Nike Inc (NKE) 2020 Q4 法說會逐字稿

Good afternoon, everyone.

大家下午好。

Welcome to NIKE, Inc.'s Fiscal 2020 Fourth Quarter Conference Call.

歡迎參加 NIKE, Inc. 的 2020 財年第四季度電話會議。

For those who want to reference today's press release, you'll find it at http://investors.nike.com.

對於那些想要參考今天的新聞稿的人，您可以在 http://investors.nike.com 上找到它。

Leading today's call is Andy Muir, VP, Investor Relations.

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.

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。

These risks and uncertainties are detailed in the reports filed with the SEC, including the annual report filed on Form 10-K.

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。

Some forward-looking statements may concern expectations of future revenue growth or gross margin.

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.

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。

References to constant dollar revenue are intended to provide context as to the performance of the business, eliminating foreign exchange moderations.

提及恆定的美元收入旨在提供有關業務績效的背景，消除外匯管制。

Participants may also make references to other nonpublic financial and fiscal information and non-GAAP financial measures.

參與者還可以參考其他非公開財務和財務信息以及非公認會計準則財務措施。

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.

在討論非公開財務和統計信息的範圍內，可比較的 GAAP 衡量標準和定量調節表將在耐克網站 http://investors.nike.com 上提供。

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

現在我想將電話轉給投資者關係副總裁安迪·繆爾 (Andy Muir)。

Thank you, operator.

謝謝你，接線員。

Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2020 and fourth quarter and full year results.

大家好，感謝您今天加入我們討論 NIKE, Inc. 2020 財年以及第四季度和全年業績。

As the operator indicated, participants on today's call may discuss non-GAAP financial measures.

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。

You will find the appropriate reconciliations in our press release, which was issued about an hour ago or at our website, investors.nike.com.

您可以在我們大約一小時前發布的新聞稿或我們的網站 Investors.nike.com 上找到適當的調節表。

Joining us on today's call will be NIKE, Inc.'s President and CEO, John Donahoe; and Chief Financial Officer, Matt Friend.

耐克公司總裁兼首席執行官約翰·多納霍 (John Donahoe) 將參加今天的電話會議。和首席財務官馬特·弗蘭德。

Following their prepared remarks, we will take your questions.

在他們準備好的發言之後，我們將回答您的問題。

(Operator Instructions) Thanks for your cooperation on this.

（操作員說明）感謝您的配合。

I'll now turn the call over to NIKE, Inc.

我現在將把電話轉給 NIKE, Inc.。

President and CEO, John Donahoe.

總裁兼首席執行官約翰·多納霍。

Thank you, Andy, and let me congratulate you on your new role, leading Investor Relations.

謝謝你，安迪，讓我祝賀你擔任領導投資者關係的新職務。

I also want to congratulate Matt on becoming our CFO and express how deeply confident I am in NIKE's financial management under Matt's leadership.

我還要祝賀馬特成為我們的首席財務官，並表示我對馬特領導下的耐克財務管理充滿信心。

Before I get into our Q4 performance, I want to take a moment to acknowledge the environment in the U.S. right now.

在討論第四季度的業績之前，我想花點時間了解一下美國目前的環境。

Over the past month, we've seen racial tragedies expose systemic prejudice and injustice in America.

過去一個月，我們看到種族悲劇暴露了美國系統性的偏見和不公正。

And Nike has a long history of standing up against inequality driven by our values and rooted in the power of sport.

耐克長期以來一直致力於反對不平等，這種不平等是由我們的價值觀驅動的，植根於體育的力量。

Today, we are uniting behind our black athletes, teammates and community as NIKE continues to lead with purpose.

今天，我們團結起來支持我們的黑人運動員、隊友和社區，耐克將繼續堅定地引領潮流。

And we're taking action to help create lasting change to address systemic racism in our society, including a combined $140 million commitment from NIKE, Converse, the Jordan Brand and Michael Jordan.

我們正在採取行動，幫助創造持久的變革，以解決我們社會中的系統性種族主義問題，其中包括耐克、匡威、喬丹品牌和邁克爾·喬丹總共承諾提供 1.4 億美元的資金。

And while we continue to lead externally, we also strive to be even better internally to meet the high bar we set for ourselves to be a truly diverse and inclusive company.

在我們繼續對外領先的同時，我們也努力在內部做得更好，以滿足我們為自己設定的高標準，成為一家真正多元化和包容性的公司。

We're also continuing to deal with the COVID-19 pandemic, which has had a profound impact on the lives of so many across the globe.

我們還在繼續應對新冠肺炎 (COVID-19) 大流行，它對全球許多人的生活產生了深遠影響。

And throughout all of this, we have led with our values.

在這一切過程中，我們一直以我們的價值觀為主導。

We have executed with empathy and decisiveness.

我們以同理心和果斷的態度執行。

We prioritized the health and safety of our teammates by closing stores, offices and other facilities.

我們通過關閉商店、辦公室和其他設施來優先考慮隊友的健康和安全。

We committed to provide pay continuity for all of our teammates even while our facilities remain closed or had altered schedules, and we have maintained this important investment over the past 12 weeks.

我們致力於為所有隊友提供持續的薪酬，即使我們的設施仍然關閉或改變了時間表，而且我們在過去 12 週內一直維持著這項重要的投資。

Our innovation teams designed and delivered personal protective equipment to health systems across the country.

我們的創新團隊為全國各地的衛生系統設計並向其提供個人防護設備。

We donated footwear and apparel to help frontline workers around the globe, and we've committed more than $25 million for COVID-19 response in our communities.

我們捐贈了鞋類和服裝來幫助全球一線工作人員，並且我們已投入超過 2500 萬美元用於社區應對新冠肺炎 (COVID-19) 疫情。

I must say that I've been so impressed and inspired by how our NIKE teammates around the world have come together and responded to this crisis.

我必須說，我們世界各地的耐克團隊成員齊心協力應對這場危機的方式給我留下了深刻的印象和啟發。

They have moved with speed and empathy and have demonstrated creativity, courage and true resilience.

他們行動迅速，富有同理心，表現出創造力、勇氣和真正的韌性。

I could not be more proud of everyone on the NIKE team.

我為耐克團隊的每個人感到無比自豪。

As we look back on this quarter, it demonstrated once again that NIKE's competitive advantage is driven by our team and by our brand's ability to connect with consumers.

當我們回顧本季度時，它再次證明耐克的競爭優勢是由我們的團隊以及我們的品牌與消費者聯繫的能力推動的。

And this is fueled by our strategy, the Consumer Direct Offense.

這是由我們的消費者直接進攻戰略推動的。

And it's why I continue to believe no one is better positioned than Nike to navigate the current environment.

這就是為什麼我仍然相信沒有人比耐克更有能力應對當前的環境。

Now Matt will go deeper on Q4 in a minute, so I'll just hit on 5 quick observations from the quarter.

現在，馬特將在一分鐘內深入討論第四季度，所以我將簡單介紹本季度的 5 個快速觀察結果。

First, the power of NIKE's brand continues.

首先，NIKE的品牌力量仍在延續。

Leading with our values is drawing us closer to consumers.

以我們的價值觀為引領，拉近了我們與消費者的距離。

We use our ecosystem of NIKE activity and commerce apps to directly engage with consumers in their homes as they focus on health and wellness.

我們利用耐克活動和商務應用程序生態系統直接與關注健康和保健的消費者在家中互動。

During this difficult time, Nike has inspired and offered hope.

在這個困難時期，耐克激發了人們的靈感並帶來了希望。

And as a result, worldwide affinity for our brand deepened during COVID-19, with our You Can't Stop Us campaign receiving more than 2 billion impressions to date.

因此，在新冠肺炎 (COVID-19) 疫情期間，全球範圍內對我們品牌的喜愛度加深，我們的“你不能阻止我們”活動迄今為止已獲得超過 20 億次展示。

Across all 12 of our key cities, NIKE remains consumers' #1 favorite brand.

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。

Second, Greater China has returned to currency-neutral growth.

其次，大中華區已恢復貨幣中性增長。

Over the quarter, we strengthened our consumer connections and translated them into meaningful relationships.

在本季度，我們加強了與消費者的聯繫，並將其轉化為有意義的關係。

For example, in March and April, China's monthly active users on the Nike Training app increased over 350% since the beginning of the calendar year.

例如，3 月和 4 月，中國 Nike Training 應用的月活躍用戶較年初增長了 350% 以上。

This direct engagement with consumers allowed our business in China to return to growth in Q4.

這種與消費者的直接接觸使我們在中國的業務在第四季度恢復了增長。

Third, we're seeing a true step function change in our digital transformation.

第三，我們在數字化轉型中看到了真正的階躍功能變化。

As you know, this has been an area of investment over the past few years as we built our digital advantage, but COVID-19 has accelerated the pace.

如您所知，隨著我們建立數字優勢，這一直是過去幾年的投資領域，但新冠肺炎 (COVID-19) 加快了這一步伐。

In Q4, NIKE Digital grew 79%, and we surpassed $1 billion in annual digital revenue in both Greater China and EMEA for the first time.

第四季度，耐克數字業務增長了 79%，我們在大中華區和歐洲、中東和非洲地區的年度數字收入首次超過 10 億美元。

We've seen the strong digital momentum continued throughout the quarter and into early June even as stores have begun to reopen.

我們看到強勁的數字勢頭在整個季度持續到六月初，儘管商店已經開始重新開業。

Looking at our app ecosystem in Q4, a couple of stats jump out as we see an extraordinary leap in digital demand and engagement.

縱觀第四季度的應用生態系統，我們看到數字需求和參與度出現了非凡的飛躍，一些統計數據脫穎而出。

Workouts on the Nike Training Club app more than tripled, peaking in April at nearly 5 million workouts per week during the month.

Nike Training Club 應用程序上的鍛煉次數增加了兩倍多，在 4 月份達到頂峰，當月每週鍛煉次數接近 500 萬次。

Since February, the NIKE commerce app has been downloaded more than 8 million times, an increase that's triple last year's level, proving the power of our investment in digital.

自 2 月份以來，NIKE 商務應用程序的下載量已超過 800 萬次，是去年水平的三倍，證明了我們在數字化方面投資的力量。

And in fiscal year '20, SNKRS reached an impressive milestone, reaching $1 billion in global demand for the first time.

在 20 財年，SNKRS 達到了一個令人印象深刻的里程碑，全球需求首次達到 10 億美元。

Fourth observation on the quarter, the Jordan Brand resonated deeply in Q4 with the airing of ESPN's The Last Dance documentary.

第四季度的觀察結果是，Jordan Brand 在第四季度因 ESPN 紀錄片《最後之舞》的播出而引起了深刻的共鳴。

The response we saw from the cultural conversation around each episode to the rapid sell-through of the AJ5 Fire Red demonstrated the love for the Jordan Brand all over the world.

從每一集的文化對話到 AJ5 Fire Red 的快速銷售，我們看到的反應表明了全世界對 Jordan 品牌的熱愛。

In fact, the Jordan Brand in Greater China grew more than 50% in fiscal year '20, approaching $1 billion in annual revenue.

事實上，Jordan Brand 在大中華區的 20 財年增長超過 50%，年收入接近 10 億美元。

And Women's has played a key role in Jordan's growth.

而女足在喬丹的成長中發揮了關鍵作用。

And we see significant opportunity for Jordan to achieve even greater scale as we create more products for women, expand lifestyle offerings and grow the business internationally.

隨著我們為女性創造更多產品、擴大生活方式產品以及在國際上發展業務，我們看到了喬丹實現更大規模的巨大機會。

And even during a pandemic, Jordan drove some of the quarter's biggest launches, including the AJ1 and AJ13, a reminder of the continued strength of our consumer demand.

即使在大流行期間，Jordan 也推出了本季度一些最熱門的產品，包括 AJ1 和 AJ13，這提醒我們消費者需求的持續強勁。

Fifth, and finally, innovation continues to be NIKE's greatest competitive advantage.

第五，也是最後一點，創新仍然是耐克最大的競爭優勢。

We continuously bring fresh new product to market supported by compelling storytelling that helps drive consumer demand.

我們不斷將新鮮的新產品推向市場，並以引人入勝的故事講述來幫助推動消費者需求。

In Q4, we saw strong demand for the Pegasus 37, particularly with women, and for the Air Max 2019, a new sportswear silhouette that reimagines the future of Air.

在第四季度，我們看到對 Pegasus 37（尤其是女性）以及 Air Max 2019（一款重新構想 Air 未來的全新運動服款式）的強勁需求。

We also launched Space Hippie in our international geographies during June, with early success offering even more proof of global consumer appetite for sustainable product.

六月份，我們還在國際地區推出了 Space Hippie，早期的成功進一步證明了全球消費者對可持續產品的需求。

And our unmatched investment in product innovation, even during a pandemic, will be proven with our most sustainable product ever, the VaporMax 2020 launching in July.

即使在大流行期間，我們對產品創新的無與倫比的投資也將通過我們有史以來最具可持續性的產品（7 月推出的 VaporMax 2020）得到證明。

As I said earlier, Nike is in a position to emerge from the COVID-19 pandemic even stronger due to our Consumer Direct Offense.

正如我之前所說，由於我們對消費者的直接進攻，耐克能夠在 COVID-19 大流行中變得更加強大。

The global pandemic has made it clear that consumer behavior is changing rapidly, providing the opportunity for us to accelerate the pace of our transformation.

全球疫情清楚地表明，消費者行為正在迅速變化，為我們提供了加快轉型步伐的機會。

Over the past few years, we have shifted from a legacy wholesale distribution model to investment in a model that gives our consumers a more premium shopping experience.

在過去的幾年裡，我們已經從傳統的批發分銷模式轉變為投資於為消費者提供更優質購物體驗的模式。

And this is a change that has catalyzed our digital growth as part of our true Consumer Direct Offense, and COVID-19 has shown that our strategy is sound.

這一變化促進了我們的數字化增長，成為我們真正的消費者直接進攻的一部分，而 COVID-19 已經表明我們的戰略是合理的。

And so as we look to the future, here's what is not going to change: our purpose will continue to guide us, the power of sports will always be at our center and product innovation will continue to drive distinction for our brand.

因此，當我們展望未來時，以下是不會改變的：我們的目標將繼續指導我們，體育的力量將永遠是我們的中心，產品創新將繼續推動我們品牌的卓越。

With these strengths in mind, we plan to accelerate our focus and investment on the key areas to put an even sharper point on our highest growth opportunities.

考慮到這些優勢，我們計劃加快對關鍵領域的關注和投資，以更加明確地抓住我們的最高增長機會。

So today, we're announcing a new digitally empowered phase of our consumer direct strategy, the Consumer Direct Acceleration.

因此，今天，我們宣布消費者直接戰略的一個新的數字賦能階段，即消費者直接加速。

We aren't settling for our current leadership position with consumers or in digital, we're pursuing even further separation.

我們不會滿足於目前在消費者或數字領域的領導地位，我們正在追求進一步的分離。

We're transforming NIKE faster to define the marketplace of the future.

我們正在更快地改造耐克，以定義未來的市場。

Now is the time to act.

現在是採取行動的時候了。

Let me walk you through 3 areas of strategic acceleration: the marketplace of the future, our new consumer construct and our end-to-end technology foundation.

讓我帶您了解戰略加速的三個領域：未來的市場、我們的新消費者結構和我們的端到端技術基礎。

First, we will create a marketplace of the future, one more closely aligned with what consumers want and need.

首先，我們將創建一個未來的市場，一個更貼近消費者需求的市場。

Digital has redefined the industry over the past several years, and NIKE has led that change.

過去幾年，數字化重新定義了這個行業，而耐克引領了這一變革。

You'll recall that in fiscal year '18, we set a goal to reach 30% digital penetration, both owned and partnered, by fiscal year '23.

您可能還記得，在 18 財年，我們設定了到 23 財年實現 30% 的數字化滲透率（無論是自有還是合作）的目標。

We will reach that goal more than 2 years ahead of plan this coming year.

今年我們將比原計劃提前兩年多實現這一目標。

And looking ahead, we now expect our overall business to reach 50% digital penetration.

展望未來，我們現在預計我們的整體業務數字化滲透率將達到 50%。

As we look at opportunities to build deeper and more meaningful relationships with consumers, our vision is to create a clear and connected digital marketplace to match.

當我們尋找與消費者建立更深入、更有意義的關係的機會時，我們的願景是創建一個與之相匹配的清晰且互聯的數字市場。

Consumers want modern, seamless experiences online to off-line, so we're accelerating our approach.

消費者希望獲得現代化、無縫的線上到線下體驗，因此我們正在加快步伐。

Our one NIKE marketplace strategy leads with NIKE Digital in our own stores and embraces a small number of strategic partners who share our vision to provide a consistent premium shopping experience.

我們的單一耐克市場策略以我們自己的商店中的耐克數字化為主導，並擁有少數與我們擁有共同願景的戰略合作夥伴，以提供一致的優質購物體驗。

Connected data, inventory and membership will give consumers greater access to the best of NIKE with more speed and convenience than ever.

互聯數據、庫存和會員資格將使消費者能夠比以往更快、更方便地獲得最好的耐克產品。

We've talked about membership as a growth driver and differentiator before, but now we'll align our business to make it central to everything we do.

我們之前曾討論過會員資格是增長動力和差異化因素，但現在我們將調整我們的業務，使其成為我們所做的一切的核心。

And as part of this strategy, we will also scale our investment in smaller-format, digitally enabled monobrand stores with integrated online to off-line capabilities.

作為該戰略的一部分，我們還將擴大對規模較小、數字化、具有集成線上線下功能的單一品牌商店的投資。

We believe this will be additive to what's in the market.

我們相信這將增加市場上的產品。

These monobrand stores will accelerate the growth trajectory of NIKE's largest market share opportunity, like women's and apparel, driving long-term profitability.

這些單一品牌商店將加速耐克最大的市場份額機會（如女裝和服裝）的增長軌跡，從而推動長期盈利能力。

Our second area of acceleration under Consumer Direct Acceleration, Nike will operate under a new, simpler consumer construct.

我們在消費者直接加速下的第二個加速領域，耐克將在一個新的、更簡單的消費者結構下運營。

We know that our consumers don't see themselves as only runners or yoga practitioners.

我們知道，我們的消費者並不認為自己只是跑步者或瑜伽練習者。

They don't think in terms of performance versus sportswear.

他們不會考慮性能與運動服的比較。

Instead, we know how they shop across men's, women's and kids.

相反，我們知道他們如何購買男裝、女裝和童裝。

And so we'll realign the company to reflect the simplified men's, women's and kids approach.

因此，我們將重新調整公司，以反映簡化的男裝、女裝和童裝方法。

Our category focus will be more specialized across this consumer construct.

我們的品類重點將更加專注於這種消費者結構。

Importantly, this consumer construct will allow us to significantly simplify our organization and focus more of our resources on the capabilities and opportunities that will forge our future.

重要的是，這種消費者結構將使我們能夠顯著簡化我們的組織，並將更多資源集中在塑造我們未來的能力和機會上。

In particular, we'll be reinvesting in our women's and kids businesses.

特別是，我們將對女性和兒童業務進行再投資。

These intentional organizational focuses will touch every area of our business, including innovation, product creation, marketing, merchandising and distribution.

這些有意的組織重點將涉及我們業務的各個領域，包括創新、產品創造、營銷、推銷和分銷。

Through this new consumer construct, we can serve performance sport with more specificity while also broadening the definition of sport.

通過這種新的消費者結構，我們可以更具體地服務高性能運動，同時拓寬運動的定義。

This approach allows us to better focus on the individual consumer and unlock new opportunities to more nimbly serve their exact needs.

這種方法使我們能夠更好地關注個人消費者，並釋放新的機會，更靈活地滿足他們的確切需求。

And third, and finally, we will invest in digital capabilities in our end-to-end technology foundation to accelerate our transformation.

第三，最後，我們將投資於端到端技術基礎的數字能力，以加速我們的轉型。

Simply put, we will more aggressively leverage technology to make NIKE better.

簡而言之，我們將更積極地利用技術讓耐克變得更好。

This single integrated technology strategy across our business will accelerate how we serve consumers.

這一貫穿我們業務的單一集成技術戰略將加速我們為消費者提供服務的方式。

Specifically, we'll speed up and unify our investments across demand sensing, insight gathering, inventory management and more.

具體來說，我們將加快並統一我們在需求感知、洞察收集、庫存管理等方面的投資。

This simplified approach will unlock more efficiency for the business while driving speed and responsiveness as we serve consumers globally.

這種簡化的方法將提高業務效率，同時提高我們為全球消費者提供服務的速度和響應能力。

Consumer Direct Acceleration is more than just the next phase of our strategy.

消費者直接加速不僅僅是我們戰略的下一階段。

It's the spark that will ignite and empower our entire company to serve consumers, our business and our teams better.

它是點燃我們整個公司的火花，讓我們能夠更好地為消費者、我們的業務和我們的團隊服務。

As we shift our operating model to fuel this strategy, NIKE's leadership position will become even stronger in the future as sport continues to resonate with consumers amid a global shift towards health and wellness.

隨著我們轉變運營模式來推動這一戰略，隨著全球向健康和保健的轉變，體育運動繼續與消費者產生共鳴，耐克的領導地位將在未來變得更加強大。

In the end, over the past few months, we have navigated unprecedented conditions, but our purposeful actions will allow us to emerge from it stronger and better than ever before.

最後，在過去的幾個月裡，我們度過了前所未有的困境，但我們有目的的行動將使我們比以往任何時候都更強大、更好。

The strength of our brand, our deep connections to consumers and our unmatched product innovation give us an advantage to create and define our future.

我們的品牌優勢、與消費者的深厚聯繫以及無與倫比的產品創新使我們擁有創造和定義未來的優勢。

Fueled by the Consumer Direct Acceleration, Nike will shape the marketplace and extend our brand leadership for years to come.

在消費者直接加速的推動下，耐克將在未來幾年塑造市場並擴大我們的品牌領導地位。

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

現在，我將把電話轉給馬特。

Thank you, John, and hello to everyone on the call.

謝謝你，約翰，並向通話中的每個人問好。

I also want to take a moment to welcome Andy Muir to her first call as she expands her responsibilities and provides leadership over Investor Relations.

我還想花一點時間歡迎安迪·繆爾 (Andy Muir) 第一次致電，因為她擴大了自己的職責，並領導了投資者關係工作。

Before discussing our fourth quarter results, I must recognize and thank our incredible team around the world.

在討論我們第四季度的業績之前，我必須承認並感謝我們在世界各地的出色團隊。

I have personally been inspired to watch everyone come together to face our current challenges, embracing new ways of working and decisively taking actions to serve our consumers in the face of unprecedented conditions.

看到每個人齊心協力面對當前的挑戰，擁抱新的工作方式，並在前所未有的條件下果斷採取行動為我們的消費者服務，我個人受到了啟發。

I could not be prouder to be a part of this team.

能夠成為這個團隊的一員，我感到非常自豪。

This quarter was certainly like no other in NIKE's history.

這個季度無疑是耐克歷史上獨一無二的。

As John mentioned, to protect the safety of our employees and to help prevent the spread of COVID-19, 90% of our own stores, outside of Greater China and South Korea, were closed from operation for roughly 8 weeks in the quarter.

正如 John 提到的，為了保護我們員工的安全並幫助防止 COVID-19 的傳播，我們在大中華區和韓國以外的 90% 自有商店在本季度關閉了大約 8 週。

Similarly, our wholesale partners largely followed this same pattern, and the sale of product through physical retail channels came to a halt.

同樣，我們的批發合作夥伴也基本上遵循了同樣的模式，通過實體零售渠道銷售產品也停止了。

Digital quickly became the primary channel that we could engage with and serve consumer demand, and NIKE was well positioned to respond.

數字化很快成為我們接觸和服務消費者需求的主要渠道，而耐克也做好了應對的準備。

We accelerated growth of our digital business to 79% on a currency-neutral basis and drove nearly triple-digit acceleration in member digital demand.

在貨幣中性的基礎上，我們將數字業務的增長加快至 79%，並推動會員數字需求實現近三位數的增長。

All told, NIKE Digital represented nearly 30% of our total business in the fourth quarter and reached $5.5 billion for the full year.

總而言之，NIKE Digital 占我們第四季度總業務的近 30%，全年達到 55 億美元。

The net result of these 2 marketplace dynamics was that NIKE, Inc.

這兩個市場動態的最終結果是 NIKE, Inc.

Q4 revenue declined 38% on a reported basis.

據報導，第四季度收入下降了 38%。

And yet, even in the midst of this global pandemic, we saw the power and distinction of the NIKE Brand translate into growing business momentum throughout the quarter, continuing into June.

然而，即使在這場全球大流行期間，我們也看到耐克品牌的力量和卓越性轉化為整個季度不斷增長的業務勢頭，一直持續到六月。

Greater China returned to growth in Q4.

大中華區第四季度恢復增長。

And Nike Digital also accelerated growth each month in the quarter, including triple-digit growth globally in May even as physical retail reopened.

Nike Digital 在本季度每個月都在加速增長，包括 5 月份全球在實體零售重新開放的情況下仍實現三位數增長。

These trends have sustained through the first 3 weeks of June, and in some markets, digital growth has accelerated even further.

這些趨勢一直持續到 6 月的前三週，在一些市場，數字增長甚至進一步加速。

We believe this digital acceleration is more indicative of a strategic shift towards a new future marketplace rather than being a reflection of temporary challenges to the mostly physical marketplace of the past.

我們認為，這種數字化加速更多地表明了向新的未來市場的戰略轉變，而不是反映了過去大部分實體市場面臨的暫時挑戰。

Now as we look ahead to fiscal year '21, 3 key themes stand out from a financial and operational perspective: NIKE's supply and demand management, NIKE's financial strength and NIKE's digital acceleration.

現在，當我們展望 21 財年時，從財務和運營角度來看，三個關鍵主題脫穎而出：耐克的供需管理、耐克的財務實力和耐克的數字化加速。

Let me take a few minutes to unpack each of these.

讓我花幾分鐘時間來解開其中的每一個。

First, at the end of Q4, inventory increased 31% versus prior year.

首先，第四季度末庫存比去年同期增加了 31%。

In mid-March, we immediately went into action to rebuild our plans to recalibrate marketplace supply and demand around the world.

3 月中旬，我們立即採取行動重建計劃，重新調整全球市場供需。

As we have said before, supply and demand management is critical to sustaining a healthy premium brand.

正如我們之前所說，供需管理對於維持健康的優質品牌至關重要。

And over the past 3 years, we have enhanced our capabilities to manage through situations like this.

在過去的三年裡，我們增強了應對此類情況的能力。

Let me share a few specifics regarding what we have already done.

讓我分享一些關於我們已經完成的工作的具體細節。

First, we modified our near-term inventory buying plans and proactively canceled pre-COVID-19 factory purchase orders for the fall and holiday seasons by roughly 30% on a unit basis.

首先，我們修改了近期庫存購買計劃，並主動取消了 COVID-19 之前秋季和假日季節的工廠採購訂單，單位數量取消了約 30%。

And while this had a negative impact on gross margins in Q4, it was the right decision to tighten future inventory movement through our supply chain and utilize the inventory we have on hand.

雖然這對第四季度的毛利率產生了負面影響，但通過我們的供應鏈收緊未來庫存流動並利用我們現有的庫存是正確的決定。

Second, we implemented a plan for a seasonless flow of inventory by shifting product offer dates so we can use relevant summer and fall product to meet near-term demand.

其次，我們通過改變產品供貨日期實施了無季節庫存流動計劃，以便我們可以使用相關的夏季和秋季產品來滿足近期需求。

We also edited product lines by up to 15% to improve SKU productivity.

我們還對產品線進行了高達 15% 的編輯，以提高 SKU 生產力。

Third, we quickly shifted available inventory to digital, and we increased digital fulfillment capacity by more than 3x in North America and EMEA.

第三，我們迅速將可用庫存轉向數字化，並將北美和歐洲、中東和非洲的數字化履行能力提高了 3 倍以上。

And finally, we've invested in targeted promotions and markdowns to accelerate the liquidation of excess inventory while we protect the long-term health of our product franchises, including increasing the volume of liquidation through our factory store fleet.

最後，我們投資於有針對性的促銷和降價，以加速清理過剩庫存，同時保護我們產品特許經營權的長期健康，包括通過我們的工廠店隊伍增加清算量。

In Greater China, this playbook has worked, and we expect our business will return to normalized marketplace health metrics by the end of June.

在大中華區，這個策略已經奏效，我們預計我們的業務將在六月底恢復正常的市場健康指標。

In fact, we are already seeing inventory levels globally improve as well.

事實上，我們已經看到全球庫存水平也在改善。

And with our deliberate actions, we are confident that NIKE inventory will be rightsized and in a normal position in Q2.

通過我們的深思熟慮的行動，我們有信心耐克的庫存將在第二季度得到合理調整併處於正常狀態。

This leads me to the second theme.

這引出了第二個主題。

NIKE's financial strength enables us to stay focused on the long term, creating even greater competitive advantage in times of dislocation.

耐克的財務實力使我們能夠專注於長期發展，在混亂時期創造更大的競爭優勢。

In an environment where most companies are solely focused on survival, NIKE's financial strength, scale and adaptability allows us to make appropriate near-term decisions while investing to fuel long-term growth.

在大多數公司只關註生存的環境中，耐克的財務實力、規模和適應性使我們能夠做出適當的短期決策，同時進行投資以推動長期增長。

We finished the quarter with $12.5 billion in total available liquidity, including nearly $9 billion of cash and short-term investments, all supported by a strong investment-grade credit rating and a high return on invested capital.

本季度結束時，我們的可用流動性總額為 125 億美元，其中包括近 90 億美元的現金和短期投資，所有這些都得到了強大的投資級信用評級和高投資資本回報率的支持。

We continue to operate from a position of strength, and I would not trade our position with anyone.

我們將繼續以強勢地位開展業務，我不會與任何人交換我們的地位。

Our current focus is to reduce discretionary spending while we invest in the digital capabilities necessary to further our competitive advantage in the marketplace.

我們當前的重點是減少可自由支配支出，同時投資於必要的數字能力，以進一步增強我們在市場上的競爭優勢。

This includes improving the user experience on our digital platforms through enhanced digital commerce analytics, marketing technology for better consumer targeting and segmentation, online to off-line marketplace capabilities and enhanced inventory pricing and supply management tools.

這包括通過增強的數字商務分析、更好的消費者定位和細分的營銷技術、線上線下市場功能以及增強的庫存定價和供應管理工具來改善我們數字平台上的用戶體驗。

We will continue to increase the scale and efficiency of our digital fulfillment capabilities.

我們將繼續提高數字履行能力的規模和效率。

In Q4, we already pivoted our new Adapt distribution facility in North America to fully support digital demand.

在第四季度，我們已經將北美新的 Adapt 分銷設施轉向完全支持數字需求。

And we plan to open a new regional service center on the West Coast before the holiday season to forward-deploy digital inventory, leveraging advanced analytics and demand-sensing capabilities from our acquisition of Celect.

我們計劃在假期前在西海岸開設一個新的區域服務中心，利用我們收購 Celect 帶來的先進分析和需求感知能力，提前部署數字庫存。

Simply put, we have operating principles in place to prudently manage costs in the short term while we scale investment in key capabilities underpinning our digital transformation.

簡而言之，我們制定了運營原則，在短期內審慎管理成本，同時擴大對支撐數字化轉型的關鍵能力的投資。

We will continue to do this while managing SG&A tightly in the first half of fiscal year '21.

我們將繼續這樣做，同時在 21 財年上半年嚴格管理 SG&A。

And last, a more digitally connected NIKE is a more valuable NIKE.

最後，數字化程度更高的耐克是更有價值的耐克。

The underlying value proposition of Nike's Consumer Direct Offense is that the consumer adoption of digital across all aspects of life now provides NIKE with an opportunity to create deeper, more direct consumer relationships at scale without disintermediation.

耐克消費者直接進攻的基本價值主張是，消費者在生活的各個方面採用數字技術，現在為耐克提供了一個機會，可以在不脫媒的情況下大規模地建立更深入、更直接的消費者關係。

As we've said before, the transformation to a more digital and direct business is financially accretive to NIKE.

正如我們之前所說，向更加數字化和直接的業務轉型可以為耐克帶來財務增長。

Our business results over the last 7 quarters pre-COVID-19 proved this point.

我們在 COVID-19 之前的過去 7 個季度的業務業績證明了這一點。

As compared to our long-term financial model, NIKE has driven higher constant dollar revenue growth and roughly double the annual gross margin expansion on an operational basis, excluding the impacts of foreign exchange headwinds and tariffs.

與我們的長期財務模型相比，耐克推動了更高的恆定美元收入增長，並且在運營基礎上的年度毛利率擴張大約翻倍，不包括外匯逆風和關稅的影響。

The current economics of this transformational shift illustrates my point.

當前這一轉型轉變的經濟狀況說明了我的觀點。

On average, a sale of an incremental unit via digital generates double the revenue versus a sale to wholesale, with a higher gross margin translating into 2x the operating income dollars.

平均而言，通過數字銷售增量單位產生的收入是批發銷售的兩倍，毛利率更高，相當於營業收入的兩倍。

And so to reiterate what John said in why this is so important, we now see that our owned and partner digital could grow to 50% of our total business in the foreseeable future, plus our measured investment in monobrand stores will further catalyze digital growth and create new distribution for our largest growth and market share opportunities in women's and apparel.

因此，重申約翰所說的為什麼這如此重要，我們現在看到，在可預見的未來，我們自有和合作夥伴的數字業務可能會增長到我們總業務的50%，加上我們對單一品牌商店的可衡量投資將進一步促進數字增長和為我們在女裝和服裝領域最大的增長和市場份額機會創造新的分銷渠道。

We are calling this next phase of the Consumer Direct Offense an acceleration for a reason because it will drive greater growth; it will scale NIKE's direct consumer connections in our most profitable channels, driving higher consumer lifetime value; and it will enable us to reposition our resources to accelerate our transformation to a digital-first company.

我們將消費者直接進攻的下一階段稱為加速是有原因的，因為它將推動更大的增長；它將擴大耐克在我們最賺錢的渠道中與消費者的直接聯繫，推動更高的消費者終身價值；它將使我們能夠重新定位我們的資源，以加速我們向數字優先公司的轉型。

Now let's turn to the details of our fourth quarter financial results and operating segment performance.

現在讓我們來詳細了解第四季度的財務業績和運營部門的業績。

NIKE, Inc.

耐克公司

Q4 revenue declined 38%, down 36% on a currency-neutral basis, reflecting the impact of NIKE-owned store closures and lower wholesale shipments, partially offset by growth in NIKE Digital.

第四季度收入下降 38%，在貨幣中性基礎上下降 36%，反映了耐克自營商店關閉和批發出貨量下降的影響，但部分被耐克數字業務的增長所抵消。

Gross margin decreased 820 basis points in Q4 as higher full-price average selling prices, despite increased wholesale discounts, were more than offset by higher product costs, including factory cancellation charges and increased inventory obsolescence reserves as well as the adverse rate impact of supply chain fixed costs on lower wholesale shipments due to COVID-19 dynamics.

第四季度毛利率下降820 個基點，原因是儘管批發折扣增加，但全價平均售價較高，但被較高的產品成本所抵消，包括工廠取消費用和庫存報廢儲備增加以及供應鏈的不利利率影響由於 COVID-19 的動態，批發出貨量減少的固定成本。

SG&A declined 6% in Q4.

第四季度 SG&A 下降 6%。

We reduced costs through clear enterprise-wide cost management principles, including reduction of marketing spending due to the cancellation of live sporting events and retail store closures.

我們通過明確的企業範圍成本管理原則降低了成本，包括因取消現場體育賽事和關閉零售店而減少營銷支出。

It's important to note that the decline in SG&A in the quarter included a roughly $180 million charge related to bad debt reserves.

值得注意的是，本季度 SG&A 的下降包括大約 1.8 億美元的壞賬準備金費用。

Our effective tax rate for the quarter was 1.7% compared to 20.4% for the same period last year due to the mix of earnings taxed in the U.S. and favorability attributable to the use of foreign tax credits.

由於在美國納稅的收入以及使用外國稅收抵免所帶來的優惠，我們本季度的有效稅率為 1.7%，而去年同期為 20.4%。

Fourth quarter diluted net loss per share was $0.51, reflecting lower revenue and gross margin related to COVID-19, partially offset by lower SG&A expenses.

第四季度攤薄後每股淨虧損為 0.51 美元，反映出與 COVID-19 相關的收入和毛利率下降，但 SG&A 費用下降部分抵消了這一影響。

And full year diluted EPS was $1.60, which includes a onetime noncash charge associated with the anticipated strategic distributor partnership transition in South America which reduced EPS by $0.25.

全年稀釋後每股收益為 1.60 美元，其中包括與南美洲預期的戰略分銷商合作夥伴關係過渡相關的一次性非現金費用，該費用使每股收益減少了 0.25 美元。

With that, let's turn to our reported operating segments.

接下來，讓我們轉向我們報告的運營部門。

Last quarter, we discussed how each of our markets would progress from a business perspective as they emerge from the COVID-19 outbreak: first, a recovery period, including the ramp-up of store reopenings; second, a period of normalization of supply and demand; and third, a period in which we return to growth.

上個季度，我們討論了每個市場在擺脫 COVID-19 疫情后將如何從業務角度取得進展：首先是恢復期，包括加快商店重新開業；第二，供需正常化時期；第三，我們恢復增長的時期。

In Q4, Greater China and South Korea returned to growth.

第四季度，大中華區和韓國恢復增長。

North America, EMEA and the remainder of APLA are still in the recovery period as stores began to reopen throughout May and early June.

北美、歐洲、中東和非洲地區以及 APLA 的其他地區仍處於恢復期，商店在 5 月和 6 月初開始重新開業。

In North America, Q4 revenue declined 46% on a currency-neutral basis.

在北美，在匯率中性的基礎上，第四季度收入下降了 46%。

However, NIKE Digital grew 80%, and the Nike App grew triple digits and now represents 30% of our North America digital business.

然而，NIKE Digital 增長了 80%，Nike App 增長了三位數，目前占我們北美數字業務的 30%。

Women's full-price apparel grew 200% and was powered by strong new member growth, with women representing over half of new member acquisition in the quarter.

女士全價服裝增長了 200%，這得益於新會員的強勁增長，本季度新增會員中女性佔一半以上。

As retail began to reopen in mid-May, we saw strong double-digit growth in retail sales for our brand across the total North America marketplace.

隨著零售業於 5 月中旬開始重新開放，我們的品牌在整個北美市場的零售額出現了兩位數的強勁增長。

These trends have continued into early June, including NIKE Digital growing triple digits.

這些趨勢一直持續到六月初，其中 NIKE Digital 增長了三位數。

Physical retail traffic remains below prior year and is being offset by higher rates of conversion due to promotional activity as well as significant shifts to owned and partner digital.

實體零售流量仍低於去年同期，但由於促銷活動以及向自有和合作夥伴數字化的重大轉變而導致轉化率提高，從而抵消了這一影響。

And as of today, approximately 85% of NIKE-owned stores are open.

截至目前，大約 85% 的 NIKE 直營店仍在營業。

In EMEA, Q4 revenue declined 44% on a currency-neutral basis.

在歐洲、中東和非洲地區，在貨幣中性的基礎上，第四季度收入下降了 44%。

Digital grew nearly 100% with continued brand momentum and significant new member acquisition and engagement across the Nike Training Club and the Nike Running Club apps with active new member growth of over 200% and more than 18 million workouts logged in the quarter.

憑藉持續的品牌勢頭以及 Nike Training Club 和 Nike Running Club 應用程序的顯著新會員獲取和參與度，數字增長近 100%，本季度活躍新會員增長超過 200%，記錄的鍛煉次數超過 1800 萬次。

And NIKE gained market share across both footwear and apparel becoming the #1 apparel brand during Q4 in key markets for the first time.

耐克在鞋類和服裝領域都獲得了市場份額，在第四季度首次成為主要市場排名第一的服裝品牌。

As retail began to reopen in May, we saw slight growth in total retail sales versus the prior year across the marketplace with better performance in Germany, France and the U.K., offset by slower recovery in Spain and Italy.

隨著零售業於 5 月份開始重新開放，我們看到整個市場的零售總額較上年略有增長，其中德國、法國和英國的表現較好，但被西班牙和意大利的複蘇放緩所抵消。

Retail sales have now accelerated in June, including triple-digit NIKE Digital growth.

六月份的零售額現已加速，其中 NIKE Digital 實現了三位數的增長。

Traffic levels, conversion trends and consumer shifts towards digital are similar to what we are seeing in North America.

流量水平、轉化趨勢和消費者向數字化的轉變與我們在北美看到的情況類似。

And as of today, approximately 90% of NIKE-owned stores are open.

截至今天，大約 90% 的 NIKE 直營店都在營業。

With that, let's turn to Greater China where we returned to growth of 1% on a currency-neutral basis and the sixth consecutive year of double-digit growth.

接下來，讓我們轉向大中華區，在剔除貨幣因素的基礎上，我們恢復了 1% 的增長，並且連續第六年實現兩位數增長。

Growth improved each month of the quarter, including strong double-digit growth in May on a currency-neutral basis.

該季度每個月的增長均有所改善，其中包括 5 月份（在貨幣中性的基礎上）強勁的兩位數增長。

Digital grew 53%, outpacing the industry.

數字增長 53%，超過行業。

And the Nike App, which launched in Q3, is already resonating with consumers with nearly 11 million downloads driving over 10% of total digital demand in the fourth quarter.

第三季度推出的 Nike App 已經引起了消費者的共鳴，下載量接近 1100 萬次，佔第四季度總數字需求的 10% 以上。

As of today, 100% of NIKE-owned stores are open.

截至今日，NIKE 旗下門店 100% 營業。

In June, we have seen a return to positive comparable store sales in NIKE-owned stores, with higher conversion and higher units per transaction more than offsetting lower traffic.

6 月份，我們看到耐克旗下門店的可比門店銷售額恢復正值，更高的轉化率和每筆交易的單位數量增加，足以抵消客流量的下降。

NIKE Digital growth has accelerated to triple digits.

耐克數字增長已加速至三位數。

Finally, in our APLA geography, Q4 revenue declined 39% on a currency-neutral basis.

最後，在我們的 APLA 地區，在貨幣中性的基礎上，第四季度收入下降了 39%。

We saw varied COVID-19 impact across countries in the region with South Korea emerging the fastest, delivering 8% growth in the quarter.

我們看到了該地區各個國家的 COVID-19 影響各不相同，其中韓國的影響最快，本季度實現了 8% 的增長。

And digital growth was nearly 80% led by strength in Japan, Korea and Brazil, with women's growing 2x the rate of men's on NIKE Digital.

日本、韓國和巴西的數字化增長近 80%，其中女性在 NIKE Digital 上的增長速度是男性的 2 倍。

As of today, approximately 65% of NIKE-owned stores are open with a higher percentage in South Korea, Japan and Australia while stores across Latin America remain largely closed due to efforts to contain the spread of COVID-19.

截至目前，大約 65% 的 NIKE 自營商店仍在營業，其中韓國、日本和澳大利亞的比例更高，而拉丁美洲各地的商店由於遏制新冠肺炎 (COVID-19) 傳播的努力而基本關閉。

Fiscal year '21 will continue to be a time of uncertainty as economies rebound from the effects of COVID-19 and seek to contain further outbreaks of the disease.

隨著經濟從 COVID-19 的影響中反彈並尋求遏制該疾病的進一步爆發，21 財年將繼續充滿不確定性。

We will be agile and resilient because we understand that each market recovery will not be linear.

我們將保持敏捷和彈性，因為我們知道每個市場復甦都不會是線性的。

We remain focused on what we can control so that NIKE can manage risk and aggressively attack opportunities created in this environment.

我們仍然專注於我們可以控制的事情，以便耐克能夠管理風險並積極抓住在此環境中創造的機會。

Given the uncertainty that still remains, we will not be providing specific guidance.

鑑於仍然存在不確定性，我們將不會提供具體指導。

Today, however, I will share the approach we are taking to fiscal year '21 planning.

然而今天，我將分享我們正在採取的 21 財年規劃方法。

In general, we expect to see sequential quarterly improvement in our financial results as retail reopens and each market normalizes supply and demand.

總體而言，隨著零售業的重新開放和每個市場的供需正常化，我們預計我們的財務業績將出現連續季度的改善。

We expect revenue in the first half of the year to be below prior year levels but less of a decline than experienced in Q4 as we continue to reopen stores and fuel our digital business.

我們預計今年上半年的收入將低於去年同期水平，但隨著我們繼續重新開設商店並推動我們的數字業務，下降幅度將小於第四季度。

We expect revenue in the second half to be up significantly versus the prior year with a healthy marketplace and a normalizing full-price sell-through across our channels.

我們預計下半年的收入將比去年大幅增長，因為市場健康，我們渠道的全價銷售正常化。

For the full fiscal year, we expect revenue to be flat to up versus prior year.

對於整個財年，我們預計收入將與上年持平或上升。

And of course, we will have greater clarity on our full year outlook 90 days from now.

當然，90 天后我們將對全年展望有更清晰的了解。

Gross margin will continue in the short term to be a function of our supply and demand management actions as we prioritize the return to normalized inventory levels in Q2.

短期內，毛利率將繼續取決於我們的供需管理行動，因為我們優先考慮在第二季度恢復正常庫存水平。

As I said earlier, we have tightened our buys in the first half and are focused on moving through the inventory we have as profitably as we can.

正如我之前所說，我們在上半年收緊了採購，並專注於盡可能地利用我們擁有的庫存來實現盈利。

We expect SG&A to decline versus the prior year.

我們預計 SG&A 較上年有所下降。

The financial and operating principles that will carry us through these unprecedented times are the same ones that have guided us over the decades.

將帶領我們度過這個前所未有的時代的財務和運營原則與數十年來指導我們的原則相同。

And our brand momentum and deep consumer connections, our differentiated product and continuous flow of innovation, our digital advantage and our operational capabilities have never been stronger.

我們的品牌動力和深厚的消費者聯繫、我們的差異化產品和持續的創新流、我們的數字優勢和我們的運營能力從未如此強大。

In addition, consumer interest in sport, fitness, health and wellness has never been greater, leaving NIKE's market opportunity larger than ever.

此外，消費者對運動、健身、健康和保健的興趣空前高漲，使得耐克的市場機會比以往任何時候都更大。

And though we can't predict short-term trends due to the dynamic nature of this pandemic, interestingly enough, we can now see our brand's long-term future even more clearly.

儘管由於這種流行病的動態性質，我們無法預測短期趨勢，但有趣的是，我們現在可以更清楚地看到我們品牌的長期未來。

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

至此，我們現在開始提問。

(Operator Instructions) Our first question comes from Alexandra Walvis with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Alexandra Walvis。

Thank you for all the comments in the prepared remarks, very interesting on the longer-term outlook for the business.

感謝您在準備好的發言中提出的所有評論，這些評論對業務的長期前景非常有趣。

I wanted to dig a little bit more into the Consumer Direct Acceleration that, John, that you laid out in your remarks there.

約翰，我想進一步深入了解您在評論中提出的消費者直接加速。

Can you talk about the plan for new stores?

能談談新店的計劃嗎？

Do you have any color on the number of new stores that you're planning to roll out?

您對計劃開設的新店數量有什麼了解嗎？

And can you talk about what is being planned for the wholesale business perhaps in terms of points of distribution or partners that you're targeting over time?

您能否談談批發業務的計劃（也許是在分銷點或您長期瞄準的合作夥伴方面）？

Sure, Alexander (sic) [Alexandra].

當然，亞歷山大（原文如此）[亞歷山德拉]。

In a funny way, I would characterize this investment in these new doors as a continued investment in our digital future.

以一種有趣的方式，我將對這些新門的投資描述為對我們數字未來的持續投資。

And here's -- we look at everything through the eyes of the consumer.

我們通過消費者的眼睛來看待一切。

And consumers, as you know, are becoming accustomed to getting what they want, when they want it, how they want it, right?

正如你所知，消費者已經習慣於在他們想要的時候、以他們想要的方式得到他們想要的東西，對嗎？

And this pandemic has really demonstrated the shift toward digital being at the center of everything they do, but they want modern and seamless experiences.

這次大流行確實證明了向數字化的轉變是他們所做的一切的中心，但他們想要現代和無縫的體驗。

They don't necessarily just want to buy it digitally and have it shipped from home.

他們不一定只是想以數字方式購買並從家裡發貨。

You're seeing during the pandemic, and we believe it will continue, they want to buy it on their digital device and go pick it up in the store.

你在大流行期間看到，我們相信這種情況會持續下去，他們想在數字設備上購買並去商店提貨。

Or with soft goods, like apparel, they may want to reserve it online and try it on in the store.

或者對於服裝等軟商品，他們可能想在網上預訂並在商店試穿。

They may want to be in a store and buy something that's not in the store because of inventory, and the associate uses a digital device to buy it and get shipped home.

他們可能想在商店裡購買商店裡沒有的東西，因為庫存不足，而店員則使用數字設備購買並運送回家。

And so consumers increasingly want a consistent, seamless physical and digital experience.

因此，消費者越來越希望獲得一致、無縫的物理和數字體驗。

And so that's what we're committed to providing.

這就是我們致力於提供的。

And we're committed to providing those through, first and foremost, our own digital capabilities as well as our own digital stores, both factory -- or I'm sorry, our own physical stores, factory and direct.

我們致力於首先通過我們自己的數字能力以及我們自己的數字商店（無論是工廠還是我很抱歉，我們自己的實體店、工廠和直營店）來提供這些服務。

A very important piece of this is our strategic partners, our strategic wholesale partners.

其中非常重要的一部分是我們的戰略合作夥伴，我們的戰略批發合作夥伴。

We envision having fewer of them but focusing on those that will share our vision of providing a seamless experience, a consistency in this experience with physical points of presence.

我們預計它們的數量會減少，但會重點關注那些與我們有共同願景的產品，即提供無縫體驗、這種體驗與物理存在點的一致性。

And then we think there's an incremental opportunity in the market and a need to provide a monobrand experience, particularly around women's and apparel.

然後我們認為市場上存在增量機會，並且需要提供單一品牌體驗，特別是在女裝和服裝方面。

We have actually seen this first hand in China.

我們實際上在中國親眼目睹了這一點。

As you know, in China, with a relatively modest investment, there are monobrand stores that dramatically upscale how we serve consumers.

如您所知，在中國，通過相對適度的投資，就有一些單一品牌商店極大地提升了我們為消費者服務的方式。

I've had a chance to see this firsthand during my first weeks at NIKE in China, which I long for to get back out on the road, get back out in the market, get back out with consumers.

在耐克進入中國的頭幾個星期裡，我有機會親眼目睹這一點，我渴望回到路上，回到市場，回到消費者身邊。

That's coming again, I know.

我知道，那又會來了。

But I got to see firsthand the power of those monobrand stores.

但我親眼目睹了這些單一品牌商店的力量。

And so we'll be opening somewhere between 150 and 200 new stores.

因此，我們將開設 150 到 200 家新店。

There'll be a small footprint, digitally-enabled monobrand stores in North America and EMEA.

北美和歐洲、中東和非洲地區將開設規模較小的數字化單一品牌商店。

It's -- we've been testing this format with NIKE Live and have a greater understanding of how to best deliver this experience.

我們一直在通過 NIKE Live 測試這種形式，並對如何最好地提供這種體驗有了更深入的了解。

And so we will proceed ahead this year with more test-and-learn examples of it and scale it through the next couple of years.

因此，我們今年將繼續提供更多的測試和學習示例，並在未來幾年內對其進行擴展。

And again, to be clear, we believe this is incremental to what's in the market today.

再次強調，我們相信這對當今市場上的產品來說是增量的。

It's complementary to what we are already doing and our partners are doing.

它是對我們已經在做的事情以及我們的合作夥伴正在做的事情的補充。

And at the end of the day, we believe that NIKE-owned physical and digital working hand-in-hand with our key partners, online and off-line, we can create one NIKE marketplace that meets the demand of consumers, now and in the future.

歸根結底，我們相信，耐克擁有的實體和數字渠道與我們在線和線下的主要合作夥伴攜手合作，我們可以創建一個滿足消費者現在和未來需求的耐克市場。未來。

And I might just jump in, Alex, and say that, as John mentioned, we've been testing the Nike Live concept.

亞歷克斯，我可能會插話說，正如約翰提到的，我們一直在測試 Nike Live 概念。

We started in Melrose in Southern California.

我們從南加州的梅爾羅斯開始。

We've opened a store in Long Beach and in Glendale, we've also been testing the concept in Shibuya in Tokyo.

我們在長灘和格倫代爾開設了一家商店，我們還在東京澀谷測試了這個概念。

And in the first half of the year, we intend to shift to -- NIKE-owned doors in New York to the Live concept.

今年上半年，我們打算轉向——耐克在紐約擁有的門的Live概念。

And as we continue to test the concept, we've been testing the assortment, we've been testing member engagement.

當我們繼續測試這個概念時，我們一直在測試產品種類，我們一直在測試會員的參與度。

We're seeing that members engage more frequently.

我們發現會員的參與更加頻繁。

It's serving to help us retain members.

它有助於幫助我們留住會員。

And so as John mentioned, this is why we see this as being a catalyst to digital growth, having local stores that members can engage with.

正如約翰提到的，這就是為什麼我們認為這是數字增長的催化劑，擁有會員可以參與的本地商店。

That Tokyo store, inventory is driven by consumer demand, digital demand.

東京商店的庫存是由消費者需求、數字需求驅動的。

It's constantly changing based on what's moving.

它根據移動的事物而不斷變化。

So it's a great example of a digitally connected future.

因此，這是數字互聯未來的一個很好的例子。

Our next question is from Omar Saad with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Omar Saad。

I'd be interested to hear you talk more -- category offense has been such a strong initiative of the company for many years.

我很想听聽您更多地談論——多年來，類別進攻一直是公司的一項強有力的舉措。

I'd love to hear you talk more about the shift to men's, women's, kids.

我很想听你更多地談論向男裝、女裝、童裝的轉變。

How does category offense fit into that?

類別進攻如何融入其中？

Maybe a little bit more behind -- the impetus behind that.

也許更落後一點——背後的動力。

And what's the end result here?

最終結果是什麼？

Is it higher revenue growth, better margins, more dynamic product lines?

是更高的收入增長、更好的利潤、更有活力的產品線嗎？

Omar, the first thing I'd say is the category offense is working, right?

奧馬爾，我要說的第一件事是類別進攻正在發揮作用，對嗎？

And Triple Double makes complete sense, and our growth drivers are spot on.

三雙是完全有道理的，我們的增長動力也恰到好處。

And they were working, frankly, when we came into the pandemic.

坦率地說，當我們陷入大流行時，他們正在發揮作用。

And the pandemic, in many ways, was a stress test for them and really proved that our current strategy is working.

從很多方面來說，這次疫情對他們來說都是一次壓力測試，也確實證明了我們當前的策略是有效的。

So what we're talking about here is how do we take what might have taken us 3 to 5 years to make happen and make it happen in 2. And we -- I think there's some pretty fundamental shifts in consumer behavior that give us this opportunity to accelerate our progress.

所以我們在這裡討論的是我們如何將可能需要 3 到 5 年才能實現的事情在 2 年內實現。而且我們 - 我認為消費者行為發生了一些非常根本的轉變，使我們能夠做到這一點加速我們進步的機會。

One shift is digital, right?

一班是數字化的，對嗎？

As I said a minute ago, digital is now fundamental and central to everything consumers do, and we are the clear leader in digital.

正如我剛才所說，數字化現在已成為消費者所做一切的基礎和核心，而我們是數字化領域明顯的領導者。

We'll double down on that.

我們將加倍努力。

The second I just talked about was the marketplace of the future, right, where we believe we can drive toward one NIKE marketplace with our own capabilities and those of our partners.

我剛才談到的第二個是未來的市場，對吧，我們相信，我們可以憑藉自己的能力和合作夥伴的能力，推動耐克市場的發展。

But third, and directly to your question, is aligning our organization against, a, a more simple construct of men's, women's and kids but also one that helps us unlock what we think are great growth opportunities, right, women's, apparel, kids and, frankly, the emerging health and wellness opportunity.

但第三點，直接針對你的問題，是調整我們的組織，a，一種更簡單的男裝、女裝和童裝結構，但也能幫助我們釋放我們認為巨大的增長機會，對吧，女裝、服裝、童裝和坦率地說，這是新興的健康和保健機會。

So this is not -- to be crystal clear, not abandoning the Consumer Direct Offense.

所以，明確地說，這並不是放棄消費者直接進攻。

This is accelerating it and refining it so that we're more directly connected to the biggest opportunities.

這正在加速並完善它，以便我們能夠更直接地抓住最大的機遇。

Like women's, I'll just -- a great example, women's.

就像女裝一樣，我只是——一個很好的例子，女裝。

We have less than 10% of the women's apparel market in the U.S. Women's grew this quarter 2x the rate of men.

我們在美國女裝市場的份額不到 10%。本季度女裝的增長率是男裝的 2 倍。

And this will allow us to align our organization and focus our resources more directly on that opportunity as well as on others.

這將使我們能夠調整我們的組織，並將我們的資源更直接地集中在該機會以及其他機會上。

And so we view it as an acceleration, and I think it will result in more directly connecting and building deep consumer relationships, which will result in higher growth, market share.

因此，我們將其視為一種加速，我認為這將導致更直接的聯繫和建立深厚的消費者關係，從而帶來更高的增長和市場份額。

And as Matt said in his remarks, we believe also this is also healthy for profitability.

正如馬特在講話中所說，我們相信這對於盈利能力來說也是健康的。

Yes.

是的。

And Omar, I would just add that the category offense has enabled us to sharpen our focus on performance sport and the lifestyle of sport.

奧馬爾，我想補充一點，類別進攻使我們能夠更加關注表演運動和運動生活方式。

And this shift is going to enable us to specialize and get deeper insights to the performance category and the lifestyle sport category through the gender lens.

這種轉變將使我們能夠通過性別視角專注於表現類別和生活方式運動類別，並獲得更深入的見解。

And so if you think about it, from innovation to the way we create products and the way we bring it to market, we believe that this is an opportunity to move from insight to innovation and creating products specifically for the consumer and ensuring that we get it to market the way that we intended when we capture the insight and created the product, which we believe will accelerate growth against these big long-term opportunities.

因此，如果你仔細想想，從創新到我們創造產品的方式以及我們將其推向市場的方式，我們相信這是一個從洞察轉向創新和專門為消費者創造產品並確保我們獲得它以我們捕捉洞察力並創建產品時的預期方式進行營銷，我們相信這將在這些巨大的長期機遇中加速增長。

Our next question is from Erinn Murphy with Piper Sandler.

我們的下一個問題來自艾琳·墨菲和派珀·桑德勒。

I guess on new customer acquisition, you talked about real strength in the quarter.

我想在新客戶獲取方面，您談到了本季度的真正實力。

I guess if you look across the suite of apps and your own dot-com, where did you see the highest uptick of new customers?

我想如果你瀏覽一下應用程序套件和你自己的網絡公司，你會發現哪裡的新客戶增長最快？

Maybe if you can share a little bit more about what you saw from that as well.

也許您也可以分享更多有關您從中看到的內容。

And then how has that shaped your growth strategies around your app and just your broader digital ecosystem?

那麼這對您的應用程序以及更廣泛的數字生態系統的增長戰略有何影響？

Well, Erinn, this gets to membership and why we think membership is at the center of everything we do.

好吧，Erinn，這涉及到會員資格以及為什麼我們認為會員資格是我們所做的一切的中心。

And if you think about it, in simple terms, membership is a big word, but in my mind, it breaks down to 3 simple things: do we have a one-on-one relationship, an identified one-on-one relationship with the consumer; can we increase our level of engagement with that consumer in value-added ways; and then does that increased engagement lead to greater retention and share of wallet of their purchases.

如果你想一想，簡單地說，會員資格是一個很大的詞，但在我看來，它可以分解為3 件簡單的事情：我們是否與其他人有一對一的關係，一種確定的一對一的關係？消費者；我們能否以增值方式提高與該消費者的互動程度？然後，參與度的增加是否會導致他們購買的產品的保留率和錢包份額更大。

And in terms of acquiring new members in the quarter, we had a phenomenal quarter.

在本季度獲得新會員方面，我們度過了一個非凡的季度。

25 million new members registered.

2500萬新會員註冊。

That's up over 100%.

漲幅超過 100%。

Half of those came from our activity apps.

其中一半來自我們的活動應用程序。

And half the new members were women, which is a very encouraging sign.

新成員中有一半是女性，這是一個非常令人鼓舞的跡象。

And then that -- those new members and our existing members were highly engaged, particularly around Nike Training Club, Nike Running Club, our SNKRS App.

然後，這些新會員和我們現有的會員都高度參與，特別是在 Nike Training Club、Nike Running Club、我們的 SNKRS 應用程序方面。

The stats are just -- I think I listed a few in my remarks, and Matt did.

統計數據只是——我想我在發言中列出了一些，馬特也列出了。

But NTC weekly active users, which is a really important metric -- because someone may only buy footwear and apparel a few times a year, but engaging with us each week, maybe even each day, brings NIKE into their lives.

但 NTC 每週活躍用戶是一個非常重要的指標，因為有些人可能一年只購買幾次鞋類和服裝，但每週甚至每天都與我們互動，將耐克帶入他們的生活。

And so we grew weekly active users triple digits in the quarter.

因此，本季度我們的每週活躍用戶數增長了三位數。

25 million workouts with women alone in Q4, and that which is -- and so we think the activity levels and the engagement is growing.

第四季度，僅女性就有 2500 萬次鍛煉，因此我們認為活動水平和參與度正在增長。

And then it's really clear that increased engagement leads to increased purchases.

很明顯，參與度的提高會導致購買量的增加。

And so the NIKE commerce app saw triple-digit growth in both downloads and monthly active buyers as well as the SNKRS App over $1 billion in first-time use.

因此，NIKE 商務應用程序的下載量和每月活躍買家數量均實現了三位數增長，SNKRS 應用程序的首次使用額也超過了 10 億美元。

And so directly connecting with consumers, engaging them with our powerful portfolio of activity apps and then translating that into the kind of both digital and online and off-line relationships where they purchase more is kind of core to the strategy.

因此，直接與消費者建立聯繫，讓他們使用我們強大的活動應用程序組合，然後將其轉化為數字化、線上線下的關係，讓他們購買更多商品，這是該戰略的核心。

The one NIKE marketplace, if you will, is designed to address that direct need.

如果您願意的話，耐克市場就是為了滿足這一直接需求而設計的。

Our next question is from Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

Congratulations on the positive momentum.

祝賀積極的勢頭。

So maybe as we think about the acceleration of the consumer direct strategy that you outlined, how best, larger picture, to think about the impact on gross margin annually as we think about 50 basis points a year prior; SG&A, I think the prior target was slight leverage multi-year?

因此，也許當我們考慮您概述的消費者直接戰略的加速時，如何最好，從更大的角度考慮每年對毛利率的影響，就像我們考慮一年前的 50 個基點一樣； SG&A，我認為之前的目標是多年期輕微槓桿？

Or maybe just said differently, is there any constraints hindering this overall acceleration being a relative acceleration of your mid-teens bottom line annual algorithm?

或者也許只是換句話說，是否有任何限制阻礙這種整體加速，即您的青少年底線年度算法的相對加速？

Well, Matt, the way I would answer your question is that our long-term financial model has always been principled.

好吧，馬特，我回答你的問題的方式是，我們的長期財務模式始終是有原則的。

And it starts with creating value for the consumer, which then translates into creating business value and, ultimately, value for the shareholders.

首先是為消費者創造價值，然後轉化為創造商業價值，並最終為股東創造價值。

And our focus is on creating sustainable, profitable long-term growth.

我們的重點是創造可持續、盈利的長期增長。

As I mentioned in my prepared remarks, the shift to digital is financially accretive to NIKE.

正如我在準備好的發言中提到的，向數字化的轉變可以為耐克帶來經濟效益。

And we believe that this will be an enabler for us to sustain that momentum longer term.

我們相信，這將有助於我們長期維持這一勢頭。

In the near term, or in any given period, obviously, we deal with foreign currency, we deal with anomalies that can have an impact on an interim period.

顯然，在短期內或在任何特定時期內，我們處理外幣，我們處理可能對中期產生影響的異常情況。

But we're very confident in how this strategy will enable us to sustain that growth long term.

但我們對這一戰略將如何使我們能夠長期維持這種增長充滿信心。

What I would tell you, because you asked the question about investment, we've been -- this quarter, in particular, was indicative of an opportunity for us where we managed SG&A very tightly, but we actually accelerated investment the way we needed to, to enable our employees to work from home, to enable digital demand, to do the things that we needed to do in order to be able to accommodate the environment in which we're operating.

我要告訴你的是，因為你問了有關投資的問題，特別是本季度，這對我們來說是一個機會，我們非常嚴格地管理銷售及管理費用，但我們實際上以我們需要的方式加速了投資，使我們的員工能夠在家工作，滿足數字需求，做我們需要做的事情，以便能夠適應我們的運營環境。

And as we look to the future while we will accelerate investment against the areas that I referenced, we also see equal opportunity for us to shift resources that sit in our P&L in legacy forms, which we can redeploy again to the future.

當我們展望未來時，我們將加速對我提到的領域的投資，我們也看到我們有平等的機會以遺留形式轉移損益表中的資源，我們可以再次將其重新部署到未來。

And so that's going to be our focus as we look towards the future.

因此，這將成為我們展望未來的重點。

We will be investing, but we're going to try to -- we're going to accommodate it within the confines of our existing financial model.

我們將進行投資，但我們將努力將其適應在我們現有財務模式的範圍內。

Your next question is from Bob Drbul with Guggenheim.

您的下一個問題來自古根海姆的鮑勃·德布爾（Bob Drbul）。

I just have a couple of questions on the inventory.

我只是有幾個關於庫存的問題。

And I think the plan is to sort of have it rightsized by the second quarter.

我認為計劃是在第二季度之前對其進行調整。

Can you just talk through the major strategies that you have and the flexibility that you have to sort of utilize your outlets versus off-price versus the digital piece of it?

您能否談談您所擁有的主要策略以及您在利用商店、折扣和數字部分方面必須具有的靈活性？

And just walk us through some of the major initiatives in terms of getting back there on the supply/demand piece of this, please?

請向我們介紹一下在回到供需部分方面的一些主要舉措，好嗎？

Sure, Bob.

當然，鮑勃。

As you know, Nike has always tried to carefully manage supply and demand.

如您所知，耐克一直努力謹慎管理供需。

And as a premium brand, we maintain our premium nature because we try to optimize a full-price marketplace across our channels season after season after season.

作為一個優質品牌，我們保持了優質的本質，因為我們試圖一季又一季地優化整個渠道的全價市場。

And so when the pandemic hit, it became clear that there was going to be excess inventory for a period of time.

因此，當疫情爆發時，很明顯庫存將在一段時間內出現過剩。

And we pulled many of the levers that we have at our disposal in order to be aggressive in addressing this issue.

為了積極解決這個問題，我們動用了許多可用的手段。

And in particular, we said our first and primary principle was to get inventory clean in the marketplace as fast as we possibly can.

特別是，我們說我們的首要原則是盡快清理市場上的庫存。

And so we now feel confident, based upon the actions that we've taken, that we will have inventory rightsized and clean by Q2 -- or in Q2.

因此，根據我們所採取的行動，我們現在充滿信心，我們將在第二季度或第二季度之前調整和清理庫存。

And in China, as I referenced, given they faced the pandemic a little bit earlier, they're going to clear and come out of the situation from an inventory perspective by the end of June.

在中國，正如我所提到的，鑑於他們較早地面臨了這一流行病，他們將在 6 月底之前從庫存角度擺脫困境。

And so we feel very good about the actions that we've taken.

因此，我們對我們所採取的行動感到非常滿意。

To your point, we are -- the marketplace is more promotional.

就你的觀點而言，我們——市場更具促銷性。

We have shifted more units of liquidation through our factory store fleet because that's a brand right way for us to liquidate our inventory at a higher profitability level.

我們通過我們的工廠店車隊轉移了更多的清算單位，因為這是我們以更高的盈利水平清算庫存的正確品牌方式。

But we are also seeing some discounting that's happening across the marketplace.

但我們也看到市場上正在發生一些折扣。

But our discounting is less than what we're seeing across the broader marketplace.

但我們的折扣低於我們在更廣泛的市場上看到的折扣。

And our strong brand and our consumer connection is causing us to liquidate and move through inventory faster than what we're seeing across the rest of the marketplace.

我們強大的品牌和與消費者的聯繫使我們能夠比市場上其他公司更快地清算和周轉庫存。

And so through the first 3 weeks of June, as I referenced, we feel like we're on track against this plan -- or we are on track against this plan and are confident that we're going to be positioned for the consumer and for the market in the second half of the year.

因此，正如我所提到的，在 6 月的前 3 週，我們感覺我們正在朝著這個計劃邁進——或者我們正在朝著這個計劃邁進，並且有信心我們將為消費者和消費者定位對於下半年的市場。

Great.

偉大的。

And I guess a quick follow-up is, with the NBA season looking to return, any early picks in terms of who you guys think will win the title in the back half?

我想一個快速的後續行動是，隨著 NBA 賽季的回歸，你們認為誰會在後半段贏得冠軍，有什麼早期的選擇嗎？

Bob, we are so happy that basketball is going to be back.

鮑勃，我們很高興籃球即將回歸。

We just want someone wearing a NIKE uniform to win, and we feel pretty good about that prediction.

我們只是希望穿著耐克制服的人獲勝，我們對這個預測感覺很好。

Your next question is from Jay Sole with UBS.

您的下一個問題來自瑞銀集團 (UBS) 的傑伊·索爾 (Jay Sole)。

Matt, you talked about the shift of inventory to direct consumer and increase the digital capacity 3x to meet the demand through digital.

馬特，您談到了將庫存轉向直接消費者，並將數字容量增加 3 倍，以通過數字滿足需求。

Can you just talk a little bit more about that, like, what that means?

你能多談談這件事嗎，比如這意味著什麼？

And going forward, is there any constraints that will -- from a capacity perspective, that will slow the company's growth to getting e-commerce to be 50% of the total business going forward?

展望未來，從產能角度來看，是否存在任何限制因素會減緩公司的增長速度，導致電子商務佔未來業務總量的 50%？

Sure, Jay.

當然，傑伊。

So I'm incredibly proud of our teams that work in our global operation and logistics because they delivered no small feat in the quarter, increasing the amount of volume that we could ship by 3x in North America and EMEA without much of an increase in cost on a per unit basis.

因此，我為我們在全球運營和物流中工作的團隊感到無比自豪，因為他們在本季度取得了不小的成就，將我們在北美和歐洲、中東和非洲的運輸量增加了3 倍，而成本沒有增加太多以每單位為基礎。

And the reason why they could do that is because our current distribution capabilities are omnichannel, which means we can ship to wholesale customers, our factory stores and to digital.

他們之所以能做到這一點，是因為我們目前的分銷能力是全渠道的，這意味著我們可以向批發客戶、我們的工廠店和數字渠道發貨。

And that enabled us to be agile in the moment to increase our demand -- our digital demand fulfillment.

這使我們能夠立即靈活地增加我們的需求——我們的數字需求滿足。

As we look forward, I mentioned that we're going to be investing in a new facility on the West Coast of the U.S. in order to be able to fulfill demand through holiday.

在我們展望未來時，我提到我們將在美國西海岸投資一座新設施，以便能夠滿足假期期間的需求。

And we expect that we will continue to invest in regional service centers in order to be able to fulfill demand closer to the consumer.

我們預計我們將繼續投資區域服務中心，以便能夠更貼近消費者地滿足需求。

But we're also enabling buy online -- we've also enabled buy online, pick up in store and ship from store from our stores, which will also be a way that we fulfill demand closer to the consumer.

但我們也支持在線購買——我們還支持在線購買、店內提貨和從我們的商店發貨，這也將是我們滿足更貼近消費者需求的一種方式。

So I guess a long way of saying that we feel confident that we can continue to meet this digital demand.

所以我想從長遠來看，我們有信心能夠繼續滿足這種數字需求。

And our team continues to be able to expand capacity without it compromising our cost per unit.

我們的團隊能夠繼續擴大產能，而不會影響單位成本。

In fact, they continue to do what they can to mitigate cost per unit, and we believe it's a long-term opportunity for us as well.

事實上，他們繼續盡其所能來降低單位成本，我們相信這對我們來說也是一個長期機會。

And I may just add a little bit of color on that.

我可能只是在上面添加一點顏色。

Look, Jay, the week before last, I had a chance to go out and visit our teams in Memphis, along with Andy Campion.

看，傑伊，前一周，我有機會和安迪·坎皮恩一起出去參觀我們在孟菲斯的球隊。

By the way, Andy is not on the earnings call anymore, but he's working full time as our COO on just what Matt was talking about and doing a great job.

順便說一句，安迪不再參加財報電話會議，但他正在全職擔任我們的首席運營官，致力於馬特所說的事情，並且做得很好。

And Andy and Venki and I went out and saw our teams in Memphis and got to see this Adapt facility that Matt talked about.

Andy、Venki 和我出去見見了我們在孟菲斯的團隊，並參觀了 Matt 談到的 Adapt 設施。

That was initially constructed to serve wholesale but has now been completely redeployed to serve direct-to-consumer.

該設施最初是為批發服務而建造的，但現在已完全重新部署為直接面向消費者的服務。

And I think, Matt, you referenced the power of data, right, the power of that Celect acquisition where advanced analytics and data -- demand-sensing capabilities can allow us to get the right product as close to the consumer in the right time, which offers enormous efficiency opportunities, right, and by the way, that's a scale game.

我認為，馬特，你提到了數據的力量，對吧，收購 Celect 的力量，先進的分析和數據——需求感知能力可以讓我們在正確的時間獲得盡可能接近消費者的正確產品，這提供了巨大的效率機會，對吧，順便說一句，這是一場規模遊戲。

And that's going to allow us to build scale that others won't be able to match.

這將使我們能夠建立其他人無法匹敵的規模。

And we want to share that scale with our wholesale partners and others as we embrace this.

當我們接受這一點時，我們希望與我們的批發合作夥伴和其他人分享這一規模。

And so it was really great to see that team, and they've done a phenomenal job as their counterparts in Europe and in China.

所以很高興看到這個團隊，他們與歐洲和中國的同行一樣做得非常出色。

Our last question is from John Kernan with Cowen.

我們的最後一個問題是約翰·克南 (John Kernan) 和考恩 (Cowen) 提出的。

Congrats on all the momentum.

祝賀所有的動力。

Matt, maybe a little more detail on the inventory obsolescence, the bad debt and the fixed supply chain costs and the level that you faced in the fourth quarter, obviously, pretty significant.

馬特，也許更多關於庫存過時、壞賬和固定供應鏈成本以及您在第四季度面臨的水平的詳細信息，顯然非常重要。

How do we think about those line items in the first quarter and as fiscal '21 evolves?

隨著 21 財年的發展，我們如何看待第一季度的這些項目？

Sure, John.

當然，約翰。

Let me break it down for you a little bit.

讓我為你分解一下。

The first thing I would say is that year-to-date, through the first 3 quarters of fiscal year '20, we delivered strong gross margin expansion, about 70 basis points, excluding the impact of FX.

我要說的第一件事是，今年迄今為止，在 20 財年的前 3 個季度，我們實現了強勁的毛利率擴張，約為 70 個基點，不包括外彙的影響。

And that was on the back of a really strong product portfolio, innovation and then, ultimately, our digital business.

這是基於真正強大的產品組合、創新以及最終我們的數字業務的支持。

In the fourth quarter, our gross margin was impacted by COVID-19 and the decision that we took to prioritize cleaning and rightsizing our inventory by -- into Q2.

在第四季度，我們的毛利率受到了 COVID-19 以及我們在第二季度優先清理和調整庫存的決定的影響。

And so the plans that we aggressively put in place to rebalance supply and demand did have an impact on our margins in Q4.

因此，我們積極實施的重新平衡供需的計劃確實對我們第四季度的利潤率產生了影響。

But let me break down the 820 for you maybe a little bit more.

但讓我為您詳細介紹一下 820。

About 500 basis points of the impact was related to factory PO cancels, inventory obsolescence as we were making decisions about the value of our inventory and our plans to liquidate it and then the negative rate impact due to lower wholesale shipments on our supply chain costs.

大約 500 個基點的影響與工廠採購訂單取消、我們在決定庫存價值和清算計劃時庫存過時以及由於批發出貨量降低對供應鏈成本造成的負面利率影響有關。

What that last point really means is that, as our press release said, our wholesale shipments were down 50%.

最後一點的真正含義是，正如我們的新聞稿所說，我們的批發出貨量下降了 50%。

But because our costs are mostly fixed, you see a rate -- a negative rate impact as a result of that.

但因為我們的成本大部分是固定的，所以你會看到一個利率——由此產生的負利率影響。

And so as wholesale shipments start to pick up, you'll see less of an impact as you look towards the future.

因此，隨著批發出貨量開始回升，展望未來，您會發現影響較小。

And then we also had 70 basis points of FX headwind in the quarter.

然後，本季度我們還遇到了 70 個基點的外匯逆風。

As we look ahead to next year, we do expect the market to remain promotional in the first half.

展望明年，我們確實預計上半年市場將繼續促銷。

And in Q4, we had about 250 basis points impact from, like, promotional activity across our own stores and our partners as we were investing to liquidate inventory across the marketplace.

在第四季度，當我們投資清理整個市場的庫存時，我們自己的商店和合作夥伴的促銷活動對我們產生了約 250 個基點的影響。

As we look to the first half of next year, we expect that the marketplace will continue to be promotional as we and our partners are moving through this inventory to achieve our goal.

展望明年上半年，我們預計市場將繼續促銷，因為我們和我們的合作夥伴正在通過庫存來實現我們的目標。

But as I said in my prepared remarks, we expect to see sequential improvement relative to what we delivered in Q4 as we move quarter-by-quarter through the first half.

但正如我在準備好的發言中所說，隨著上半年逐季度的發展，我們預計相對於第四季度的業績將出現連續改善。

I think you also asked about bad debt.

我想你也問過壞賬問題。

So bad debt sits in SG&A, it doesn't sit in margin.

因此，壞賬存在於SG&A中，而不存在於保證金中。

And it was $180 million in the quarter.

該季度的銷售額為 1.8 億美元。

I think that's really more reflective of the wholesale marketplace, and our risk assessment of some of our wholesale customers and the impact that this pandemic has had on their ability to pay NIKE for receivables that we're owed.

我認為這確實更能反映批發市場，以及我們對一些批發客戶的風險評估，以及這種流行病對他們向耐克支付我們欠下的應收賬款的能力的影響。

And so if you connect the dots to what John said in terms of our strategic acceleration, we do believe that there's going to be consolidation and dislocation in wholesale distribution in North America and in EMEA.

因此，如果你將這些點與約翰所說的我們的戰略加速聯繫起來，我們確實相信北美和歐洲、中東和非洲的批發分銷將會出現整合和混亂。

And that's why we're taking a measured approach to growth in those geos as we look forward to next year.

這就是為什麼我們在展望明年時對這些地區的增長採取審慎的方法。

And embracing the great wholesale partners that we think will be the real winners along with us and partnering as closely as we can with them to build that marketplace of the future.

並擁抱那些我們認為將與我們一起成為真正贏家的優秀批發合作夥伴，並與他們盡可能密切地合作，共同建設未來的市場。

So thanks, everyone, for joining us today, and we look forward to speaking with you next quarter.

感謝大家今天加入我們，我們期待下個季度與您交談。

Take care and stay safe.

小心並保持安全。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。