Nike Inc (NKE) 2020 Q2 法說會逐字稿

Good afternoon, everyone.

大家下午好。

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

歡迎參加 NIKE, Inc. 的 2020 財年第二季度電話會議。

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 Matt Friend, CFO, NIKE Operating segments and Vice President, Investor Relations.

今天的電話會議由耐克運營部門首席財務官兼投資者關係副總裁 Matt Friend 主持。

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.

在我將電話轉交給弗蘭德先生之前，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 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準則財務指標，包括參考不變美元收入。

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

提及恆定的美元收入旨在提供有關消除外匯波動的業務績效的背景信息。

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公認會計準則財務指標。

To the extent nonpublic financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be 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 GAAP 衡量標準和定量調節表的介紹將在耐克網站 http://investors.nike.com 上提供。

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

現在我想將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，接線員。

Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s Fiscal 2020 Second Quarter Results.

大家好，感謝您今天加入我們討論 NIKE, Inc. 2020 財年第二季度業績。

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 Chairman, President and CEO, Mark Parker; and our Chief Financial Officer, Andy Campion.

參加今天電話會議的包括耐克公司董事長、總裁兼首席執行官馬克·帕克 (Mark Parker)；以及我們的首席財務官安迪·坎皮恩 (Andy Campion)。

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。

We would like to allow as many of you to ask questions as possible in our allotted time, so we would appreciate you limiting your initial questions to 2. In the event you have additional questions that are not covered by others, please feel free to requeue and we will do our best to come back to you.

我們希望讓盡可能多的人在我們分配的時間內提出問題，因此我們希望您將最初的問題限制為 2 個。如果您還有其他問題未涵蓋的其他問題，請隨時重新排隊我們會盡力回复您。

Thanks for your cooperation on this.

感謝您對此的合作。

I will now turn the call over to NIKE, Inc.'s Chairman, President and CEO, Mark Parker.

我現在將把電話轉給耐克公司董事長、總裁兼首席執行官馬克·帕克。

Thanks, Matt, and hello, everybody.

謝謝馬特，大家好。

As most of you know, this is my final quarterly earnings call as NIKE's CEO.

正如你們大多數人所知，這是我作為耐克首席執行官的最後一次季度財報電話會議。

And while I'm tempted to go right to the results to let another strong quarter speak for itself, there are a few things I want to say right up front.

雖然我很想直接看結果，讓另一個強勁的季度來說明一切，但我想先說幾件事。

I'm excited to take on a new role as Executive Chairman, remaining a part of the management team and leading the Board.

我很高興擔任執行主席這一新職務，繼續留在管理團隊並領導董事會。

This has been a very thoughtful transition that has been planned for many months.

這是一個經過深思熟慮的過渡，已經計劃了好幾個月了。

I strongly believe the best time to make change is from a position of strength.

我堅信，做出改變的最佳時機是從強勢地位開始。

And our brand and our business are as strong as they've ever been.

我們的品牌和業務一如既往地強大。

We're focused.

我們很專注。

We're competitive.

我們有競爭力。

We're creating a future of our own design.

我們正在創造我們自己設計的未來。

Most of all, the time is right because of the team we have at NIKE and, of course, John Donahoe himself.

最重要的是，由於我們耐克的團隊，當然還有約翰·多納霍本人，現在正是時候。

I can't say enough about the incredible people I get to work with every single day.

對於每天與我一起工作的那些令人難以置信的人，我無法說得太多。

With their expertise, their commitment and their enthusiasm for the business, the entire NIKE team has been fueling our current momentum.

整個耐克團隊憑藉他們的專業知識、承諾和對業務的熱情，一直在推動我們當前的發展勢頭。

And because of the depth and the quality of the leadership team we have at NIKE, the transition with John will be seamless.

由於耐克領導團隊的深度和素質，與約翰的過渡將是無縫的。

As for John, his proven experience in leading global strategy digital commerce and enterprise technology will be invaluable as we continue our digital transformation.

至於約翰，隨著我們繼續進行數字化轉型，他在領導全球戰略數字商務和企業技術方面的成熟經驗將非常寶貴。

And his passion for sport, his commitment to developing teams and talent and his growth mindset will make him a great NIKE CEO.

他對運動的熱情、對發展團隊和人才的承諾以及他的成長心態將使他成為一名偉大的耐克首席執行官。

John will help elevate NIKE to the next level and accelerate our strategic transformation, and I look forward to working with him even more closely.

約翰將幫助耐克提升到一個新的水平並加速我們的戰略轉型，我期待著與他更加密切的合作。

With that, let's take a look at our Q2 results where we continue to show the greater focus is the key to accelerating growth.

接下來，讓我們看一下第二季度的業績，我們繼續表明，更加關注是加速增長的關鍵。

Overall, revenue for the quarter grew 10%, up 13% on a currency-neutral basis.

總體而言，本季度收入增長 10%，扣除貨幣因素後增長 13%。

The big takeaways from the last 90 days are proving that innovation is NIKE's greatest competitive advantage.

過去 90 天的重大收穫證明，創新是耐克最大的競爭優勢。

The consumer is voting for our brands across the whole portfolio and up and down price points.

消費者在整個產品組合和上下價格點上投票支持我們的品牌。

The passion for sport and active lifestyles is thriving around the world.

對運動和積極生活方式的熱情在世界各地蓬勃發展。

Our international business grew 18%, led by Greater China at 23%.

我們的國際業務增長了 18%，其中大中華區增長 23%。

And we continue to grow NIKE's digital advantage in the marketplace.

我們將繼續增強耐克在市場上的數字優勢。

The NIKE App and the SNKRS App are outperforming all other channels, driving digital growth of 38% for Q2.

NIKE App 和 SNKRS App 的表現優於所有其他渠道，推動第二季度數字增長 38%。

I'll get into the details by sharing some of our Q2 product wins and insights into how our obsession on product and innovation is creating separation for NIKE.

我將通過分享我們第二季度的一些產品勝利以及我們對產品和創新的痴迷如何為耐克造成分離的見解來詳細介紹。

Starting with sportswear, we're opening new lanes of opportunity by reimagining our top products.

從運動裝開始，我們通過重新設計我們的頂級產品開闢了新的機遇。

One example is how we're bringing fresh points of view to some of our most loved iconic footwear with the Air Force 1, the Air Jordan 1 and our deep lineup of Air Max.

一個例子是我們如何為我們最喜​​愛的標誌性鞋款 Air Force 1、Air Jordan 1 和我們豐富的 Air Max 系列帶來新鮮的視角。

Our deliberate strategy is to add new styles and colors to the Air Jordan 1, which allows us to bring one of the world's most popular sneakers to more people while offering consumers more choice.

我們深思熟慮的策略是為 Air Jordan 1 添加新的款式和顏色，這使我們能夠將世界上最受歡迎的運動鞋之一帶給更多人，同時為消費者提供更多選擇。

And with women and the Air Force 1, we're running a nimble key city offense through the express lane, using local feedback to create and move product to meet shifting consumer tastes.

通過女性和 Air Force 1，我們正在快速通道上開展靈活的主要城市攻勢，利用當地反饋來創造和銷售產品，以滿足不斷變化的消費者口味。

We'll apply that process to a new classic strategy for women that will ramp up in the back half of the fiscal year.

我們將把這個過程應用到針對女性的新經典戰略中，該戰略將在本財年後半段加強。

2x Innovation is creating a continuous cycle of scalable, distinct platforms.

2x 創新正在創建可擴展、獨特平台的連續循環。

For example, in this quarter, the top 3 growth drivers in Air Max were all introduced in the last year.

例如，本季度，Air Max 的前 3 大增長動力均來自去年。

With the Air Max 270, 720 and the 200.

包括 Air Max 270、720 和 200。

In basketball footwear, we're leveraging signature athletes to create innovation that matches different styles of play and creates real differentiation across price points.

在籃球鞋方面，我們利用標誌性運動員來創造與不同風格的比賽相匹配的創新，並在各個價位上創造真正的差異化。

It starts with new expressions of platforms like Zoom Air from an articulated cushioning unit in the KYRIE 6 for quick cutting to a higher stack height for more responsive jumping with the new AlphaDunk; with the LeBron 17, we created a new cushioning system to propel the game's most explosive player during his incredible run with the Lakers this season.

它以新的平台表現形式開始，例如 KYRIE 6 中的鉸接式緩衝裝置的 Zoom Air，可快速切入更高的堆疊高度，從而與新的 AlphaDunk 一起實現更靈敏的跳躍；在 LeBron 17 中，我們打造了全新的緩震系統，為這位比賽中最具爆發力的球員在本賽季與湖人隊的不可思議的表現中提供動力。

We're seeing very strong sell-through in our signature athlete footwear, especially through digital and in China.

我們看到我們的標誌性運動鞋的銷量非常強勁，尤其是通過數字渠道和在中國。

Next quarter gives us a number of storytelling opportunities to create even more energy, with Chinese New Year, the first NBA regular season game in Paris and the NBA All-Star Game in Chicago.

下個季度，我們將有很多講故事的機會，以創造更多能量，包括中國農曆新年、在巴黎舉行的首場 NBA 常規賽以及在芝加哥舉行的 NBA 全明星賽。

Running continues to create tremendous energy with consumers across both performance and lifestyle.

跑步繼續在表現和生活方式方面為消費者創造巨大的能量。

At NIKE, we leverage innovation to help athletes perform better while catalyzing energy and growth in running-inspired sportswear styles.

在耐克，我們利用創新來幫助運動員表現得更好，同時激發跑步運動服裝風格的能量和成長。

That starts with serving the widest range of runners.

首先要為最廣泛的跑步者提供服務。

And over the past 2 years, we've introduced several performance innovation platforms into the running category, including React, VaporFly 4%, Next% and Joyride.

在過去的兩年裡，我們在跑步類別中引入了多個性能創新平台，包括 React、VaporFly 4%、Next% 和 Joyride。

VaporFly 4% and Next% continue to transform the sport taking over the fields and marathons around the world, including this quarter's sub 2-hour marathon from Eliud Kipchoge in Vienna and Brigid Kosgei's women's marathon world record in Chicago.

VaporFly 4% 和 Next% 繼續改變這項運動，佔領了世界各地的田徑場和馬拉鬆比賽，包括本季度由 Eliud Kipchoge 在維也納創造的 2 小時以下馬拉鬆比賽以及 Brigid Kosgei 在芝加哥創造的女子馬拉松世界紀錄。

While Joyride and React continue to fuel the everyday runner, early next year, we'll keep the cadence of new platforms going.

雖然 Joyride 和 React 繼續為日常跑步者提供動力，但明年初，我們將保持新平台的節奏。

In January, we'll start with the NIKE React Infinity Run, which blends responsiveness and comfort for both efficiency and impact reduction.

一月份，我們將從 NIKE React Infinity Run 開始，它融合了響應能力和舒適度，可提高效率並減少影響。

And for Tokyo 2020, we'll introduce a new Zoom Air running platform that will scale across both performance and lifestyle.

對於 2020 年東京奧運會，我們將推出全新的 Zoom Air 跑步平台，該平台將在性能和生活方式方面進行擴展。

A more complete running offense also means delivering greater value at core price points.

更完整的跑動進攻還意味著在核心價位上提供更大的價值。

And a number of initiatives are developing, such as our exciting renewed platform offering a plush resilient ride similar to the properties of React cushioning.

許多舉措正在開發中，例如我們令人興奮的更新平台，提供類似於 React 緩衝特性的毛絨彈性騎行體驗。

We're selectively leveraging one of the NIKE's most iconic innovations, Air Max, into core price points.

我們有選擇地將耐克最具標誌性的創新之一——Air Max——融入到核心價位中。

And we're designing women's core products from the ground up, bringing both unique style and tuned cushioning to her preferences.

我們正在從頭開始設計女性核心產品，為她的喜好帶來獨特的風格和經過調整的緩衝效果。

In apparel, we delivered strong 10% growth in the quarter, and we see a major opportunity ahead.

在服裝領域，我們本季度實現了 10% 的強勁增長，我們看到了未來的重大機遇。

We're getting better every season at capturing the value of one of the world's strongest brands.

我們每一季都在更好地捕捉世界上最強大品牌之一的價值。

Obsessing the fundamentals of fleece, T-shirts and outerwear is giving more consumers access to the NIKE brand across a range of price points.

抓絨、T 恤和外套的基本款讓更多消費者能夠接觸到各種價位的 NIKE 品牌。

And that's being led by seasonal capsules and collections, which encourage consumers to keep coming back for the latest chapters of storytelling, color and prints.

這是由季節性膠囊和系列引領的，鼓勵消費者不斷回來觀看最新的故事講述、色彩和印花章節。

And this formula has been an especially strong driver for women's sportswear apparel which grew revenue double digits for the quarter.

這一公式尤其有力地推動了女士運動服裝的發展，該季度的收入增長了兩位數。

We've also piloted a new model of launching high-heat apparel on the SNKRS App this quarter.

本季度我們還在 SNKRS 應用程序上試行了推出高熱度服裝的新模式。

We're taking the energy and storytelling we drive in footwear and amplifying one of our biggest growth opportunities.

我們正在利用鞋類產品的能量和故事來擴大我們最大的增長機會之一。

We're seeing strong sell-through of our apparel collections that we codesigned with collaborations on SNKRS.

我們與 SNKRS 合作設計的服裝系列銷量強勁。

The Jordan brand, on a wholesale equivalent basis, just earned its first $1 billion quarter, an incredible milestone.

Jordan 品牌在批發等價基礎上剛剛實現了第一個 10 億美元的季度收入，這是一個令人難以置信的里程碑。

And just as important is that it was very high-quality growth.

同樣重要的是，這是非常高質量的增長。

The brand is very strong internationally and in North America.

該品牌在國際和北美非常強大。

The marketplace is healthy, and in many cases, demand is exceeding supply.

市場健康，在許多情況下，需求超過供應。

Performance innovation like the Jordan XXXIV is complementing one of the world's hottest franchises in the Air Jordan 1. And women's and apparel continue to reach new audiences.

像 Jordan XXXIV 這樣的性能創新與世界上最熱門的系列之一 Air Jordan 1 相得益彰。女裝和服裝繼續吸引新的受眾。

What's most exciting is we're still in the early stages of diversifying the Jordan portfolio.

最令人興奮的是，我們仍處於喬丹產品組合多元化的早期階段。

And we've continued the momentum into Q3 with a significant holiday launch of the Jordan 11 “Bred”, meeting demand for one of sneaker cultures all-time favorites at an incredible scale.

我們在第三季度繼續保持這一勢頭，在假日期間推出了 Jordan 11 “Bred”，以令人難以置信的規模滿足了人們對運動鞋文化中最受歡迎的運動鞋之一的需求。

So as we look ahead, we're about to enter a hyper-intense cycle of new product introductions with the Tokyo 2020 games and the football Euro Champs on the horizon.

因此，展望未來，隨著 2020 年東京奧運會和歐洲足球錦標賽的臨近，我們即將進入新產品推出的超密集週期。

Both will be a springboard for new innovation that will help define the performance and aesthetic of NIKE product for years to come.

兩者都將成為新創新的跳板，有助於定義未來幾年耐克產品的性能和美學。

Euro Champs will be another great catalyst for EMEA apparel in the back half of the year.

歐洲冠軍賽將成為下半年歐洲、中東和非洲服裝市場的另一個巨大催化劑。

And for the Olympics and Paralympics, we'll be revealing the specifics about our explosive lineup next quarter.

對於奧運會和殘奧會，我們將在下個季度公佈我們爆炸性陣容的具體細節。

But you can expect to see the next Air revolution with new approaches to Zoom Air and a renewed VaporMax platform, a celebration of women's basketball like never before, highlighting the opportunity we see to grow the women's game and our business.

但您可以期待看到下一次 Air 革命，採用 Zoom Air 的新方法和更新的 VaporMax 平台，以前所未有的方式慶祝女子籃球，突顯我們看到的發展女子比賽和業務的機會。

And our teams using the world stage of Tokyo 2020 to elevate sustainable design at an incredible scale.

我們的團隊利用 2020 年東京奧運會的世界舞台，以令人難以置信的規模提升可持續設計。

Across the board, our product teams are proving that innovation is NIKE's greatest competitive edge.

我們的產品團隊正在全面證明創新是耐克最大的競爭優勢。

We're turning athletes' insights into breakthrough innovation; we're offering more choice on the industry's top icons; we're delivering more complete and more productive assortments; and we're being opportunistic with the consumer in real time.

我們正在將運動員的見解轉化為突破性創新；我們為行業頂級偶像提供更多選擇；我們正在提供更完整、更高效的品種；我們正在實時與消費者進行機會主義。

Another way we continue to create separation is through NIKE's digital advantage.

我們繼續創造分離的另一種方式是利用耐克的數字優勢。

Our digital commerce revenue grew an impressive 38% in Q2, powered by an outstanding performance during our most important holiday moments in November.

得益於 11 月份最重要的假期期間的出色表現，我們的數字商務收入在第二季度增長了 38%，令人印象深刻。

For Black Friday, digital sales grew over 70% in North America, and broke records for the weekend across many of our metrics, including our highest week of member engagement ever.

黑色星期五期間，北美的數字銷售額增長了 70% 以上，並且在我們的許多指標上都打破了周末的記錄，包括有史以來最高的會員參與度。

Buying members also grew 45% versus last year.

購買會員也比去年增長了 45%。

We also saw phenomenal success in EMEA, with an increase of nearly 50% in demand as Black Friday week grows in importance to the European consumer.

我們在歐洲、中東和非洲地區也取得了驚人的成功，隨著黑色星期五週對歐洲消費者的重要性不斷提高，需求增長了近 50%。

Singles Day showed the current strength of our brand and product portfolio with the Chinese consumer.

雙十一向中國消費者展示了我們品牌和產品組合目前的實力。

Through Singles Day, we created demand, generating nearly $0.5 billion in revenue.

通過雙十一，我們創造了需求，創造了近 5 億美元的收入。

We strengthened our relationships through NikePlus, adding 3 million members.

我們通過 NikePlus 加強了我們的關係，增加了 300 萬會員。

We served our consumer faster, delivering 20% of the 11/11 orders the same day.

我們更快地為消費者提供服務，11/11 訂單中的 20% 是當天送達的。

And we finished as the #1 athletic brand on Tmall.

我們最終成為天貓排名第一的運動品牌。

China is, in many ways, the world's most compelling digital marketplace.

從很多方面來說，中國都是世界上最引人注目的數字市場。

And while the digital share of the business in Greater China is larger than any other geography for NIKE, we still see so much potential ahead.

儘管耐克在大中華區的數字業務份額比任何其他地區都大，但我們仍然看到了巨大的潛力。

At the end of Q2, we added the NIKE app to a powerful portfolio in China that includes NIKE.com, SNKRS, NRC, NTC and our branded experiences with Tmall and WeChat.

第二季度末，我們將 NIKE 應用程序添加到了中國強大的產品組合中，其中包括 NIKE.com、SNKRS、NRC、NTC 以及我們在天貓和微信上的品牌體驗。

The Chinese consumer is already telling us they're excited about the NIKE app, downloading it 1 million times during launch.

中國消費者已經告訴我們，他們對 NIKE 應用程序感到興奮，在發布期間下載了 100 萬次。

Incredibly, it's already the #1 shopping app in China.

令人難以置信的是，它已經成為中國排名第一的購物應用程序。

Of course, we continue to stay engaged with all of our stakeholders in Greater China, monitoring trade conversations and the state of the consumer across the region.

當然，我們將繼續與大中華區的所有利益相關者保持接觸，監控整個地區的貿易對話和消費者狀況。

Overall, we feel very good about the sell-through of our product and the health of our marketplace; about our support of the growing community of everyday athletes as well as China's top leagues and federations; and the immense opportunity to create tailored experiences for the Chinese consumer.

總體而言，我們對產品的銷售情況和市場的健康狀況感到非常滿意；關於我們對日益增長的日常運動員群體以及中國頂級聯賽和聯合會的支持；以及為中國消費者創造定制體驗的巨大機會。

We've talked a lot about the scale of the investments we've been making to fuel our digital transformation, and there are many components: industry-leading consumer retail experiences that merge online and off-line; new operational capabilities and powerful partnerships; and all enabled by the digital talent we've added through 5 recent acquisitions and investments in our teams.

我們已經談論了很多我們為推動數字化轉型而進行的投資規模，其中包括許多組成部分：融合線上和線下的行業領先的消費者零售體驗；新的運營能力和強大的合作夥伴關係；這一切都是由我們通過最近 5 次收購和投資團隊增加的數字人才實現的。

The common thread to these work streams is that they put the consumer at the center.

這些工作流的共同點是它們將消費者置於中心。

They're all designed to reduce friction and create a more direct connection with our customers, and ultimately, invite them to become members.

它們的目的都是為了減少摩擦並與客戶建立更直接的聯繫，並最終邀請他們成為會員。

Membership is the sharp point of our growth.

會員資格是我們成長的關鍵點。

For the quarter, SNKRS App grew strong double digits, the NIKE App more than doubled, and both apps now make up over 1/3 of our digital revenue.

本季度，SNKRS 應用程序實現了兩位數的強勁增長，NIKE 應用程序增長了一倍多，這兩款應用程序目前占我們數字收入的 1/3 以上。

And active users for our apps are growing almost triple digits.

我們應用程序的活躍用戶增長了近三位數。

The Nike App at Retail continues to be one of our greatest opportunities to create scale, as we pair the app with physical retail across our owned and partnered doors.

耐克零售應用程序仍然是我們擴大規模的最佳機會之一，因為我們將該應用程序與我們自有和合作夥伴的實體零售店配對。

Through the NIKE App at Retail, personalization and convenience move to another level.

通過 NIKE Retail 應用程序，個性化和便利性提升到另一個層次。

Inside the store, members can unlock tailored offers based on their past engagement with NIKE and shop at their pace on the retail floor, scanning products for information and checking out on their own.

在商店內，會員可以根據過去與耐克的互動解鎖定制優惠，並按照自己的節奏在零售樓層購物，掃描產品以獲取信息並自行結賬。

NIKE's also changing the experience of finding product and how it's delivered.

耐克還改變了尋找產品及其交付方式的體驗。

Members can reserve product online and have it waiting for them at their nearest store, so they can try it on first.

會員可以在線預訂產品，並在最近的商店等候，以便他們可以先試穿。

Or if they can't find a product they want, new investments in RFID will enable the consumer to instantly track 1 -- another 1 down, somewhere else in the store, online or potentially in another retail partners channel.

或者，如果他們找不到自己想要的產品，對RFID 的新投資將使消費者能夠立即跟踪1 件——另外1 件，在商店的其他地方、在線或可能在另一個零售合作夥伴渠道中。

We have a culture of testing and iterating new retail concepts very quickly, and we're in the early stages of scaling some of our best ideas around the world in our own doors and with our partners.

我們擁有快速測試和迭代新零售概念的文化，並且我們正處於在我們自己的內部並與我們的合作夥伴在世界各地推廣我們的一些最佳想法的早期階段。

For example, our first test of NIKE Live internationally opened in Shibuya, our smallest NIKE live door in the world but serving millions through the power of digital.

例如，我們在澀谷開設了 NIKE Live 的首個國際測試，這是我們世界上最小的 NIKE Live 門戶，但通過數字的力量為數百萬人提供服務。

NIKE is not only deeply committed to using our digital advantage to make the consumer experience better, we're also using data science to inform how much product we supply and where.

耐克不僅堅定地致力於利用我們的數字優勢來改善消費者體驗，我們還利用數據科學來了解我們供應的產品數量和地點。

Through our acquisition of Celect, we're applying and developing new unique algorithms to make us better attuned to what the consumer is telling us.

通過收購 Celect，我們正在應用和開發新的獨特算法，使我們能夠更好地了解消費者告訴我們的信息。

We're leveraging data that includes past and present consumer interest in products, and purchasing signals to better predict demand so we can decide how to stage inventory in our distribution centers and our stores in different ways.

我們正在利用包括過去和現在消費者對產品的興趣以及購買信號在內的數據來更好地預測需求，以便我們可以決定如何以不同的方式在配送中心和商店中安排庫存。

For Singles Day, we shipped products from over 200 stores instead of DCs to meet the needs of consumers faster and more profitably.

在雙十一期間，我們從 200 多家商店而不是配送中心發貨，以更快、更有利地滿足消費者的需求。

Bringing science to the art of retail remains one of NIKE's greatest opportunities.

將科學引入零售藝術仍然是耐克最大的機遇之一。

Before handing it off to Andy, I do want to take a moment to recognize you, our shareholders.

在將其交給安迪之前，我確實想花點時間向你們，我們的股東表示認可。

Many of you have been invested in NIKE for years, some even decades, and I greatly appreciate your engagement and your long-term focus.

你們中的許多人已經投資耐克多年，有的甚至數十年，我非常感謝你們的參與和長期關注。

As you know, I tend to think more about what's coming than reflecting, but my time as CEO, really has been a humbling experience.

如您所知，我傾向於更多地考慮即將發生的事情而不是反思，但我擔任首席執行官的時間確實是一次令人謙卑的經歷。

I'm leaving this role with so much optimism for the future of this company.

我離開這個職位時對公司的未來非常樂觀。

Sport continues to inspire and move the world forward in incredible ways.

體育繼續以令人難以置信的方式激勵和推動世界前進。

Our brand is connecting deeply with consumers everywhere.

我們的品牌與世界各地的消費者有著深入的聯繫。

Our innovation is helping athletes prove that there are no limits.

我們的創新正在幫助運動員證明沒有極限。

We're challenging the conventions of retail at every turn.

我們每時每刻都在挑戰零售業的慣例。

We're growing our biggest businesses and focused on our greatest opportunities.

我們正在發展我們最大的業務並專注於我們最大的機會。

And we're bringing tremendous talent into NIKE to add to our already deep bench of leaders.

我們正在為耐克引進大量人才，以補充我們已經很深厚的領導者隊伍。

It's clear that sport is thriving, that NIKE has the right people and the right plan.

很明顯，體育運動正在蓬勃發展，耐克擁有合適的人才和正確的計劃。

What's great is I won't be a spectator to all the success.

很棒的是我不會成為所有成功的旁觀者。

I'll be part of the team that's creating it.

我將成為創建它的團隊的一員。

So with that, for the last time, I'll say thank you, and here's Andy.

因此，我要最後一次對你們說聲謝謝，這是安迪。

Hello, and happy holidays to everyone on the call.

大家好，祝大家節日快樂。

First, I want to thank and recognize Mark.

首先，我要感謝並認可馬克。

We've all been fortunate to be guided by Mark's extraordinary vision and leadership as NIKE's Chief Executive Officer over the past 14 years.

在過去 14 年裡，我們都很幸運能夠得到馬克作為耐克首席執行官的非凡遠見和領導力的指導。

I've told Mark this personally, he's the most creative, inquisitive, and frankly, also the most demanding leader for whom I've ever worked.

我親自告訴馬克，他是我工作過的最具創造力、好奇心和坦率地說，也是最苛刻的領導者。

And at the same time, he is the most patient, thoughtful and balanced.

同時，他也是最有耐心、最體貼、最平衡的人。

We will all continue to benefit from Mark's leadership as NIKE's Executive Chairman.

我們所有人都將繼續受益於馬克作為耐克執行主席的領導。

We're also extremely fortunate to have John Donahoe joining us as Chief Executive Officer.

我們還非常幸運地邀請約翰·多納霍 (John Donahoe) 加入我們擔任首席執行官。

Few companies are guided by an inspirational founder as well as a 14-year former CEO and 40-year veteran of the company, and now John Donahoe.

很少有公司能同時擁有一位鼓舞人心的創始人、14 年的前首席執行官和 40 年的公司資深人士（現任約翰·多納霍）的領導。

John has clearly a proven CEO, who brings extraordinary people leadership and talent development experience as well as deep expertise in strategy, consumer digital technology and enterprise technology.

約翰顯然擁有一位久經考驗的首席執行官，他帶來了非凡的人才領導力和人才發展經驗，以及戰略、消費者數字技術和企業技術方面的深厚專業知識。

This abundance of strong leadership is yet another competitive advantage that we enjoy at NIKE.

強大的領導力是我們在耐克享有的另一個競爭優勢。

And this plan for transition is happening as NIKE's momentum is accelerating, driven by the increasingly deeper execution of our Consumer Direct Offense by our talented teams around the world.

這一過渡計劃正在隨著耐克的發展勢頭不斷加速而發生，在我們世界各地的優秀團隊日益深入地執行消費者直接進攻的推動下。

As we're still in the early innings of our digital transformation, now as Mark said, is the perfect time for John to be joining and leading our team.

由於我們仍處於數字化轉型的早期階段，正如馬克所說，現在是約翰加入並領導我們團隊的最佳時機。

Simply put, I'm extremely excited about the future for NIKE.

簡而言之，我對耐克的未來感到非常興奮。

Before we talk more about the future, let's focus on the present for just a few moments.

在我們更多地談論未來之前，讓我們先關註一下現在。

In Q2, we delivered revenue growth of 13% on a currency-neutral basis.

在貨幣中性的基礎上，第二季度我們的收入增長了 13%。

Our strong top line growth was amplified by gross margin expansion and significant SG&A leverage.

毛利率的擴張和顯著的銷售、管理及行政費用槓桿放大了我們強勁的營收增長。

The result was EPS growing 35%.

結果是 EPS 增長了 35%。

There are 3 key strategic and financial themes that stand out as we reflect on our strong Q2 results.

當我們反思第二季度的強勁業績時，有 3 個突出的關鍵戰略和財務主題。

First, as we've said before, NIKE is a growth company.

首先，正如我們之前所說，耐克是一家成長型公司。

Growth is how we measure the value we create for consumers and delivering strong, sustainable growth at scale is how NIKE creates extraordinary value for shareholders over the long term.

增長是我們衡量為消費者創造的價值的方式，實現強勁、可持續的大規模增長是耐克為股東創造長期非凡價值的方式。

Second, while we will continue to prioritize investments that drive focused growth and build capabilities to differentiate NIKE, we are now also increasingly editing and divesting more deliberately in other areas.

其次，雖然我們將繼續優先考慮推動集中增長和建設使耐克脫穎而出的能力的投資，但我們現在也越來越多地在其他領域進行更謹慎的編輯和撤資。

Third, we are extending NIKE's digital advantage.

第三，我們正在擴展耐克的數字優勢。

And we are positioning NIKE for even greater competitive separation over the long term.

從長遠來看，我們對耐克的定位是為了實現更大的競爭優勢。

As we transform elements of the consumer journey, our individual investments will have an exponential impact on NIKE's long-term growth, profitability and returns in the aggregate.

隨著我們改變消費者旅程的各個要素，我們的個人投資將對耐克的長期增長、盈利能力和總體回報產生指數級影響。

I'll provide just a bit more context on each of these themes.

我將提供有關每個主題的更多背景信息。

First, NIKE is a growth company.

首先，耐克是一家成長型公司。

In fact, our rate of growth in constant currency terms has exceeded the long-term financial model that we communicated at our Investor Day in October 2017.

事實上，我們以固定匯率計算的增長率已經超過了我們在 2017 年 10 月投資者日上傳達的長期財務模型。

More notably, our growth has been profitable, capital efficient and broad-based across our entire global portfolio.

更值得注意的是，我們的增長在整個全球投資組合中都是盈利的、資本效率高且基礎廣泛的。

That's because our growth is being fueled by focused strategic execution of the Triple Double by our teams around the world.

這是因為我們的增長是由我們世界各地的團隊專注於三雙戰略執行所推動的。

At our Investor Day, we said our goal was to double the percent of revenue generated by recently introduced innovation platforms.

在投資者日，我們表示我們的目標是將最近推出的創新平台產生的收入百分比增加一倍。

In other words, we would 2x Innovation.

換句話說，我們將進行兩倍的創新。

As of this quarter, we have, in fact, more than tripled innovation as a percent of revenue, and we're not slowing down.

事實上，截至本季度，我們的創新佔收入的百分比增加了兩倍多，而且我們並沒有放慢腳步。

We will sustain this level of innovation, driven by the incredible breadth and depth of our innovation pipeline.

在我們創新渠道令人難以置信的廣度和深度的推動下，我們將維持這種創新水平。

In particular, all that we have in-store for the Tokyo 2020 Olympics.

特別是我們為 2020 年東京奧運會準備的所有物品。

Our strong growth also continues to be fueled by an increasingly more direct connection to consumers in the marketplace.

我們與市場上消費者的日益直接的聯繫也繼續推動著我們的強勁增長。

NIKE Direct grew 17% on a currency-neutral basis in Q2, led by NIKE Digital growing at 38%.

在不考慮貨幣因素的情況下，第二季度 NIKE Direct 增長了 17%，其中 NIKE Digital 增長了 38%。

Our digital growth was driven primarily by the NIKE App and SNKRS App with both now live in over 20 countries.

我們的數字化增長主要是由 NIKE 應用程序和 SNKRS 應用程序推動的，這兩個應用程序現已遍布 20 多個國家/地區。

In Q2, we also opened 2 NIKE Live stores in Long Beach, California and Shibuya, Tokyo, which leverage digital to better serve members within a more moderate-sized and efficient physical retail format.

第二季度，我們還在加利福尼亞州長灘和東京澀谷開設了 2 家 NIKE Live 商店，利用數字技術以規模更適中、效率更高的實體零售業態更好地為會員服務。

Our growth also continues to be balanced across all NIKE brand geographies.

我們的增長在所有耐克品牌地區也繼續保持平衡。

That's because we are executing our offense, first and foremost, in the 12 key cities and 10 key countries with the greatest potential impact.

這是因為我們首先在潛在影響最大的 12 個主要城市和 10 個主要國家/地區執行進攻。

Our growth in Q2 in those key cities and countries continues to over-index the broader market.

我們第二季度在這些主要城市和國家的增長繼續超過了更廣泛的市場。

That brings me to my second key takeaway, our investments continue to be focused on the areas where we see the greatest potential to drive growth, and on building capabilities that will truly differentiate NIKE.

這引出了我的第二個要點，我們的投資繼續集中在我們認為最有潛力推動增長的領域，以及建設真正使耐克脫穎而出的能力。

At the same time, we're now increasingly editing and divesting in other areas.

與此同時，我們現在越來越多地在其他領域進行編輯和撤資。

Again, at our Investor Day, we told you that we would focus and invest in the following areas: innovation, speed and direct; our priority categories and the 12 key cities and 10 key countries that would deliver over 80% of our incremental revenue growth over the 5-year horizon.

在投資者日，我們再次告訴您，我們將重點投資以下領域：創新、速度和直接；我們的優先類別以及 12 個主要城市和 10 個主要國家/地區將在 5 年內為我們帶來超過 80% 的增量收入增長。

Over the past 2 years, that is precisely what we have done, and our results are giving us even greater confidence that we're investing in what matters most.

在過去的兩年裡，這正是我們所做的，我們的結果讓我們更有信心，我們正在投資最重要的事情。

As we all know, investing in the future always comes before editing and divesting legacy operating models, but we are now increasingly doing both.

眾所周知，對未來的投資總是先於編輯和剝離遺留運營模式，但我們現在越來越多地同時做這兩件事。

We are editing and shifting how we deploy resources within our marketplaces across our categories and geographically.

我們正在編輯和改變我們在跨類別和地域的市場中部署資源的方式。

While we're investing in differentiated NIKE brand experiences, owned and partnered, we are also more efficiently managing the broader retail marketplace, leveraging digital tools such as our Nike.net business-to-business sales platform.

在我們投資於自有和合作的差異化耐克品牌體驗的同時，我們還利用 Nike.net 企業對企業銷售平台等數字工具，更有效地管理更廣泛的零售市場。

As a result, we are delivering strong overall revenue growth despite intentionally flat to declining sales in undifferentiated multi-brand retail.

因此，儘管無差異化的多品牌零售銷售額故意持平或下降，但我們的整體收入仍實現強勁增長。

Quite frankly, we could sell more in the short term in these undifferentiated channels, but our focus is on building a more compelling marketplace for the consumer and unbreakable relationships with NIKE members.

坦率地說，我們可以在短期內通過這些無差異化的渠道銷售更多產品，但我們的重點是為消費者建立一個更具吸引力的市場，並與耐克會員建立牢不可破的關係。

In early Q3, we also sold the Hurley brand, which has become one of the leading brands in surf apparel.

第三季度初，我們還出售了 Hurley 品牌，該品牌已成為衝浪服裝的領先品牌之一。

Hurley will benefit from new ownerships focus on the surf category.

赫爾利將受益於專注於衝浪類別的新所有權。

Our sale of Hurley will further sharpen NIKE's focus and investment on the key categories that will drive our long-term growth.

我們出售 Hurley 將進一步加強耐克對關鍵類別的關注和投資，從而推動我們的長期增長。

Going forward, we will refine our operating model with respect to dimensions of our business that have historically been less profitable and/or have lesser growth potential.

展望未來，我們將針對歷史上利潤較低和/或增長潛力較小的業務規模完善我們的運營模式。

For a bit of context, today, we currently operate essentially the same business model in over 45 countries.

背景信息 目前，我們在超過 45 個國家/地區運營著基本相同的業務模式。

One of our many competitive advantages at NIKE is that we have unrivaled resources.

耐克的眾多競爭優勢之一是我們擁有無與倫比的資源。

The more focused and efficient we are in deploying those resources, the more we will extend NIKE's lead with the consumer and the greater the value we will create for our shareholders.

我們在部署這些資源時越集中、越高效，我們就越能擴大耐克在消費者中的領先地位，為股東創造的價值就越大。

Finally, the third key takeaway from the quarter is that we continue to expand NIKE's digital advantage.

最後，本季度的第三個關鍵要點是我們繼續擴大耐克的數字優勢。

As we systematically transform individual elements of the consumer journey, the more exponential the impact is on our long-term growth, profitability and returns on invested capital.

當我們系統地改變消費者旅程的各個元素時，對我們的長期增長、盈利能力和投資資本回報率的影響就越大。

In Q2, more than half of our total digital traffic came from logged-in members.

第二季度，我們一半以上的總數字流量來自登錄會員。

A NIKE member is a consumer who has chosen to create a profile with NIKE.

耐克會員是選擇在耐克創建個人資料的消費者。

Even in just these early stages of digital transformation at NIKE, the average order value for members is significantly greater than for nonmembers.

即使在耐克數字化轉型的早期階段，會員的平均訂單價值也明顯高於非會員。

And we're seeing revenue growth for members continue to expand based on 2 factors: one, strong rates of growth in new members; and two, greater member engagement year-over-year as measured by monthly active users.

我們看到會員的收入增長繼續擴大，基於兩個因素：一是新會員的強勁增長率；二是新會員的強勁增長。第二，按月活躍用戶衡量，會員參與度逐年提高。

As we consider investments in transforming how we operate, we always look to our consumer first and more specifically, our members and assess where we have the greatest potential to improve their experience.

當我們考慮投資改變我們的運營方式時，我們始終首先關注我們的消費者，更具體地說，我們的會員，並評估我們在哪些方面最有潛力改善他們的體驗。

It starts with digital demand sensing.

它始於數字需求感知。

Our acquisition of Celect accelerates our ability to better predict the right supply of products that consumers love down to the style, color and size.

我們對 Celect 的收購增強了我們更好地預測消費者喜愛的產品的正確供應的能力，具體包括款式、顏色和尺寸。

Celect's tools will also enable more accurate forward positioning of inventory in stores, online and in our distribution centers.

Celect 的工具還將能夠更準確地對商店、網上和我們的配送中心的庫存進行定位。

Note that Celect also brings other tools that improve pricing and markdown efficiency.

請注意，Celect 還帶來了其他提高定價和降價效率的工具。

As consumers shop, our investments in connected inventory provide our store employees near 100% accurate visibility into the precise location of specific inventory, whether that 1 pair is in the stock room or elsewhere on the floor at a partner store or in 1 of our distribution centers.

當消費者購物時，我們對互聯庫存的投資使我們的商店員工能夠近乎100% 準確地了解特定庫存的精確位置，無論這1 雙鞋是在庫存室中，還是在合作夥伴商店地板上的其他地方，或者在我們的1 個分銷中中心。

And thanks to our investment in Invertex, Nike Fit will give consumers confidence that they are getting the right size in that specific style.

得益於我們對 Invertex 的投資，Nike Fit 將讓消費者相信他們能買到適合特定款式的尺碼。

Our investments in data and analytics help us learn from each of these consumer experiences and translate those learnings into, for example, curated content, product offerings and more personalized digital experiences for members.

我們在數據和分析方面的投資幫助我們從這些消費者體驗中學習，並將這些學習成果轉化為例如為會員策劃的內容、產品和更個性化的數字體驗。

And as they say, that which is measured, improves.

正如他們所說，經過衡量的事物會有所改善。

Our acquisition of Zodiac allows us to assess real-time how each new offering impacts engagement and consumer lifetime value.

收購 Zodiac 使我們能夠實時評估每項新產品如何影響參與度和消費者終身價值。

Transforming the consumer journey also has significant financial impacts.

改變消費者旅程也會產生重大的財務影響。

We will capture greater demand at the moment of truth; we will have stronger full price sell-through and more efficient markdowns; we'll have fewer days in inventory; and we'll have greater member retention and repeat buying.

我們將在關鍵時刻抓住更大的需求；我們將有更強勁的全價銷售和更有效的降價；我們的庫存天數將會減少；我們將擁有更高的會員保留率和重複購買率。

This digital transformation is beginning to impact our results.

這種數字化轉型開始影響我們的業績。

In fact, our constant currency revenue growth and margin expansion, excluding foreign exchange headwinds over the past 2 years, has exceeded the financial model we communicated at our Investor Day.

事實上，排除過去兩年的外匯不利因素，我們持續的貨幣收入增長和利潤率擴張已經超出了我們在投資者日傳達的財務模型。

And we believe that building on our digital advantage is certain to further extend NIKE's lead and amplify our long-term growth potential.

我們相信，建立我們的數字優勢必將進一步擴大耐克的領先地位並放大我們的長期增長潛力。

Before providing more context on our outlook, I'll first reflect on the details of our financial results overall and for our key operating segments.

在提供有關我們前景的更多背景之前，我將首先回顧一下我們整體財務業績和關鍵運營部門的詳細信息。

NIKE Inc.

耐克公司

revenue grew 10% in Q2, up 13% on a currency-neutral basis, reflecting strong balanced growth across the portfolio, led by Greater China and digital.

第二季度收入增長 10%，在剔除貨幣因素的基礎上增長 13%，反映出以大中華區和數字領域為首的整個投資組合的強勁平衡增長。

Gross margin expanded by 20 basis points in Q2 as strong gross pricing margin, which is essentially average selling price net of average product cost, and strong growth in higher-margin NIKE Direct was partially offset by the impact of new tariffs implemented in September, strategic supply chain investments and foreign exchange headwinds.

第二季度的毛利率擴大了20 個基點，因為毛定價利潤率強勁，毛利率實質上是扣除平均產品成本的平均銷售價格，而利潤率較高的NIKE Direct 的強勁增長部分被9 月份實施的新關稅的影響所抵消，戰略性的供應鏈投資和外匯逆風。

SG&A leveraged as compared to revenue growth, growing just 6% in the quarter as investments in digital capabilities were partially offset by productivity within our operating overhead, efficiencies within our demand creation spend and our decision to defer demand creation to the second half as we ramp up to Air Max Day, the NBA All-Star Weekend, European championships and the Tokyo Olympics.

SG&A 與收入增長相比，本季度僅增長6%，因為對數字能力的投資被我們的運營管理費用中的生產力、我們的需求創造支出中的效率以及我們將需求創造推遲到下半年的決定部分抵消了直至 Air Max Day、NBA 全明星周末、歐洲錦標賽和東京奧運會。

Our effective tax rate for the quarter was 10.7% compared to 15% for the same period last year due to greater stock-based compensation benefits.

由於股票薪酬福利增加，我們本季度的有效稅率為 10.7%，而去年同期為 15%。

Second quarter diluted EPS was $0.70, growing 35% versus prior year.

第二季度稀釋後每股收益為 0.70 美元，比去年同期增長 35%。

Inventories were up 15% in dollar terms, 10% in units, reflecting strong consumer demand globally, strong growth in NIKE Direct and a higher rate of on-time factory deliveries versus the prior year.

庫存按美元計算增長了 15%，按單位計算增長了 10%，反映了全球消費者需求強勁、NIKE Direct 強勁增長以及工廠按時交貨率較上年提高。

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。

In North America, Q2 revenue grew 5% on a reported and currency-neutral basis.

在北美，按報告和貨幣中性因素計算，第二季度收入增長了 5%。

NIKE Digital grew 32% in the quarter, fueled in part by a strong Black Friday.

NIKE Digital 在本季度增長了 32%，部分原因是黑色星期五的強勁表現。

Overall, growth was fueled by those dimensions of the marketplace that we are transforming, in particular, NIKE Direct and through differentiated wholesale partners like Foot Locker, JD, Finish Line and DICK'S.

總體而言，增長是由我們正在轉變的市場維度推動的，特別是 NIKE Direct 以及 Foot Locker、JD、Finish Line 和 DICK'S 等差異化批發合作夥伴。

We continue to intentionally rightsize undifferentiated dimensions of the marketplace.

我們繼續有意識地調整市場的無差異化維度。

We have strong momentum in North America, which makes it the ideal time to affect this transformation.

我們在北美擁有強勁的勢頭，這使其成為影響這一轉型的理想時機。

Our key city focus is also fueling North America's transformational growth.

我們對主要城市的關注也正在推動北美的轉型增長。

New York and Los Angeles are outpacing the broader market.

紐約和洛杉磯的表現超過了大盤。

In New York, for example, NIKE Direct is already well over 50% of our business, and digital is already well over 30% penetrated.

例如，在紐約，NIKE Direct 已占我們業務的 50% 以上，而數字化滲透率已遠遠超過 30%。

We see our momentum continuing in North America over the second half of Fiscal Year '20, with comparable growth in the strong mid-single-digit range.

我們預計 20 財年下半年我們在北美的勢頭將持續，可比的增長將保持在強勁的中個位數範圍內。

That said, our reported rate of revenue growth will not be comparable.

也就是說，我們報告的收入增長率將不具有可比性。

Year-over-year revenue growth in North America will be negatively impacted in the short term by our value-accretive sale of Hurley.

短期內，我們增值的 Hurley 出售將對北美地區的同比收入增長產生負面影響。

This transaction will create a 2-point -- roughly 2-point unfavorable comparison on North America revenue growth versus the prior year unadjusted, which equates to roughly 1 point for NIKE Inc.

此次交易將導致北美收入增長與未經調整的上一年相比產生 2 個百分點——大約 2 個百分點的不利影響，這相當於 NIKE Inc. 大約 1 個百分點。

That said, this is accretive from a capital deployment and profitability perspective.

也就是說，從資本部署和盈利能力的角度來看，這是增值的。

And our North America business on a comparable basis remains strong, and we're right on plan.

我們的北美業務在可比基礎上仍然強勁，而且我們的計劃是正確的。

Now let's turn to EMEA, where the NIKE brand is on fire and continues to take significant market share.

現在讓我們轉向歐洲、中東和非洲地區，耐克品牌在該地區表現出色，並繼續佔據重要的市場份額。

In Q2, revenue in EMEA grew 14% on a currency-neutral basis, with double-digit growth in most key categories, led by sportswear and Jordan.

第二季度，在剔除貨幣影響的基礎上，歐洲、中東和非洲地區的收入增長了 14%，其中以運動裝和喬丹裝為主的大多數關鍵品類均實現了兩位數增長。

NIKE continues to be the #1 brand in all of our key cities within EMEA.

NIKE 繼續成為歐洲、中東和非洲地區所有主要城市的第一品牌。

To deepen our brand connection with consumers, we launched 2 powerful locally relevant campaigns in EMEA in Q2.

為了加深我們與消費者的品牌聯繫，我們於第二季度在歐洲、中東和非洲地區推出了兩項強大的本地相關活動。

We launched a kids-focused Just Do It campaign, celebrating girls.

我們發起了一項以兒童為中心的“Just Do It”活動，為女孩們喝彩。

And on the back of that campaign, we saw our kids business grow strong double digits.

在那次活動的支持下，我們看到我們的兒童業務實現了兩位數的強勁增長。

We also launched the campaign around the 30th anniversary of the Berlin Wall coming down with a focus on the power of sport to unite.

我們還在柏林牆倒塌 30 週年之際發起了這項活動，重點關注體育團結的力量。

Notably, our increasingly localized approach has resulted in NIKE becoming the #1 footwear market leader in Germany.

值得注意的是，我們日益本地化的方法使耐克成為德國鞋類市場第一的領導者。

Our women's business also grew faster in EMEA than in any other geography in Q2.

第二季度，我們的女性業務在歐洲、中東和非洲地區的增長速度也快於任何其他地區。

Through our Express Lane, we brought the T-100 women's apparel pack to market in less than 120 days from initial consumer insight.

通過我們的 Express Lane，從最初的消費者洞察開始，我們在不到 120 天內將 T-100 女裝套裝推向市場。

The products sold out immediately through NIKE Direct, ASOS and Zalando.

產品通過 NIKE Direct、ASOS 和 Zalando 立即售空。

On that note, NIKE Digital in EMEA grew 27% in the quarter, faster than any other dimension.

值得注意的是，本季度 EMEA 地區的 NIKE Digital 增長了 27%，比任何其他維度都要快。

We also continue to expand our brand accretive partnership with Zalando, including rolling out a connected inventory pilot to 7 countries based on the strong incremental revenue generated from the initial launch in Germany.

我們還繼續擴大與 Zalando 的品牌增值合作夥伴關係，包括基於德國首次推出帶來的強勁增量收入，在 7 個國家推出互聯庫存試點。

We have extraordinary momentum in EMEA, and we expect to extend our lead fueled by the Euro Champs and the Olympics over the second half of Fiscal Year '20 and into Fiscal Year '21.

我們在歐洲、中東和非洲地區擁有非凡的發展勢頭，我們預計將在歐洲冠軍杯和奧運會的推動下，在 20 財年下半年和 21 財年擴大我們的領先地位。

In APLA, revenue grew 18% on a currency-neutral basis, fueled by growth in Korea and Japan.

在韓國和日本增長的推動下，APLA 的收入在匯率中性的基礎上增長了 18%。

NIKE Digital in APLA was up 67% in Q2 and continues to lead all dimensions of growth.

APLA 的 NIKE Digital 在第二季度增長了 67%，並繼續在各個方面的增長中處於領先地位。

We're also putting the NIKE brand in the path of more consumers through our partnerships with digital platforms such as ZOZOTOWN and Flipkart.

我們還通過與 ZOZOTOWN 和 Flipkart 等數字平台的合作，讓更多消費者接觸到 NIKE 品牌。

These partners are affording the NIKE brand and our product premium positioning, while also serving as an on-ramp to NIKE membership.

這些合作夥伴為耐克品牌和我們的產品提供優質定位，同時也充當耐克會員資格的入口。

In Q2, we also opened our first international NIKE Live store in Shibuya, Tokyo, next to one of the busiest train stations in the world.

第二季度，我們還在東京澀谷開設了第一家國際 NIKE Live 商店，毗鄰世界上最繁忙的火車站之一。

At the same time, we leveraged our Express Lane to create a unique Air Force 1 inspired by the Shibuya neighborhood and launched through the NIKE SNKRS App.

與此同時，我們利用 Express Lane 打造了一款獨特的 Air Force 1，其靈感源自澀谷社區，並通過 NIKE SNKRS 應用程序發布。

Finally, our running business has tremendous momentum in Japan.

最後，我們的跑步業務在日本有著巨大的發展勢頭。

NIKE's market share in running reached a record high in Q2, led by the success of the VaporFly 4% and Next%.

在 VaporFly 4% 和 Next% 的成功帶動下，NIKE 在跑步領域的市場份額在第二季度創下歷史新高。

We're excited to build on this energy with the launch of new styles like the NIKE React Infinity Run next month and the strong portfolio of innovation to come around the Tokyo Olympics.

我們很高興能在這種能量的基礎上再接再厲，推出下個月的 NIKE React Infinity Run 等新款式，以及東京奧運會期間推出的強大創新產品組合。

Now let's turn to Greater China.

現在讓我們把目光轉向大中華區。

This past quarter, we delivered 23% currency-neutral revenue growth in Greater China.

上個季度，我們在大中華區實現了 23% 的（剔除貨幣因素後）收入增長。

We saw strong double-digit growth in every key category and every dimension of the market.

我們在每個關鍵類別和市場的每個維度都看到了強勁的兩位數增長。

NIKE Digital, once again, led our growth at plus 44% on a currency-neutral basis, fueled by a record-breaking Singles Day that exceeded our own ambitious expectations.

在匯率中性的基礎上，NIKE Digital 再次以 44% 以上的速度引領我們的增長，這得益於創紀錄的雙十一，超出了我們自己的雄心勃勃的預期。

We continue to deliver strong digital growth in Greater China, despite only having just launched the NIKE App earlier this month.

儘管本月初才剛剛推出耐克應用程序，但我們繼續在大中華區實現強勁的數字增長。

That is one of the many reasons we believe that we -- while we have great current momentum in China, we are still far from realizing our full potential.

這是我們相信的眾多原因之一——儘管我們目前在中國發展勢頭強勁，但我們仍遠未充分發揮潛力。

While we're, of course, very mindful of the geopolitical dynamics in Greater China, the NIKE brand continues to deeply resonate with consumers, and our growth continues to be strong and sustainable.

當然，我們非常關注大中華區的地緣政治動態，但耐克品牌繼續與消費者產生深刻的共鳴，我們的增長繼續強勁且可持續。

We are proactively managing inventory in the Hong Kong market, based upon the more recent declines in Hong Kong retail traffic.

鑑於最近香港零售流量的下降，我們正在積極管理香港市場的庫存。

These actions will create a short-term headwind on what will remain a very strong rate of growth for Greater China.

這些行動將對大中華區仍將保持強勁的增長率造成短期阻力。

With that, I'll now share our outlook.

現在，我將分享我們的展望。

On a currency-neutral basis, our outlook for the full year continues to improve.

在貨幣中性的基礎上，我們對全年的前景繼續改善。

For the full year, we now expect currency-neutral revenue growth approaching the low double-digit range, even after taking into account the non-comp impact from the sale of Hurley.

對於全年，我們現在預計，即使考慮到出售 Hurley 帶來的非公司影響，匯率中性的收入增長也將接近兩位數的低位。

With continued geopolitical volatility, we expect foreign exchange to remain a 2- to 3-point headwind on reported revenue growth.

由於地緣政治持續波動，我們預計外匯交易仍將對報告的收入增長產生 2 至 3 個百分點的阻力。

Taking into account all of these factors, we continue to expect high single-digit reported revenue growth for the full year.

考慮到所有這些因素，我們繼續預計全年報告收入將實現高個位數增長。

We also continue to expect gross margin expansion within the 50 to 70 basis point range and SG&A growing in the high single-digit range, even including the impact of acquisitions.

我們還繼續預計毛利率將在 50 至 70 個基點範圍內擴張，SG&A 將在高個位數範圍內增長，甚至包括收購的影響。

We expect our effective tax rate to be in the low to mid-teens.

我們預計我們的有效稅率將在十幾歲至十幾歲之間。

And for OIE, net of interest expense, we now expect roughly $100 million to $150 million of income for the year.

對於 OIE，扣除利息支出，我們現在預計今年的收入約為 1 億至 1.5 億美元。

Based on quarterly volatility, let me provide more context on our Q3 outlook.

根據季度波動性，讓我提供有關第三季度前景的更多背景信息。

We expect reported revenue growth in Q3 to be in the high single-digit range, albeit at the very low end of that range.

我們預計第三季度報告的收入增長將在高個位數範圍內，儘管處於該範圍的極低端。

Our continued strong currency-neutral revenue growth will be partially offset by roughly 2 points of foreign exchange headwinds and the non-comp impact related to the sale of Hurley.

我們持續強勁的貨幣中性收入增長將被約 2 個百分點的外匯不利因素以及與出售 Hurley 相關的非公司影響所部分抵消。

Put differently, Q3 reported revenue will be in line with our reported revenue growth in Q1.

換句話說，第三季度報告的收入將與我們報告的第一季度的收入增長一致。

We expect gross margin in Q3 to be flat compared to the prior year.

我們預計第三季度的毛利率將與去年持平。

We expect continued strong underlying product margin expansion, reflecting the strength of our product pipeline.

我們預計基礎產品利潤率將持續強勁增長，這反映了我們產品線的實力。

However, that expansion will be largely offset by tariffs in North America and investments in our supply chain.

然而，這種擴張將在很大程度上被北美的關稅和對我們供應鏈的投資所抵消。

In addition, foreign exchange headwinds within gross margin will be more in line with what we reported back in Q1.

此外，毛利率內的外匯阻力將更符合我們在第一季度報告的情況。

The impact of geopolitical trade dynamics on FX and, more recently, tariffs do create quarterly anomalies.

地緣政治貿易動態對外彙的影響以及最近的關稅確實造成了季度異常。

That said, as we all know, 1 quarter or 1 data point does not equate to a trend.

也就是說，眾所周知，1 個季度或 1 個數據點並不等於趨勢。

Over the past 2 years, our gross margin expansion has significantly exceeded our goals but for these dynamics.

在過去的兩年裡，我們的毛利率擴張大大超出了我們的目標，但由於這些動態。

And again, for the full year, we continue to expect 50 to 75 basis points of gross margin expansion.

同樣，我們繼續預計全年毛利率將增長 50 至 75 個基點。

We see continued strong fundamental expansion in our margin, fueled by our strong product pipeline and a higher rate of growth in NIKE Direct.

在我們強大的產品線和 NIKE Direct 較高增長率的推動下，我們的利潤率持續強勁地基本擴張。

In Q3, we expect SG&A growth in the low double-digit to low-teens range, driven by our decision within Q2 to shift demand creation into the second half in order to amplify the NBA All-Star Weekend, European championships, the Tokyo Olympics and our launch of innovative new products.

在第二季度，我們決定將需求創造轉移到下半年，以擴大NBA 全明星周末、歐洲錦標賽和東京奧運會的影響力，我們預計第三季度的銷售及管理費用增長將在低兩位數到低兩位數的範圍內以及我們推出創新新產品。

We expect our effective tax rate to be in the low to mid-teens range.

我們預計我們的有效稅率將在青少年範圍內。

For OIE, net of interest expense, we expect income in Q3 to be roughly $50 million to $75 million.

對於 OIE，扣除利息支出，我們預計第三季度的收入約為 5000 萬至 7500 萬美元。

Q2 was another strong quarter, fueled by execution of the Consumer Direct offense by our unrivaled team around the world.

第二季度又是一個強勁的季度，這得益於我們在全球無與倫比的團隊執行消費者直接進攻的推動。

That said, as Mark will continue to remind all of us, there is no finish line.

也就是說，正如馬克將繼續提醒我們所有人的那樣，沒有終點線。

We are still in the early stages of this transformation at NIKE with tremendous growth potential ahead of us.

耐克仍處於這一轉型的早期階段，我們面臨著巨大的增長潛力。

I could not be more excited about the future for NIKE.

我對耐克的未來感到無比興奮。

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

至此，我們現在開始提問。

(Operator Instructions) Our first question comes from Bob Drbul with Guggenheim.

（操作員說明）我們的第一個問題來自古根海姆的鮑勃·德布爾（Bob Drbul）。

Mark, good luck on the next chapter, and thanks for all of the help over the last numerous years.

馬克，祝你下一章好運，並感謝過去多年來的所有幫助。

It's been a lot of fun.

這很有趣。

Thanks, Bob.

謝謝，鮑勃。

Appreciate that.

感謝。

Yes.

是的。

I guess the first question I have is, if we could just talk a bit in the quarter, but can you talk a little bit about the North American apparel market and sort of the performance and/or the outlook.

我想我的第一個問題是，我們是否可以在本季度談談一些問題，但是您能談談北美服裝市場以及表現和/或前景嗎？

And sort of some of the assumptions, there's been a lot of press recently around the MLB partnership that you are launching right now.

就一些假設而言，最近有很多關於你們現在正在啟動的美國職業棒球大聯盟（MLB）合作夥伴關係的媒體報導。

Yes.

是的。

I'll take that one, Bob.

我要那個，鮑勃。

Overall -- I'll start just overall with our apparel business.

總的來說——我將從我們的服裝業務整體開始。

We've got incredible momentum in the apparel business overall.

我們的服裝業務總體上呈現出令人難以置信的勢頭。

Globally, apparel grew 10% in the quarter.

全球範圍內，服裝本季度增長 10%。

And frankly, we think we have much greater opportunities ahead that we haven't even yet capitalized on.

坦率地說，我們認為我們前面還有更多的機會，但我們還沒有充分利用。

And we've spoken quite a bit about that.

我們已經就此談了很多。

Our international geographies' growth has been phenomenal.

我們的國際業務增長非常驚人。

Sportswear and Jordan, are leading the growth.

運動裝和喬丹引領著增長。

Lifestyle apparel for both men and women.

男士和女士的生活方式服裝。

In North America, in particular, the rate of growth in the quarter was impacted by prior year comparisons.

特別是在北美，本季度的增長率受到上年比較的影響。

So in the prior year, this may sound like not that significant of an impact but it actually was, the shift of LeBron James to the Lakers and the initial impact from the sale of his jerseys was significant.

因此，在前一年，這聽起來可能影響不大，但事實上，勒布朗·詹姆斯轉投湖人隊以及出售他的球衣所帶來的最初影響是巨大的。

But for that, the growth rate in North America would have been more in the mid-single-digit range.

如果不是這樣，北美的增長率將更多地處於中個位數範圍內。

For context, what I would tell you is that in the prior year, North America apparel actually grew 10%, in part aided by that comparison.

作為背景，我要告訴你的是，去年北美服裝實際上增長了 10%，部分原因是這種比較。

So we continue to feel, one, both great about the state of our apparel business and brand in North America, but at the same time, nowhere near satisfied in terms of the opportunities ahead that we have to really drive more epic growth in apparel.

因此，我們仍然認為，第一，我們對北美服裝業務和品牌的狀況感到滿意，但與此同時，我們對未來必須真正推動服裝業更加史詩般增長的機會還遠遠不滿意。

Got it.

知道了。

Okay.

好的。

And then if I could just ask a follow-up for Mark, sort of a closing question for you.

然後我可以向馬克詢問一個後續問題，這對你來說是一個結束問題。

With all the attention on the VaporFly, Next%.

所有人的注意力都集中在 VaporFly 上，Next%。

I was just wondering, can you just share with us how much you shaved off your personal record or personal best with the pair of shoes that you've been using?

我只是想知道，你能和我們分享一下你用你一直用的這雙鞋把你的個人紀錄或個人最好成績削掉了多少嗎？

Okay.

好的。

Well, I can just tell you that the time it takes me to walk across the NIKE campus here at headquarters has dropped by at least 4%.

好吧，我可以告訴你，我步行穿過耐克總部園區的時間至少減少了 4%。

So feeling good about it.

所以感覺很好。

Feels really good.

感覺真的很好。

Your next question is from Paul Trussell with Deutsche Bank.

您的下一個問題來自德意志銀行的保羅·特魯塞爾。

Great results.

很好的結果。

And my congratulations as well to you, Mark.

我也祝賀你，馬克。

Thank you...

謝謝...

I wanted to touch on gross margins.

我想談談毛利率。

A number of puts and takes going on.

許多投入和採取正在進行。

Maybe just touch first on what transpired in the second quarter, especially relative to your expectations.

也許首先談談第二季度發生的事情，特別是相對於您的預期而言。

And maybe give a little bit more detail around the updated kind of third quarter and second half guidance.

也許還可以提供有關更新後的第三季度和下半年指導的更多細節。

Sure.

當然。

I'll start with that one, Paul.

我將從那個開始，保羅。

In the quarter, as you know, our gross margin expansion landed about as close as we've ever been to the guidance that we've provided.

如您所知，本季度我們的毛利率擴張幾乎達到了我們提供的指導水平。

So at the same time, there are some really important highlights to call out within our margin.

因此，與此同時，我們還需要指出一些非常重要的亮點。

Our gross pricing margin, as we call it, so that's our average selling prices, net of product costs, were very strong.

我們所說的毛定價，即扣除產品成本後的平均售價，非常強勁。

We had strong average selling price increases.

我們的平均售價上漲強勁。

Thanks to the strong product pipeline that we have and the innovation that we've been bringing to market.

得益於我們強大的產品線以及我們一直推向市場的創新。

Of course, some of the other impacts in the quarter include tariffs.

當然，本季度的其他一些影響包括關稅。

Tariffs in the quarter were roughly 40 to 50 basis point impact.

本季度關稅大約受到 40 至 50 個基點的影響。

Obviously, pretty significant if you were to add that back alone.

顯然，如果您單獨將其添加回來，則非常重要。

So that's the second impact I'd call out.

這是我要指出的第二個影響。

We also continue to make investments in our supply chain.

我們還繼續對供應鏈進行投資。

A little bit of detail there, we're expanding our distribution center capacity in the Memphis and Mississippi areas to increase both capacity and speed, especially with our growing digital business and omni-channel strategy with online-to-offline services.

詳細一點，我們正在擴大孟菲斯和密西西比地區的配送中心容量，以提高容量和速度，特別是隨著我們不斷增長的數字業務和線上到線下服務的全渠道戰略。

We're expanding some apparel distribution capability in EMEA, which, again, is reflective of just the great opportunity we see ahead in apparel, and the momentum that we have in that market.

我們正在擴大歐洲、中東和非洲地區的一些服裝分銷能力，這再次反映了我們在服裝領域看到的巨大機遇以及我們在該市場的勢頭。

Tokyo and Mexico City are also areas we're investing in our supply chain.

東京和墨西哥城也是我們供應鏈投資的地區。

We've invested more broadly across our entire supply chain and putting RFID in our product.

我們對整個供應鏈進行了更廣泛的投資，並將 RFID 融入到我們的產品中。

We now have RFID in about 100% of our footwear, about 3/4 of our apparel.

現在，我們大約 100% 的鞋類、大約 3/4 的服裝都配備了 RFID。

And for a little context, the benefits of that are still to come.

就背景而言，其好處尚未顯現。

So the RFIDs in the product, the ability to scan and the distribution centers is significant with at least 8 of our distribution centers having that ability.

因此，產品中的 RFID、掃描能力和配送中心非常重要，我們至少有 8 個配送中心具備這種能力。

We're still in the early stages of rolling out the ability to leverage that in stores, but it's happening, but more in the dozens of stores.

我們仍處於在商店中推廣這一能力的早期階段，但這種情況正在發生，而且在數十家商店中發生得更多。

FX was an impact, although that's one of the things.

外匯是一種影響，儘管這是其中之一。

I'll end there by saying, if there are a lot of puts and takes within margin in any given quarter.

最後我要說的是，在任何給定的季度中，是否有大量的看跌期權和看跌期權都在保證金範圍內。

And I would tell you not to focus on a quarterly margin expansion result, especially in these times as indicative of a trend.

我想告訴你不要關注季度利潤擴張結果，尤其是在這個代表趨勢的時期。

The real trend is strong gross pricing margin, the shift toward NIKE Direct, the ability to capture more full price sell-through, et cetera.

真正的趨勢是強勁的毛定價利潤、向 NIKE Direct 的轉變、獲得更多全價銷售的能力等等。

But if I was to give you one of the more distinctive variances between Q3 and Q2, FX was in maybe the 15 basis point headwind in Q2.

但如果我要給你一個第三季度和第二季度之間最明顯的差異之一，那就是外彙在第二季度可能面臨 15 個基點的逆風。

And we see the impact of FX being more in line with what we saw in Q1, which is, say, roughly 50 basis points.

我們看到外彙的影響與我們在第一季度看到的情況更加一致，即大約 50 個基點。

So that alone more than equates for the difference between what we delivered in Q2 and guidance.

因此，僅這一點就足以說明我們在第二季度交付的內容與指導意見之間的差異。

That's helpful color.

這是有用的顏色。

Maybe turning now to SG&A.

也許現在轉向SG&A。

Just maybe talk a little bit more about the timing shift.

只是也許更多地談論一下時間的轉變。

And just also, how should we be thinking, bigger picture, as we move towards all of these key sporting events, especially the excitement around Tokyo 2020 as it relates to demand creation expenses?

另外，當我們邁向所有這些重要的體育賽事時，尤其是 2020 年東京奧運會相關的激動人心的賽事，我們應該如何從更大的角度思考，因為它與需求創造費用有關？

And how maybe some of that will be offset by where you're finding some efficiencies in the operations?

您在運營中發現的一些效率可能會如何抵消其中的一些影響？

Yes.

是的。

I guess what I'll start by saying is, if you reflect on Q2, we both had stronger revenue than we expected going into the quarter.

我想我首先要說的是，如果你反思一下第二季度，我們的收入都比我們預期的要強。

And obviously, what you can infer is we felt less of a need to spend demand creation in the quarter to drive it.

顯然，您可以推斷出，我們認為不需要在本季度花費創造需求來推動這一增長。

We've got an incredibly strong pull market and just had and have great momentum.

我們擁有令人難以置信的強勁拉動市場，而且勢頭強勁。

And so in the spirit of realizing we've got unrivaled resources in this industry, it's even more important than when we see an opportunity to really leverage those resources in a focused way.

因此，本著意識到我們在這個行業擁有無與倫比的資源的精神，這比我們看到真正集中利用這些資源的機會更重要。

We make decisions and shift real time.

我們實時做出決策和轉變。

So we looked at the situation and said, "We didn't need that demand creation in Q2." We want to save that powder, so to speak, for the big events and the big launches that we have in the second half of the year and going into fiscal year '21.

因此，我們研究了情況並表示：“我們不需要在第二季度創造需求。”可以這麼說，我們希望為下半年和進入 21 財年的大型活動和大型發布保留這些粉末。

So that's really the biggest driver of that shift in SG&A.

因此，這確實是 SG&A 轉變的最大驅動力。

To your question about Tokyo, Mark's probably the best person to give color on how excited we are about the product.

對於你關於東京的問題，馬克可能是最能說明我們對該產品有多興奮的人。

But you can infer from us wanting to shift.

但你可以從我們身上推斷出我們想要轉變。

Part of demand creation is getting our voice out there and communicating the benefits of our product and how excited we are.

創造需求的一部分是發出我們的聲音，傳達我們產品的優勢以及我們的興奮程度。

And we, in fact, are.

事實上，我們確實如此。

That's why we've deferred that demand creation.

這就是我們推遲創造需求的原因。

Yes.

是的。

I'll just quickly add that the excitement around Tokyo is tremendous here at NIKE in terms of what's coming in the innovation pipeline.

我想快速補充一下，就耐克的創新管道而言，東京周圍的興奮是巨大的。

I mentioned the performance product that we have coming from Tokyo, both in footwear and apparel, and then we're leveraging that across sportswear, and I think for men and women.

我提到了我們來自東京的高性能產品，包括鞋類和服裝，然後我們在運動裝中利用它，我認為適用於男士和女士。

So it's really a complete offense plan around Tokyo, and we think we have, to Andy's point, a lot to leverage with that demand creation spend.

因此，這確實是圍繞東京的一個完整的進攻計劃，而且我們認為，就安迪的觀點而言，我們可以充分利用需求創造支出。

This is a big moment for us.

這對我們來說是一個重要時刻。

This is every 4 years, and we really rally around this event in a major way.

這是每四年一次的活動，我們確實以重大方式圍繞這一活動集結起來。

So the impact on the revenue, you're going to see in the year, but you're also going to see it carry on and influence our potential going forward.

因此，您將在今年看到它對收入的影響，但您也將看到它的持續並影響我們未來的潛力。

Your next question comes from Alex Walvis with Goldman Sachs.

您的下一個問題來自高盛的 Alex Walvis。

So first question is on North America footwear, a strong acceleration in that category in the region during the quarter.

第一個問題是關於北美鞋類的，本季度該地區該類別鞋類的強勁增長。

Can you go into a little bit more detail on what's driving that from a styles and channels perspective, and perhaps any feedback from your partners on the new styles that are selling into that channel?

您能否從款式和渠道的角度更詳細地介紹一下推動這一趨勢的因素，以及您的合作夥伴對在該渠道銷售的新款式的任何反饋？

Yes.

是的。

I speak to complete offense quite a bit, and the second half of the fiscal year, we're really trying to dial up our offense, particularly in the core product, footwear product innovation space.

我經常談到全面進攻，在本財年下半年，我們確實在努力加強進攻，特別是在核心產品、鞋類產品創新領域。

And some of the new styles we have coming there, I think, will give us a real boost in the second half.

我認為，我們推出的一些新款式將在下半年給我們帶來真正的推動。

The reaction from the retailers has been very positive.

零售商的反應非常積極。

In terms of some of the new styles we've got, including the React product that we have coming, it's a new version of React called Infinity React Run, which is actually a higher performance shoe that we think will give us more access to that core runner.

就我們已經推出的一些新款式而言，包括我們即將推出的React 產品，它是React 的新版本，名為Infinity React Run，這實際上是一款性能更高的鞋子，我們認為這將使我們能夠更多地接觸到它核心跑者。

We have new core running styles coming in underneath that as well, both in men's and women's styles.

我們還推出了新的核心跑步風格，包括男士和女士風格。

We also have Air Max coming down into the core price range selectively leveraging the Air Max platform.

我們還選擇性地利用 Air Max 平台將 Air Max 降低到核心價格範圍。

We have others -- if you look at some of the other styles we've got on the sportswear side, we've got Dunk, Blazer, the MJ product and so the MJ Air Force -- or I'm sorry, the Air Jordan 1. Our Air Force 1 continues to be actually very strong for us.

我們還有其他款式 - 如果你看看我們在運動裝方面的其他款式，我們有 Dunk、Blazer、MJ 產品以及 MJ Air Force - 或者對不起，Air Jordan 1。我們的Air Force 1 對我們來說仍然非常強大。

We're continuing to iterate new styles on both of those franchises.

我們將繼續在這兩個系列中迭代新的風格。

And with the addition of the Blazer and the Dunk in the mix, we think that, that will continue to create some good momentum for us on the footwear side.

隨著 Blazer 和 Dunk 的加入，我們認為這將繼續為我們在鞋類方面創造一些良好的勢頭。

So it's really a more complete offense for the second half on footwear with a big emphasis on core for us, particularly on our own channel and the digital direct space.

因此，下半年鞋類的進攻確實更加全面，我們重點關注核心，特別是在我們自己的渠道和數字直接空間上。

So we think that's going to be a good boost for us.

所以我們認為這對我們來說是一個很好的推動。

Awesome.

驚人的。

Super clear.

超級清晰。

Second question, if I may, is on Converse, really strong momentum in that brand now for another quarter.

如果可以的話，第二個問題是匡威，該品牌在下一個季度的勢頭確實強勁。

Can you talk about what's driving the stronger growth rate there?

您能談談是什麼推動了那裡更強勁的增長率嗎？

And then it seems to be that a focus on international regions.

然後似乎重點是國際地區。

Is there anything you can share on the outlook for North America.

關於北美的前景您有什麼可以分享的嗎？

And whether that can meet the growth rates seen elsewhere.

以及這是否能夠滿足其他地方的增長率。

Yes.

是的。

Much of the growth in Converse is being led by international, specifically Asia Pacific really led by China.

匡威的大部分增長是由國際市場帶動的，特別是亞太地區，實際上是由中國帶動的。

And then we're also seeing strong performance in EMEA, and much of that also is driven by digital.

我們還看到歐洲、中東和非洲地區的強勁表現，其中很大一部分也是由數字化推動的。

So we're seeing incredible momentum for Converse really starting to build in those markets.

因此，我們看到匡威真正開始在這些市場建立令人難以置信的勢頭。

We have some gaps to close in North America.

我們在北美還有一些差距需要彌補。

I think we are continuing to differentiate our product line beyond the Chuck, and I think that will create more opportunities for us in basketball.

我認為我們將繼續使我們的產品線在 Chuck 之外脫穎而出，我認為這將為我們在籃球領域創造更多機會。

We're looking at running and some other dimensions of the Converse footwear portfolio, apparel as well.

我們正在關注匡威鞋類產品組合的跑步和其他一些方面以及服裝。

We are seeing, by the way, strong growth in North America for Converse in the digital space.

順便說一句，我們看到匡威在北美數字領域的強勁增長。

So we think that's a sign of some optimism for us for Converse in North America going forward.

因此，我們認為這表明我們對匡威在北美市場的未來持樂觀態度。

And I think the expansion of our digital platform for Converse is going to be a driver globally.

我認為匡威數字平台的擴展將成為全球的驅動力。

Certainly led currently by China, but we'll start to see that happen more and more in North America and for Europe.

目前當然是由中國領導的，但我們將開始看到這種情況在北美和歐洲越來越多地發生。

And I'd just add one thing, Mark spoke about adding diversification relative to the Chuck business.

我只想補充一件事，馬克談到增加與查克業務相關的多元化。

We've got some real momentum within the Chuck franchise, in particular, driven by a style called the Chuck 70, which is growing really strong, double to triple digits in all geographies.

我們在 Chuck 系列中獲得了一些真正的動力，特別是在一種名為 Chuck 70 的風格的推動下，這種風格在所有地區的增長非常強勁，達到了兩位數到三位數。

In fact, it's already a pretty significant percent of total Chuck business in markets like China and elsewhere, and it's ramping up quickly in the U.S. So we see great energy in terms of, as Mark would say, providing more choice and differentiation within a style that has the kind of expansive opportunity that the Chuck has.

事實上，它已經在中國和其他市場的Chuck 總業務中佔據了相當大的比例，並且在美國正在迅速增長。因此，正如馬克所說，在一種風格中提供更多選擇和差異化方面，我們看到了巨大的能量。它擁有 Chuck 所擁有的那種廣闊的機會。

And that is a more premium version of the Chuck which also kind of raises a tent pole and adds the opportunity to expand on that franchise.

這是 Chuck 的更高級版本，它也提高了帳篷桿並增加了擴展該系列產品的機會。

Your next question comes from Omar Saad with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Omar Saad。

Congrats on a great run, Mark.

恭喜你跑得很好，馬克。

Thank you.

謝謝。

So while I have you -- great.

所以當我有你的時候——太好了。

So while I have you in a reflective mood, I'd love to hear your thoughts on 2 things.

因此，當我讓您進行反思時，我很想听聽您對兩件事的想法。

Number one, the decision to terminate the Amazon trial.

第一，終止亞馬遜試用的決定。

Maybe you could get into a little bit into the why and what might get NIKE, the NIKE brand to come back.

也許您可以稍微了解一下耐克這個品牌回歸的原因和原因。

And the second question I have as the NIKE, Inc.

我作為耐克公司提出的第二個問題。

CEO, and having seen the various evolutions of the portfolio, do you think NIKE is going to be a multi-brand or a mono-brand company 10 years from now?

首席執行官，在看到了產品組合的各種演變之後，您認為 10 年後 NIKE 將成為多品牌公司還是單一品牌公司？

And the reason I ask is, on the one hand, you're talking about kind of shedding some of the legacy assets and you've divested early; but on the other hand, you're talking about -- you're describing this amazing kind of technologically enabled capabilities from back end to front end, and it feels like maybe there's an opportunity to plug some great brands into your platform and you leverage what you built.

我問的原因是，一方面，你正在談論剝離一些遺留資產，並且你已經提前剝離了；但另一方面，你正在談論——你正在描述這種從後端到前端的令人驚嘆的技術支持功能，感覺也許有機會將一些偉大的品牌插入你的平台，並且你可以利用你建造了什麼。

So would love your kind of musings on those 2 topics.

所以很喜歡你對這兩個主題的思考。

Yes.

是的。

Well, we have -- we have a clear framework for partners in the digital space, and what's guiding us is really to be in the path of the consumer in a way that's really right for the brand.

嗯，我們為數字領域的合作夥伴制定了明確的框架，指導我們的是以真正適合品牌的方式走在消費者的道路上。

We continue to see just, on a macro basis, great momentum with our partners, including partners like Instagram and Google and Tmall and WeChat.

從宏觀角度來看，我們繼續看到我們與合作夥伴的強勁勢頭，包括 Instagram、谷歌、天貓和微信等合作夥伴。

So brand right is really what's important here.

因此，品牌權利在這裡確實很重要。

And that's building those relationships with the consumer through better presentation, I think, elevated authentic consumer experiences on whatever digital platform.

我認為，這就是通過更好的展示與消費者建立關係，在任何數字平台上提升真實的消費者體驗。

And this means ensuring that we have an environment where the consumer can be certain that they're buying authentic NIKE product from authorized retailers.

這意味著確保我們擁有一個讓消費者可以確定他們從授權零售商處購買正品耐克產品的環境。

So that's been our focus is to really be -- to elevate the brand, strengthen the connection with the consumer, much like we do with the differentiated wholesale strategy.

因此，我們的重點是真正提升品牌，加強與消費者的聯繫，就像我們實施差異化批發策略一樣。

So that's kind of led us to our decisions in terms of moving forward.

這在某種程度上引導我們做出了前進的決定。

We have -- your second question on multiple brands or 1 brand, mono-brand.

我們有——你的第二個問題是關於多個品牌或一個品牌、單一品牌。

I would say pretty convincingly or confidently that we are -- we'll be a multi-brand company in the future.

我會非常令人信服或自信地說，我們未來將成為一家多品牌公司。

We have multiple brands now, NIKE, Jordan, Converse, we see tremendous upside potential with those brands.

我們現在擁有多個品牌，NIKE、Jordan、Converse，我們看到這些品牌巨大的上升潛力。

We're in the early stages of strengthening our portfolio and expanding our portfolio within the Jordan brand.

我們正處於加強我們的產品組合和擴大我們的 Jordan 品牌產品組合的早期階段。

Obviously, sportswear is very strong.

顯然，運動裝的實力很強。

Performance basketball is more upside.

表演籃球更有優勢。

Other performance categories, there's upside.

其他性能類別也有上行空間。

Apparel, women's international growth, so there's a tremendous growth opportunity within that Jordan brand for NIKE.

服裝、女性的國際增長，因此喬丹品牌對於耐克來說有巨大的增長機會。

And then Converse, likewise, so I think as we just talked about, as we diversify that portfolio, strengthen our position in North America.

然後是匡威，同樣，所以我認為正如我們剛才談到的，隨著我們使投資組合多樣化，加強我們在北美的地位。

Tremendous upside, I think, for the Converse brand.

我認為，匡威品牌有巨大的優勢。

And taking some of that pressure off of NIKE to be everything to everybody, I think that's important.

減輕耐克為每個人提供一切的壓力，我認為這很重要。

And then we can leverage our capabilities, our digital capabilities, for example, across that portfolio.

然後我們可以在整個投資組合中利用我們的能力，例如我們的數字能力。

And then I think as we transform our operating model will enable more and more opportunity for the broader NIKE portfolio.

然後我認為，隨著我們轉變運營模式，將為更廣泛的耐克產品組合帶來越來越多的機會。

Okay?

好的？

Congratulations on a job well done.

恭喜，活干得漂亮。

Thank you, Omar.

謝謝你，奧馬爾。

Thank you very much.

非常感謝。

Our last question comes from Matthew Boss with JPMorgan.

我們的最後一個問題來自摩根大通的馬修·博斯。

Mark, congrats on the transition.

馬克，恭喜你的轉變。

Thank you.

謝謝。

I guess -- so with fifth -- with 5 straight quarters of double-digit constant currency revenue growth.

我想——第五個季度也是如此——連續五個季度實現兩位數的恆定貨幣收入增長。

I guess, maybe at a higher level, Mark, what do you see that's been driving the upside versus your high single-digit growth algorithm?

我想，也許在更高的層面上，馬克，與你的高個位數增長算法相比，你認為是什麼推動了上行？

And what's your confidence in the multiyear product and innovation pipeline to sustain the stronger momentum?

您對多年產品和創新渠道維持更強勁勢頭的信心如何？

Well, I can honestly say, I've never been more confident than I am right now.

好吧，我可以誠實地說，我從來沒有像現在這樣自信過。

And what's driving those results, those consistently strong results are not only the innovative product that really is where the consumer votes ultimately.

推動這些結果的因素是，這些持續強勁的結果不僅僅是消費者最終投票的創新產品。

So the product has to be strong, the complete offensive product, footwear and apparel, up and down the price points, across the categories, men's and women's, I think we've been driving a more complete offense.

因此，產品必須是強大的，完整的進攻性產品，鞋類和服裝，上下價格點，跨類別，男士和女士，我認為我們一直在推動更全面的進攻。

And much of that has been driven by the innovation that represents so much more of the percentage of our revenue growth than it had even just a few years ago.

其中很大一部分是由創新推動的，創新在我們收入增長中所佔的比例比幾年前要高得多。

So that's absolutely critical.

所以這絕對是至關重要的。

And then, of course, I'll say we get teased for saying digital transformation as much as we do.

當然，我會說，我們因為如此頻繁地談論數字化轉型而受到嘲笑。

But it's clearly driving some incredible results for us.

但它顯然為我們帶來了一些令人難以置信的結果。

And I sit here today, firmly believing and more confident than ever that, that will continue to drive great opportunity and upside for us.

今天我坐在這裡，堅定地相信並且比以往任何時候都更有信心，這將繼續為我們帶來巨大的機遇和上升空間。

And I'm excited to have John come in and be a part of accelerating that transformation for us going forward.

我很高興約翰加入並成為加速我們未來轉型的一部分。

It's going to be, to me, a win-win situation between the incredible team we have on the field today.

對我來說，這將是我們今天在場上這支令人難以置信的球隊之間的雙贏局面。

John, with his expertise, my guidance, I'll continue to focus on things that I think are really important for the company, particularly in the innovation, design, product, marketing space.

約翰，在他的專業知識和我的指導下，我將繼續專注於我認為對公司真正重要的事情，特別是在創新、設計、產品、營銷領域。

I think there's -- those continue to be core fundamental driving principles for NIKE, and that's exciting for me going forward.

我認為這些仍然是耐克的核心基本驅動原則，這對我的未來來說是令人興奮的。

And then the last thing I'll say is what's really driving all of this, all of the above, is the team that we have here.

我要說的最後一件事是真正推動這一切的因素是我們這裡的團隊。

We have incredible talent at NIKE.

耐克擁有令人難以置信的人才。

Not only individual talent in -- across the company, the functions, the geos, the categories but the collective team and how that team comes together.

不僅僅是整個公司、職能、地理位置、類別中的個人才能，還有集體團隊以及該團隊如何聚集在一起。

It's really -- the chemistry of the team is one of those things that doesn't get talked about in business very often, but we have great chemistry, an incredibly competitive driven team.

確實，團隊的化學反應是在商業中不經常談論的事情之一，但我們有很好的化學反應，是一支令人難以置信的競爭驅動的團隊。

And that ultimately is what's going to drive the success of any company, and that's certainly the case here at NIKE.

這最終將推動任何公司的成功，耐克的情況當然也是如此。

That's great.

那太棒了。

Well said.

說得好。

Congrats again on the quarter.

再次祝賀本季度。

Thank you, Mark.

謝謝你，馬克。

Thank you.

謝謝。

Thanks, Matt, and thanks, everyone, for joining us today.

謝謝馬特，也謝謝大家今天加入我們。

We look forward to speaking with you next quarter.

我們期待下個季度與您交談。

Happy holidays to everyone.

祝大家節日快樂。

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。

Good.

好的。