Nike Inc (NKE) 2020 Q3 法說會逐字稿

Good afternoon, everyone.

大家下午好。

Welcome to NIKE, Inc.'s Fiscal 2020 Third Quarter Conference call.

歡迎來到 NIKE, Inc. 的 2020 財年第三季度電話會議。

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

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

Leading today's call is Matt Friend, CFO, Nike, Operating Segments, and Vice President, Investor Relations.

主持今天電話會議的是 Nike 首席財務官、運營部門兼投資者關係副總裁 Matt Friend。

Before I turn the call over to Mr. Friend, 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.

在我將電話轉給朋友先生之前，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，這些陳述受某些風險和不確定因素的影響，可能導致實際結果出現重大差異。

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。

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，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。

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

提及固定美元收入旨在提供有關消除外匯波動的業務績效的背景。

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

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。

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，耐克網站 http://investors.nike.com 上將提供可比較的 GAAP 措施和定量調節的介紹。

Now I'd like to turn the call over to Matt Friend, CFO, Operating Segments, and Vice President, Investor Relations.

現在我想把電話轉給運營部門首席財務官兼投資者關係副總裁 Matt Friend。

Thank you, operator.

謝謝你，運營商。

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

大家好，感謝您今天加入我們討論 NIKE, Inc. 2020 財年第三季度業績。

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

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 財務措施。

You will find the appropriate reconciliations in our press release, which was issued about 1 hour ago, or at our website, investors.nike.com.

您可以在我們大約 1 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.

NIKE, Inc. 將與我們一起參加今天的電話會議。

President and CEO, John Donahoe; and our Chief Financial Officer, Andy Campion.

總裁兼首席執行官 John Donahoe；以及我們的首席財務官 Andy Campion。

We are sitting together in a conference room 6 feet apart practicing social distancing.

我們坐在相距 6 英尺的會議室裡練習社交距離。

Following Andy and John's prepared remarks, we will take your questions.

在 Andy 和 John 準備好的發言之後，我們將回答您的問題。

We would like to allow as many of you to ask questions as possible in our allotted time.

我們希望允許盡可能多的人在我們規定的時間內提出問題。

(Operator Instructions) Thanks for your cooperation on this.

（操作員說明）感謝您在此方面的合作。

I will now turn the call over to Nike, Inc.

我現在將把電話轉給耐克公司。

President and CEO, John Donahoe.

總裁兼首席執行官約翰多納霍。

Thanks, Matt, and hello to everyone on the call.

謝謝，馬特，向通話中的每個人問好。

Over the last quarter, Nike delivered 7% currency-neutral revenue growth despite the material impact from COVID-19 in China.

儘管在中國受到 COVID-19 的重大影響，但在上個季度，耐克實現了 7% 的貨幣中性收入增長。

This performance reflects the strong business momentum we had in Q3 across all of our geographies and categories.

這一業績反映了我們在第三季度所有地區和類別的強勁業務勢頭。

But let's take a step back.

但是，讓我們退後一步。

We're living in an unprecedented moment.

我們生活在一個前所未有的時刻。

And like never before, each day requires a close inspection of a very dynamic external environment and a clear determination of how we will respond.

與以往不同的是，每天都需要仔細檢查一個非常動態的外部環境，並明確決定我們將如何應對。

So let me tell you what we've seen over the past 2 months.

那麼讓我告訴你我們在過去兩個月中看到的情況。

When COVID-19 began to aggressively spread across China in late January, our top priority was to protect the health and safety of our teammates and our consumers.

當 COVID-19 在 1 月下旬開始在中國廣泛傳播時，我們的首要任務是保護我們的團隊成員和消費者的健康和安全。

We immediately began closing stores.

我們立即開始關閉商店。

And as of 45 days ago, we had closed more than 5,000 stores in Greater China while the remaining open doors were operating with severely reduced hours.

截至 45 天前，我們已經關閉了大中華區 5,000 多家門店，而其餘未關門的門店則大幅縮短營業時間。

Not surprisingly, retail volume in China plummeted, but we acted quickly and decisively, leveraging our diverse sourcing base and digital capabilities to manage the business with flexibility and shifting our inventory to serve consumer digital demand.

毫不奇怪，中國的零售量直線下降，但我們迅速果斷地採取行動，利用我們多元化的採購基礎和數字能力來靈活地管理業務，並轉移我們的庫存以滿足消費者的數字需求。

At a time when people were confined to their homes, we moved swiftly to leverage our digital app ecosystem and Nike Expert Trainer network to inspire and support consumers across China to stay active and connected while at home.

在人們被限制在家中的時候，我們迅速採取行動，利用我們的數字應用程序生態系統和 Nike Expert Trainer 網絡來激勵和支持中國各地的消費者在家中保持活躍和聯繫。

As a result, our Nike Training Club workouts in China saw an extraordinary rise in sign up and engagement.

因此，我們在中國的 Nike Training Club 訓練活動的註冊人數和參與度都出現了驚人的增長。

In fact, our weekly active users for all of our NIKE activity apps were up 80% by the end of Q3 versus the beginning of the quarter.

事實上，與本季度初相比，到第三季度末，我們所有 NIKE 活動應用程序的每週活躍用戶增加了 80%。

And here's what happened.

這就是發生的事情。

The strong engagement of Chinese consumers with our activity apps translated into strong engagement with our NIKE commerce app.

中國消費者對我們活動應用程序的強烈參與轉化為對我們耐克商務應用程序的強烈參與。

As a result, our digital business in China grew more than 30% and maintained strong momentum throughout this challenging period, a powerful statement of NIKE's agile problem-solving in times of disruption.

因此，我們在中國的數字業務增長超過 30%，並在這個充滿挑戰的時期保持強勁勢頭，這是耐克在混亂時期靈活解決問題的有力證明。

Then approximately 30 days ago, we began to gradually reopen stores in China.

然後大約30天前，我們開始逐步在中國重新開店。

People got back to work, and retail traffic began improving significantly.

人們重返工作崗位，零售客流量開始顯著改善。

Today, nearly 80% of our stores in China have reopened, with more coming back online every day.

如今，我們在中國近 80% 的門店已經重新開業，而且每天都有更多門店重新上線。

In fact, just last week, we reopened our first store in the Wuhan area.

事實上，就在上週，我們在武漢地區的第一家門店重新開業。

And the results are encouraging.

結果令人鼓舞。

Our digital business in China has accelerated even further over the past month, and we are now seeing double-digit increases in retail traffic week-over-week with some stores having already returned to prior year levels.

我們在中國的數字業務在過去一個月進一步加速發展，我們現在看到零售客流量每週都以兩位數的速度增長，一些商店已經恢復到去年的水平。

Credit for this response goes to Angela Dong, who leads our Greater China geography and her talented team of more than 1,600.

這一回應歸功於領導我們大中華區及其 1,600 多名才華橫溢的團隊的 Angela Dong。

I spoke with Angela 2 nights ago, and she has been telling me about the positive sentiment consumers in China are feeling for NIKE, and I can't overstate how impressed I am.

兩天前我和安吉拉談過，她一直在告訴我中國消費者對耐克的積極看法，我怎麼形容都不為過。

It's become quite clear to me that when NIKE says we are a brand of China for China, it's really true.

我很清楚，當耐克說我們是中國的中國品牌時，這是真的。

And it's no surprise to see the business already rebounding given the depth of our connection and the incredible strength of our local leadership team.

鑑於我們的聯繫深度和我們當地領導團隊的強大實力，看到業務已經反彈也就不足為奇了。

So today, I can say that we're seeing the other side of the crisis in China.

所以今天，我可以說我們看到了中國危機的另一面。

And due to the resilience and creativity of our team in China, we now have a playbook that we can use elsewhere.

由於我們中國團隊的韌性和創造力，我們現在有了一套可以在其他地方使用的劇本。

In addition to Greater China, we've applied that playbook in Japan and South Korea over the past 2 months, and we're seeing early momentum in those markets as well.

除了大中華區，過去兩個月我們還在日本和韓國應用了該策略，我們也看到了這些市場的早期勢頭。

And with COVID-19 now spreading across Europe and the U.S., we are applying the same playbook.

隨著 COVID-19 現在在歐洲和美國蔓延，我們正在應用相同的策略。

We have prioritized the health and safety of our teammates, and we have closed our stores.

我們把隊友的健康和安全放在首位，我們已經關閉了我們的商店。

Over the weekend, we drove a strong digital marketing campaign to engage consumers across Europe and across the U.S. to stay healthy and connected while they're at home.

上週末，我們開展了一場強有力的數字營銷活動，以吸引歐洲和美國各地的消費者在家中保持健康並保持聯繫。

And our digital commerce remains open and in growth mode, supported by our teammates in our distribution centers.

在我們配送中心的團隊成員的支持下，我們的數字商務保持開放並處於增長模式。

We also know that this is a moment in society where the private sector has a major role to play.

我們也知道，這是一個私營部門可以發揮重要作用的社會時刻。

Companies like NIKE need to do our part.

像 NIKE 這樣的公司需要盡我們的一份力量。

So our teams in innovation and manufacturing are exploring designs for personal protective equipment, or PPE, to support doctors, nurses and others on the frontline of this outbreak.

因此，我們的創新和製造團隊正在探索個人防護裝備 (PPE) 的設計，以支持醫生、護士和其他處於此次疫情爆發前線的人員。

Based on needs identified by the teams and health professionals at Oregon Health and Science University, our teammates are working right now about how to best help, including prototyping face shields of OHSU and others.

根據俄勒岡健康與科學大學的團隊和衛生專業人員確定的需求，我們的隊友現在正在研究如何提供最好的幫助，包括製作 OHSU 和其他機構的面罩原型。

It's been so energizing to see the quick strike efforts of the cross-functional team to try to help with this critical need.

看到跨職能團隊的快速打擊努力試圖幫助解決這一關鍵需求，真是令人振奮。

That said, we expect the next several weeks to be a challenging period for those living in the U.S. and Europe.

也就是說，我們預計未來幾週對於生活在美國和歐洲的人們來說將是充滿挑戰的時期。

And I can't precisely predict how long the containment phase of the outbreak will last.

而且我無法準確預測疫情的遏制階段將持續多長時間。

But our experience in China, Japan and South Korea gives us confidence that we will see the other side of this crisis in the near future.

但我們在中國、日本和韓國的經歷讓我們相信，我們將在不久的將來看到這場危機的另一面。

And I can assure you this, as the situation continues to evolve, we will be ready, and we will respond.

我可以向你保證，隨著局勢的不斷發展，我們會做好準備，我們會做出回應。

We'll be guided by our values, and we will execute with empathy and with decisiveness.

我們將以我們的價值觀為指導，我們將以同理心和果斷的態度執行。

For instance, we'll continue to maintain pay continuity even while our facilities are closed or have altered schedules.

例如，即使我們的設施關閉或更改時間表，我們也會繼續保持薪酬連續性。

We know that our people are vital to fueling our deep connections with consumers, whether they work in our stores or our distribution centers.

我們知道我們的員工對於加強我們與消費者的深厚聯繫至關重要，無論他們是在我們的商店還是在我們的配送中心工作。

And what's more, it's simply the right thing to do.

而且，這完全是正確的做法。

So while this is an uncertain and challenging time, NIKE has the foundation in place to emerge from it stronger than ever.

因此，儘管這是一個不確定且充滿挑戰的時期，但 NIKE 擁有比以往任何時候都更強大的基礎。

Thanks to our competitive advantages, the power of our brand in connection with consumers, our digital capabilities, our compelling product innovation and most importantly our extraordinary team, we will manage our business back to full recovery.

得益於我們的競爭優勢、我們品牌與消費者的聯繫、我們的數字能力、我們引人注目的產品創新，最重要的是我們非凡的團隊，我們將管理我們的業務，使其全面復甦。

We know in times like these that strong brands get even stronger.

我們知道，在這樣的時代，強勢品牌會變得更加強大。

And I truly believe that no one is better equipped than NIKE to navigate the current climate.

我堅信，沒有人比 NIKE 更有能力駕馭當前的氣候。

So with that said, let's go a bit deeper.

因此，話雖如此，讓我們更深入一點。

I spent the last 90 days digging into this extraordinary company.

在過去的 90 天裡，我深入了解了這家非凡的公司。

I thought I knew NIKE after 5 years on the board, but believe me, when you get to dive even deeper, this place is even more impressive than I imagined.

我以為我在董事會工作 5 年後就了解 NIKE，但相信我，當你深入了解時，這個地方比我想像的更令人印象深刻。

Let me walk you through what I've learned through the lens of the 4 strengths I just mentioned: our strong brand, our digital advantage, our product innovation and our extraordinary team.

讓我通過我剛才提到的 4 大優勢向您介紹我所學到的知識：我們強大的品牌、我們的數字優勢、我們的產品創新和我們非凡的團隊。

These are the strengths that will continue to set us apart, and these are the strengths that will allow us to shape the future marketplace going forward.

這些優勢將繼續讓我們與眾不同，這些優勢將使我們能夠塑造未來的市場。

Since I started as CEO in January, I have visited with our teams in several of our key cities, experiencing firsthand our deep connections with local consumers around the world as well as our innovative retail concepts.

自從我在一月份開始擔任首席執行官以來，我和我們的團隊一起參觀了幾個主要城市，親身體驗了我們與世界各地當地消費者的深入聯繫以及我們創新的零售理念。

I've also had the opportunity to meet with many of our most important strategic partners.

我也有機會會見了我們許多最重要的戰略合作夥伴。

During my first week as CEO in early January, I spent time in China and Japan before the virus took hold.

在 1 月初擔任 CEO 的第一周，我在病毒肆虐之前在中國和日本呆了一段時間。

I got to see firsthand just how deeply the NIKE, Jordan and Converse brands are connecting with consumers, both in compelling retail executions and in the many ways that NIKE partners with regional, local governments to grow physical activity and sports.

我親眼目睹了 NIKE、Jordan 和 Converse 品牌與消費者的聯繫有多深，無論是在引人注目的零售執行方面，還是在 NIKE 與地區、地方政府合作以促進體育活動和體育運動的許多方面。

Our brand is driving these powerful connections to consumers worldwide.

我們的品牌正在推動這些與全球消費者的強大聯繫。

In fact, we were the #1 favorite brand in all 12 of our key cities in Q3, and we continue to gain market share in key cities, such as Berlin, Mexico City and Tokyo.

事實上，我們在第三季度的所有 12 個主要城市中都是最受歡迎的品牌第一名，並且我們繼續在柏林、墨西哥城和東京等主要城市獲得市場份額。

And during a time of physical store closures around the world, we know that our digital foundation will help us emerge out of this situation in an even stronger position.

在世界各地實體店關閉的時期，我們知道我們的數字基礎將幫助我們以更強大的地位擺脫這種局面。

For instance, in Q3, digital delivered 36% currency-neutral growth, and it will continue to be a powerful driver of our deep consumer connections.

例如，在第三季度，數字業務實現了 36% 的貨幣中性增長，它將繼續成為我們深入消費者聯繫的強大推動力。

As I mentioned early, we are executing our learnings from China about fueling sport and fitness all over the world.

正如我之前提到的，我們正在執行我們從中國學到的關於促進全世界體育和健身的知識。

We're using our digital advantage to connect with and support our consumers as behaviors around staying healthy at home continue to evolve.

隨著在家保持健康的行為不斷發展，我們正在利用我們的數字優勢與我們的消費者建立聯繫並為他們提供支持。

Over the weekend, we made the NTC premium free for everyone in the U.S. for 90 days.

上週末，我們為美國所有人免費提供 NTC 保費 90 天。

NTC premium offers the best on-demand workouts and expert tips from our master trainers and others as well as inspiration and support for healthy living.

NTC premium 提供最佳的按需鍛煉和來自我們的主教練和其他人的專家提示，以及對健康生活的啟發和支持。

Digital remains our fastest-growing channel, with owned and partnered digital already representing more than 20% of our overall business.

數字仍然是我們增長最快的渠道，擁有和合作的數字已經占我們整體業務的 20% 以上。

And our apps continue to be the sharp point of our growth.

我們的應用程序繼續成為我們增長的亮點。

With the Nike App growing revenue close to triple digits once again in Q3, fueling member acquisition and strong monthly engagement.

隨著 Nike App 的收入在第三季度再次增長接近三位數，推動了會員獲取和強勁的每月參與度。

And while we've driven impressive results, acquiring new members, engaging them and fueling increased digital demand, we know that the opportunity here is still far greater than what we've realized to date and will become an even greater advantage for NIKE as we move forward.

雖然我們取得了令人矚目的成果，獲得了新成員，吸引他們並推動了數字需求的增長，但我們知道這裡的機會仍然遠遠大於我們迄今為止所意識到的，並將成為耐克的更大優勢，因為我們前進。

And even while our stores remain closed in Europe and the U.S., we continue to work on defining the future of seamless physical and digital retail.

即使我們在歐洲和美國的商店仍然關閉，我們仍將繼續致力於定義無縫實體和數字零售的未來。

To expand the advantage we have in digital, we continue to invest in our NIKE Direct businesses, enhancing rich experiences like those in the Nike App at Retail.

為了擴大我們在數字領域的優勢，我們繼續投資於我們的 NIKE Direct 業務，增強豐富的體驗，例如零售的 Nike App。

And we are increasingly concentrating on our online to off-line journey and accelerating our work to fully connect the marketplace while creating frictionless experiences for consumers throughout the world.

我們越來越專注於從線上到線下的旅程，並加快我們的工作以完全連接市場，同時為全世界的消費者創造無摩擦的體驗。

Another clear competitive advantage is our product innovation.

另一個明顯的競爭優勢是我們的產品創新。

Our product and innovation have always set NIKE apart from others, and I firmly believe this will become even more important of a differentiator as we look ahead.

我們的產品和創新一直讓 NIKE 脫穎而出，我堅信，展望未來，這將成為更加重要的差異化因素。

Over the past couple of months, I've spent a lot of time with our innovation, design, product and merchandising teams.

在過去的幾個月裡，我花了很多時間與我們的創新、設計、產品和營銷團隊在一起。

I've done several deep dives in these areas, and I am truly blown away.

我在這些領域做了幾次深入研究，我真的被震撼到了。

As a Board member, you get to see a lot, but you can never fully understand how impressive NIKE's product innovation capability is until you spend time with our teams.

作為董事會成員，您可以看到很多東西，但只有與我們的團隊共度時光，您才能完全了解 NIKE 的產品創新能力有多麼令人印象深刻。

For instance, today, we have more than 1,000 designers working at NIKE, with broad and deep talent across footwear and apparel.

例如，今天，我們有 1,000 多名設計師在 NIKE 工作，他們在鞋類和服裝領域擁有廣泛而深入的人才。

And you can just feel how their creativity and vision for product inspires everyone here and inspires consumers around the world.

您可以感受到他們對產品的創造力和願景如何激發這裡的每個人以及世界各地的消費者。

I got to see some of this innovative product on display at the Nike 2020 Forum last month in New York, which served as a great illustration of the power of our 2X Innovation offense.

上個月在紐約舉行的 Nike 2020 論壇上，我看到了一些展示的創新產品，這很好地說明了我們 2X 創新進攻的力量。

There, we announced a powerful array of breakthrough products, such as our Next% footwear line which offers measurable benefits to consumers.

在那裡，我們宣布了一系列強大的突破性產品，例如我們的 Next% 鞋類系列，它為消費者帶來了可衡量的好處。

We also launched a new aesthetic for sustainability where we're delivering new scalable platforms like no one else.

我們還推出了一種新的可持續發展美學，我們正在提供與眾不同的新可擴展平台。

And by bringing together athletes and creative partners as only NIKE can, the forum was an optimistic statement about the future of sport culture.

通過像 NIKE 一樣將運動員和創意合作夥伴聚集在一起，該論壇是對體育文化未來的樂觀聲明。

And our advantage goes beyond our incredible product pipeline.

我們的優勢超出了我們令人難以置信的產品線。

It has become even more clear to me why NIKE leads the industry.

我更加清楚為什麼 NIKE 引領行業。

Our innovation, product and design teams have an unrelenting commitment to discovering what's next.

我們的創新、產品和設計團隊不懈地致力於探索未來。

This culture of innovation is pervasive across our organization and deeply embedded within NIKE teams around the world.

這種創新文化在我們的組織中無處不在，並深深植根於世界各地的 NIKE 團隊中。

From those who engage consumers at retail, to those creating the next wave of digital experiences that connect with consumers daily.

從那些在零售中吸引消費者的人，到那些創造下一波與消費者日常聯繫的數字體驗的人。

Fueled by data and analytics capabilities, we are equipped with deep consumer insight that we combine with our design expertise and athlete research.

在數據和分析能力的推動下，我們具備深入的消費者洞察力，並將其與我們的設計專業知識和運動員研究相結合。

This process directly translates into breakthrough product season after season, allowing us to drive more separation in the marketplace.

這一過程直接轉化為一季又一季的突破性產品，使我們能夠在市場上推動更多的分離。

There's one last thing I'd like to mention.

最後一件事我想提一下。

As you know, the organized sports world remains on hold and yet the global culture of health and wellness continues unabated.

如您所知，有組織的體育界仍然停滯不前，但全球健康文化卻有增無減。

In fact, in many ways, people are looking to health and wellness now more than ever.

事實上，在許多方面，人們現在比以往任何時候都更加關注健康。

Whether it's to stay in shape at home or with a focus on mental health in stressful times, people all over the globe are finding ways to make sport a daily habit wherever, whenever and however they can.

無論是在家中保持體形，還是在壓力大的時候關注心理健康，全球各地的人們都在想方設法讓運動成為一種日常習慣，無論何時何地都可以。

And as you may have seen, this past weekend, we encouraged consumers worldwide to work out at home with a simple message: Play inside, play for the world.

正如您可能已經看到的那樣，在過去的這個週末，我們通過一個簡單的信息鼓勵全球消費者在家鍛煉：在室內玩耍，為世界而玩。

We're seeing new behaviors normalize in countries all over the globe, and we're shifting our entire consumer ecosystem to deliver access to sports that speaks to consumers' changing lives.

我們看到全球各國的新行為正在成為常態，我們正在改變我們的整個消費者生態系統，以提供能夠改變消費者生活的體育活動。

Across key markets, we're working to create shared experiences and opportunity for virtual participation, connecting people to something bigger and showing how sport can inspire.

在主要市場，我們正在努力為虛擬參與創造共享體驗和機會，將人們與更大的事物聯繫起來，並展示體育如何激發靈感。

And though there's no predicting when organized sports will restart when our athletes, teams and leagues can return to competition, I do have one guarantee.

雖然無法預測有組織的體育運動何時會在我們的運動員、球隊和聯盟恢復比賽時重新開始，但我有一個保證。

When the gates reopen, when the first whistle sounds, the energy is going to be off the charts.

當大門重新打開時，當第一聲哨聲響起時，能量將超出圖表。

The world's passion for sports remains undiminished.

世界對體育的熱情絲毫沒有減退。

And when it all returns, NIKE will be right there with sports fans everywhere.

當一切回歸時，NIKE 將與各地的體育迷同在。

In summary, I'm incredibly proud of our team and the results they delivered in Q3.

總之，我為我們的團隊和他們在第三季度取得的成果感到無比自豪。

And amidst unprecedented conditions across the globe, we are staying focused on not simply managing through this situation but taking the actions that will allow us to emerge from it even stronger than before.

在全球前所未有的情況下，我們不僅要專注於應對這種情況，還要採取行動，使我們能夠比以往更強大地擺脫困境。

We know it won't be easy, but NIKE is better prepared than anyone else to regain that momentum, extend our brand leadership and reshape the future marketplace.

我們知道這並不容易，但 NIKE 比其他任何人都做好了更充分的準備，以重新獲得這種勢頭，擴大我們的品牌領導地位並重塑未來的市場。

NIKE has a long history of rising to the occasion in extraordinary times to deliver strong results and effect extraordinary change in the world of sport and beyond.

NIKE 有著悠久的歷史，在非凡的時代挺身而出，在體育界及其他領域取得出色的成績並實現非凡的變革。

And that's what we're going to do once again.

這就是我們將再次做的事情。

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

有了這個，我現在將電話轉給安迪。

Thanks, John, and hello to everyone on the call.

謝謝，約翰，向通話中的每個人問好。

Before I speak to our business, our priority right now is, first and foremost, our people.

在我談論我們的業務之前，我們現在的首要任務是我們的員工。

Ensuring the health, safety and well-being of our teammates around the world is the foundation for all of the business decisions we're making.

確保我們全球團隊成員的健康、安全和福祉是我們做出所有業務決策的基礎。

We have a maxim at NIKE, we win as a team.

我們在 NIKE 有一句格言，我們作為一個團隊獲勝。

And I can tell you that the resilience, strength, empathy and creativity of our teammates has never been on greater display.

我可以告訴你，我們隊友的韌性、力量、同理心和創造力得到了前所未有的體現。

Our team has always been NIKE's greatest advantage.

我們的團隊一直是NIKE最大的優勢。

On that note, I want to congratulate one of my teammates, Matt Friend, on his new role going forward.

在這一點上，我想祝賀我的一位隊友 Matt Friend 擔任新角色。

Matt and I have worked closely together since he joined NIKE 11 years ago.

自 11 年前加入耐克以來，馬特和我一直密切合作。

He's been a great thought partner to me over that time, and we're working seamlessly together through this transition.

在那段時間裡，他一直是我的重要思想合作夥伴，我們在這次過渡期間無縫合作。

As I move into my new role with NIKE, I could not be more confident in NIKE's financial management with Matt as our CFO.

當我進入 NIKE 的新職位時，我對 Matt 擔任首席財務官的 NIKE 財務管理充滿信心。

So as we close Q3 and look ahead, we see 3 key themes.

因此，當我們關閉第三季度並展望未來時，我們看到了 3 個關鍵主題。

First, as we enter these challenging circumstances, NIKE's brand leadership and business momentum have been stronger than ever and unrivaled around the world.

首先，隨著我們進入這些充滿挑戰的環境，NIKE 的品牌領導地位和業務勢頭比以往任何時候都更加強大，在全球範圍內無可匹敵。

In Q3, we delivered 7% currency-neutral revenue growth overall, led by 13% growth in both EMEA and APLA.

在第三季度，我們實現了 7% 的整體貨幣中性收入增長，其中 EMEA 和 APLA 均增長了 13%。

NIKE Greater China was also on pace to deliver another quarter of strong double-digit revenue growth prior to the impact of COVID-19.

在 COVID-19 的影響之前，耐克大中華區也有望實現又一個季度強勁的兩位數收入增長。

And in North America, our strong mid-single-digit reported rate of revenue growth would have been roughly 3 points higher if not for noncomparable items, including the sale of Hurley and our shift to a licensed business model with Fanatics relative to the NFL.

在北美，如果不是不可比較的項目，包括 Hurley 的出售以及我們轉向 Fanatics 相對於 NFL 的許可商業模式，我們強勁的中個位數報告收入增長率將高出大約 3 個百分點。

While those transactions had a negative impact on our year-over-year revenue growth comparisons, they also result in higher profitability for NIKE.

雖然這些交易對我們的同比收入增長比較產生了負面影響，但它們也為耐克帶來了更高的盈利能力。

Across all of our geographies and Converse, digital remained our fastest-growing channel, growing 36% on a currency-neutral basis.

在我們所有的地區和匡威，數字仍然是我們增長最快的渠道，在貨幣中性的基礎上增長了 36%。

In fact, each of our geographies and Converse exceeded 30% digital revenue growth in the quarter.

事實上，我們每個地區和 Converse 在本季度的數字收入增長都超過了 30%。

Our growth was also broad-based across categories as well as across women's and men's, all fueled by innovation platforms and power franchises such as the Air Max 270, the Air Force 1 and the Air Jordan 1. Our launch of the Air Jordan 11 "Bred" was the largest in our history with the product selling out in 28 minutes powered by the SNKRS App.

我們的增長也廣泛涉及各個品類以及男女鞋款，這一切都得益於創新平台和強大的特許經營權，例如 Air Max 270、Air Force 1 和 Air Jordan 1。我們推出的 Air Jordan 11“ Bred”是我們歷史上最大的產品，在 SNKRS 應用程序的支持下，該產品在 28 分鐘內售罄。

In fact, the Jordan Brand grew double digits globally in the quarter.

事實上，Jordan Brand 在本季度在全球範圍內實現了兩位數的增長。

The LeBron 17, Giannis Zoom Freak and the City Edition NBA jerseys fueled basketball's strong growth.

LeBron 17、Giannis Zoom Freak 和城市版 NBA 球衣推動了籃球運動的強勁增長。

And in running, we unveiled our most advanced performance running shoe ever, the Alphafly Next%.

在跑步方面，我們推出了有史以來最先進的高性能跑鞋 Alphafly Next%。

We also launched the new Infinity React, designed to help runners run longer, and we've seen very strong sell-through, particularly with women.

我們還推出了新的 Infinity React，旨在幫助跑步者跑得更遠，我們看到了非常強勁的銷售，尤其是女性。

Apparel also fueled growth in the quarter, growing faster than footwear, with double-digit apparel growth in our sportswear, training, basketball, women's and kids' categories.

服裝也推動了本季度的增長，增長速度快於鞋類，我們的運動服、訓練服、籃球服、女裝和童裝類別的服裝實現了兩位數的增長。

Setting aside the noncash nonrecurring charges related to our business model changes in South America, NIKE, Inc.'s earnings exceeded the earnings that were implied in the financial guidance we provided 90 days ago.

拋開與我們在南美的商業模式變化相關的非現金非經常性費用，NIKE, Inc. 的收益超過了我們 90 天前提供的財務指南中隱含的收益。

We were able to deliver that strong bottom line performance, even including the impact of COVID-19 on Greater China.

我們能夠實現強勁的底線業績，甚至包括 COVID-19 對大中華區的影響。

The second key theme as we look ahead, relates to how we're addressing the evolving implications of COVID-19.

我們展望未來的第二個關鍵主題與我們如何應對 COVID-19 不斷演變的影響有關。

As John said, we are executing on an operational playbook focused on positioning NIKE for an expedited return to profitable, capital-efficient growth.

正如 John 所說，我們正在執行一份運營手冊，重點是將 NIKE 定位為快速恢復盈利、資本效率增長。

We see each of our markets progressing through a time series that begins with the country addressing the COVID-19 outbreak, followed by 3 phases from a business perspective: one, a recovery period, including, for example, the ramp-up of store reopenings; two, a period of normalization across consumer demand and supply; and three, a period in which we return to strong growth.

我們看到我們的每個市場都經歷了一個時間序列，從國家應對 COVID-19 爆發開始，然後從業務角度分為 3 個階段：第一，恢復期，包括，例如，商店重新開業的加速;第二，消費者需求和供應的正常化時期；第三，我們恢復強勁增長的時期。

Why are we so confident in our approach?

為什麼我們對我們的方法如此有信心？

Well, as John said, our team in Greater China has given us a playbook for the rest of the world.

好吧，正如約翰所說，我們在大中華區的團隊為我們提供了適用於世界其他地區的劇本。

Based upon the most recent trends we see today, NIKE Greater China has already progressed through the recovery phase and is now transitioning into the normalization phase.

根據我們今天看到的最新趨勢，NIKE 大中華區已經走出複蘇階段，正在過渡到正常化階段。

Specifically, we are seeing accelerating strong double-digit, approaching triple-digit growth in our NIKE Digital business.

具體來說，我們看到我們的 NIKE 數字業務正在加速強勁的兩位數增長，接近三位數增長。

At the same time, roughly 80% of our 7,000 brick-and-mortar NIKE-owned and partner stores are now open.

與此同時，在我們 7,000 家 NIKE 自有門店和合作夥伴門店中，大約 80% 現已開業。

Based on the latest trends in our business, NIKE Greater China Q4 revenue will likely be roughly flat versus Q4 of fiscal year '19.

根據我們業務的最新趨勢，耐克大中華區第四季度的收入可能與 19 財年第四季度大致持平。

We're also executing on this playbook in Japan and Korea.

我們還在日本和韓國執行此劇本。

Both markets are entering the normalization phase, fueled by strong digital growth and significant week-over-week increases in retail traffic and demand for NIKE.

在強勁的數字增長以及零售流量和對 NIKE 的需求逐周顯著增長的推動下，這兩個市場都進入了正常化階段。

Based on what we're experiencing in China, Korea and Japan, we are optimistic.

根據我們在中國、韓國和日本的經歷，我們持樂觀態度。

At the same time, this has become a global pandemic.

與此同時，這已成為全球流行病。

Each country is addressing COVID-19 differently.

每個國家都以不同的方式應對 COVID-19。

And accordingly, our markets will progress through the 3 phases from a business perspective on different time lines.

因此，我們的市場將從不同時間線上的業務角度來看，經曆三個階段。

That adds some complexity from a global point of view.

從全球的角度來看，這增加了一些複雜性。

So we're also executing against a top-down enterprise-wide operational plan.

因此，我們也在執行自上而下的企業範圍運營計劃。

Our top-down plan includes: one, tight cost management; and two, daily global demand and supply optimization.

我們自上而下的計劃包括：一、嚴密的成本管理；第二，每日全球需求和供應優化。

Accordingly, our Q4 SG&A will be lower than prior year Q4 spending.

因此，我們第四季度的 SG&A 支出將低於去年第四季度。

We're also taking decisive action with respect to supply on a global basis, while shifting our distribution focus to digital in the face of temporary retail store closures.

我們還在全球範圍內對供應採取果斷行動，同時在零售店臨時關閉的情況下將我們的分銷重點轉向數字化。

As a result, Q4 fiscal year '20 and fiscal year '21 year-over-year revenue, margin and inventory growth rates will neither be intuitive nor linear.

因此，20 財年第四季度和 21 財年的同比收入、利潤率和庫存增長率既不是直觀的也不是線性的。

Our measures of success in the near term will be rooted in the amount of inventory on-hand relative to the pace of digital demand, store reopenings and traffic patterns.

我們衡量近期成功與否的依據是現有庫存量與數字需求速度、商店重新開業和客流量模式的關係。

Now going into this, we were fortunately experiencing a very strong pull market for NIKE globally, with some of the highest rates of full-price sell-through we have ever experienced.

現在談到這一點，幸運的是，我們在全球範圍內經歷了一個非常強大的 NIKE 拉動市場，一些全價銷售率是我們經歷過的最高水平。

So we're now aggressively managing all of our operating levers to ensure that we expedite NIKE's return to that strong full market.

因此，我們現在正在積極管理我們所有的運營槓桿，以確保我們加快 NIKE 重返強大的全面市場。

Realigning supply and demand is our focus operationally.

重新調整供需是我們在運營上的重點。

We're also executing this plan leveraging 2 of NIKE's long-standing and greatest competitive advantages.

我們還利用 NIKE 的 2 個長期和最大的競爭優勢來執行該計劃。

First, Nike's financial strength.

首先，耐克的資金實力。

Liquidity will not be an issue for NIKE.

流動性不會成為耐克的問題。

In order to ensure resilience during challenging times, we have long maintained a strong balance sheet, a strong investment-grade credit rating and ample access to capital, all coupled with strong operating cash flow generation.

為了確保在充滿挑戰的時期保持韌性，我們長期以來一直保持著穩健的資產負債表、強大的投資級信用評級和充足的資本獲取渠道，所有這些都伴隨著強勁的經營現金流產生。

NIKE's liquidity and access to capital affords us the ability to be principled, for example, with respect to pay continuity, and decisive relative to real-time supply and demand management.

NIKE 的流動性和獲得資本的途徑使我們能夠堅持原則，例如，在支付連續性方面，以及與實時供需管理相關的決定性方面。

Second, we have forged the strongest partnerships across the value chain in this industry.

其次，我們在這個行業的整個價值鏈上建立了最強大的合作夥伴關係。

That includes, among others, our marketplace partners like Topsports, Pou Sheng and Tmall in China as well as Foot Locker, DICK'S, JD and Zalando across the U.S. and Europe.

其中包括我們的市場合作夥伴，例如中國的 Topsports、寶勝和天貓，以及美國和歐洲的 Foot Locker、DICK'S、JD 和 Zalando。

Of course, we also have long-standing partnerships that span decades with manufacturers such as Feng Tay, Shenzhou, Chang Shin and many others.

當然，我們也與 Feng Tay、Shenzhou、Chang Shin 等製造商建立了長達數十年的長期合作夥伴關係。

We're working closely with all of these strategic partners on a daily basis.

我們每天都在與所有這些戰略合作夥伴密切合作。

Our partners recognize that the stronger NIKE is going forward, the stronger they are.

我們的合作夥伴認識到，NIKE 的發展越強大，他們就越強大。

Of course, NIKE is not operating in isolation.

當然，NIKE 並不是孤立運作的。

External factors will continue to be dynamic, and we will continue to adjust our execution accordingly.

外部因素將繼續變化，我們將繼續相應地調整我們的執行。

The third key theme as we look forward.

我們期待的第三個關鍵主題。

While the setbacks from a business perspective will be significant for all, NIKE will come back even stronger as a brand and as a company.

雖然從商業角度來看，挫折對所有人來說都是重大的，但耐克作為一個品牌和一家公司將以更強大的姿態回歸。

Consumer behavior is changing real time.

消費者行為正在實時變化。

We're all witnessing new normals emerge in terms of both how consumers shop and stay active.

我們都在見證消費者購物和保持活躍的新常態。

Sport is being redefined as much broader than competition as the world finds new and creative ways to stay healthy and fit.

隨著世界找到新的和創造性的方式來保持健康和健康，體育正在被重新定義為比競爭更廣泛。

And NIKE's digital ecosystem is keeping us connected real time.

NIKE 的數字生態系統讓我們保持實時聯繫。

From a marketplace perspective, NIKE Digital growth is accelerating amidst these dynamics.

從市場的角度來看，NIKE Digital 的增長在這些動態中正在加速。

From a digital capability perspective, the investments we've made to date are now proving to be the foundation for our resilience amidst challenge, and they will be strength as we emerge.

從數字能力的角度來看，我們迄今為止所做的投資現在被證明是我們在挑戰中恢復活力的基礎，並且隨著我們的出現，它們將成為力量。

For example, we're leveraging select team and tools to dynamically model demand, pricing, planning and allocation; we're leveraging our NIKE membership platform and NIKE mobile app ecosystem to inspire and enable people to be active at home, while also providing targeted product offers and services to consumers.

例如，我們正在利用精選團隊和工具對需求、定價、規劃和分配進行動態建模；我們正在利用我們的 NIKE 會員平台和 NIKE 移動應用程序生態系統來激發和幫助人們在家中保持活躍，同時還為消費者提供有針對性的產品和服務。

And the foundation we've built in enterprise data and analytics is fueling our more agile end-to-end execution.

我們在企業數據和分析中建立的基礎正在推動我們更加敏捷的端到端執行。

As we've said, we're still in the early innings of NIKE's digital transformation.

正如我們所說，我們仍處於 NIKE 數字化轉型的早期階段。

But the capabilities we've already been building for the future are proving to be the strongest pillars within our business today.

但事實證明，我們已經為未來打造的能力是我們當今業務中最強大的支柱。

As John said, simply put, these are times in which strong brands get stronger, and we're confident that NIKE will come back stronger than ever.

正如 John 所說，簡單地說，現在是強勢品牌變得更強大的時代，我們相信 NIKE 會比以往任何時候都更強大。

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

現在讓我們來看看我們第三季度財務業績和運營部門業績的細節。

NIKE, Inc.

耐克公司

Q3 revenue grew 5%, up 7% on a currency-neutral basis, reflecting strong balanced growth across EMEA, APLA, North America and Greater China prior to the impact of COVID-19, all fueled by Nike digital growing 36% versus prior year.

第三季度收入增長 5%，在貨幣中性基礎上增長 7%，反映出在 COVID-19 影響之前歐洲、中東和非洲、亞太地區、北美和大中華區的強勁均衡增長，這一切都得益於耐克數字業務較上年增長 36% .

Gross margin declined by 80 basis points in Q3 as higher average selling prices and better off-price margin were offset by the impact of COVID-19 primarily in Greater China as we managed inventory sell-through in that market.

第三季度的毛利率下降了 80 個基點，因為更高的平均售價和更好的折價利潤率被主要在大中華區的 COVID-19 的影響所抵消，因為我們管理了該市場的庫存銷售。

Gross margin was also negatively impacted by FX headwinds and incremental tariffs in North America.

北美的外匯逆風和增量關稅也對毛利率產生了負面影響。

SG&A grew 6% in Q3.

SG&A 在第三季度增長了 6%。

We continue to invest in our digital transformation, while also beginning to more tightly manage operating overhead and shift demand creation.

我們繼續投資於我們的數字化轉型，同時也開始更嚴格地管理運營開銷和轉移需求創造。

Our effective tax rate for the quarter was 3.9% compared to 14.7% for the same period last year due to a shift in the proportion of earnings taxed in the U.S. and increased benefits from discrete items.

我們本季度的有效稅率為 3.9%，而去年同期為 14.7%，這是由於在美國征稅的收入比例發生了變化以及離散項目的收益增加。

Third quarter diluted EPS was $0.53, including the $0.25 noncash nonrecurring FX-related charge associated with the transition of Brazil, Argentina, Chile and Uruguay to strategic distributor models.

第三季度攤薄後每股收益為 0.53 美元，其中包括與巴西、阿根廷、智利和烏拉圭向戰略分銷商模式轉型相關的 0.25 美元非現金非經常性外匯相關費用。

As of February 29, inventories were up 7% compared to the prior period reflecting healthy full-price versus off-price mix prior to the impacts of COVID-19.

截至 2 月 29 日，庫存比上一時期增加了 7%，這反映出在 COVID-19 影響之前健康的全價與低價組合。

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

有了這個，讓我們轉向我們報告的運營部門。

In North America, Q3 revenue grew 4% on a reported and currency-neutral basis, which again would have been approximately 3 points higher adjusting for the sale of Hurley and our partnership with Fanatics regarding the NFL business.

在北美，第三季度收入在報告和貨幣中性的基礎上增長了 4%，在調整 Hurley 的銷售以及我們與 Fanatics 在 NFL 業務方面的合作後，這將再次高出約 3 個百分點。

In Q3, NIKE Digital grew over 30% and the Nike App grew over 60% in North America.

第三季度，NIKE Digital 增長超過 30%，Nike App 在北美增長超過 60%。

New York City and L.A. each grew double digits, fueled by differentiated NIKE consumer experiences.

在差異化的 NIKE 消費者體驗的推動下，紐約市和洛杉磯均實現了兩位數的增長。

As an example, in L.A., we launched our newest Nike Live concept store in Glendale, which blew passed our expectations, and significantly over-indexed in terms of the women's business.

例如，在洛杉磯，我們在格倫代爾推出了我們最新的 Nike Live 概念店，這超出了我們的預期，並且在女性業務方面的指數明顯高估。

Now as of today, we've closed our own stores in North America.

從今天開始，我們已經關閉了我們在北美的門店。

Going forward, we will reopen stores on a location-by-location basis as we closely monitor developments.

展望未來，我們將在密切關注事態發展的同時逐個地點重新開店。

At the same time, NIKE Digital demand has been extraordinary, with NIKE Digital commerce sales over just the past few days approaching holiday peak levels, growing triple digits over just the past week.

與此同時，NIKE Digital 的需求異常旺盛，NIKE Digital 的商務銷售額在過去幾天接近假日高峰期，僅在過去一周就增長了三位數。

We've maintained operations in our distribution centers, implementing social distancing and reduced staffing, while focusing on the shipment of digital orders.

我們一直在我們的配送中心維持運營，實施社交距離和減少人員配置，同時專注於數字訂單的運送。

Now let's turn to EMEA, where we continue to build on our extraordinary brand momentum.

現在讓我們轉向歐洲、中東和非洲，我們在那裡繼續建立我們非凡的品牌勢頭。

In Q3, revenue in EMEA grew 13% on a currency-neutral basis with double-digit growth in most key categories.

在第三季度，歐洲、中東和非洲地區的收入在貨幣中性基礎上增長了 13%，大多數關鍵類別的收入都實現了兩位數增長。

Women's growth strongly outpaced men's, apparel accelerated faster than footwear, and digital was up over 40%.

女性的增長速度遠遠超過男性，服裝的增長速度快於鞋類，數字產品增長超過 40%。

The NIKE Brand has never been stronger in EMEA.

耐克品牌在 EMEA 從未如此強大。

In every key city in EMEA, consumers rated NIKE their #1 favorite and cool brand.

在 EMEA 的每個主要城市，消費者都將 NIKE 評為他們最喜愛和酷炫的品牌第一名。

We also gained significant market share in Q3 across both footwear and apparel, driving further brand separation.

我們還在第三季度的鞋類和服裝領域獲得了顯著的市場份額，進一步推動了品牌分離。

Greater speed and agility also fueled our growth and share gains in EMEA in Q3, with over 30% of EMEA revenue and nearly 80% of EMEA incremental growth flowing through our Express Lane.

更快的速度和敏捷性也推動了我們在第三季度在歐洲、中東和非洲地區的增長和份額增長，超過 30% 的歐洲、中東和非洲收入和近 80% 的歐洲、中東和非洲增量增長都來自我們的快速通道。

In order to help limit the spread of COVID-19, we have also closed our own stores in Western Europe and select Eastern European markets.

為了幫助限制 COVID-19 的傳播，我們還關閉了我們在西歐和部分東歐市場的門店。

And similar to the U.S., we will reopen on a location-by-location basis based on developments.

與美國類似，我們將根據事態發展逐個地點重新開放。

NIKE Digital continues to grow versus prior year, and we're maintaining operations in our distribution centers, again, shifting their focus towards digital distribution.

NIKE Digital 與上一年相比繼續增長，我們再次維持配送中心的運營，將他們的重點轉向數字分銷。

In our APLA geography, revenue grew 13% on a currency-neutral basis.

在我們的 APLA 地區，收入在貨幣中性基礎上增長了 13%。

Growth was fueled by our key cities and was balanced across key categories, nearly all of which were up double digits.

增長是由我們的主要城市推動的，並且在關鍵類別之間保持平衡，幾乎所有類別都實現了兩位數的增長。

The Jordan Brand, in particular, was incredibly strong in APLA, growing nearly 50% in the quarter, with new innovation like the Jordan Max 200, along with fresh new approaches to Jordan icons all resonating with consumers.

尤其是 Jordan Brand 在 APLA 中的表現令人難以置信，本季度增長了近 50%，其創新產品如 Jordan Max 200 以及 Jordan 標誌的全新設計都引起了消費者的共鳴。

In performance running, our accelerating momentum continued especially in Japan, where we dominated the Hakone Ekiden competitive race, seeing a record 84% of participants wearing NIKE.

在性能跑方面，我們的加速勢頭繼續保持，尤其是在日本，我們在箱根驛傳比賽中獨領風騷，創紀錄地有 84% 的參賽者穿著 NIKE。

The energy around running in Japan is being fueled by the Vaporfly Next% as well as a halo effect that is impacting other performance models like the Zoom Fly, Rival Fly and Peg Turbo, which all grew triple digits in Q3.

Vaporfly Next% 以及影響其他性能模型（如 Zoom Fly、Rival Fly 和 Peg Turbo）的光環效應在第三季度都實現了三位數的增長，為日本的跑步運動注入了活力。

NIKE Digital grew 51%, and wholesale grew double digits overall on a currency-neutral basis as business with our differentiated strategic partners grew 5x as fast as undifferentiated distribution.

NIKE Digital 增長了 51%，批發在貨幣中性的基礎上整體增長了兩位數，因為與我們差異化戰略合作夥伴的業務增長速度是無差異化分銷的 5 倍。

As we've said, APLA is our most diverse geography, so we are seeing the impact of COVID-19 vary significantly across Asian and Latin American countries.

正如我們所說，APLA 是我們最多樣化的地理區域，因此我們看到 COVID-19 的影響在亞洲和拉丁美洲國家之間存在顯著差異。

With that, let's turn to Greater China.

有了這個，讓我們轉向大中華區。

While our full quarter results in Greater China were significantly impacted by COVID-19, it is worth providing some dimension.

雖然我們在大中華區的整個季度業績受到 COVID-19 的重大影響，但值得提供一些維度。

Our momentum in China continued to be extraordinary through mid-January.

到 1 月中旬，我們在中國的發展勢頭依然強勁。

Our revenue growth was on track to exceed the expectations that we set 90 days ago, fueled by NIKE Digital.

在 NIKE Digital 的推動下，我們的收入增長有望超過我們 90 天前設定的預期。

We launched the Nike App in China in Q3, and today, we already have 5 million Nike App downloads.

我們在第三季度在中國推出了耐克應用程序，今天，我們已經擁有 500 萬次耐克應用程序下載量。

And as John said, we're also seeing a spike in weekly average users on our activity apps as we inspire and enable consumers to engage in sport at home.

正如 John 所說，隨著我們鼓勵和支持消費者在家中參與運動，我們的活動應用程序每周平均用戶數也出現激增。

We're now, as I said, through the recovery phase and into the normalization period in China.

正如我所說，我們現在正處於恢復階段並進入中國的正常化時期。

Today, our digital commerce growth continues to accelerate, with triple-digit growth in demand just this last week.

今天，我們的數字商務增長繼續加速，就在上週，需求增長了三位數。

Most of our stores and our partner stores are open; retail traffic is significantly accelerating week-over-week; and we're beginning to see a decline from the peak inventory levels we experienced.

我們的大部分商店和我們的合作夥伴商店都在營業；零售流量每週都在顯著加速；我們開始看到我們經歷的峰值庫存水平有所下降。

We are confident that NIKE Greater China is on track to return to growth in fiscal year '21.

我們相信耐克大中華區有望在 21 財年恢復增長。

As we look ahead, we will not be providing financial guidance for Q4 due to the uncertainty resulting from the spread of COVID-19.

展望未來，由於 COVID-19 的傳播帶來的不確定性，我們將不會為第四季度提供財務指導。

For fiscal year '21, we have been planning performance in line with our long-term financial model.

對於 21 財年，我們一直在根據我們的長期財務模型規劃業績。

The year-over-year growth rate base comparisons will no longer be meaningful.

同比增長率基準比較將不再有意義。

So we'll share the approach that we're taking with respect to fiscal year '21 on our next earnings call.

因此，我們將在下一次財報電話會議上分享我們對 21 財年採取的方法。

All of that said, we are confident that executing our operational plan will position NIKE for a return to profitable capital-efficient growth.

綜上所述，我們相信執行我們的運營計劃將使 NIKE 恢復盈利的資本效率增長。

That will happen over time as each country addresses COVID-19 at a different pace.

隨著每個國家以不同的速度應對 COVID-19，這將隨著時間的推移而發生。

But our confidence in the return to growth is founded on the relatively rapid recovery and early signs of normalization we are already seeing in China, Korea and Japan.

但我們對恢復增長的信心是建立在我們已經在中國、韓國和日本看到的相對快速的複蘇和正常化的早期跡象之上的。

In these challenging times, NIKE's competitive advantages are showing up as extraordinary resilience.

在這個充滿挑戰的時代，NIKE 的競爭優勢正以非凡的韌性展現出來。

As we emerge from these challenges, those same competitive advantages will show up as strength and brand distinction.

當我們擺脫這些挑戰時，那些相同的競爭優勢將表現為實力和品牌差異。

Those unique strengths include NIKE's deep, authentic connection to consumers, our pipeline of innovative products, our financial strength and capacity, our industry-leading digital capabilities, our strong partnerships and most importantly our talented and committed teams around the world.

這些獨特的優勢包括 NIKE 與消費者的深厚、真實的聯繫、我們的創新產品管道、我們的財務實力和能力、我們行業領先的數字能力、我們強大的合作夥伴關係，以及最重要的是我們遍布全球的才華橫溢和敬業的團隊。

I would not trade NIKE's team or position with anybody.

我不會與任何人交換 NIKE 的團隊或職位。

With that, we'll now open up the call 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）

Your first question is from Bob Drbul with Guggenheim Securities.

你的第一個問題來自古根海姆證券公司的 Bob Drbul。

I just -- on the questioning for the -- I guess just on the inventory and the innovation pipeline, when you think about the halting of organizational, the sports and the Olympics and basketball, can you just talk us through how you're thinking about the pipeline given the postponement of the Olympics?

我只是 - 關於 - 我想只是關於庫存和創新管道，當你想到組織、體育、奧運會和籃球的停止時，你能告訴我們你的想法嗎考慮到奧運會的推遲，關於管道的情況？

You showed us some really great products last month.

你上個月向我們展示了一些非常棒的產品。

I'd just love to hear how you're approaching that piece of it.

我只是想听聽你是如何處理這一部分的。

And then the second piece of it is just can you elaborate a little more on how flexible your spending is, your demand creation that you sort of had planned for the next, let's call it, 6 months.

然後第二部分是你能否詳細說明你的支出有多靈活，你為下一個計劃的需求創造，我們稱之為 6 個月。

Sure, Bob.

當然，鮑勃。

It's John.

是約翰。

Why don't I take the first part of the question?

為什麼我不回答問題的第一部分？

Maybe, Andy, you take the second piece.

也許，安迪，你拿第二塊。

So obviously, the world of organized sports, professional sports leagues and now the Olympics, have put things on hold.

很明顯，有組織的體育運動、職業體育聯盟和現在的奧運會，已經擱置了一切。

And they're doing, I think, what's appropriate by prioritizing the health and safety of their athletes and fans, and we're very supportive of that.

我認為，他們正在通過優先考慮運動員和球迷的健康和安全來做適當的事情，我們對此非常支持。

And we look forward to when organized sport will be back and running.

我們期待著有組織的體育運動何時能恢復正常運行。

And when they are, we'll be there.

當他們在那裡時，我們會在那裡。

But I think it's important to separate those sporting events and our innovation pipeline because we will continue to move forward in our innovation pipeline.

但我認為將這些體育賽事與我們的創新渠道分開很重要，因為我們將繼續推進我們的創新渠道。

And as I said earlier, we're very excited about the products in that pipeline and the products we're introducing, in fact, more excited than perhaps any time before.

正如我之前所說，我們對該管道中的產品以及我們正在推出的產品感到非常興奮，事實上，比以往任何時候都更加興奮。

And while we announced some of these products around the Olympics, if the Olympics gets deferred for a year, we can still launch them on our timing.

雖然我們在奧運會前後宣布了其中一些產品，但如果奧運會推遲一年，我們仍然可以在我們的時間推出它們。

So 2 specific examples.

所以2個具體例子。

As you know, the Next% performance running line will allow runners of all abilities to have the same technology and measurable benefits of the Alphafly Next% that the world's leading marathoners have.

如您所知，Next% Performance 跑步系列將使各種能力的跑步者都能擁有與世界領先的馬拉松運動員擁有的 Alphafly Next% 相同的技術和可衡量的優勢。

And we can launch that when the time is right, unrelated to the Olympics.

我們可以在適當的時候推出，與奧運會無關。

Similarly, some of the sustainability products we announced at the forum, the VaporMax 2020, which utilizes 75% recycled manufacturing waste, or the Space Hippie line, which is an innovative way to have low carbon footprint footwear, we can launch when the time is right, when we get to the recovery and normalization periods.

同樣，我們在論壇上宣布的一些可持續發展產品，VaporMax 2020，它利用 75% 的回收製造廢料，或 Space Hippie 系列，這是一種低碳足跡鞋類的創新方式，我們可以在適當的時候推出是的，當我們進入恢復和正常化時期時。

And so consumer demand for those things is strong and will continue to be strong.

因此，消費者對這些東西的需求強勁，並將繼續強勁。

And so we simply are going to move ahead with our product pipeline at the right moments in the right ways.

因此，我們只是要在正確的時間以正確的方式推進我們的產品線。

I'll just make one small final example before turning it over to Andy.

在將它交給 Andy 之前，我將只做一個小的最後一個例子。

In China, we got creative, and we took a couple of launches that were scheduled in February and made them digital-only launches.

在中國，我們發揮了創造力，我們將原定於 2 月舉行的幾次發布會設為純數字發布會。

So the Air Jordan Retro High OG and the Air Jordan 5 Retro, we made digital-only launches in a world where stores are closed and -- but digital demand is strong.

因此，Air Jordan Retro High OG 和 Air Jordan 5 Retro，我們在商店關閉且數字需求強勁的世界中進行了純數字發布。

So we're going to proceed full speed ahead with that product pipeline.

因此，我們將全速推進該產品線。

Andy, do you want to talk about the second part of the question?

Andy，你想談談問題的第二部分嗎？

Yes.

是的。

I'd just say, just to summarize some of what both John and I said in the remarks and John just reiterated, we came into these circumstances in an incredibly strong position.

我只想說，總結一下 John 和我在發言中所說的以及 John 剛剛重申的一些內容，我們在這些情況下處於非常有利的地位。

Some of the highest full-price sell-through we've seen.

我們見過的一些最高的全價銷售率。

Inventory is really healthy.

庫存真的很健康。

As we go forward, we recognize that there will be some promotion in the marketplace.

隨著我們的前進，我們認識到市場上會有一些促銷活動。

But as John said, we've also got an amazing pipeline of innovative and compelling fresh products.

但正如約翰所說，我們還有一系列令人驚嘆的創新和引人注目的新鮮產品。

And what we'll be doing is working on the timing of the launch of those products and the flow of those products over time, so that while we're working through energy, we're -- and working through inventory, we're also bringing distinctive energy to the market and to consumers.

我們將要做的是研究這些產品的發佈時間以及這些產品隨時間的流動，因此當我們通過能源工作時，我們正在 - 通過庫存工作，我們正在也為市場和消費者帶來與眾不同的活力。

You asked about our licensed business.

您詢問了我們的許可業務。

Just for context, our licensed business is a very low single-digit percentage of our overall business.

就上下文而言，我們的許可業務在我們整體業務中所佔的百分比非常低。

We'll have some impact on that business.

我們將對該業務產生一些影響。

I'd say, just keep in mind that a lot of these elite sporting activities or events are being postponed versus necessarily canceled.

我想說的是，請記住，許多這些精英體育活動或賽事正在被推遲，而不是必然被取消。

Although some of them have been canceled.

儘管其中一些已被取消。

But one of the things we recognize around here is our product -- some of our product has a little bit longer life cycle.

但我們在這裡認識到的一件事是我們的產品——我們的一些產品的生命週期稍長一些。

And come fall, we think we could be kicking off one of the greatest years in sports history.

到了秋天，我們認為我們可能會開啟體育史上最偉大的一年。

Now you also asked about SG&A.

現在您還詢問了 SG&A。

So from an SG&A perspective, the short answer is we've got quite a bit of flexibility within our SG&A.

因此，從 SG&A 的角度來看，簡短的回答是我們在 SG&A 中有相當大的靈活性。

And that's one of the reasons you saw us deliver profitability even in Q3, when we were all a bit taken off guard by the significant impact of COVID-19, we were still able to deliver profitability that exceeded the guidance we set 90 days ago.

這就是您看到我們甚至在第三季度實現盈利的原因之一，當時我們對 COVID-19 的重大影響有點措手不及，但我們仍然能夠實現超過 90 天前設定的指導的盈利能力。

As I also mentioned, based on some quick and agile work across our cross-functional teams, we see SG&A in Q4 declining versus prior year.

正如我還提到的，基於我們跨職能團隊的一些快速和敏捷的工作，我們看到第四季度的 SG&A 與去年相比有所下降。

There's quite a bit of flexibility in demand creation.

在需求創造方面有相當大的靈活性。

And actually, it ties back to your question about sport.

實際上，它與你關於運動的問題有關。

As John mentioned in his remarks, we've done some really creative things from a digital connectivity perspective with huge impact.

正如約翰在他的發言中提到的，我們從數字連接的角度做了一些非常有創意的事情，產生了巨大的影響。

So quick, low-cost, extraordinary impact.

如此快速、低成本、非凡的影響。

And we think within demand creation, we can save quite a bit of our powder for the return to sport that we see within fiscal year '21.

我們認為在創造需求的過程中，我們可以為我們在 21 財年看到的重返體育運動節省相當多的精力。

Within SG&A, our liquidity and our access to capital allows us within SG&A to stay very principled.

在 SG&A 中，我們的流動性和獲得資本的途徑使我們能夠在 SG&A 中保持非常有原則的態度。

So continued pay continuity, as John talked about.

正如約翰所說，因此繼續支付連續性。

And at the same time, continuing to invest in those things that even now more than ever, we see as differentiators long term, albeit, we'll do it in a more focused way.

與此同時，繼續投資於那些甚至現在比以往任何時候都更多的東西，我們認為這是長期的差異化因素，儘管我們會以更有針對性的方式進行。

So beyond that, there are quite a bit of opportunities with operating overhead and CapEx.

因此，除此之外，在運營開銷和資本支出方面還有很多機會。

And when I said our team has just been amazing in terms of their resilience and creativity, it actually includes in terms of tightly managing our cost.

當我說我們的團隊在應變能力和創造力方面表現出色時，實際上包括在嚴格管理成本方面。

Got it.

知道了。

Okay.

好的。

And I just have one quick follow-up.

我只有一個快速跟進。

Andy, you mentioned the Infinity React helps runners run longer.

Andy，你提到 Infinity React 可以幫助跑步者跑得更遠。

I can run a pretty solid 11-minute mile for 2 miles in my Epic React Flyknits.

我可以穿著我的 Epic React Flyknits 跑完 2 英里 11 分鐘一英里。

If I switch over to the Infinity Reacts, do you think I can get 3 10-minute miles out of those?

如果我切換到 Infinity Reacts，你認為我可以從中獲得 3 10 分鐘的英里數嗎？

I think we should sign up for the New York Marathon.

我認為我們應該報名參加紐約馬拉松。

I'll come out there and run it with you in November.

我會在 11 月出來和你一起運行它。

How's that?

怎麼樣？

Sounds like a plan.

聽起來像是個計劃。

Your next question is from Omar Saad with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Omar Saad。

Welcome, John.

歡迎，約翰。

Congrats to all 3 of you on your new roles.

祝賀你們三位擔任新角色。

Sorry it's not under more normal circumstances.

抱歉，這不是在更正常的情況下。

John, given NIKE's leadership position in the global consumer landscape, I'd really appreciate a little bit more detail on this kind of successful China coronavirus playbook that you mentioned you're now rolling out to rest of world.

約翰，鑑於耐克在全球消費者領域的領導地位，我真的很感激你提到的這種成功的中國冠狀病毒劇本的更多細節，你現在正在向世界其他地區推廣。

You hinted at some of the successful digital strategies to connect to consumers when they're stuck at home.

你暗示了一些成功的數字策略，可以在消費者被困在家裡時與他們建立聯繫。

Feel free to add any more color there.

隨意在那裡添加更多顏色。

But maybe could you also distinguish between the recovery you're seeing and the behavior you're seeing in stores versus that strong digital offset you mentioned?

但也許您也可以區分您看到的恢復和您在商店中看到的行為與您提到的強大的數字抵消？

Do you expect this share that you seem to be capturing digital -- digitally to be sticky long term?

您是否期望您似乎通過數字方式捕獲的這種份額 - 數字方式會長期保持粘性？

And then maybe could you -- most importantly, could you also talk about whether you'd expect a similar sort of demand curve in other markets as coronavirus rolls through.

然後也許你可以——最重要的是，你能否也談談你是否期望隨著冠狀病毒的蔓延，其他市場也會出現類似的需求曲線。

Sure, Omar.

當然，奧馬爾。

So one of the real advantages, as you said, of NIKE being a scaled global company is we can extract learning and insight from each of our markets.

因此，正如您所說，NIKE 作為一家規模化的全球公司的真正優勢之一是我們可以從我們的每個市場中汲取經驗和見解。

And so here's what we've seen, just to quickly recap what Andy and I talked about.

所以這就是我們所看到的，只是為了快速回顧一下安迪和我談到的內容。

We're looking at things through the lens of 4 phases to this: containment of the outbreak, first; second, recovery period when stores reopen; third, normalization when things get back to growth from the prior year; and then fourth, return to growth.

我們正在通過 4 個階段的鏡頭來看待事情：首先是遏制疫情；第二，商店重新開張的恢復期；第三，當事情從前一年恢復增長時正常化；第四，恢復增長。

And the data from actually China, Japan and Korea was fairly consistent.

而實際上來自中國、日本和韓國的數據是相當一致的。

Containment took 5 to 6 weeks.

遏制需要 5 到 6 週的時間。

Stores were closed but the e-commerce growth in all 3 markets remained strong during that time, augmented by NIKE connecting with consumers around being active while at home.

商店關門了，但在那段時間裡，所有 3 個市場的電子商務增長依然強勁，這得益於耐克與在家時活躍的消費者建立聯繫。

Now all 3 markets are through what we're calling recovery, that is retail is opening back up.

現在所有 3 個市場都在經歷我們所說的複蘇，即零售業正在重新開放。

Consumers are back on the streets.

消費者重新走上街頭。

And we're seeing, as we move into normalization, retail traffic is coming back.

我們看到，隨著我們進入正常化，零售流量正在回歸。

Consumers are in the stores.

消費者在商店裡。

They're engaged.

他們訂婚了。

They're often wearing face masks, but they're back on the street.

他們經常戴著口罩，但又回到了大街上。

Interestingly, digital has accelerated even more since the stores have been open.

有趣的是，自商店開業以來，數字化的發展速度更快。

Again, I think pointing to this blended digital versus physical experience is a thing of the past.

再一次，我認為指出這種混合的數字與物理體驗已經成為過去。

Consumers don't think in those terms.

消費者不會用這些術語來思考。

So I bring a sort of consumer technology lens, where we learned that consumers want to get what they want, when they want, how they want it.

所以我帶來了一種消費者技術鏡頭，我們了解到消費者想要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。

And they don't think about, oh, I'm going to make a digital purchase or a physical purchase.

他們不會考慮，哦，我要進行數字購買或實體購買。

A consumer may often start shopping on their mobile device, they may go into a store and have it shipped at home, they may order online and pick it up in a store.

消費者可能經常開始在他們的移動設備上購物，他們可能會去商店並在家裡發貨，他們可能會在線訂購併在商店取貨。

And what we're seeing in Japan, China and Korea is that seamless digital-physical experience is responding to what consumers want.

我們在日本、中國和韓國看到的是無縫的數字物理體驗正在響應消費者的需求。

And I might note as our business comes back in those 3 markets, we're outperforming our competition, consistent with a mantra of ensuring that we come through this period in an even stronger position and extend our leadership position.

我可能會注意到，隨著我們的業務重新回到這 3 個市場，我們的表現優於我們的競爭對手，這與確保我們以更強大的地位度過這段時期並擴大我們的領導地位的口號相一致。

So in the U.S., obviously, we're in much -- we're earlier in the cycle.

所以在美國，很明顯，我們處於很多——我們處於週期的早期。

We've closed the stores.

我們已經關閉了商店。

We're taking care of our employees.

我們正在照顧我們的員工。

We digitally connected with consumers over the weekend around health and their activity.

我們在周末圍繞健康和他們的活動與消費者建立了數字聯繫。

So our brand is present day in and day out with them.

因此，我們的品牌日復一日地與他們同在。

As Andy mentioned, we're seeing very strong digital growth, even in these dark days.

正如安迪所提到的，即使在這些黑暗的日子裡，我們也看到了非常強勁的數字增長。

And we're managing our inventory so that we can be ready when recovery comes.

我們正在管理庫存，以便在復蘇到來時做好準備。

We can't -- none of us can't predict perfectly how long the containment phase is going to take in the U.S. and Europe.

我們不能——我們中沒有人不能完美地預測美國和歐洲的遏制階段需要多長時間。

But what we can know is when stores start reopening -- or while stores are closed, we're going to be there digitally.

但我們可以知道的是，當商店開始重新開張——或者當商店關門時，我們將以數字方式出現在那裡。

We're going to be there digitally with activity apps and commerce.

我們將通過活動應用程序和商務以數字方式出現。

And when the stores start reopening, we're going to be leveraging our strengths, our unique strengths, with strong compelling product, a digital connection with consumers that is unmatched, these seamless digital and physical experiences at both NIKE Direct and our partners.

當商店開始重新開業時，我們將利用我們的優勢，我們獨特的優勢，強大的引人注目的產品，與消費者無與倫比的數字連接，以及 NIKE Direct 和我們的合作夥伴的無縫數字和物理體驗。

We're working very closely with our partners.

我們正在與合作夥伴密切合作。

And in fact, in the last 3 days, I've talked to the CEOs of Zalando, JD, Foot Locker, in the last couple of months, met with DICK's CEO, the CEOs of our 2 Chinese partners, we're working together to be ready when things recover and then our brand.

事實上，在過去的 3 天裡，我與 Zalando、JD、Foot Locker 的首席執行官進行了交談，在過去的幾個月裡，我會見了 DICK 的首席執行官，我們兩家中國合作夥伴的首席執行官，我們正在共同努力當事情恢復時做好準備，然後是我們的品牌。

So I think it's going to accelerate what was already going to happen with digital transformation.

所以我認為這將加速數字化轉型已經發生的事情。

Consumers will continue, digital is a more prominent role in their lives.

消費者將繼續，數字化在他們的生活中扮演更重要的角色。

You'll see more digital growth.

你會看到更多的數字增長。

And I think the shape of the future marketplace where differentiated retail thrives, undifferentiated retail struggles.

我認為未來市場的形態是差異化零售蓬勃發展，無差異化零售掙扎。

That will simply be accelerated.

這只會加速。

So we intend to drive both.

所以我們打算同時推動兩者。

Our next question is from Jamie Merriman with Bernstein.

我們的下一個問題來自 Jamie Merriman 和 Bernstein。

John, just on 2 of the topics you just mentioned and specifically how you're thinking about working with partners.

約翰，就您剛才提到的兩個主題，特別是您對與合作夥伴合作的看法。

Can you just comment on how you think about inventory in the wholesale channel as stores do eventually reopen?

隨著商店最終重新開張，您能否評論一下您如何看待批發渠道中的庫存？

And maybe that's by geography.

也許這是地理因素。

And then also on the topic of integration of online and off-line, can you just update us on how those -- specifically those traditional physical partners are thinking about their own investments and working with you on some of the initiatives that you've put in place like RFID?

然後還有關於線上和線下整合的話題，你能否向我們介紹一下這些——特別是那些傳統的實體合作夥伴是如何考慮他們自己的投資並與你合作開展你提出的一些舉措的？像RFID一樣到位？

Jamie, I'll sort of blend it a little bit.

傑米，我會稍微混合一下。

And then maybe, Andy, you can talk through as you've been working actively with our partners over the last week on inventory.

然後也許，安迪，你可以談談，因為你在上週一直在與我們的合作夥伴積極合作進行庫存。

What I can tell you, as what I said earlier, is that our strategic partners who are our strongest partners and the one committed to creating seamless digital and physical experiences of the future, our focus was them -- with them is on the future and coming back strong together and coming back in as healthy a marketplace as possible.

正如我之前所說，我可以告訴你的是，我們的戰略合作夥伴是我們最強大的合作夥伴，也是致力於創造未來無縫數字和物理體驗的人，我們的重點是他們——與他們一起關注未來和一起強勢回歸，回歸盡可能健康的市場。

And so -- and we engage with them both around their physical stores and around online.

所以——我們在他們的實體店和網上與他們接觸。

In fact, I was on the phone this morning with the CEO of Zalando, who is obviously a very -- Zalando's a very innovative e-commerce company in Europe, and we are sharing data in very innovative ways around consumers so that we can offer the best experiences to consumers in a differentiated way in the markets across Europe.

事實上，今天早上我正在與 Zalando 的首席執行官通電話，他顯然是非常 - Zalando 是歐洲一家非常創新的電子商務公司，我們正在以非常創新的方式圍繞消費者共享數據，以便我們能夠提供在整個歐洲市場以差異化的方式為消費者提供最佳體驗。

And so the conversations around the future, I think all of them see the same blended or seamless digital and physical experience together that we're committed to creating.

因此，圍繞未來的對話，我認為他們所有人都看到了我們致力於創造的相同的混合或無縫數字和物理體驗。

And I think we all believe that this is going to become an era of differentiated retail versus undifferentiated, and they see opportunity.

而且我認為我們都相信這將成為一個差異化零售與無差異化零售的時代，他們看到了機會。

We have to work through this challenging period together, which we will.

我們必須共同努力度過這個充滿挑戰的時期，我們會的。

But I think all of them see the opportunity to emerge stronger and to accelerate the transformation of the marketplace.

但我認為他們都看到了變得更強大和加速市場轉型的機會。

Andy, do you want to comment on the inventory-specific conversations?

安迪，你想對庫存特定的對話發表評論嗎？

Sure.

當然。

Yes.

是的。

So Jamie, what I'd say is while, obviously, there are some elements of these current circumstances that are unprecedented, we came into this circumstance with a strategy.

所以傑米，我要說的是，很明顯，這些當前情況中有一些前所未有的因素，我們以一種戰略進入了這種情況。

And you know our strategy was 2X Direct.

你知道我們的策略是 2X Direct。

That was a strategy that was not a NIKE-only strategy.

這不是 NIKE 獨有的戰略。

It was really focused on driving more direct connections with our consumers leveraging digital, both in our own stores, online and with our partners and through their online presence.

它真正專注於利用數字技術與我們的消費者建立更直接的聯繫，無論是在我們自己的商店、在線還是與我們的合作夥伴以及通過他們的在線存在。

That's accelerating for everyone right now.

現在每個人都在加速。

So if you think about the North America marketplace and Europe, with most stores closed, both our own stores and most of our retail partners, what is really accelerating is that perspective and -- on the opportunities to connect with consumers digitally from a brand perspective, but also expand our ability to connect with consumers from a product and service perspective.

因此，如果你想想北美市場和歐洲，大多數商店都關門了，包括我們自己的商店和我們的大多數零售合作夥伴，真正加速的是這種觀點，以及從品牌角度與消費者建立數字聯繫的機會，同時也擴大了我們從產品和服務的角度與消費者建立聯繫的能力。

When we say partnership, it's not just transactional.

當我們說夥伴關係時，它不僅僅是交易性的。

It's not a back-and-forth transactional type of dialogue with our partners.

這不是與我們的合作夥伴的來回交易類型的對話。

We're talking to our partners about both how we come through this period and then what we build for the long term.

我們正在與我們的合作夥伴討論我們如何度過這一時期以及我們為長期建立什麼。

And there are a couple of things that we're building.

我們正在構建一些東西。

We're all expanding our digital pipe, so to speak.

可以這麼說，我們都在擴展我們的數字管道。

We, in North America, have already doubled the ability, the capacity to distribute product one-to-one to consumers through our distribution centers in just several days.

在北美，我們已經將能力提高了一倍，即在短短幾天內通過我們的配送中心將產品一對一地配送給消費者的能力。

So it's really accelerating what we saw as the future in terms of digital penetration.

因此，就數字滲透而言，它確實在加速我們所看到的未來。

From an inventory perspective, right now, digital is the -- is where the water is flowing, so to speak, or where the product is flowing.

從庫存的角度來看，現在，數字是 - 可以說是水流的地方，或者是產品流動的地方。

And so we're working closely in partnership with folks like Zalando in Europe, as John mentioned.

因此，正如約翰提到的，我們正在與歐洲的 Zalando 等人密切合作。

We already had an inventory partnership program with Zalando where we transact via their site and ours, via their digital ecosystem and our digital ecosystem while leveraging each other's inventory.

我們已經與 Zalando 建立了庫存合作夥伴計劃，我們通過他們的網站和我們的網站，通過他們的數字生態系統和我們的數字生態系統進行交易，同時利用彼此的庫存。

And we're working with our partners in the U.S. in a similar regard, managing the inventory they have on hand, the inventory we have on hand relative to them and how best to flow that through their digital pipes as well as ours.

我們正在與我們在美國的合作夥伴在類似方面合作，管理他們手頭的庫存，我們手頭相對於他們的庫存，以及如何最好地通過他們和我們的數字管道進行流動。

So I think in summary, what I'd say is, as John said, it's accelerating quite a bit of change in consumer behavior.

因此，總而言之，我想說的是，正如約翰所說，它正在加速消費者行為的相當大的變化。

It's also accelerating quite a bit of change in our partners' behavior.

它還加速了我們合作夥伴行為的相當大的變化。

Our next question is from Alexandra Walvis with Goldman Sachs.

我們的下一個問題來自高盛的 Alexandra Walvis。

A tremendous amount of color there, and we really appreciate all of the insights.

那裡有大量的顏色，我們非常感謝所有的見解。

So my question is on some comments related to gross margins.

所以我的問題是關於與毛利率相關的一些評論。

You mentioned rebates to wholesale partners and higher costs related to factory cancellations in your gross margin comments.

您在毛利率評論中提到了批發合作夥伴的回扣以及與工廠取消相關的更高成本。

I wonder if you can elaborate a little bit more on those.

我想知道你是否可以詳細說明這些。

Would you expect those effects to intensify as the issues related to demand reach more of the revenue base?

隨著與需求相關的問題影響到更多的收入基礎，您是否預計這些影響會加劇？

Sure.

當然。

I'll take that question, Alexandra.

我來回答這個問題，亞歷山德拉。

I think what we're finding is that there are several levers from the perspective of resetting inventory or supply, as one might say, relative to the pace of expansion in digital demand, the reopening of stores and then the amount of traffic going to those stores and the amount of conversion.

我認為我們發現的是，從重置庫存或供應的角度來看，有幾個槓桿，就像人們可能會說的那樣，相對於數字需求的擴張速度、商店的重新開放以及進入這些商店的流量商店和金額的轉換。

And so there isn't a sort of one size fits all or not just one lever.

因此，沒有一種適合所有人或不僅僅是一種槓桿。

So what we're doing with our own inventory and with our partners is we're looking at a lot of different levers.

因此，我們對自己的庫存和我們的合作夥伴所做的是，我們正在尋找許多不同的槓桿。

We're looking at realigning our product offer dates.

我們正在考慮重新調整我們的產品報價日期。

So not only do we have some inventory going into these circumstances, but we've got a great pipeline of products.

因此，在這些情況下，我們不僅有一些庫存，而且我們有大量的產品。

And we can move some of those product offer dates out to some extent as we work through the inventory that we'll build over these weeks in which we're dealing with these circumstances in each market.

我們可以在一定程度上推遲其中一些產品的報價日期，因為我們將在這幾週內處理我們在每個市場處理這些情況時建立的庫存。

We are primarily talking to our partners about managing inventory movement, the generation -- and the generation of cash flow with a view towards getting back to 14 to 16 weeks or so on hand in the market and 14 weeks or so on hand of inventory for NIKE and strong full-price sell-through.

我們主要與我們的合作夥伴討論管理庫存變動、生成和現金流的生成，以期恢復到 14 至 16 週左右的市場庫存和 14 週左右的庫存NIKE 和強勁的全價銷售。

Some of the levers we'll employ in that regard will impact gross margin negatively.

我們將在這方面採用的一些槓桿將對毛利率產生負面影響。

That's somewhat obvious.

這有點明顯。

That could be promotion.

那可能是晉升。

It could be cancellation of orders.

可能是取消訂單。

At the same time, none of those data points will represent a trend.

同時，這些數據點都不代表趨勢。

So what you're likely to see in the near term is a focus on supply and demand management.

因此，您在短期內可能會看到的是對供需管理的關注。

That will impact revenue, may have a negative -- will have a negative impact on margin, but that is part and parcel goes with resetting that foundation for strong profitable growth.

這將影響收入，可能產生負面影響 - 將對利潤率產生負面影響，但這是重置強勁盈利增長基礎的重要組成部分。

It's not a new trend.

這不是新趨勢。

It's not a reflection of the strength of our product.

這並不反映我們產品的實力。

In fact, John mentioned some of the launches we've had in China.

事實上，約翰提到了我們在中國進行的一些發布會。

We've actually had some product launches here in the U.S. over the last couple of weeks that have sold through at full price.

事實上，過去幾週我們在美國推出了一些產品，這些產品以全價銷售一空。

So it will be a blend of working through inventory, which does have some impact on margin, and a blend of bringing innovation and fresh, compelling new product to consumers, who are probably will be looking for energy and inspiration and optimism.

因此，這將是庫存工作的混合體，這確實對利潤率有一定影響，以及將創新和新鮮、引人注目的新產品帶給消費者的混合體，他們可能正在尋找能量、靈感和樂觀。

Our last question is from Matthew Boss with JPMorgan.

我們的最後一個問題來自摩根大通的 Matthew Boss。

So maybe on North America, your 7% adjusted underlying constant currency growth I think translates to a mid-teens 2-year stack.

因此，也許在北美，我認為你 7% 的調整後基本恆定貨幣增長轉化為十幾歲的 2 年堆棧。

Maybe can you speak to what's driving the domestic inflection?

也許你能談談是什麼推動了國內的變化？

Andy, maybe pre-COVID, a little bit of insight how you were thinking about the North American marketplace over the next 12 months and just larger picture on the curve where we stand today on the move to differentiated retail.

安迪，也許在 COVID 之前，你對未來 12 個月的北美市場有一些了解，以及我們今天在轉向差異化零售方面所處曲線的更大圖景。

Matthew, maybe I'll just make a comment or 2 and then, Andy, you can flesh out.

馬修，也許我會發表評論或 2，然後，安迪，你可以充實一下。

But I've spent time now in several of our markets across the U.S., and I've seen firsthand how NIKE's key city strategy is paying off.

但我現在已經在美國的幾個市場呆過一段時間，親眼目睹了 NIKE 的關鍵城市戰略是如何取得成效的。

Andy mentioned the growth in New York, growth in L.A. being double digit.

安迪提到了紐約的增長，洛杉磯的增長是兩位數。

And that is because both with NIKE Direct and with our partners, we're getting closer to the consumer.

這是因為通過 NIKE Direct 和我們的合作夥伴，我們離消費者越來越近了。

And I'll just take a couple of examples.

我只舉幾個例子。

I had a chance to visit the Foot Locker very innovative store in Washington Heights neighborhood in New York, where the entire display of the inventory and the merchandise and the whole focus is being of the neighborhood.

我有幸參觀了位於紐約華盛頓高地附近的 Foot Locker 非常有創意的商店，那裡的整個庫存和商品展示以及整個焦點都在附近。

And you can just see consumers responding.

你可以看到消費者的反應。

And that store is experiencing significantly greater growth than other comparable stores that Foot Locker has in the area.

與 Foot Locker 在該地區的其他同類商店相比，該商店的增長速度要快得多。

So it's a great example of differentiated retail and the future of retail.

所以這是差異化零售和零售業未來的一個很好的例子。

We're doing the same with some of the Latino communities in L.A., providing retail concepts, both through NIKE Direct and with our partners that are getting close to what consumers want in those markets and give a more personalized feel.

我們正在為洛杉磯的一些拉丁裔社區做同樣的事情，通過 NIKE Direct 和我們的合作夥伴提供零售概念，這些合作夥伴正在接近消費者在這些市場中的需求，並提供更加個性化的感覺。

And when you wrap that around with a digital connection, with membership and the other digital tools, you can feel the energy and momentum.

當您通過數字連接、會員資格和其他數字工具將其包裹起來時，您可以感受到能量和動力。

And so I think at its core, the key city strategy that NIKE has put in place in the U.S. and beyond is absolutely paying dividends.

因此，我認為耐克在美國及其他地區實施的關鍵城市戰略的核心是絕對會帶來紅利。

Yes.

是的。

I'll just add, Matthew, that there are a few really important drivers to highlight.

馬修，我只想補充一點，有幾個非常重要的驅動因素需要強調。

I appreciate you recognizing that, that growth has been consistently strong in North America.

感謝您認識到北美的增長一直強勁。

And obviously, one of the things I should say is we are entering these challenging times in a position of strength.

顯然，我應該說的一件事是，我們正以強大的實力進入這些充滿挑戰的時代。

And as John said, strong brands get stronger during these times.

正如約翰所說，強勢品牌在這些時期變得更強大。

So we think we'll emerge even stronger.

所以我們認為我們會變得更加強大。

For a little bit of context on the strength we had entering this fourth quarter, NIKE Digital continues to fuel strong growth in North America, up a relatively extraordinary 33% in the quarter.

關於我們進入第四季度的實力背景，NIKE Digital 繼續推動北美地區的強勁增長，本季度增長了 33%，相對非凡。

We've talked to you about the significant opportunity that we think in terms of the women's business.

我們已經與您討論了我們認為在女性業務方面的重大機遇。

Our women's business grew at a rate that was nearly double that of men's, both in footwear and apparel, so we're seeing strong growth there.

我們的女性業務在鞋類和服裝方面的增長速度幾乎是男性業務的兩倍，因此我們看到了強勁的增長。

Now across footwear and apparel, our growth was relatively balanced, both in the mid-single digits, and that's even taking into account the divestiture of Hurley, which was a largely apparel business and the shift in our business model with respect to the NFL, which is also largely an apparel business.

現在，在鞋類和服裝方面，我們的增長相對平衡，均為中等個位數，這甚至考慮到 Hurley 的剝離，Hurley 主要是服裝業務，以及我們在 NFL 方面的商業模式轉變，這也主要是服裝業務。

So what you can infer from that, as we've told you, we think we have an epic growth opportunity in digital, in women's and in apparel.

所以你可以從中推斷出，正如我們告訴過你的那樣，我們認為我們在數字、女性和服裝領域擁有史詩般的增長機會。

And when you take into account those noncomparables in the quarter, all 3, including apparel, are over-indexing in terms of growth.

當你考慮到本季度的那些不可比性時，包括服裝在內的所有 3 項指標在增長方面都超標。

So again, we feel great about the position, of strength we had and have from a brand perspective as we work through these challenges.

因此，在我們應對這些挑戰時，我們再次從品牌的角度對我們所擁有的地位和實力感到滿意。

And we'll be doing everything we can in terms of managing demand and supply and fueling our brand so that we emerge even stronger.

我們正在盡一切努力管理需求和供應，並為我們的品牌注入活力，以便我們變得更加強大。

Congrats on the progress and best of luck.

祝賀你的進步，祝你好運。

Thank you.

謝謝。

And thank you, Matt, for your last call.

謝謝你，馬特，最後一次來電。

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

感謝大家今天加入我們，我們期待在下個季度與大家交談。

Take care.

小心。

Stay healthy and stay safe.

保持健康並保持安全。

And be safe, everyone.

大家注意安全。

Ladies and gentlemen, this does conclude today's 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。