我們還能夠提高績效營銷投資的回報，推動加速的數字需求和更大的數字參與。 NIKE 和 Jordan 品牌比以往任何時候都更強大，僅本季度就通過近 50 億次社交媒體印象創造了歷史記錄。

Another example is how our organizational restructuring will simplify the way we work, eliminate duplication and redundancy and realign our resources to focus on our biggest growth opportunities. While we will incur a nonrecurring charge to effect this plan in fiscal '21, this restructuring will also create a similar level of recurring annual cost savings that will help fuel the acceleration of our digital transformation. In this moment, the pandemic has allowed us to accelerate where and how we will invest. Ultimately, we will drive deeper consumer connections and continue to amplify our brand strength, using technology to operate more efficiently and at greater scale.

另一個例子是我們的組織重組將如何簡化我們的工作方式，消除重複和冗餘，並重新調整我們的資源以專注於我們最大的增長機會。雖然我們將在 21 財年產生一項非經常性費用以實施該計劃，但這種重組還將創造類似水平的經常性年度成本節約，這將有助於加速我們的數字化轉型。此刻，大流行病使我們能夠加快投資地點和方式。最終，我們將推動更深層次的消費者聯繫，並繼續擴大我們的品牌實力，利用技術更高效、更大規模地運營。

This brings me to my final theme. Our consumer-led digital transformation is clearly a catalyst for long-term revenue and earnings growth. Our digital business grew 83% in Q1 on a currency-neutral basis. And as John mentioned, digital, across owned and partner, now represents over 30% of our total business, up more than 10 points of share versus the prior year. But more importantly, we saw tremendous momentum in the measures of success that matter most to create scale and drive long-term profitability. These include member engagement and owned digital market share. In Q1, NIKE active members increased nearly 60%, with even higher growth in buying members. We also drove strong double-digit growth in contactable members. We saw owned digital market share gains across both the U.S. and key countries in EMEA, which gives us confidence in our ability to sustain and to grow our digital penetration even as physical retail traffic continues to recover.

這讓我想到了我的最後一個主題。我們以消費者為主導的數字化轉型顯然是長期收入和盈利增長的催化劑。在貨幣中性的基礎上，我們的數字業務在第一季度增長了 83%。正如 John 所提到的，數字業務、自有業務和合作夥伴業務現在占我們總業務的 30% 以上，比上一年增長了 10 個百分點以上。但更重要的是，我們看到了對創造規模和推動長期盈利能力最重要的成功衡量標準的巨大勢頭。其中包括會員參與度和擁有的數字市場份額。第一季度，NIKE活躍會員增長近60%，購買會員增長更高。我們還推動了可聯繫成員的強勁兩位數增長。我們看到美國和歐洲、中東和非洲主要國家/地區的自有數字市場份額有所增加，這使我們對維持和增加數字滲透的能力充滿信心，即使實體零售流量繼續恢復。

What's even more important though is that we can see several strategic and financial benefits from accelerating our digital transformation. First, by leveraging data to enhance membership, personalization and consumer-oriented O2O services across the marketplace, we can drive greater inventory efficiency and unlock accelerated growth in key opportunities like women's and apparel. Second, in a normalized period, we earned roughly 10 points higher gross margin rate on our digital revenue versus wholesale. And while we will need to continue investments to expand digital fulfillment capacity, we can improve operational efficiency through predictive modeling tools, data-driven member personalization and inventory staging. And finally, we will manage digital transformation within our SG&A guardrails.

但更重要的是，我們可以看到加速數字化轉型帶來的多項戰略和財務收益。首先，通過利用數據增強整個市場的會員資格、個性化和以消費者為導向的 O2O 服務，我們可以提高庫存效率並釋放女性和服裝等關鍵機會的加速增長。其次，在正常化時期，我們的數字收入毛利率比批發收入高大約 10 個百分點。雖然我們需要繼續投資以擴大數字履行能力，但我們可以通過預測建模工具、數據驅動的會員個性化和庫存分級來提高運營效率。最後，我們將在我們的 SG&A 護欄內管理數字化轉型。

As we accelerate the pace of investment, a technology foundation will enable us to unlock operating efficiency through automation and increased productivity across the organization. Further, as we grow digital engagement and we retain a higher proportion of engaged members with increased buying frequency, we will be lowering customer acquisition costs, increasing our return on ad spend and changing the shape of our demand creation investment. As John said earlier, we know that digital is the new normal. And as we drive continued separation in the market through connected, seamless and modern consumer experiences, we will fuel growth and profitability.

隨著我們加快投資步伐，技術基礎將使我們能夠通過自動化和提高整個組織的生產力來提高運營效率。此外，隨著我們提高數字參與度，並且隨著購買頻率的增加，我們保留了更高比例的參與成員，我們將降低客戶獲取成本，增加我們的廣告支出回報並改變我們需求創造投資的形式。正如約翰之前所說，我們知道數字化是新常態。隨著我們通過互聯、無縫和現代的消費者體驗推動市場的持續分離，我們將推動增長和盈利。

Now let's turn to the details of our first quarter financial results and operating segment performance. NIKE, Inc. Q revenue declined 1% and was flat on a currency-neutral basis, as NIKE Direct grew 13%, led by strong digital growth, offset by declines in our wholesale business. Gross margin decreased 90 basis points in Q1 versus the prior year as a result of impacts from COVID-19, including higher promotions to reduce excess inventory across the marketplace and higher supply chain costs. These factors were offset slightly by favorable full price product margins and the reversal of certain reserves associated with purchase order cancellations due to higher-than-anticipated consumer demand.

現在讓我們來看看我們第一季度財務業績和運營部門業績的細節。 NIKE, Inc. Q 收入下降 1%，在貨幣中性基礎上持平，因為 NIKE Direct 增長了 13%，這得益於強勁的數字增長，被我們批發業務的下滑所抵消。由於 COVID-19 的影響，包括為減少整個市場的過剩庫存而進行的更多促銷活動以及更高的供應鏈成本，第一季度的毛利率比上一年下降了 90 個基點。這些因素被有利的全價產品利潤率和因高於預期的消費者需求而取消採購訂單相關的某些儲備金的逆轉所抵消。

SG&A declined 11% in Q1. We tightly managed operating expenses, including lower and more effective marketing spend as live sporting events slowly started to resume, while investing to support accelerating digital growth and transformation. Our effective tax rate for the quarter was 11.5% compared to 12.4% for the same period last year, primarily due to benefits from stock-based compensation, offset by a reserve for a discrete tax matter. First quarter diluted earnings per share was $0.95, up 10% versus prior year.

SG&A 在第一季度下降了 11%。我們嚴格管理運營支出，包括隨著現場體育賽事慢慢開始恢復而降低和提高營銷支出，同時進行投資以支持加速數字增長和轉型。我們本季度的實際稅率為 11.5%，而去年同期為 12.4%，這主要是由於股票薪酬帶來的好處，被離散稅務事項的準備金所抵消。第一季度攤薄後每股收益為 0.95 美元，較上年同期增長 10%。

With that, let's turn to our reported operating segments. Despite varied recovery curves and macroeconomic dynamics, our geographies have some key themes in common in Q1: first, strong digital growth and increasing member engagement; second, women's outperformance versus men's and a growing Jordan brand; and third, lower physical traffic in our NIKE-owned stores versus last year, although substantially improved versus the prior quarter. Traffic trends were partially offset by higher conversion rates and higher spend per transaction.

有了這個，讓我們轉向我們報告的運營部門。儘管復甦曲線和宏觀經濟動態各不相同，但我們的地區在第一季度有一些共同的關鍵主題：首先，強勁的數字增長和增加的會員參與度；其次，女性的表現優於男性，以及不斷壯大的喬丹品牌；第三，儘管與上一季度相比有了顯著改善，但我們 NIKE 旗下商店的實體客流量與去年相比有所下降。更高的轉化率和更高的每筆交易支出部分抵消了流量趨勢。

In North America, specifically, Q1 revenue declined 1% on a currency-neutral basis, and EBIT increased 18% on a reported basis. Digital was up nearly 100%, driven by triple-digit growth in full price sales and fueled by strong momentum in iconic styles like the Air Force 1 and Air Jordan 1, along with women's apparel, which grew nearly 200% in the quarter. Demand on the Nike App grew 150% in Q1, highlighting the continued shift to mobile experiences.

具體而言，在北美，第一季度收入在貨幣中性基礎上下降了 1%，而息稅前利潤在報告基礎上增長了 18%。數字業務增長近 100%，受全價銷售額三位數增長的推動，以及 Air Force 1 和 Air Jordan 1 等標誌性款式的強勁勢頭，以及本季度增長近 200% 的女裝。第一季度對 Nike App 的需求增長了 150%，凸顯了向移動體驗的持續轉變。

Finally, as we cut purchase orders to recalibrate supply and demand in North America during the first half of fiscal '21, we shifted product allocations to fuel higher demand in NIKE Digital and our smaller group of strategic wholesale partners. The result was high single-digit growth in differentiated wholesale, offset by a decline of over 20% in undifferentiated wholesale, all with a higher full price realization versus the prior year. This is a trend that we expect to continue throughout this fiscal year as we change the shape of the North America marketplace.

最後，當我們在 21 財年上半年削減採購訂單以重新調整北美的供需時，我們改變了產品分配以推動 NIKE Digital 和我們較小的戰略批發合作夥伴集團的更高需求。其結果是差異化批發的高個位數增長，被未差異化批發超過 20% 的下降所抵消，所有這些都與上一年相比實現了更高的全價實現。隨著我們改變北美市場的形態，我們預計這一趨勢將在本財年持續下去。

In EMEA, Q1 revenue grew 5% on a currency-neutral basis, and EBIT grew 14% on a reported basis. Recovery in Italy and Spain continues to lag recovery across the rest of Western Europe. NIKE Direct grew over 25% with over 100% digital growth, driven by lifestyle products as the consumer focus on comfort continues. Apparel in EMEA grew 11% on a currency-neutral basis led by the performance categories of running, training, basketball and global football, which featured our biggest club launch ever with Liverpool F.C. EMEA also continues to lead globally with our Express Lane offense, maximizing supply availability and actively managing inventory while capturing emerging trends. Express Lane drove revenue growth and generated higher full price realization in the quarter.

在歐洲、中東和非洲地區，第一季度收入在貨幣中性基礎上增長 5%，息稅前利潤在報告基礎上增長 14%。意大利和西班牙的複蘇繼續滯後於西歐其他國家的複蘇。 NIKE Direct 增長超過 25%，數字增長超過 100%，這得益於生活方式產品的推動，因為消費者繼續關注舒適度。歐洲、中東和非洲地區的服裝在貨幣中性的基礎上增長了 11%，其中以跑步、訓練、籃球和全球足球等性能類別為首，這是我們與利物浦足球俱樂部合作推出的最大俱樂部。 EMEA 還繼續通過我們的快速通道進攻在全球領先，最大限度地提高供應可用性並積極管理庫存，同時捕捉新興趨勢。 Express Lane 推動了收入增長，並在本季度實現了更高的全價實現。

With that, let's turn to Greater China, which continued its strong momentum with 8% growth on a currency-neutral basis, with Mainland China delivering double-digit growth. NIKE Direct grew over 20%, with more balanced channel growth as digital grew nearly 30% and NIKE-owned stores were up double digits, fueled by key consumer moments like 618, where NIKE was the #1 sports brand on Tmall. Nike Sportswear and Basketball drove double-digit growth in the quarter with strong sell-through of key innovation launches like the Alphafly NEXT%, Space Hippie and the AJ1 FlyEase. Retail sales in the China marketplace are accelerating with an increasing proportion of full price sales. Physical retail traffic continues to grow and is approaching prior year levels. And we are also well positioned for Singles' Day in November.

因此，讓我們轉向大中華區，在貨幣中性基礎上繼續保持強勁勢頭，增長 8%，中國大陸實現兩位數增長。 NIKE Direct 增長超過 20%，渠道增長更加均衡，數字增長近 30%，NIKE 自有門店增長兩位數，這得益於 618 等關鍵消費者時刻的推動，其中 NIKE 是天貓上排名第一的運動品牌。 Nike Sportswear 和 Basketball 憑藉 Alphafly NEXT%、Space Hippie 和 AJ1 FlyEase 等重要創新產品的強勁銷售量推動了本季度的兩位數增長。隨著全價銷售比例的增加，中國市場的零售銷售正在加速增長。實體零售流量繼續增長並接近去年的水平。我們也為 11 月的光棍節做好了準備。

Finally, in our APLA geography, Q1 revenue declined 12% on a currency-neutral basis, including digital growth that exceeded 90%. We continue to see varied impacts of COVID-19 across countries in the region, with growth in the Asia Pacific region being led by Japan, Pacific and South Korea, while recovery in Latin America and certain countries in Southeast Asia continues at a slower pace. Performance footwear resonated with consumers in APLA this quarter as we saw strong results from the Alphafly NEXT% and the Pegasus 37. Jordan has also continued to excite the consumer with locally relevant product like the AJ34 Rui Hachimura, which was Japan's best-selling basketball launch ever.

最後，在我們的 APLA 地區，第一季度收入在貨幣中性基礎上下降了 12%，其中數字增長超過 90%。我們繼續看到 COVID-19 對該地區各國的不同影響，亞太地區的增長由日本、太平洋地區和韓國引領，而拉丁美洲和東南亞某些國家/地區的複蘇步伐繼續放緩。本季度，由於我們看到了 Alphafly NEXT% 和 Pegasus 37 的強勁業績，高性能鞋在 APLA 的消費者中引起了共鳴。Jordan 還繼續通過當地相關產品激發消費者的興趣，例如 AJ34 Rui Hachimura，這是日本最暢銷的籃球產品曾經。

As I said last quarter, fiscal '21 will continue to be a time of uncertainty because virus-containment patterns around the world remain volatile. Therefore, each market recovery will not be linear, and the comparisons with prior year will become increasingly less intuitive. We are focused on what we can control: deepening our consumer connections while we manage risk and uncertainty in this environment. We are tightly buying inventory and are focused on ensuring the long-term health of all of our brands and our key product franchises.

正如我上個季度所說，21 財年將繼續是一個充滿不確定性的時期，因為世界各地的病毒遏制模式仍然不穩定。因此，每次市場復甦都不會是線性的，與前一年的比較將越來越不直觀。我們專注於我們可以控制的事情：在我們管理這種環境中的風險和不確定性的同時加深我們與消費者的聯繫。我們正在緊鑼密鼓地購買庫存，並專注於確保我們所有品牌和主要產品特許經營權的長期健康發展。

With the first quarter now complete, I will update our full year financial outlook. Despite the continued uncertainties, we now expect revenue to be up high single digits to low double digits versus prior year. Stronger-than-anticipated demand for our brands will be constrained in the near term due to the supply decisions we took in the face of the pandemic, with growth in the second half to be up significantly versus prior year. Our gross margin outlook will continue to be a function of prioritizing a return to normalized inventory levels by the end of Q2. In the second half, we expect to begin seeing sequential improvement in full price sales, but we do expect a continuation of higher markdown activity in our factory stores to sustain conversion rates on lower traffic.

隨著第一季度的結束，我將更新我們的全年財務展望。儘管存在持續的不確定性，但我們現在預計收入將比上年增長高個位數到低兩位數。由於我們在面對大流行病時做出的供應決定，短期內對我們品牌的強於預期的需求將受到限制，下半年的增長將比去年同期顯著提高。我們的毛利率前景將繼續取決於優先考慮到第二季度末恢復正常庫存水平。下半年，我們預計全價銷售將開始出現環比改善，但我們確實預計我們的工廠店將繼續進行更高的降價活動，以在客流量下降的情況下維持轉化率。

For the full year, we now expect gross margin to be flat versus prior year, including 40 basis points of foreign exchange headwinds. We now expect SG&A will be flat versus prior year, including approximately $200 million to $250 million of nonrecurring execution costs incurred in the first half associated with simplifying our organizational structure.

對於全年，我們現在預計毛利率與上年持平，包括 40 個基點的外匯逆風。我們現在預計 SG&A 將與上一年持平，包括上半年因簡化我們的組織結構而產生的約 2 億至 2.5 億美元的非經常性執行成本。

NIKE is poised to emerge from the current environment stronger and better positioned with a sharper focus, a clearer view of our brand's long-term future and with a team that is energized to compete and to win. At the same time, we are managing our business to deliver financial results that will set a strong foundation for growth and profitability in FY '22 and beyond. The future for NIKE is bright. I wouldn't trade our position with anyone.

NIKE 準備好從當前的環境中脫穎而出，更加強大，定位更清晰，重點更加突出，對我們品牌的長期未來有更清晰的認識，並擁有一支充滿活力的團隊來競爭和取勝。與此同時，我們正在管理我們的業務以實現財務業績，這將為 22 財年及以後的增長和盈利能力奠定堅實的基礎。 NIKE 的未來是光明的。我不會與任何人交換我們的立場。

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

有了這個，我們現在將打開問題的電話。

(Operator Instructions)

（操作員說明）

Our first question is from Bob Drbul with Guggenheim Securities.

我們的第一個問題來自古根海姆證券公司的 Bob Drbul。

I guess just the first question that I have really is on -- if you could maybe spend a little bit more time on the gross margin performance, and can you just give us the buckets in the various -- is there any quantification around the promotions, the supply chain, the full price selling? Just help us get our hands around the various drivers of the gross margin this quarter. And maybe, Matt, if you could, just a little bit more around -- you gave some commentary for the full year, but maybe just the drivers of that performance for the remainder of the year would be very helpful.

我想我真正要問的第一個問題是——如果你能多花一點時間在毛利率表現上，你能不能給我們各種不同的桶——促銷有任何量化嗎，供應鏈，全價賣？請幫助我們了解本季度毛利率的各種驅動因素。也許，馬特，如果可以的話，多說一點——你對全年發表了一些評論，但也許在今年餘下的時間裡，這種表現的驅動因素會非常有幫助。

Sure, Bob. So in the first quarter, our gross margin was down 90 basis points versus prior year. And obviously, that was a substantial improvement versus the results we had in the fourth quarter, really reflecting the strength of NIKE's market recovery. However, Q1 did benefit from about 55 basis points of onetime accrual reversals that we had incurred in Q4. The biggest of which related to factory PO cancellations, which we reinstated some supply due to the strong demand we were seeing in the quarter. So if you add that back, you get to a gross margin that's down roughly 145 basis points versus the prior year, and that's driven by markdown activity to work through and normalize our supply.

當然，鮑勃。因此，在第一季度，我們的毛利率與去年同期相比下降了 90 個基點。顯然，與我們第四季度的結果相比，這是一個實質性的改進，真正反映了耐克市場復甦的實力。然而，第一季度確實受益於我們在第四季度發生的約 55 個基點的一次性應計逆轉。其中最大的一個與工廠訂單取消有關，由於我們在本季度看到的強勁需求，我們恢復了一些供應。因此，如果你把它加回來，你的毛利率比上一年下降了大約 145 個基點，這是由降價活動推動的，以解決我們的供應並使我們的供應正常化。

As we look ahead to Q2, Bob, our margin will continue to be a function of supply and demand management because our top priority is to normalize inventory by the end of the second quarter. And we expect Q2 will probably be more promotional than what we saw in Q1 because of holiday, the seasonal consumer moments like 11/11 in China, and then this year, we got Cyber Monday in Q2, whereas last year, it slipped into Q3. And we also are seeing, despite our strong performance, a lot of inventory still in the marketplace. And so that's how we're looking at the first half of the year.

當我們展望第二季度時，鮑勃，我們的利潤率將繼續成為供需管理的一個功能，因為我們的首要任務是在第二季度末使庫存正常化。我們預計第二季度的促銷活動可能會比我們在第一季度看到的更多，因為假期，中國的 11/11 等季節性消費時刻，然後今年，我們在第二季度迎來了網絡星期一，而去年，它進入了第三季度.我們還看到，儘管我們表現強勁，但市場上仍有大量庫存。這就是我們對今年上半年的看法。

As we look to the second half, as I mentioned in my remarks, we're expecting sequential improvement with a higher mix of full price sales. And we'll start to see the benefits in our supply chain from exiting the extra storage that we needed for inventory in the first half. We also expect, though, that we're going to need to maintain an investment in discount in our factory stores because we're not anticipating traffic to recover to prior year levels in the balance of the year. And so we're assuming that there will continue to be some promotional activity in the second half of the year to maintain conversion rates and unit velocity as we keep -- as we continue to operate through the balance of the year. All in all, Bob, that just nets to about a flat versus prior year.

展望下半年，正如我在發言中提到的那樣，我們預計全價銷售組合將有所改善。我們將開始看到我們的供應鏈從退出上半年庫存所需的額外存儲中受益。不過，我們還預計，我們將需要在工廠店的折扣方面保持投資，因為我們預計客流量不會在今年餘下時間恢復到上一年的水平。因此，我們假設下半年將繼續開展一些促銷活動，以保持我們保持的轉化率和單位速度——因為我們將在今年餘下時間繼續運營。鮑勃，總而言之，這與去年相比持平。

Perfect. I guess just -- and just a follow-up quick question is have you guys considered, with the Cactus Jack, maybe some sort of collaboration with McDonald's in terms of like do the Happy Meal with the Cactus Jack and get a pair of shoes or anything like that. Is that in the pipeline at all?

完美的。我想只是 - 只是一個後續的快速問題是你們是否考慮過與仙人掌傑克，也許與麥當勞進行某種合作，比如與仙人掌傑克一起做快樂餐並買一雙鞋或諸如此類的事情。是否正在籌備中？

Bob, I can give a one-word answer to that question. No.

鮑勃，我可以用一個詞來回答這個問題。不。

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 Kimberly Greenberger。

I appreciated your comments, Matt, on the digital margins. Obviously, a very nice, I think you said 10-point higher gross margin than wholesale in your digital channel. I'm wondering if you can just cover some of the key unlocks that you visualize or that you envision happening over the next few years that will basically allow that digital operating margin to track higher over time. Is it an ever-lower customer acquisition cost? Is it more efficient fulfillment of orders or scale? Any of those -- any color on that would be helpful.

Matt，我感謝您對數字邊距的評論。顯然，非常好，我想你說的毛利率比數字渠道的批發高 10 個百分點。我想知道您是否可以只涵蓋您想像的或您設想在未來幾年內發生的一些關鍵解鎖，這些解鎖基本上將使數字運營利潤率隨著時間的推移而走高。是不是客戶獲取成本越來越低？是更有效地履行訂單還是擴大規模？其中任何一種——任何顏色都會有所幫助。

Sure, Kimberly. You almost answered the question for me there, hitting the points. But yes, so it starts with where John was in his prepared remarks. We obviously believe that scale for our digital business is going to drive significant financial benefits as we continue to grow the size of that business and leverage the capabilities that we continue to develop.

當然，金伯利。你幾乎在那里為我回答了問題，擊中要點。但是，是的，所以它從約翰在他準備好的發言中的位置開始。我們顯然相信，隨著我們繼續擴大該業務的規模並利用我們繼續開發的能力，我們數字業務的規模將帶來巨大的經濟利益。

I think there's probably 3 key drivers of operating margin improvement that we see from leveraging scale of our digital business. The first one just relates to leveraging data and the data that we continue to gather as a growing business to create personalized product offerings for consumers. And the benefit that, that will drive is higher full price realization and less markdowns of product that we're selling digitally to consumers.

我認為，我們從利用數字業務的規模中看到的營業利潤率提高可能有 3 個關鍵驅動因素。第一個只涉及利用數據和我們作為不斷增長的業務不斷收集的數據，為消費者創建個性化產品。這將帶來的好處是更高的全價實現和我們以數字方式向消費者銷售的產品的降價幅度更低。

The second piece is also kind of connected to data which is where do we place our inventory and how do we flow it so that we can be closer to the consumer and ultimately lower our fulfillment costs. And we believe that will continue to -- that will be a driver as well of continued gross margin expansion.

第二部分也與數據有關，即我們將庫存放在哪里以及我們如何流動它以便我們可以更接近消費者並最終降低我們的履行成本。我們相信這將繼續——這也將成為毛利率持續擴張的推動力。

And then the third piece kind of ties back to what I referenced on our performance marketing, investment and marketing. We have got to move deeper into the funnel, less new -- moving from attracting and acquiring new members to retaining members, knowing those members and driving more engagement and frequency of purchase within our existing member base. And we believe that by running that offense, we will see more productivity in our demand creation spend and a higher return on our demand creation spend. And by doing that, we should be able to also drive additional operating margin expansion.

然後第三部分與我在績效營銷、投資和營銷中提到的有關。我們必須更深入地進入漏斗，減少新成員——從吸引和獲取新成員轉變為留住成員，了解這些成員，並在我們現有的成員群中推動更多的參與和購買頻率。我們相信，通過實施這種進攻，我們將在需求創造支出中看到更高的生產力，並在我們的需求創造支出中獲得更高的回報。通過這樣做，我們還應該能夠推動額外的營業利潤率增長。

Next question is from Michael Binetti with Crédit Suisse.

下一個問題來自 Crédit Suisse 的 Michael Binetti。

Nice job in the quarter in a very tough backdrop. I guess looking at the North America and maybe EMEA EBIT dollar growth significantly outpacing revenue growth in those markets, I guess dovetailing off Kimberly's question, how helpful was improving digital markets -- sorry, digital margins in those markets in this quarter? Is that something that's already on the move as you see the growth rates that you're seeing in those markets with the digital business?

在非常艱難的背景下，本季度表現出色。我想看看北美以及可能是 EMEA 的 EBIT 美元增長明顯超過這些市場的收入增長，我想這與 Kimberly 的問題相吻合，即改善數字市場有多大幫助 - 對不起，本季度這些市場的數字利潤率？當您看到數字業務市場的增長率時，這是否已經在發生變化？

Yes, Michael. So we are seeing a benefit from increased digital penetration on our margins within those 2 geographies. But I would also want to highlight that the strategy and the focus on shifting the marketplace, exiting undifferentiated wholesale distribution and focusing on our direct business and our strategic partners drove higher full price realization as well in both of those markets in the quarter, which also fueled our gross margin. And so those 2 factors, in particular, were large drivers of gross margin performance in the quarter. And then we also had some SG&A leverage in those geographies in the quarter as we were managing spend and working through new ways of working from a corporate perspective. And that also helped to fuel EBIT growth relative to revenue growth in the quarter.

是的，邁克爾。因此，我們看到這兩個地區的數字滲透率提高對我們的利潤率產生了好處。但我還想強調的是，該戰略和專注於轉移市場、退出無差別批發分銷並專注於我們的直接業務和我們的戰略合作夥伴在本季度推動了這兩個市場更高的全價實現，這也推動了我們的毛利率。因此，這兩個因素尤其是本季度毛利率表現的主要驅動因素。然後，當我們從公司的角度管理支出和採用新的工作方式時，我們在本季度的這些地區也有一些 SG&A 槓桿作用。這也有助於推動息稅前利潤相對於本季度收入增長的增長。

Got you. And then I guess as a follow-up, as you look at North America, John, as you've gotten into the business and had a chance to kind of think about the different regions. The sales growth in North America has been very strong for a couple of years, a few billion dollars over the last few years, but the margins have been fairly stagnant there, despite the brand being very strong, obviously gaining momentum. As you -- you saw a more pronounced shift in the business in wholesale here in the quarter, some of that probably forced on you by the macro backdrop. But what do you think about the margin evolution in North America from here as we normalize and get on the other side of this COVID period and look out to second half of this year and into 2022?

明白了然後我想作為後續行動，當你看到北美時，約翰，因為你已經進入這個行業並且有機會考慮不同的地區。北美的銷售增長在過去幾年一直非常強勁，在過去幾年達到了數十億美元，但那裡的利潤率一直停滯不前，儘管該品牌非常強大，顯然勢頭強勁。正如你 - 你看到本季度這裡的批發業務發生了更明顯的轉變，其中一些可能是宏觀背景迫使你發生的。但是，隨著我們正常化並進入 COVID 時期的另一端並展望今年下半年和 2022 年，您如何看待北美的利潤率演變？

Well, Michael, if I step back, I would say the North America market -- the North America retail market is the most fragmented and least far along of where it needs to get to of the major markets in the world. And so in this world where consumers want a seamless digital and physical experience, they want to know who they are, they want consistent premium modern experiences, the North America retail market today is the furthest away from that. And so that's what's driving our One NIKE marketplace, where we lead with digital, directly connect with them for all the reasons Matt has already described. We then follow with our NIKE Direct, where we have very premium experiences that are often digitally infused. And then we work with fewer strategic partners who see the world the same way we see the world and want to provide this consistent experiences for our consumers, want to provide the same level of knowledge understanding so consumers know who they are regardless of where they're shopping.

好吧，邁克爾，如果我退後一步，我會說北美市場 - 北美零售市場是最分散的，距離它需要進入世界主要市場的地方最遠。因此，在這個消費者想要無縫的數字和物理體驗的世界裡，他們想知道自己是誰，他們想要始終如一的優質現代體驗，而今天的北美零售市場離這一點最遠。因此，這就是推動我們的 One NIKE 市場的動力，我們以數字方式引領市場，出於 Matt 已經描述的所有原因直接與他們聯繫。然後我們緊隨其後的是我們的 NIKE Direct，我們在那裡擁有非常優質的體驗，這些體驗通常是數字化的。然後我們與更少的戰略合作夥伴合作，他們以與我們看待世界相同的方式看待世界，並希望為我們的消費者提供這種一致的體驗，希望提供相同水平的知識理解，以便消費者無論身在何處都知道他們是誰。重新購物。

Consumers want what they want, when they want, how they want it. And so we're simply accelerating that transition. We're accelerating what probably would have happened in the retail environment naturally in the next 4 to 5 years. We're going to try to drive it for our business in the next 1 to 2 years. And that will -- for all the reasons Matt described, that will have financial benefits, profitability benefits, in addition to having growth and market share benefits, which is what we're really focusing on.

消費者想要他們想要的東西，想要的時候，想要的方式。所以我們只是在加速這種轉變。我們正在加速零售環境在未來 4 到 5 年內自然會發生的事情。我們將在未來 1 到 2 年內嘗試為我們的業務推動它。這將 - 由於馬特描述的所有原因，除了具有增長和市場份額利益之外，還將具有財務利益，盈利能力利益，這是我們真正關注的。

Next question is from Omar Saad with Evercore ISI.

下一個問題來自 Evercore ISI 的 Omar Saad。

A clarification on the digital trends. I believe last quarter, when you spoke to us, I think the exit rate was triple digits in June. Obviously, it's still a huge number for the overall quarter. But maybe just help us understand, did that digital rate slow as the stores and the conversion came back in the bricks-and-mortars part of your DTC business? And I'd also love your -- an updated kind of view and outlook on the return of team and organized sports, the NBA playoffs, NFL is back. Do you think this is going to continue to build over time even at the youth and collegiate level as well? And how are you guys capitalizing on your integration and deep roots in all those sports?

對數字趨勢的澄清。我相信上個季度，當你與我們交談時，我認為 6 月份的退出率是三位數。顯然，對於整個季度來說，這仍然是一個巨大的數字。但也許只是幫助我們理解，隨著商店和轉換在您的 DTC 業務的實體部分恢復，數字化速度是否放緩？我也很喜歡你——關於球隊和有組織的運動回歸的最新觀點和前景，NBA 季后賽，NFL 回來了。您是否認為這種情況會隨著時間的推移而繼續發展，即使在青年和大學級別也是如此？你們是如何利用你們在所有這些運動中的融入和深厚根基的？

Sure, Omar. Why don't I take the first part, and then maybe John will grab the second piece of it? So yes, when we had our last earnings call, we referenced that we were seeing strong triple-digit growth in digital in the month of June. And what I'd say is that in North America, EMEA and APLA, we continue to deliver above or at 100 -- triple-digit growth in digital in the quarter. The place where we saw more balanced growth in the quarter was in Greater China, where retail traffic has recovered closer to prior year levels and is approaching prior year levels. But digital was still the fastest-growing channel in that marketplace at over 30% growth. So the only thing that I would say that might even remotely sound like a deceleration is greater China growth as the marketplace has normalized, but we continue to believe that digital will lead the way of growth for Greater China.

當然，奧馬爾。為什麼我不拿第一部分，然後也許約翰會拿第二部分？所以是的，當我們召開上一次財報電話會議時，我們提到 6 月份數字業務實現了強勁的三位數增長。我要說的是，在北美、EMEA 和 APLA，我們繼續提供超過或達到 100 - 本季度數字增長三位數。我們在本季度看到更均衡增長的地方是大中華區，那裡的零售流量已經恢復到接近去年同期水平，並且正在接近去年同期水平。但數字仍然是該市場中增長最快的渠道，增長率超過 30%。因此，我唯一要說的是，隨著市場正常化，大中華區的增長可能聽起來有點像減速，但我們仍然相信，數字化將引領大中華區的增長。

And Omar, in the second, how cool is it to be able on a weekend to watch literally within hours, NBA, NFL, MLB, NHL, college football, U.S. Open Tennis, a major golf tournament. And first thing, I've set to just congratulate the commissioners of the major sports leagues, who have just done a fabulous job of bringing sport back safely, safely for the players and coaches, and then providing what are unprecedented viewership opportunities. And so we are thrilled about that. We're trying to work very closely with them to help encourage that wherever possible. We think that's good for consumers, and it's ultimately good for NIKE.

奧馬爾，第二個，週末能夠在幾個小時內觀看 NBA、NFL、MLB、NHL、大學橄欖球、美國網球公開賽、一項重要的高爾夫錦標賽，這真是太酷了。首先，我要祝賀主要體育聯盟的委員們，他們剛剛做了出色的工作，安全地為球員和教練帶回了體育運動，然後提供了前所未有的收視機會。所以我們對此感到很興奮。我們正努力與他們密切合作，盡可能地幫助鼓勵這種做法。我們認為這對消費者有利，最終也對 NIKE 有利。

Does that continue? And does it cascade down to college and high school and youth? I say my prayers every night, I hope so. I think the -- obviously, safety is paramount. And the more you get in a distributed environment, a less controlled environment, obviously, the more challenging that is. And so we completely embrace balancing safety but also return to sport. And I think the other part of -- this is not organized sport, what we're seeing is I think -- and I think these things are related. People are more engaged, sort of this movement toward health and fitness and wellness, which I think started when people being confined to their homes, we're seeing it continue to accelerate. You watch a game on TV, you want to go out for a run, right? You go shoot baskets in the driveway.

這樣繼續嗎？它會影響到大學、高中和青年嗎？我每晚都祈禱，我希望如此。我認為——顯然，安全是最重要的。你在分佈式環境中獲得的越多，受控環境越少，顯然，挑戰就越大。因此，我們完全接受平衡安全，但也回歸運動。我認為另一部分——這不是有組織的運動，我認為我們看到的是——我認為這些事情是相關的。人們更加投入，有點像這種健康、健身和健康運動，我認為這是從人們被限制在家裡開始的，我們看到它繼續加速。你在電視上看比賽，你想出去跑步，對吧？你去車道上投籃。

And so I think sport is so healthy for the world right now, and we're going to do everything we can, including, by the way, some of the brand moments that we're trying to celebrate to reinforce. I just love the Venus and Serena spot. It just celebrates the power sport has in connecting with consumers. And so you hear the excitement in my voice. I can tell you, all 75,000 people here at NIKE love sport, love sport coming back. And we're cautiously optimistic that will continue until we get through this pandemic.

因此，我認為體育現在對世界來說非常健康，我們將盡我們所能，包括，順便說一下，我們正在努力慶祝的一些品牌時刻，以加強。我只是喜歡維納斯和塞雷娜的景點。它只是慶祝體育運動與消費者建立聯繫的力量。所以你能聽到我聲音中的興奮。我可以告訴你，NIKE 的 75,000 名員工都熱愛運動，熱愛運動回歸。我們持謹慎樂觀的態度，這種情況將持續下去，直到我們度過這場大流行病。

Next question is from Jim Duffy with Stifel.

下一個問題來自 Stifel 的 Jim Duffy。

Terrific rebound in the business. My question, I'm hoping you can provide an update on the RFID implementation and any benefits you're seeing with inventory management, demand forecasting. And then maybe talk about how these benefits materialize in the model in the coming quarters and years. What are some of the key metrics we should watch for progress on that?

業務反彈極佳。我的問題是，我希望您能提供有關 RFID 實施的最新信息以及您在庫存管理和需求預測方面看到的任何好處。然後也許可以談談這些好處如何在未來幾個季度和幾年內在模型中實現。我們應該關注哪些關鍵指標以取得進展？

So Jim, in the quarter, we continue to roll out RFID across both our supply chain and our stores. And given where things are sitting in the pandemic at this point in time, we were able to leverage the inventory visibility in order to be able to take advantage of some of the -- take advantage of the demand that we had across the marketplace and across our retail stores. We now have 100% of our footwear, as I think we've told you before, and 75% of our apparel tagged. So we've got over 1 billion units at 99.99% readability, which enables us to see our inventory now across all of our factory stores and they're live in our own doors. And they've helped to accelerate our O2O capabilities by providing a clear line of sight to the inventory levels.

所以吉姆，在本季度，我們繼續在我們的供應鍊和我們的商店中推出 RFID。考慮到此時大流行的情況，我們能夠利用庫存可見性，以便能夠利用一些——利用我們在整個市場和整個市場的需求我們的零售店。我們現在有 100% 的鞋類，我想我們之前已經告訴過你，還有 75% 的服裝都貼有標籤。因此，我們以 99.99% 的可讀性獲得了超過 10 億件商品，這使我們現在能夠在我們所有的工廠商店中看到我們的庫存，而且它們就在我們自己的門口。他們通過提供清晰的庫存水平視線幫助加速我們的 O2O 功能。

RFID is going to drive improved inventory holding costs, and it's also going to help us reduce our transportation costs, both in direct and in wholesale. And we believe that's going to be a critical enabler in order for us to create a fully connected marketplace for NIKE product across both our owned stores and our strategic partners.

RFID 將推動庫存持有成本的改善，它還將幫助我們降低直接和批發的運輸成本。我們相信這將成為一個關鍵的推動因素，以便我們在我們的自有商店和戰略合作夥伴之間為 NIKE 產品創建一個完全連接的市場。

And I just build on that. What Matt talked about last quarter, it's the real issue -- the real story is data, right? The way data then infuses that with Celect acquisition, where we're able to forward-deploy inventory, be able to predict demand reliably enough where we can forward-deploy inventory, so it's within 1- to 2-day ground shipping to a large number of consumers across the country. And again, that's where the scale competitive advantage comes from in our supply chain because we'll be able to forecast demand, get the right inventory in the right places to get it to consumers quickly, both for ourselves and maybe even over time as an added benefit for our strategic wholesale partners.

我只是以此為基礎。馬特上個季度談到的是真正的問題——真正的故事是數據，對吧？數據然後通過 Celect 收購注入的方式，我們能夠向前部署庫存，能夠足夠可靠地預測需求，我們可以向前部署庫存，因此它在 1 到 2 天的地面運輸到大型全國消費者數量。再一次，這就是我們供應鏈中規模競爭優勢的來源，因為我們將能夠預測需求，在正確的地方獲得正確的庫存，以便快速將其交付給消費者，這既是為了我們自己，也可能隨著時間的推移作為為我們的戰略批發合作夥伴帶來更多好處。

Next question is from Jamie Merriman with Bernstein.

下一個問題來自 Jamie Merriman 和 Bernstein。

John and Matt, you both talked about some of the examples of the digital investments that you've made so far, the app ecosystem, the omnichannel fulfillment capabilities and RFID. So I'm wondering as you think about the business from here, Matt, you talked a lot about continuing to invest. Are there particular areas where you feel like you need to invest further? Is it greater data capabilities? Is it just building out more fulfillment options like the one you have on the West Coast? Or are you now at the point where you can start to leverage some of those investments behind data and RFID? Is it really just a matter of scale?

約翰和馬特，你們都談到了迄今為止你們所做的數字投資的一些例子，應用程序生態系統、全渠道履行能力和 RFID。所以我想知道，當你從這裡考慮業務時，馬特，你談到了很多關於繼續投資的事情。是否有您覺得需要進一步投資的特定領域？是不是更大的數據能力？它只是建立更多的履行選項，就像您在西海岸擁有的那樣嗎？或者您現在是否可以開始利用數據和 RFID 背後的一些投資？這真的只是規模問題嗎？

Jamie, it's interesting because I have a little bit of an outside-in point of view of this. And I must say, from a Board perspective, I saw the investment NIKE was making in digital. And boy, you see the result of that, the fact that we have a clear digital advantage today. That said, having had a technology background, I feel like there is so much opportunity remaining that we're still just scratching the surface of what's possible. And so in particular, the way we think about it is consumer-facing digital, right? Demand sensing, little things. This quarter, we turned on machine learning on search, and a little bit of improvement drove greater conversion. By the way, that's continuous. So the ability to use AI and machine learning, digital demand sensing, insight gathering, digital marketing, membership personalization, even the inventory optimization, I think we still got ample benefits and ample opportunity in the consumer-facing side of things. And those are things like in technology, they're not big bangs. It's a whole series of continuous and ongoing improvement that, by the way, are very measurable and enhance growth or improve profitability.

傑米，這很有趣，因為我對此有一些由外而內的觀點。我必須說，從董事會的角度來看，我看到了耐克在數字領域的投資。男孩，你看到了結果，事實上我們今天擁有明顯的數字優勢。也就是說，擁有技術背景，我覺得還有很多機會，我們仍然只是觸及可能的表面。因此，特別是，我們考慮它的方式是面向消費者的數字，對嗎？需求感應，小事。本季度，我們在搜索中啟用了機器學習，一點點改進帶來了更大的轉化率。順便說一句，這是連續的。因此，使用人工智能和機器學習、數字需求感知、洞察力收集、數字營銷、會員個性化，甚至庫存優化的能力，我認為我們在面向消費者的方面仍然獲得了充足的利益和充足的機會。這些都是技術方面的東西，它們不是大爆炸。這是一系列持續不斷的改進，順便說一下，這些改進非常可衡量，可以促進增長或提高盈利能力。

And then beyond that, where I think we still have huge opportunities, we now have one integrated technology road map. And we're applying that across our entire company end-to-end, and so whether it is the manufacturing through supply chain and the automation opportunities that exists, whether it's using robotics or other ways to improve the efficiency and effectiveness, our whole product creation area. One of the people that is most excited about the opportunity to digitize is our Head of Design, John Hoke, and just how digital can really enhance not only the productivity but also the creativity of our designers. And so we now have a 3 -- a clear 3-year road map that -- to bring technology to every element of our operation and every element of our end-to-end business. And the nice thing about that is in almost every case, you can define measurable benefits, whether it's enhanced growth, deeper connection with consumers or improved efficiency with automation and use of -- intelligent use of technology. So I think all of us view this as a real opportunity.

除此之外，我認為我們仍然有巨大的機會，我們現在有一個綜合技術路線圖。我們正在將其端到端地應用於整個公司，因此無論是通過供應鏈進行製造還是存在自動化機會，無論是使用機器人技術還是其他方式來提高效率和有效性，我們的整個產品創作區。對數字化機會感到最興奮的人之一是我們的設計主管 John Hoke，以及數字化如何真正提高我們設計師的生產力和創造力。因此，我們現在有一個 3 - 一個清晰的 3 年路線圖 - 將技術引入我們運營的每個元素和我們端到端業務的每個元素。這樣做的好處是，幾乎在每種情況下，您都可以定義可衡量的收益，無論是促進增長、與消費者建立更深層次的聯繫，還是通過自動化和智能使用技術提高效率。所以我認為我們所有人都認為這是一個真正的機會。

Our last question comes from the line of Matthew Boss with JPMorgan.

我們的最後一個問題來自摩根大通的 Matthew Boss。

Congrats on the nice quarter. So on the financial algorithm and as we think through the accelerated shift to digital, and I think you had said within the guardrails of SG&A that you've outlined, are there any offsetting headwinds constraining your ability to potentially outpace your outlined high-single-digit top line and mid-teens earnings growth rates as we think moving forward?

恭喜這個漂亮的季度。因此，在財務算法上，當我們考慮加速向數字化轉變時，我想你已經在你概述的 SG&A 的護欄內說過，是否有任何抵消逆風限制你的能力可能超過你概述的高單-我們認為未來的數字頂線和十幾歲中期的收入增長率？

Well, Matt, thanks for the question. As I mentioned in the last call, we believe that the consumer direct acceleration is clearly a tailwind or a fuel to our long-term financial model. Our goals and our principles related to how we financially manage the business are really unchanged to deliver sustainable, profitable and capital-efficient growth over time. Obviously, right now, we're in the middle of quite an uncertain moment and pandemic. And while we are sharing with you our perspectives on the opportunities that we see as we look towards the future, the reality is that this environment right now is quite uncertain. And so what we're going to be focused on over the next 90 to 120 days is continuing to clean our inventory, continuing to create those consumer connections like we have been talking about and really focus on our One NIKE marketplace strategy, exiting undifferentiated wholesale distribution and focusing on the opportunities that we see for NIKE Direct and our strategic partners. And we believe that this strategy will fuel growth and profitability in line with the long-term financial model that we have previously communicated.

好吧，馬特，謝謝你的提問。正如我在上次電話會議中提到的，我們認為消費者直接加速顯然是我們長期財務模型的順風或燃料。我們的目標和與我們如何在財務上管理業務相關的原則實際上沒有改變，以隨著時間的推移實現可持續、盈利和資本效率的增長。顯然，現在，我們正處於一個相當不確定的時刻和大流行之中。雖然我們正在與您分享我們對未來機遇的看法，但現實是目前的環境非常不確定。因此，在接下來的 90 到 120 天內，我們將重點關注的是繼續清理我們的庫存，繼續像我們一直在談論的那樣建立那些消費者聯繫，並真正專注於我們的 One NIKE 市場戰略，退出無差別批發分銷並專注於我們為 NIKE Direct 和我們的戰略合作夥伴看到的機會。我們相信，這一戰略將根據我們之前傳達的長期財務模型推動增長和盈利能力。

Obviously, there are a number of factors that are outstanding that may create disruption over periods of time as we look at it. And the most obvious one right now is just the pandemic and the impact it has on consumer demand and consumption in the near term. And so we're continuing to focus on the strategy and the shift because we think it's the right thing to do long term. And that's where our focus and attention is going to be at this time. We're investing and building this business for the long term, and that's where our focus is.

顯然，在我們看來，有許多突出的因素可能會在一段時間內造成破壞。目前最明顯的只是大流行病及其對近期消費者需求和消費的影響。因此，我們將繼續關注戰略和轉變，因為我們認為從長遠來看，這是正確的做法。這就是我們目前的重點和關注點。我們正在長期投資和建設這項業務，這就是我們的重點所在。

Thank you, Matt. And thanks, everyone, for joining us today. We look forward to speaking with you next quarter. Take care.

謝謝你，馬特。感謝大家今天加入我們。我們期待在下個季度與您交談。小心。

Thanks, everyone.

感謝大家。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。