Nike Inc (NKE) 2020 Q1 法說會逐字稿

Good afternoon, everyone.

大家下午好。

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

歡迎來到 NIKE, Inc. 的 2020 財年第一季度電話會議。

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.

領導今天的電話會議的是耐克運營部門首席財務官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 Friend 先生之前，讓我提醒您，本次電話會議的參與者將根據當前的預期做出前瞻性陳述，這些陳述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提交給 SEC 的報告中有詳細說明，包括以 10-K 表提交的年度報告。

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，參與者可以討論非 GAAP 財務指標，包括對固定美元收入的引用。

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

提及不變的美元收入旨在提供關於消除外匯波動的業務表現的背景。

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公認會計原則財務措施。

To the extent nonpublic financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, http://investors.nike.com.

在討論非公開財務和統計信息的範圍內，可在 NIKE 的網站 http://investors.nike.com 上提供可比較的 GAAP 措施和定量對賬的介紹。

Now I'd like a typical over to Matt Friend, CFO, Operating Segments and Vice President, Investor Relations.

現在，我想向 Matt Friend、運營部門首席財務官兼投資者關係副總裁介紹一個典型的話題。

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 First Quarter Results.

大家好，感謝您今天加入我們討論 NIKE, Inc. 的 2020 財年第一季度業績。

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

正如運營商所說，今天電話會議的參與者可能會討論非公認會計原則的財務措施。

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

您將在我們的新聞稿中找到適當的對賬，該新聞稿大約一小時前在我們的網站investors.nike.com 上發布。

Joining us on today's call will be NIKE, Inc.

加入我們今天電話會議的將是 NIKE, Inc.

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

董事長、總裁兼首席執行官馬克·帕克；和我們的首席財務官安迪·坎皮恩。

(Operator Instructions)

（操作員說明）

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

我現在將把電話轉給 NIKE, Inc.

Chairman, President and CEO, Mark Parker.

董事長、總裁兼首席執行官馬克·帕克。

Thanks, Matt, and good afternoon, everyone.

謝謝，馬特，大家下午好。

Now many of you know Matt.

現在你們很多人都知道馬特。

I'd like to welcome him to his first call as he takes on the responsibility of Investor Relations.

我想歡迎他第一次來電話，因為他承擔了投資者關係的責任。

And then of course, on behalf of the whole team, I'd like to thank Nitesh for his partnership over the last several years.

當然，我代表整個團隊感謝 Nitesh 在過去幾年中的合作。

Turning to the results, we feel very good about our performance in the first quarter of fiscal year '20, growing revenue 10% on a currency-neutral basis.

談到結果，我們對我們在 20 財年第一季度的表現感到非常滿意，在貨幣中性的基礎上，收入增長了 10%。

It was a quarter that proved the depth and balance of our complete offense, building on the strength of our foundational business drivers and capitalizing on the untapped dimensions of our portfolio.

這一季度證明了我們全面進攻的深度和平衡性，建立在我們基礎業務驅動力的基礎上，並利用了我們投資組合中尚未開發的維度。

For the quarter, this is reflected in the broad-based growth in all geographies, led by our international business, which grew 16%, in double-digit growth in our women's business off the back of an incredible summer of celebrating female athletes; in both footwear and apparel with our strong lineup of innovation and style, which continues to feed the growing consumer demand for comfortable athletic product; and in digital which grew a very strong 42%, showing the power of more personal relationships with the consumer.

在本季度，這反映在所有地區的廣泛增長中，其中我們的國際業務增長了 16%，在慶祝女運動員的令人難以置信的夏季之後，我們的女性業務實現了兩位數的增長；在鞋類和服裝方面，我們擁有強大的創新和風格陣容，繼續滿足消費者對舒適運動產品不斷增長的需求；而在數字方面則增長了非常強勁的 42%，顯示了與消費者建立更多個人關係的力量。

Mobile continues to lead the way, and within mobile, app experiences are fueling the most growth.

移動繼續引領潮流，在移動領域，應用體驗正在推動最大的增長。

Now while this trend has held true in our own channels for some time, we're beginning to leverage our digital experiences with our retail partners.

現在，雖然這種趨勢在我們自己的渠道中已經存在了一段時間，但我們開始利用我們與零售合作夥伴的數字體驗。

As we set out to do, we're creating a differentiated marketplace for NIKE by scaling our learnings and best-in-class experiences with our partners.

正如我們開始做的那樣，我們正在通過與合作夥伴一起擴展我們的學習和一流的經驗，為 NIKE 創建一個差異化的市場。

The key to expanding our competitive edge continues to be our total commitment to the consumer through the Consumer Direct Offense.

擴大我們競爭優勢的關鍵仍然是我們通過消費者直接攻擊對消費者的全面承諾。

We're focused, we're investing in our brand in key markets and we're accelerating in the high-growth dimensions of our business.

我們專注，我們在關鍵市場投資我們的品牌，我們正在加速我們業務的高增長方面。

And that's especially important in the volatile macroeconomic and geopolitical environment that we see today.

這在我們今天看到的動蕩的宏觀經濟和地緣政治環境中尤其重要。

In relation to tariffs, we've been clear that we strongly believe in the power of free and fair trade.

關於關稅，我們已經明確表示我們堅信自由和公平貿易的力量。

Historically, we've effectively navigated through excessive duties, and we're confident that we'll continue to do so under the current dynamic.

從歷史上看，我們有效地克服了過多的職責，我們相信在當前的動態下我們將繼續這樣做。

In China specifically, we continue to extend NIKE's lead.

特別是在中國，我們繼續擴大耐克的領先優勢。

In our key cities of Beijing and Shanghai, we serve a generation of digital-first consumers, and we support their love of sport by helping to grow participation through grassroots programs.

在北京和上海等重點城市，我們為一代數字優先消費者提供服務，並通過草根計劃幫助提高參與度來支持他們對運動的熱愛。

As I've said before, NIKE is the brand of China for China, and the results continue to prove it out.

正如我之前所說，NIKE 是中國的中國品牌，結果不斷證明這一點。

We've driven double-digit growth in Greater China every quarter for more than 5 years.

五年多來，我們在大中華區每個季度都實現了兩位數的增長。

This quarter, we continued that momentum with an outstanding 27% revenue growth on a currency-neutral basis.

本季度，我們繼續保持這一勢頭，在貨幣中性的基礎上實現了 27% 的出色收入增長。

In any environment, NIKE's foundation for success has always been great product.

在任何環境下，NIKE 成功的基礎始終是出色的產品。

We continue to see that today with another huge quarter for NIKE innovation.

我們今天繼續看到耐克創新的另一個巨大季度。

We're delivering more choice and fresh options on some of our hottest products, an expansion of both new and existing platforms, and a deeper commitment to serving a wider range of athletes.

我們正在為一些最熱門的產品提供更多選擇和新鮮選擇，擴展新平台和現有平台，並更深入地致力於為更廣泛的運動員提供服務。

Sportswear continues to lead all categories in both footwear and apparel, growing strong double digits.

運動裝繼續在鞋類和服裝的所有類別中領先，增長強勁的兩位數。

One of NIKE's greatest strengths is how we mix style and innovation, and the Air Max React 270 is a perfect example.

NIKE 最大的優勢之一是我們如何將風格與創新結合起來，Air Max React 270 就是一個完美的例子。

We have created a runway hit by blending Air Max and React with multiple bold colorways.

我們通過將 Air Max 和 React 與多種大膽的配色相結合，打造了一款時裝秀。

In fact the 270 Air Max React led to the largest gains in footwear revenue for the quarter.

事實上，270 Air Max React 帶來了本季度鞋類收入的最大增長。

Another strong addition to our line-up this quarter is the Air Max 200.

本季度我們產品線的另一個強大補充是 Air Max 200。

The layered upper with a new visible air sole unit continues to build on the energy we're driving in running silhouettes.

帶有新可見氣墊單元的分層鞋面繼續建立在我們在跑步輪廓中所驅動的能量之上。

We're also reimagining and clearly segmenting our top Sportswear franchises like the Air Force 1 and Tech Fleece.

我們還在重新構想並明確細分我們的頂級運動服特許經營權，例如 Air Force 1 和 Tech Fleece。

By adapting the Air Force 1 into models like the N354 and Sage, we grew the Air Force 1 businesses with women's and kids faster than men's this quarter.

通過將 Air Force 1 改造成 N354 和 Sage 等型號，我們本季度的 Air Force 1 女裝和童裝業務增長速度超過了男裝。

It's an approach we're using with our Tech Fleece collection, too, adding new silhouettes and shapes throughout our lines.

這也是我們在 Tech Fleece 系列中使用的一種方法，在我們的整個系列中添加了新的輪廓和形狀。

Our strategy of designing apparel through themes and collections continues to connect with the consumer as we drove double-digit growth in Sportswear apparel for the 22nd consecutive quarter.

我們通過主題和系列設計服裝的策略繼續與消費者建立聯繫，因為我們連續第 22 個季度推動了運動裝服裝的兩位數增長。

Our kids business is one that doesn't get a lot of attention on our calls, but it is, in fact, a critical part of our business.

我們的兒童業務在我們的電話中沒有引起太多關注，但實際上它是我們業務的關鍵部分。

Overall, kids footwear and apparel just experienced its biggest back-to-school season ever, driving double-digit growth for the quarter.

總體而言，兒童鞋類和服裝剛剛經歷了有史以來最大的返校季，推動了本季度兩位數的增長。

In kids, we're earning significant gains through core footwear and apparel for both boys and girls, and in Basketball, and the Air Max 270, which drove triple-digit growth for kids Power Franchises.

在兒童方面，我們通過男童和女童的核心鞋類和服裝、籃球和 Air Max 270 獲得了顯著收益，這推動了兒童 Power Franchise 的三位數增長。

How we present and distribute kids product also provides new opportunities.

我們如何展示和分發兒童產品也提供了新的機會。

We see more parents buying on our apps so we continue to invest in more dynamic imagery on our digital platforms, and we're testing new business models through membership to make it easier for parents to buy at the pace that their kids need new product.

我們看到越來越多的父母在我們的應用程序上購買，因此我們繼續在我們的數字平台上投資更多的動態圖像，我們正在通過會員測試新的商業模式，以使父母更容易按照孩子需要新產品的速度購買。

In performance product, we saw a very strong momentum in Basketball internationally this quarter, especially with the AlphaDunk.

在性能產品方面，我們看到本季度國際籃球運動的勢頭非常強勁，尤其是 AlphaDunk。

With Giannis, we're excited about the long-term potential of his signature line, not only did the Zoom Freak 1 become the largest initial signature launch in NIKE Basketball history, his apparel line sold out quickly as well, with the free T-shirt becoming the top-selling apparel item on NIKE.com.

有了 Giannis，我們對他標誌性系列的長期潛力感到興奮，不僅 Zoom Freak 1 成為 NIKE 籃球歷史上最大的初始標誌性產品，他的服裝系列也迅速售罄，免費的 T-襯衫成為 NIKE.com 上最暢銷的服裝單品。

This quarter, we were all inspired by the incredible athletes and performances at the Women's World Cup.

本季度，我們都受到了女足世界杯令人難以置信的運動員和表現的啟發。

It was also a tremendous stage for NIKE innovation.

這也是耐克創新的巨大舞台。

During the all NIKE final, we also debuted our top Football boot innovation, the Mercurial 2019.

在全 NIKE 決賽期間，我們還推出了我們的頂級足球鞋創新產品 Mercurial 2019。

In addition, apparel revenue from the 2019 Women's World Cup was 4x bigger than it was for the 2015 event.

此外，2019 年女足世界杯的服裝收入是 2015 年賽事的 4 倍。

Across the wider business, we stayed intensely focused on the apparel classifications that matter the most to the female athlete, bras and tights.

在更廣泛的業務中，我們始終專注於對女運動員最重要的服裝分類、胸罩和緊身衣。

For the quarter, the life-support indie bra led the way, and our NIKE 1 site is creating incredible demand, especially in NIKE Direct and strategic retail partner doors.

在本季度，生命支持獨立文胸引領潮流，我們的 NIKE 1 網站正在創造令人難以置信的需求，尤其是在 NIKE Direct 和戰略零售合作夥伴門中。

The NIKE 1 collection is a great example of our Edit to Amplify approach that will stretch to other categories, putting more focus on our most profitable items across price points and distribution channels.

NIKE 1 系列是我們的“編輯放大”方法的一個很好的例子，該方法將延伸到其他類別，更加關注我們跨價格點和分銷渠道的最有利可圖的項目。

In Running we launched Joyride, which was designed to encourage more everyday athletes to get moving.

在 Running 中，我們推出了 Joyride，旨在鼓勵更多的日常運動員開始運動。

We're excited about the incredible comfort this system delivers, with responsive beads that conform to the foot.

我們對該系統提供的令人難以置信的舒適感感到興奮，其響應珠子貼合腳部。

The customer response to the Running silhouette this quarter was very strong, and we're just now beginning to scale the Joyride platform across multiple categories through women's, Sportswear and kids.

本季度客戶對跑步款式的反應非常強烈，我們剛剛開始將 Joyride 平台擴展到多個類別，包括女裝、運動裝和童裝。

As we began to communicate through Joyride, one of the biggest opportunity for NIKE is to continue to serve an even wider range of athletes.

當我們開始通過 Joyride 進行交流時，NIKE 最大的機會之一就是繼續為更廣泛的運動員提供服務。

As leader in our industry, we will add to the growing movement of health and wellness around the world.

作為我們行業的領導者，我們將為全球日益增長的健康和保健運動添磚加瓦。

We've been broadening our definition of sport through our brand, but more and more, we're doing it through product innovation.

我們一直在通過我們的品牌擴大我們對運動的定義，但我們越來越多地通過產品創新來做到這一點。

From competition, to fitness, to light activity, to play, our more inclusive view on design is opening up new lanes of opportunity for growth.

從比賽到健身，再到輕度活動，再到玩耍，我們對設計更具包容性的觀點正在開闢新的增長機會。

For example, we're studying the state of our product to serve more body types with our successful plus-size line.

例如，我們正在研究我們的產品狀態，以便通過我們成功的加大碼系列為更多體型提供服務。

Our teams are designing for modesty to match my people's preferences, and our FLYEASE system has been updated for easier entry and exit to appeal to even more people.

我們的團隊正在設計謙虛以符合我的人民的喜好，我們的 FLYEASE 系統已經更新，以便更容易進入和退出以吸引更多人。

We will be expanding into a new high-performance basketball shoe, and one of the most coveted sneakers of all time, the Air Jordan 1.

我們將拓展新的高性能籃球鞋，以及有史以來最令人垂涎的運動鞋之一，Air Jordan 1。

Making more athletes comfortable and confident can be an incredible catalyst to bringing more people into sport.

讓更多運動員感到舒適和自信，可以成為讓更多人參與運動的不可思議的催化劑。

And that's a theme we'll continue to champion as we lead into the Tokyo Olympics.

這是我們在東京奧運會前將繼續倡導的主題。

On last quarter's call, we told you that the Jordan Brand was accelerating and finished with over $3 billion in revenue for fiscal '19.

在上個季度的電話會議上，我們告訴您，喬丹品牌正在加速發展，並在 19 財年實現了超過 30 億美元的收入。

Jordan followed up that record-breaking year with a quarter of healthy double-digit growth in all geographies, including mid-teens growth in North America.

約旦緊隨這一創紀錄的一年，在所有地區實現了四分之一的健康兩位數增長，其中包括北美的青少年增長。

We're growing at an accelerated pace in new areas like performance Basketball, women's, international and apparel, and the Air Jordan 1 franchise continues to create incredible demand all over the world.

我們在高性能籃球、女子、國際和服裝等新領域加速發展，Air Jordan 1 專營權繼續在全球創造令人難以置信的需求。

This quarter, we were incredibly excited to announce that Zion joined the Jordan family.

本季度，我們非常高興地宣布錫安加入了喬丹大家庭。

We're proud that Zion will wear the Air Jordan XXXIV to start the season, and we're already developing new innovation and one of the NBA's most anticipated rookies.

我們很自豪錫安將穿著 Air Jordan XXXIV 開始本賽季，我們已經在開發新的創新產品，並且成為 NBA 最受期待的新秀之一。

Looking over the next few seasons, our pipeline is set to fuel growth in our biggest businesses, while also carving out new space for future opportunities.

展望未來幾個季度，我們的管道將推動我們最大業務的增長，同時也為未來的機會開闢新空間。

New LeBron and Kyrie signature models will arrive as the NBA season gets started.

隨著 NBA 賽季的開始，新的 LeBron 和 Kyrie 簽名款將會問世。

Women's apparel will lead with new materials and performance tights.

女裝將引領新材料和高性能緊身衣。

Training will introduce a new franchise designed for a range of fitness activities, including high-intensity workouts, station-based training and spinning classes.

Training 將推出專為一系列健身活動設計的新特許經營權，包括高強度鍛煉、站式訓練和動感單車課程。

Running will introduce more innovation that's proven to help make athletes faster as we head into Tokyo.

跑步將引入更多創新，這些創新已被證明有助於讓運動員在我們前往東京時更快。

And our adaptive platform will continue to evolve with new features like voice activation from your phone.

我們的自適應平台將繼續發展新功能，例如通過手機進行語音激活。

There's much more to come from NIKE innovation in fiscal year '20.

在 20 財年 NIKE 的創新還有很多其他的東西。

While products are usually the first to grab the attention of our consumers, we deepen those relationships through the power of digital.

雖然產品通常最先吸引消費者的注意力，但我們通過數字化的力量加深了這些關係。

To do that, we're investing in 3 areas: we're building industry-leading personal experiences; we're quickly ramping up our back-end capabilities to capture more of that demand; and the final critical piece is to create scale through our own channels and with our partners.

為此，我們在 3 個領域進行投資：我們正在打造行業領先的個人體驗；我們正在迅速提升我們的後端能力，以捕捉更多的需求；最後的關鍵部分是通過我們自己的渠道和與我們的合作夥伴一起創造規模。

Membership sits at the heart of that strategy, giving consumers a more personal relationship with NIKE.

會員制是該戰略的核心，讓消費者與耐克建立更私人的關係。

Fundamentally, that gives them easier access to more tailored products and services.

從根本上說，這使他們更容易獲得更量身定制的產品和服務。

With product, there are multiple advantages to being a logged-in member.

使用產品，成為登錄會員有多種優勢。

In some cases, it means they have early access to our latest innovation like we did this quarter with the launch of Joyride and the Air Max 270 React.

在某些情況下，這意味著他們可以像本季度推出 Joyride 和 Air Max 270 React 一樣搶先體驗我們的最新創新。

It can also be as simple as giving better access to the product they want in the moment so you're capturing more full-priced demand.

它也可以很簡單，比如讓他們在當下更好地訪問他們想要的產品，這樣您就可以捕捉到更多全價需求。

Connected inventory is critical to that capability.

關聯庫存對於該功能至關重要。

With services, we're bringing real value to our members' lives consistently.

通過服務，我們始終如一地為會員的生活帶來真正的價值。

Our teams are obsessing different ways to engage with more people completely and have them coming back for more.

我們的團隊痴迷於不同的方式來與更多的人完全接觸，並讓他們回來獲得更多。

Over the last 3 years, we've more than doubled the number of active users across all of our apps.

在過去 3 年中，我們所有應用的活躍用戶數量增加了一倍多。

With more active engagement, we create more value for both our members and for NIKE.

通過更積極的參與，我們為我們的會員和耐克創造了更多的價值。

And this quarter, for example, over 50% of our NIKE Direct digital growth came from members.

例如，本季度，我們 NIKE Direct 數字增長的 50% 以上來自會員。

Becoming personal at scale is the ultimate objective.

成為大規模的個人是最終目標。

We start in our own channels and then amplify those experiences through partnerships.

我們從自己的渠道開始，然後通過合作夥伴關係擴大這些經驗。

The SNKRS App has truly redefined our connection with the sneaker community.

SNKRS 應用程序真正重新定義了我們與運動鞋社區的聯繫。

It's now in 22 countries with more room to grow in EMEA and APLA and grew roughly 50% this quarter.

它現在在 22 個國家/地區，在 EMEA 和 APLA 有更大的增長空間，本季度增長了約 50%。

We've also begun a test -- to test a new opportunity within SNKRS on high-heat apparel.

我們還開始了一項測試——測試 SNKRS 在高溫服裝方面的新機會。

The early read from our members on our pilots has been very positive.

我們的成員對我們的飛行員的早期閱讀非常積極。

And as I've said before, the Nike App is the most comprehensive, one-stop shop for NIKE.

正如我之前所說，Nike App 是 NIKE 最全面的一站式商店。

It's become the largest and fastest-growing platform in our portfolio, growing almost triple digits this quarter.

它已成為我們產品組合中最大、增長最快的平台，本季度增長了近三位數。

The Nike App is already in 21 countries and will go live in China in holiday.

Nike App 已經在 21 個國家/地區上線，假期將在中國上線。

Just as exciting is the impact that the Nike App is having on physical -- to physical shopping experience.

同樣令人興奮的是耐克應用程序對實體購物體驗的影響。

It's scaling in North America, and its features can be now activated in every store-owned NIKE location, most factory stores -- including most factory stores.

它正在北美擴展，它的功能現在可以在每個商店擁有的 NIKE 位置、大多數工廠商店——包括大多數工廠商店中激活。

And in this quarter alone, we added nearly 1 million new NIKE members from interactions in our North America doors.

僅在本季度，我們就在北美門店的互動中增加了近 100 萬新的 NIKE 會員。

Nike Fit is our new technology that scans the foot, eliminating a significant consumer friction point by providing an accurate read of a user's shoe size.

Nike Fit 是我們掃描足部的新技術，通過準確讀取用戶的鞋碼來消除消費者的顯著摩擦點。

The in-store experience is currently available in all North America locations, and is moving quickly into Europe and Japan.

店內體驗目前在北美所有地點都可用，並且正在迅速進入歐洲和日本。

We'll also be launching an at-home, in-app experience later this fiscal year.

我們還將在本財年晚些時候推出在家中的應用內體驗。

We're moving at an impressive pace in the channels that we control, and while we continue to invest in stronger, more distinctive partnerships.

我們在我們控制的渠道中以令人印象深刻的速度前進，同時我們繼續投資於更強大、更獨特的合作夥伴關係。

And coming together with another platform or retailer, our objective is to create a better experience in the path of the consumer.

與另一個平台或零售商一起，我們的目標是在消費者的路徑上創造更好的體驗。

We want them to be able to move seamlessly from online to offline, and easily find the product they want, when they want it across the marketplace.

我們希望他們能夠無縫地從線上轉移到線下，並在他們需要時在市場上輕鬆找到他們想要的產品。

Ultimately, by recognizing, surveying and rewarding members, they will engage with NIKE more often across multiple channels and touch points.

最終，通過認可、調查和獎勵會員，他們將通過多個渠道和接觸點更頻繁地與 NIKE 互動。

Our teams continue to be very active in this space.

我們的團隊在這個領域繼續非常活躍。

Nike App at Retail is already showing the ability to scale with partners.

零售店的 Nike App 已經展示了與合作夥伴一起擴展的能力。

This quarter, for the first time, Nike App at Retail features a NIKE membership were activated with a wholesaler through a pilot with Foot Locker's Washington Heights store.

本季度，Nike App at Retail 首次通過 Foot Locker 華盛頓高地商店的試點與批發商激活了 NIKE 會員資格。

We plan to integrate Nike App at Retail in more Foot Locker doors in North America and bring new experiences to Zalando in Europe and TOPSPORTS in China later this fiscal year.

我們計劃在本財年晚些時候將 Nike App at Retail 整合到北美更多的 Foot Locker 門中，並為歐洲的 Zalando 和中國的 TOPSPORTS 帶來新的體驗。

Our inventory partnership program also continued to scale, including Zalando, JD and Pro:Direct in Europe.

我們的庫存合作計劃也繼續擴大，包括歐洲的 Zalando、京東和 Pro:Direct。

And we're leveraging the world's top social media platforms with Instagram, where consumers can use direct messaging for commerce in our women's and training channels, and with WeChat with a new feature that allows users to check product availability in nearby stores instantly.

我們正在利用世界頂級社交媒體平台 Instagram，消費者可以在我們的女性和培訓渠道中使用直接消息進行商業活動，而微信的新功能允許用戶即時查看附近商店的產品供應情況。

A critical component to accelerating all of our opportunities is our ability to become smarter through our supply chain.

加速我們所有機會的一個關鍵組成部分是我們通過供應鏈變得更加智能的能力。

And to do that, we're bringing science to the art of retail like never before.

為此，我們以前所未有的方式將科學引入零售藝術。

With Zodiac, we've acquired proprietary technology and teams to better know our members, give them better experiences and expand their lifetime value to the NIKE Brand.

通過 Zodiac，我們獲得了專有技術和團隊，以更好地了解我們的會員，為他們提供更好的體驗，並擴大他們對 NIKE 品牌的終生價值。

Invertex brought us computer vision and capabilities for NIKE Fit, which we talked about.

Invertex 為我們帶來了我們談到的 NIKE Fit 的計算機視覺和功能。

And in addition to more accurate fitting sizes, we're already using the insights we gained to inform better designed product.

除了更準確的配件尺寸外，我們已經在利用我們獲得的見解來為設計更好的產品提供信息。

And just last month we acquired a new predictive analytics platform and team of data scientists through our acquisition of Celect.

就在上個月，我們通過收購 Celect 獲得了一個新的預測分析平台和數據科學家團隊。

This team will greatly accelerate our ability to turn raw data into actionable demand insights.

該團隊將大大加快我們將原始數據轉化為可操作需求洞察的能力。

And this allows us to make more accurate inventory decisions closer to market.

這使我們能夠在更接近市場的情況下做出更準確的庫存決策。

We're partnering, investing in our own teams, and we're gaining capabilities all in the name of serving the consumer more completely.

我們正在合作，投資於我們自己的團隊，並且我們正在以更全面地為消費者服務的名義獲得能力。

It was a great start to the year for NIKE, the global shift towards more active lifestyles continues to accelerate and demand for athletic product is high.

對於耐克來說，這是一個良好的開端，全球向更積極生活方式的轉變繼續加速，對運動產品的需求很高。

As a company, we have a sharper focus on these areas that will drive the greatest growth.

作為一家公司，我們更加關注將推動最大增長的這些領域。

We're bringing the joy of sports to even more people, and we continue to build our more valuable relationships with the consumer through the power of digital.

我們將運動的樂趣帶給更多的人，我們將繼續通過數字化的力量與消費者建立更有價值的關係。

Our fundamentals are strong, but what excites me the most is the significant opportunity ahead for our industry and for NIKE.

我們的基本面很強勁，但最讓我興奮的是我們的行業和耐克面臨的重大機遇。

Thanks.

謝謝。

And now, here's Andy.

現在，這裡是安迪。

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

謝謝你，馬克，大家好。

First, I want to take a moment to personally thank Nitesh for his incredibly valuable thought partnership and leadership over Investor Relations as he know transitions into a new and expanded set of responsibilities.

首先，我想花點時間親自感謝 Nitesh，感謝他在投資者關係方面非常有價值的思想夥伴關係和領導，因為他知道過渡到一系列新的和擴展的職責。

And I also want to welcome Matt to his first call as he expands his responsibilities to include leadership over Investor Relations.

我也想歡迎馬特第一次打電話，因為他擴大了自己的職責，包括對投資者關係的領導。

In Q1, we came out of the block strong, with our results meeting or exceeding the expectations we set 90 days ago on every dimension.

在第一季度，我們表現強勁，我們的結果在各個方面都達到或超過了我們 90 天前設定的預期。

Most notably, we delivered currency-neutral revenue growth of 10%, 150 basis points of gross margin expansion, EPS growth of 28% and high expanding returns on invested capital.

最值得注意的是，我們實現了 10% 的貨幣中性收入增長、150 個基點的毛利率增長、28% 的每股收益增長以及投資資本回報率的高增長。

Those are extraordinary numbers, but what we're most excited about is the quality of our performance.

這些都是非凡的數字，但我們最興奮的是我們的表現質量。

Our financial performance in Q1 reflects exceptional strategic execution by our teams around the world.

我們在第一季度的財務表現反映了我們在世界各地的團隊出色的戰略執行力。

We continue on our relentless drive to transform how NIKE serves consumers.

我們將繼續堅持不懈地改變耐克為消費者服務的方式。

There are 3 key themes that really stand out when we reflect on Q1: one, the strategic transformation of NIKE continues to be the fuel for accelerating broad-based growth across our global portfolio; two, this transformational growth is not happening by accident, our targeted investments are extending our competitive advantage; and three, while the geopolitical and macro environment is increasingly volatile, and in some respects unpredictable, consumer sentiment for the NIKE Brand remains incredibly strong and consistent around the world.

當我們回顧第一季度時，有 3 個關鍵主題真正脫穎而出：第一，耐克的戰略轉型繼續成為加速我們全球產品組合廣泛增長的動力；第二，這種轉型增長並非偶然，我們的針對性投資正在擴大我們的競爭優勢；第三，儘管地緣政治和宏觀環境越來越多變，並且在某些方面難以預測，但全球消費者對耐克品牌的信心仍然非常強勁和一致。

Let's go a bit deeper on these 3 themes.

讓我們更深入地了解這 3 個主題。

First, strategic transformation is driving our broad-based global growth.

首先，戰略轉型正在推動我們廣泛的全球增長。

When it comes to creating value for shareholders, it all starts with growth.

為股東創造價值，一切從增長開始。

And as Mark has said, when it comes to growth, at NIKE, it all starts with product.

正如馬克所說，談到增長，在耐克，一切都始於產品。

NIKE is bringing innovative new product to market at an unrivaled pace and scale.

耐克正以無與倫比的速度和規模將創新的新產品推向市場。

New innovation platforms equated to over 100% of our incremental growth in Q1.

新的創新平台相當於我們第一季度增量增長的 100% 以上。

That includes the successful launch of a Joyride and strong sustained consumer demand for recently launched platforms from React to the range of compelling new Air Max platforms launched over the past 2 years, such as VaporMax, 270, 720 and 200.

這包括 Joyride 的成功推出以及消費者對最近推出的 React 平台以及過去 2 年推出的一系列引人注目的全新 Air Max 平台（如 VaporMax、270、720 和 200）的強勁持續需求。

At the same time, digital is transforming and amplifying everything we do at NIKE.

與此同時，數字化正在改變和放大我們在耐克所做的一切。

In Q1, NIKE digital grew 42% on a currency-neutral basis driven by enhanced digital services and the expansion of our app ecosystem internationally.

在第一季度，在增強數字服務和我們的應用程序生態系統在國際擴張的推動下，NIKE digital 在貨幣中性的基礎上增長了 42%。

The Nike App and SNKRS App are now both live in over 20 countries, with more expansion coming over the balance of fiscal year '20.

Nike 應用程序和 SNKRS 應用程序現已在 20 多個國家/地區上線，並在 20 財年餘下時間進行更多擴展。

As for the second key theme, we are making deliberate investments, both organically and through acquisitions, to extend NIKE's competitive advantage.

至於第二個關鍵主題，我們正在通過有機和收購進行有意識的投資，以擴大耐克的競爭優勢。

For example, we've enhanced our ability to test and scale new digital services faster by investing in the migration of over 95% of our consumer experiences to a more nimble, cloud-based architecture.

例如，我們通過投資將 95% 以上的消費者體驗遷移到更靈活的基於雲的架構，增強了我們更快地測試和擴展新數字服務的能力。

Our acquisition of Celect in Q1 was another accelerator of our transformation.

我們在第一季度收購 Celect 是我們轉型的另一個加速器。

Celect's team and proprietary digital demand sensing tools will help us more effectively predict demand, plan supply, allocate product to the right stores, and sharpen our pricing and markdown cadence.

Celect 的團隊和專有的數字需求感知工具將幫助我們更有效地預測需求、計劃供應、將產品分配到合適的商店，並提高我們的定價和降價節奏。

Celect's capabilities are first of their kind in our industry.

Celect 的能力在我們的行業中是首屈一指的。

Most other industries sell the same product season after season.

大多數其他行業一季又一季地銷售相同的產品。

Celect has developed unique models that leverage data science and machine learning in our industry, where we bring new and innovative product to market every season.

Celect 開發了獨特的模型，利用我們行業中的數據科學和機器學習，我們每個季節都會將新的創新產品推向市場。

The acquisition of Celect accelerates our building of digital demand-sensing capabilities by at least 3 years.

收購 Celect 將我們的數字需求感知能力建設加快了至少 3 年。

With NIKE's unrivaled scale and resources, we will continue to capitalize on opportunities such as these to invest and extend our leadership and competitive advantage.

憑藉 NIKE 無與倫比的規模和資源，我們將繼續利用這些機會進行投資並擴大我們的領導地位和競爭優勢。

At the same time, we're also increasingly offsetting our incremental investment through the editing of resources within our legacy operating models.

與此同時，我們也越來越多地通過編輯傳統運營模式中的資源來抵消我們的增量投資。

The third key theme as we reflect on Q1 relates to the environment in which we're operating.

我們思考第一季度的第三個關鍵主題與我們運營的環境有關。

Despite increasingly dynamic and somewhat unpredictable macro and geopolitical factors, consumer sentiment and affinity for the NIKE Brand remains strong and consistent.

儘管宏觀和地緣政治因素越來越動態且有些不可預測，但消費者對耐克品牌的情緒和親和力仍然保持強勁和一致。

NIKE's growth continues to outpace GDP growth and broader retail growth in our major markets around the world.

耐克的增長繼續超過我們全球主要市場的 GDP 增長和更廣泛的零售增長。

And NIKE continues to be the #1 favorite brand in our 12 key global cities.

NIKE 繼續成為我們全球 12 個主要城市中最受歡迎的品牌。

Since launching our Consumer Direct Offense 2 years ago, our currency-neutral performance has exceeded our long-term financial model in terms of growth, profitability and returns on invested capital, and we see that momentum continuing over the balance of fiscal year '20.

自 2 年前推出我們的消費者直接攻擊以來，我們的貨幣中性表現在增長、盈利能力和投資資本回報方面已經超過了我們的長期財務模型，我們看到這種勢頭在 20 財年的餘額中繼續存在。

While the macro dynamics are even more volatile than they were 90 days ago, NIKE has a long track record of remaining agile and managing all of the levers we control.

雖然宏觀動態比 90 天前更加不穩定，但耐克在保持敏捷和管理我們控制的所有槓桿方面有著悠久的記錄。

We are also increasingly engaging with all of our constituents on the levers that are outside of our direct control.

我們也越來越多地在我們無法直接控制的槓桿上與我們所有的選民互動。

As a result, to date, our net real dollar reported results have remained strong and consistent.

因此，迄今為止，我們的淨實際美元報告結果保持強勁和一致。

We continue to deliver strong financial performance despite FX having had a roughly $3 billion negative impact on our reported revenue and over $1.5 billion of negative impact on our EBIT over the past 4 years.

儘管外匯對我們報告的收入產生了大約 30 億美元的負面影響，並且在過去 4 年對我們的息稅前利潤產生了超過 15 億美元的負面影響，但我們繼續提供強勁的財務業績。

Despite the recently implemented tariffs and associated FX headwinds, we expect to continue delivering strong financial performance going forward.

儘管最近實施了關稅和相關的外匯逆風，但我們預計未來將繼續提供強勁的財務業績。

But before sharing our positive outlook for the balance of fiscal year '20, I'll first touch on our reported Q1 results in a bit more detail.

但在分享我們對 20 財年餘額的積極展望之前，我將首先更詳細地談談我們報告的第一季度業績。

NIKE, Inc.

耐克公司

Q1 revenue increased 10% on a currency-neutral basis and 7% on a reported basis.

在貨幣中性的基礎上，第一季度的收入增長了 10%，在報告的基礎上增長了 7%。

Our stronger-than-projected overall growth reflects healthy balanced growth across all 4 of our geographies led by NIKE Digital globally and Greater China.

我們強於預期的整體增長反映了以耐克數碼全球和大中華區為首的所有四個地區的健康均衡增長。

Gross margin expanded by 150 basis points in Q1, as average gross selling prices expanded and higher margin NIKE Direct growth outpaced wholesale growth.

第一季度毛利率擴大了 150 個基點，因為平均總售價擴大，且利潤率較高的 NIKE Direct 增長超過批發增長。

Q1 gross margin significantly exceeded our guidance driven primarily by a shift in the timing of supply chain and other investments out of Q1 and into the balance of the year, significantly lower-than-planned markdown rates in our NIKE factory stores, in fact, even lower than we'd expect in a typical quarter, and the favorable mix impact from stronger than planned growth in our high-margin international geographies and NIKE Direct.

第一季度的毛利率大大超過了我們的預期，這主要是由於供應鍊和其他投資的時間從第一季度到今年餘額的轉變，我們耐克工廠商店的降價率大大低於計劃，事實上，即使低於我們在一個典型季度的預期，以及我們的高利潤國際地區和 NIKE Direct 的強勁增長帶來的有利組合影響。

We nonetheless expect gross margin expansion over the balance of the fiscal year, though of course not at the same level as we saw in Q1.

儘管如此，我們預計毛利率將在本財年剩餘時間內實現增長，儘管當然與我們在第一季度看到的水平不同。

I'll touch on this more specifically in our guidance.

我將在我們的指導中更具體地談到這一點。

SG&A grew 9% in Q1 as we continued to invest in our digital transformation and in part driven by brand marketing associated with the Women's World Cup and the Joyride innovation launch.

SG&A 在第一季度增長了 9%，因為我們繼續投資於我們的數字化轉型，部分原因是與女足世界杯和 Joyride 創新推出相關的品牌營銷。

Our effective tax rate for the quarter was 12.4%, which would've been largely in line with guidance, but for favorable nonrecurring items.

我們本季度的有效稅率為 12.4%，這在很大程度上符合指引，但對於有利的非經常性項目而言。

First quarter diluted earnings per share increased 28% to $0.86.

第一季度每股攤薄收益增長 28% 至 0.86 美元。

And as of August 31, inventories were up 12%, reflecting strong forward-looking consumer demand globally and also in support of key consumer moments such as back-to-school, which has extended into September this year, and looking ahead to Singles' Day on 11/11 in Greater China.

截至 8 月 31 日，庫存增加了 12%，這反映了全球強勁的前瞻性消費需求，也支持了關鍵的消費時刻，例如已延長至今年 9 月的返校，以及對單身人士的展望大中華區 11/11 日。

Now let's turn to the financial performance for our reported operating segments.

現在讓我們轉向我們報告的經營部門的財務業績。

In North America, Q1 revenue grew 4%.

在北美，第一季度的收入增長了 4%。

Our growth in Q1 was right on plan, led by digital from a channel perspective, and Sportswear and Jordan categorically.

我們在第一季度的增長是按計劃進行的，從渠道的角度來看，以數字為主導，而 Sportswear 和 Jordan 則絕對領先。

We are reshaping the marketplace in North America with NIKE Digital growing over 30% on a currency-neutral basis, and with high single-digit growth across our key strategic and differentiated partners.

我們正在重塑北美市場，NIKE Digital 在貨幣中性的基礎上增長超過 30%，我們的關鍵戰略和差異化合作夥伴實現了高個位數增長。

In Q1, we also drove an intentional decline in undifferentiated multi-brand wholesale.

在第一季度，我們還故意推動了非差異化多品牌批發的下降。

We continued to reallocate our best product and our retail investment dollars to NIKE Direct and differentiated partner experiences.

我們繼續將我們最好的產品和零售投資資金重新分配給 NIKE Direct 和差異化的合作夥伴體驗。

That includes, for example, testing new services, leveraging the Nike App in partner doors, such as in Washington Heights with Foot Locker.

這包括，例如，測試新服務，在合作夥伴門口利用 Nike 應用程序，例如在華盛頓高地的 Foot Locker。

Now let's turn to EMEA, where revenue grew 12% on a currency-neutral basis in Q1.

現在讓我們轉向歐洲、中東和非洲地區，在貨幣中性的基礎上，第一季度的收入增長了 12%。

Growth was broad-based across our categories and amplified by strong double-digit growth in NIKE Digital.

我們各個品類的增長基礎廣泛，並被 NIKE Digital 的兩位數強勁增長所放大。

We see continued strong digital momentum in Europe, with the Nike App having just launched in 13 new countries across this geography.

我們看到歐洲持續強勁的數字化勢頭，Nike App 剛剛在該地區的 13 個新國家/地區推出。

We extended our lead in Europe in Q1, with the NIKE Brand rated the #1 favorite brand in all of our key cities, and our business growing at strong double-digit rates in London, Berlin and Milan.

我們在第一季度擴大了在歐洲的領先地位，耐克品牌在我們所有的主要城市都被評為最受歡迎的品牌，我們的業務在倫敦、柏林和米蘭以兩位數的強勁增長速度增長。

While NIKE Direct is a key driver, our strategic partnerships with JD and Zalando are also contributing to our strong sustained growth in Europe.

雖然 NIKE Direct 是一個關鍵驅動因素，但我們與京東和 Zalando 的戰略合作夥伴關係也為我們在歐洲的強勁持續增長做出了貢獻。

Now let's turn to Greater China, which continues to set the pace for NIKE's growth globally.

現在讓我們轉向大中華區，它繼續為耐克的全球增長設定步伐。

Q1 marks the 21st consecutive quarter of double-digit revenue growth in Greater China.

第一季度是大中華區收入連續第 21 個季度實現兩位數增長。

In Q1, greater China grew 27% on a currency-neutral basis, fueled by nearly all key categories, led by Sportswear and Jordan.

第一季度，大中華區在不考慮貨幣因素的情況下增長了 27%，這得益於幾乎所有關鍵品類，其中以運動裝和 Jordan 為首。

Coming off of the FIBA World Cup in China, we are also excited about the energy around the Basketball category in this geography, and globally, as we enter the new NBA season.

在中國結束國際籃聯世界杯后，隨著我們進入新的 NBA 賽季，我們也對在這個地區乃至全球範圍內圍繞籃球類別的能量感到興奮。

The impact of digital in China has been nothing short of extraordinary.

數字化在中國的影響非同尋常。

NIKE Digital grew over 70% in Q1, in part amplified by our strategic partnerships with Tmall and WeChat.

NIKE Digital 在第一季度增長超過 70%，部分得益於我們與天貓和微信的戰略合作夥伴關係。

And looking ahead, we are pulling forward the launch of the Nike App in Greater China into late Q2.

展望未來，我們正在將 Nike App 在大中華區的發佈時間提前到第二季度末。

Based on trade and other dynamics, we continue to be deeply engaged with all of our constituents in China and we're also closely monitoring consumer sentiment.

基於貿易和其他動態，我們繼續與我們在中國的所有選民進行深入接觸，我們也在密切關註消費者情緒。

At the same time, affinity for the NIKE Brand continues to build, and our sell-through at retail remains very strong.

與此同時，耐克品牌的親和力不斷增強，我們的零售銷售仍然非常強勁。

We believe we're extending the NIKE Brand's leadership in China by remaining authentically focused on serving the Chinese consumer while fueling their passion for sport and a broader movement toward a more active lifestyle.

我們相信，我們將繼續真正專注於為中國消費者服務，同時激發他們對運動的熱情，以及更廣泛地朝著更積極的生活方式邁進，從而擴大耐克品牌在中國的領導地位。

So now let's turn from China to another fast-growing geography, APLA.

所以現在讓我們從中國轉向另一個快速發展的地區，APLA。

In Q1, APLA revenue grew 13% on a currency-neutral basis driven by nearly 50% growth in NIKE Digital.

第一季度，在 NIKE Digital 增長近 50% 的推動下，在貨幣中性基礎上，APLA 收入增長了 13%。

In Q1, we launched the Nike App at retail in our Harajuku store, a great example of bringing the Consumer Direct Offense to life globally through the key city of Tokyo.

第一季度，我們在原宿商店的零售店推出了 Nike 應用程序，這是通過主要城市東京在全球範圍內將消費者直接攻擊帶入生活的一個很好的例子。

The culture of Basketball was also a driving force behind the momentum we saw in APLA, with the Jordan Brand growing strong double digits year-over-year.

籃球文化也是我們在 APLA 看到的勢頭背後的驅動力，喬丹品牌年復一年地以兩位數的強勁增長勢頭。

APLA is an extremely entrepreneurial and diverse geography.

APLA 是一個極具創業精神和多元化的地域。

In APLA we continue testing new concepts with local partners such as our digital commerce relationship with Flipkart in India, to leveraging the social media platform Kakao in Korea on the launch of Joyride and on-ramping new members.

在 APLA，我們繼續與當地合作夥伴測試新概念，例如我們與印度 Flipkart 的數字商務關係，利用韓國社交媒體平台 Kakao 推出 Joyride 並增加新成員。

Finally, at Converse, revenue increased 8% on a currency-neutral basis, with the Converse brand delivering strong double-digit growth in China and across digital globally, while returning to growth in Europe.

最後，在不考慮貨幣因素的情況下，Converse 的收入增長了 8%，Converse 品牌在中國和全球數字領域實現了兩位數的強勁增長，同時在歐洲恢復了增長。

Growth is being fueled by an increasingly stronger and diversified product portfolio, including across the Chuck Taylor franchise, the Chuck 70 and the Chuck Taylor Lift.

越來越強大和多樣化的產品組合推動了增長，包括 Chuck Taylor 特許經營權、Chuck 70 和 Chuck Taylor Lift。

We're also excited about Converse's reentry into performance Basketball, which got off to a great start with the successful launch of the All Star Pro BB.

我們也很高興 Converse 重新進入高性能籃球領域，隨著 All Star Pro BB 的成功推出，它有了一個良好的開端。

Now turning to our outlook, we see continued momentum going forward.

現在轉向我們的前景，我們看到繼續前進的勢頭。

Accordingly, our projected currency-neutral growth and profitability are improving.

因此，我們預計的貨幣中性增長和盈利能力正在改善。

One might have expected the recently implemented tariffs and associated FX headwinds to result in lower real-dollar expectations.

人們可能預計最近實施的關稅和相關的外匯逆風會導致對實際美元的預期降低。

However, our real-dollar outlook remains consistent to slightly improved, net of all of the dynamics in our business.

但是，扣除我們業務的所有動態後，我們的實際美元前景保持一致或略有改善。

For the full year, we continue to expect reported revenue growth within the high single-digit range, slightly exceeding fiscal year '19 reported revenue growth.

對於全年，我們繼續預計報告的收入增長在高個位數範圍內，略高於 19 財年報告的收入增長。

This improves -- this incorporates our improved currency-neutral outlook being largely offset by the more intense FX headwinds of late associated with trade dynamics.

這有所改善——這包括我們改善的貨幣中性前景在很大程度上被最近與貿易動態相關的更強烈的外匯逆風所抵消。

Recall that the impact of foreign exchange hedges is not accounted for within our revenue line item.

回想一下，外匯對沖的影響並未計入我們的收入項目。

We now expect to deliver full year gross margin expansion within the 50 to 75 basis point range.

我們現在預計全年毛利率將在 50 至 75 個基點範圍內擴大。

That assumes that the negative impact of recently implemented tariffs remains in effect for the balance of our fiscal year.

這是假設最近實施的關稅的負面影響在我們財政年度的剩餘時間裡仍然有效。

And again remember that our Q1 gross margin expansion was amplified by timing shifts and other discrete items.

再次記住，我們第一季度的毛利率擴張被時間變化和其他離散項目放大了。

While our recent acquisition of Celect will have some impact on SG&A, we still expect SG&A to grow roughly in line with revenue for the year.

雖然我們最近對 Celect 的收購將對 SG&A 產生一些影響，但我們仍然預計 SG&A 的增長將與今年的收入大致保持一致。

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

我們預計我們的有效稅率將在十幾歲左右。

And for OIE net of interest expense, we continue to expect $50 million to $100 million of income for the year.

對於 OIE 扣除利息費用，我們繼續預計今年的收入將達到 5000 萬至 1 億美元。

Our focus, first and foremost, is on sustaining strong currency-neutral operating momentum over the full year and longer term, but based on the volatile dynamics of late, I'll provide a bit of context on Q2.

首先，我們的重點是在全年和長期保持強勁的貨幣中性運營勢頭，但基於最近的波動動態，我將提供一些關於第二季度的背景信息。

We expect reported revenue growth in Q2 to be in line with our Q1 reported revenue growth.

我們預計第二季度報告的收入增長將與我們第一季度報告的收入增長一致。

That assumes our strong currency-neutral revenue growth will be dampened by roughly 3 points of FX headwinds.

這假設我們強勁的貨幣中性收入增長將受到大約 3 個點的外匯逆風的抑制。

For gross margin, we expect Q2 expansion to be roughly 25 basis points, with slightly greater expansion than that of the second half of the year.

毛利率方面，我們預計第二季度的擴張幅度約為 25 個基點，增幅略高於下半年。

The impact of tariffs will be most pronounced in Q2.

關稅的影響將在第二季度最為明顯。

In Q2, we expect SG&A growth in the high single-digit range.

在第二季度，我們預計 SG&A 將在高個位數範圍內增長。

We expect our effective tax rate to be in the mid-teens range, and for OIE, we expect income in Q2 to be roughly $10 million to $30 million.

我們預計我們的有效稅率將在十幾歲左右，對於 OIE，我們預計第二季度的收入約為 1000 萬至 3000 萬美元。

We are extremely pleased with our brand momentum and the strong currency-neutral growth we've delivered since implementing our new offense 2 years ago.

我們對我們的品牌勢頭和自 2 年前實施新進攻以來實現的強勁貨幣中性增長感到非常滿意。

That said, we are still in the early stages of NIKE's strategic transformation.

也就是說，我們仍處於 NIKE 戰略轉型的早期階段。

Our execution of the Consumer Direct Offense will continue to fuel growth across our portfolio of key categories, key cities and key countries as well as accelerate our growth against the outsized long-term opportunities that we see in women's, apparel, digital and international.

我們對消費者直接攻擊的執行將繼續推動我們在主要類別、主要城市和主要國家的投資組合的增長，並加速我們在女性、服裝、數字和國際領域看到的巨大長期機遇的增長。

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

有了這個，我們現在將打開提問的電話。

(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 Bob Drbul。

I guess the question I have is -- I had 2 questions, really, on -- the first part of it is in North America.

我想我的問題是 - 我有兩個問題，真的，關於 - 第一部分是在北美。

Can you talk a little bit more about the apparel performance in terms of some success in women's, but just generally the level of growth, and sort of how we should approach that?

你能多談談女裝方面的一些成功，但只是一般的增長水平，以及我們應該如何處理這個問題？

And then the second question is just, around the inventory levels, any pockets of concerns there?

然後第二個問題是，圍繞庫存水平，是否存在任何擔憂？

Any areas geographically that you're concerned about?

您關心的地理區域有哪些？

Or anything we should think about from that perspective?

或者我們應該從這個角度考慮什麼？

Sure.

當然。

I'll start on North America apparel.

我將從北美服裝開始。

We continue -- you asked about women's, in particular.

我們繼續 - 你特別詢問了女性的問題。

We continue to grow the women's apparel business in North America.

我們繼續發展北美的女裝業務。

It's in fact, growing at a very strong rate.

事實上，它以非常強勁的速度增長。

At the same time, we see great opportunity ahead, even greater than we've capitalized on to date.

與此同時，我們看到了巨大的機會，甚至比我們迄今為止所利用的更大。

Overall, in terms of apparel growth, we're really pleased with the growth.

總體而言，就服裝增長而言，我們對增長感到非常滿意。

The number in Q1 does compare unfavorably to some prior year comps.

第一季度的數字確實與前一年的一些比較不利。

As you may recall last year in Q1, apparel in North America grew 8%, and that was in part impacted by the jersey business relative to the NBA.

您可能還記得去年第一季度，北美的服裝增長了 8%，這在一定程度上受到了與 NBA 相關的球衣業務的影響。

As you may recall LeBron changed teams last year.

你可能還記得勒布朗去年換了球隊。

And that had some impact.

這產生了一些影響。

We also are seeing this year Back to School extend a bit out of Q1 and into our Q2.

我們也看到今年重返校園從第一季度延伸到第二季度。

So in short, we see really strong demand for our apparel in North America.

簡而言之，我們看到北美對我們服裝的需求非常強勁。

We've had a little bit of pressure on supply, but you're going to see the rates of growth in North America apparel accelerate as over the balance of the year.

我們對供應有一點壓力，但你會看到北美服裝的增長率在今年餘下時間加速。

And then you asked about inventory.

然後你問了庫存。

I guess I'll take that one too.

我想我也會拿那個。

Inventory, as we spoke about, was up 12% versus prior year.

正如我們所說，庫存比去年增加了 12%。

That was primarily driven by strong consumer demand.

這主要是由強勁的消費者需求推動的。

A majority of our inventory is in new seasonable -- seasonal product, some of which is in transit to the marketplace.

我們的大部分庫存都是新的季節性 - 季節性產品，其中一些正在運往市場。

And we'll sell into the marketplace and sell through over the quarter and into Q3.

我們將在本季度和第三季度向市場銷售和銷售。

There was also a little bit of an impact from foreign exchange in that inventory number.

該庫存數量也受到外彙的影響。

So if you look at it on a unit basis, our unit inventory growth is really well aligned with our forward-looking unit growth.

因此，如果您從單位來看，我們的單位庫存增長與我們的前瞻性單位增長非常吻合。

And kind of combining those 2 themes, one, the fact that it's largely seasonal inventory; and two, that the overall unit numbers are aligned to what you're seeing and you would expect and hope to see is that our closeout mix is low and it is.

並且將這兩個主題結合起來，一個是它主要是季節性庫存的事實；第二，整體單元數量與您所看到的一致，您期望並希望看到的是我們的收尾組合很低，而且確實如此。

In fact, very low.

事實上，很低。

So our inventory is very healthy in our geographies.

因此，我們的庫存在我們的地區非常健康。

There are a couple of other dynamics that are probably worth calling out.

還有一些其他的動態可能值得一提。

One, again, is this extended back-to-school season so you see some of that inventory now selling through as Back-to-School extended into September, which is in our Q2.

一個，再次，是這個延長的返校季節，所以你看到一些庫存現在隨著返校時間延長到 9 月，也就是我們的第二季度。

And then we also have been building inventory in anticipation of Singles Day on 11/11 in China.

然後我們也一直在建立庫存，以期待 11/11 的中國光棍節。

So the punchline is, we feel great about the inventory that we have on hand and it's reflective of the strong demand for the brand.

所以關鍵是，我們對手頭的庫存感覺很好，這反映了對該品牌的強勁需求。

Our next question is from Jamie Merriman with Bernstein.

我們的下一個問題來自傑米梅里曼和伯恩斯坦。

First question is, with respect to North America and you talked about the decision to purposefully ramp down some of those non-strategic partners in the market, can you talk about how those plans play out for the balance of 2020 and how we should think about that?

第一個問題是，關於北美，你談到了有目的地減少市場上一些非戰略合作夥伴的決定，你能談談這些計劃在 2020 年剩餘時間內如何發揮作用以及我們應該如何思考那？

And then, can you just give us an update on how you're thinking about some of those strategic partners, specifically with e-commerce, and whether you have an update on partnerships with Amazon, Jet, partners like that, and what you've seen so far?

然後，您能否向我們介紹一下您對其中一些戰略合作夥伴的看法，特別是電子商務方面的最新情況，以及您是否有關於與亞馬遜、Jet 等合作夥伴的合作夥伴關係的最新信息，以及您在做什麼？到目前為止看到了嗎？

Jamie, I'll take the first question, relative to North America.

Jamie，我將回答第一個問題，與北美有關。

As you may recall from our call 90 days ago, we highlighted that we were going to have some year-over-year comparison dynamics in North America.

您可能還記得 90 天前的電話會議，我們強調我們將在北美進行一些年度比較動態。

So I'd start by saying we're right on plan in North America.

所以我首先要說我們在北美的計劃是正確的。

We're really pleased with the growth that we're seeing in the geography.

我們對我們在地理上看到的增長感到非常滿意。

We still see that geography as sustaining strong, healthy mid-single-digit growth.

我們仍然認為該地區保持強勁、健康的中個位數增長。

You'll see slightly higher growth rates in North America over the balance of the year than what we delivered in Q1.

你會看到今年餘下時間北美的增長率略高於我們在第一季度實現的增長率。

And of course, remember not all percents are created equal, a point or 2 of growth in North America is a pretty significant impact.

當然，請記住，並非所有百分比都是平等的，北美增長一到兩個百分點是一個非常顯著的影響。

And then, again, I think I touched on this a little bit with respect to Bob's question.

然後，關於 Bob 的問題，我想我稍微談到了這一點。

The growth in Q1 was slightly impacted again by some year-over-year comparisons not just in the jersey business, but also the timing of innovation launches in footwear.

第一季度的增長再次受到一些同比比較的輕微影響，不僅是球衣業務，還有鞋類創新推出的時機。

And then again with that kind of extended Back-to-School season spanning over Q1 and into our Q2, which begins in September.

然後又是那種延長的返校季，跨越第一季度，進入我們從 9 月開始的第二季度。

So again we see tremendous momentum in North America.

因此，我們再次看到北美的巨大勢頭。

You also asked about this distinction between NIKE Direct, differentiated Consumer Experiences and undifferentiated Consumer Experiences that is really a tale of 2 cities.

您還詢問了 NIKE Direct、差異化消費者體驗和非差異化消費者體驗之間的區別，這實際上是 2 個城市的故事。

We are seeing strong, in fact, accelerating growth in NIKE Digital.

事實上，我們看到 NIKE Digital 的增長勢頭強勁。

We're seeing high single-digit growth in differentiated retail with our strategic partners, and we're seeing an expected and in fact, somewhat intentional and deliberate decline in undifferentiated retail.

我們看到與我們的戰略合作夥伴在差異化零售方面的高個位數增長，我們看到非差異化零售在預期中，事實上，在某種程度上是有意和故意的下降。

And the drivers of that are how we allocate product and where we put our retail investment dollars.

其驅動因素是我們如何分配產品以及我們將零售投資資金放在哪裡。

So we would expect that trend to continue in the short term.

因此，我們預計這種趨勢將在短期內持續下去。

Of course, long term, our goal is that we have reshaped this marketplace to one in which we're connecting much more directly with NIKE consumers and members through NIKE Direct and our strategic wholesale partners.

當然，從長遠來看，我們的目標是通過 NIKE Direct 和我們的戰略批發合作夥伴將這個市場重塑為一個更直接地與 NIKE 消費者和會員建立聯繫的市場。

So again, we're on plan in North America.

再說一次，我們在北美的計劃。

The brand's extremely strong.

品牌非常強大。

And really excited about the opportunities ahead, including in those areas we have consistently touched on, digital, women's, core footwear below $100 we've already touched on in apparel.

並且對未來的機會感到非常興奮，包括在我們一直觸及的領域，我們已經在服裝領域觸及的低於 100 美元的數字、女性、核心鞋類。

Yes.

是的。

Let me touch on the second part of your -- or the second question you had on digital partnerships.

讓我談談你的第二部分 - 或者你對數字合作夥伴關係的第二個問題。

Obviously, digital growth is driving much of NIKE's overall growth and that's important, obviously, for direct, but also the digital-based business with our partners, both wholesalers who are expanding their growth through the digital channel as well as digital platforms.

顯然，數字化增長推動了耐克整體增長的大部分，這對於直接業務以及與我們的合作夥伴的數字化業務都很重要，他們都是通過數字渠道和數字平台擴大增長的批發商。

We don't have anything new to update you on in terms of Amazon.

就亞馬遜而言，我們沒有任何新內容可以更新您。

So far the work with Amazon, the relationship has gone well.

到目前為止，與亞馬遜的合作，關係進展順利。

The business is performing well, that is.

業務表現良好，就是這樣。

So nothing new to report there.

所以沒有什麼新的報導。

We continue to sort of analyze that relationship and the other opportunities we have.

我們將繼續分析這種關係以及我們擁有的其他機會。

From a platform partnership standpoint, it's really critical that our platform partners are actually serving our members or serving our consumers at the highest level possible.

從平台合作夥伴的角度來看，我們的平台合作夥伴實際上是在為我們的會員服務或在盡可能高的水平上為我們的消費者服務，這一點非常重要。

So that means sort of seamless interaction, frictionless experiences in terms of commerce, looking at an environment where they know that they're buying authentic NIKE products and ultimately just to better know and serve our consumers.

因此，這意味著在商業方面的無縫交互、無摩擦體驗，著眼於他們知道自己正在購買正宗耐克產品的環境，最終只是為了更好地了解和服務我們的消費者。

So those are the things that we expect from our digital platform partners.

因此，這些是我們對數字平台合作夥伴的期望。

We feel really good about our partners in Europe and in China.

我們對我們在歐洲和中國的合作夥伴感覺非常好。

And then also growing through the digital channels here in the United States with partners like Instagram through social media, just getting on with Jet.

然後還通過社交媒體與 Instagram 等合作夥伴在美國的數字渠道發展，與 Jet 合作。

So there's lots of opportunity ahead there.

所以前面有很多機會。

So this is -- this will be an important part of our growth going forward.

所以這是 - 這將是我們未來增長的重要組成部分。

And I should mention -- I failed to mention one of our biggest, most successful partners here is in China, and that's with Tmall.

我應該提一下——我沒有提到我們最大、最成功的合作夥伴之一是在中國，那就是天貓。

So tremendous relationship there, continues to add energy to the brand as well as help drive our business in China.

那裡如此巨大的關係，繼續為品牌增添活力，並幫助推動我們在中國的業務。

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 Paul Trussell。

Congrats on a great quarter.

祝賀一個偉大的季度。

Wanted to touch base on the gross margin performance.

想根據毛利率表現進行觸摸。

Perhaps you could just walk through a little bit more detail on the spread versus your original estimates.

或許您可以詳細了解點差與您最初的估計。

How should we think about the supply chain impact in 1Q and how that will affect the balance of the quarters?

我們應該如何看待第一季度的供應鏈影響以及這將如何影響季度的平衡？

As well as what were the drivers behind the lower-than-expected markdowns?

以及低於預期的降價背後的驅動因素是什麼？

And what is the impact in 2Q of tariffs?

關稅對二季度有何影響？

Color on that would be helpful.

上面的顏色會很有幫助。

Sure.

當然。

Thanks, Paul.

謝謝，保羅。

I will first walk you through some of the impacts or drivers, as you said, in terms of the spread versus our guidance.

正如您所說，我將首先向您介紹一些影響或驅動因素，就傳播與我們的指導而言。

So as compared to the expectations we set 90 days ago, 150 basis points significantly exceeded those.

因此，與我們 90 天前設定的預期相比，150 個基點明顯超出預期。

I'd say, first, I would touch on higher growth and favorable mix in our international geographies; second, higher growth in our NIKE Direct business.

我想說，首先，我會談到我們國際地區的更高增長和有利的組合；第二，我們的 NIKE Direct 業務增長更快。

And again both of those are, I would say, over-indexing growth versus the plan we had 90 days ago.

我想說，與我們 90 天前的計劃相比，這兩者都是過度指數化的增長。

So strong momentum in those dimensions of our business versus plan.

在我們的業務與計劃的這些方面，勢頭如此強勁。

And again, our international geographies, our higher-margin geographies in North American and our NIKE Direct business is a higher-margin business than the wholesale business.

同樣，我們的國際地區、北美利潤率較高的地區和我們的 NIKE Direct 業務是比批發業務利潤率更高的業務。

You asked about lower-than-expected markdowns in our factory store business.

您問到我們工廠店業務的降價幅度低於預期。

I'd say that was most pronounced in Europe.

我想說這在歐洲最為明顯。

In Europe, we really just had extraordinary separation.

在歐洲，我們真的剛剛經歷了非凡的分離。

You've seen strong double-digit currency-neutral growth in Europe for quite some time.

很長一段時間以來，您已經看到歐洲強勁的兩位數貨幣中性增長。

We're taking share, and our branch is incredibly strong in all of our key cities in Europe.

我們正在分享，我們的分支機構在歐洲所有主要城市都非常強大。

And so frankly, our markdowns were much lower than we had planned there and in some other areas of our business, not only than we planned for the quarter but than you'd expect in a typical quarter.

坦率地說，我們的降價幅度遠低於我們在那里和我們業務的其他一些領域的計劃，不僅比我們在本季度的計劃，而且比您在典型季度的預期。

You also asked about the impact of tariffs.

您還詢問了關稅的影響。

Tariffs will impact Q through -- Q2 through Q4.

關稅將影響 Q 到 Q2 到 Q4。

Now again, we guided to slightly improved overall gross margin even taking into account those tariffs.

現在，即使考慮到這些關稅，我們也引導整體毛利率略有提高。

But the impact is more pronounced in Q2.

但影響在第二季度更為明顯。

As you know, they were announced in August and implemented on September 1. That doesn't give us much time to manage any of the levers within our overall portfolio.

如您所知，它們於 8 月宣布並於 9 月 1 日實施。這並沒有給我們太多時間來管理我們整體投資組合中的任何槓桿。

As we look out to the balance of the year, there are a lot of levers within our portfolio.

當我們關註今年的餘額時，我們的投資組合中有很多槓桿。

We've managed them over time.

隨著時間的推移，我們已經對它們進行了管理。

We're a big proponent of free and fair trade, and that's because tariffs have always been part of the financial equation at NIKE.

我們大力支持自由和公平貿易，這是因為關稅一直是耐克財務等式的一部分。

So with a little bit of time, we have a lot of levers we can work with from sourcing to other levers.

因此，只要花一點時間，我們就可以使用很多槓桿，從採購到其他槓桿。

So the impact of tariffs is most significant in Q2.

因此，關稅的影響在第二季度最為顯著。

And then as you likely inferred from our guidance, we expect a slightly greater gross margin expansion in Qs 3 and 4 as compared to 2.

然後，正如您可能從我們的指導中推斷出的那樣，我們預計第 3 季度和第 4 季度的毛利率將略高於第 2 季度。

Really appreciate that color.

真的很欣賞那個顏色。

My quick follow-up is just regarding the product pipeline.

我的快速跟進只是關於產品管道。

You spoke about a lot of the exciting platforms that are delivering results for you already.

您談到了許多已經為您帶來成果的令人興奮的平台。

Just curious if there's a way that you could maybe rank for us your excitement or how you think about the platforms and new areas of innovation that will drive these strong high single-digit revenue gains over the balance of the year as we think about Joyride and Air Max now moving to 200, what you're doing in women's.

只是好奇是否有一種方式可以讓您對我們的興奮程度或您如何看待平台和新的創新領域進行排名，這些平台和新的創新領域將在我們考慮 Joyride 和Air Max 現在移動到 200，就像你在女裝中所做的那樣。

Just any color on that would be helpful.

上面的任何顏色都會有幫助。

Yes.

是的。

Absolutely.

絕對地。

The excitement meter is very high over this next year.

明年的興奮度非常高。

We sort of look at the Summer Olympics as term paper's due.

我們將夏季奧運會視為學期論文的到期日。

And so we're -- this is a time where we bring our best work, not only from a brand standpoint but certainly from a product standpoint.

所以我們 - 這是我們帶來最好的作品的時候，不僅從品牌的角度來看，而且從產品的角度來看。

And in this case from a performance-based innovation, that actually leverages into sports style or sportswear.

在這種情況下，來自基於性能的創新，它實際上利用到運動風格或運動服中。

So we feel like the portfolio innovation or the pipeline of innovation is more complete.

所以我們覺得投資組合創新或創新管道更加完整。

I always talk about the complete offense, and that's how we line up innovation as against our complaint offense.

我總是談論完整的進攻，這就是我們如何將創新與我們的投訴進攻聯繫起來。

You mentioned women's would include core in that.

你提到女性將包括核心。

More accessibly priced innovation coming in the -- particularly in the Spring, Summer seasons.

價格更實惠的創新即將到來——尤其是在春季、夏季。

We've got incredible, again, Sportswear.

再次，我們有令人難以置信的運動裝。

We've got performance -- I've been here for a long time at NIKE, and some of the most incredible breakthroughs in performance coming for the -- for the Tokyo Olympics, building on some of the great platforms that we've learned how to leverage more completely.

我們已經有了性能——我在耐克工作了很長時間，以及一些最令人難以置信的性能突破即將到來——為了東京奧運會，建立在我們學到的一些偉大的平台上如何更充分地利用。

That includes the cadence of the innovations, how we manage the life cycle of innovations and how we, again, leverage that across multiple categories both in performance and Sportswear.

這包括創新的節奏、我們如何管理創新的生命週期以及我們如何在性能和運動服的多個類別中再次利用它。

So incredibly high level of excitement.

如此令人難以置信的高度興奮。

I would add -- we talked about Adapt.

我要補充一下——我們談到了 Adapt。

It's still in the early stages.

它仍處於早期階段。

NIKE Fit will include both powered adaptive systems as well as non-powered, hands-free systems.

NIKE Fit 將包括動力自適應系統和非動力免提系統。

And that's incredibly exciting as we bring innovation to more -- make innovation more accessible to more people.

當我們將創新帶給更多人時，這非常令人興奮——讓更多人更容易獲得創新。

Women's, of course, will continue to be a high priority.

當然，女性將繼續成為重中之重。

We're shifting resources to amp up our innovation agenda there.

我們正在轉移資源以加強我們的創新議程。

I feel really good, both footwear and apparel.

我感覺非常好，鞋子和服裝。

Kids, I mentioned is an incredible category to leverage the innovation that we have more completely across the portfolio, so that's a major source for us for growth as well.

孩子們，我提到的是一個令人難以置信的類別，可以更全面地利用我們在整個產品組合中擁有的創新，因此這也是我們增長的主要來源。

So I think the opportunities ahead are as bright as I've ever seen them.

所以我認為未來的機會就像我所見過的一樣光明。

So very bullish.

所以非常看好。

Next question is from Omar Saad with Evercore ISI.

下一個問題來自 Evercore ISI 的 Omar Saad。

Congrats on another great quarter.

祝賀另一個偉大的季度。

I wanted to ask my first question, another follow-up in North America.

我想問我的第一個問題，北美的另一個後續問題。

The 30% DTC growth, obviously, that's a huge number, a smaller piece of the business.

顯然，30% 的 DTC 增長是一個巨大的數字，只是業務的一小部分。

You talked about that being still kind of being offset by the intentional reduction in undifferentiated wholesale.

你談到這仍然被有意減少無差異批發所抵消。

If we think about when that DTC or kind of the time horizon looking out when the DTC starts to become a material mover for the overall North American market or you get to a point where you're happy with the kind of the wholesale footprint.

如果我們考慮 DTC 或某種時間範圍何時開始成為整個北美市場的材料推動者，或者您對批發足跡感到滿意。

And then, I have a follow-up -- another follow-up for Mark as well.

然後，我有一個跟進——Mark 的另一個跟進。

Yes.

是的。

Omar, we at our Investor Day a couple of years ago, talked about our business being 30% or greater digital owned and partnered over the next 5 years, that's a global measure of success.

幾年前，奧馬爾在我們的投資者日上談到了我們的業務在未來 5 年內將擁有 30% 或更多的數字資產並與之合作，這是衡量成功的全球標準。

But I would say North America's in that same range in terms of the from too.

但我會說北美也在同樣的範圍內。

So we see digital alone, not just -- not necessarily all of NIKE Direct, but digital alone being in that range.

所以我們只看到數字，不僅僅是 - 不一定是所有的 NIKE Direct，但只有數字在這個範圍內。

And as we've discussed, we see that continuing to build beyond that.

正如我們已經討論過的那樣，我們看到這一點還在繼續發展。

And potentially accelerating toward that date based on the incredible momentum that we've had.

並且基於我們已經擁有的令人難以置信的勢頭，可能會加速到那個日期。

As I noted, that was an accelerated level of growth in NIKE digital in Q1.

正如我所指出的，這是第一季度 NIKE digital 的加速增長水平。

So much like we discussed at our Investor Day 2 years ago, our view was that over the next 5 years, sustainable profitable growth in North America would equate to a mid-single-digit range of growth.

就像我們在 2 年前的投資者日討論的那樣，我們的觀點是，在未來 5 年，北美的可持續盈利增長將等同於中個位數的增長范圍。

But what we're really excited about is we think the next 5 years of North America is building the platform for the long-term future.

但我們真正興奮的是，我們認為北美未來 5 年正在為長期未來構建平台。

North America is the marketplace where the most reshaping and transformation is required, and frankly, is underway.

北美是最需要重塑和轉型的市場，坦率地說，它正在進行中。

Got it.

知道了。

Got it.

知道了。

And then, stepping back, I don't think -- and watching the different components of the company perform year-after-year, quarter-to-quarter.

然後，退後一步，我不認為 - 並觀察公司的不同組成部分年復一年，季度與季度的表現。

I've never seen such consistent positive performance across categories, regions, price points, channels, age groups, genders.

我從未見過在品類、地區、價格點、渠道、年齡組、性別方面如此一致的積極表現。

Maybe help us understand -- NIKE's obviously performed exceptionally in the past, but maybe if you can help us understand or give us an insight into why that kind of broader platform seems to be performing so much more consistently than has historically.

也許能幫助我們理解——耐克過去顯然表現異常，但也許你能幫助我們理解或讓我們深入了解為什麼這種更廣泛的平台似乎比歷史上表現得如此一致。

I think we're actually a lot smarter about how we, not only were we invest in terms of new product innovation, but as I said, we better leverage that innovation across multiple categories.

我認為我們實際上更聰明的是，我們不僅在新產品創新方面進行投資，而且正如我所說，我們更好地在多個類別中利用這種創新。

And then up and down the price point spectrum across genders.

然後在不同性別的價格點範圍內上下波動。

Again, I always fixate on complete offense.

同樣，我總是專注於完全進攻。

It's -- and it's one of those areas where you go no matter how well we're doing across every -- across all those dimensions, we see more opportunity.

這是 - 無論我們在各個方面做得多麼好，它都是你要去的領域之一 - 在所有這些方面，我們看到了更多的機會。

Areas where we have -- we're underpenetrated, where we have what we call outsized opportunities.

我們擁有的領域——我們未被充分滲透的領域，我們擁有所謂的巨大機會的領域。

We talked about apparel, we talked about women's, digital, international as examples.

我們談到了服裝，我們談到了女裝、數字化、國際化的例子。

But even in our foundational business, I think we've got tremendous upside ahead in terms of core.

但即使在我們的基礎業務中，我認為我們在核心方面也有巨大的優勢。

Striking that right balance across the complete portfolio or the complete offense as we call it, is a never-ending challenge for us or opportunity, let me put it that way.

在整個投資組合或我們所說的完整進攻中取得正確的平衡，對我們來說是一個永無止境的挑戰或機會，讓我這麼說吧。

So the innovation that we're putting out there I think we're just getting better at how we're leveraging that across the entire offense.

所以我們提出的創新我認為我們只是在如何在整個進攻中利用它方面做得更好。

And I feel like this is has always been a competitive advantage for NIKE.

我覺得這一直是耐克的競爭優勢。

It's the source of brand energy, but also tremendous growth for us.

它是品牌能量的源泉，也是我們巨大的成長。

And I've never seen or been at NIKE during a period where there's such robust and strong innovation that's relevant to consumers across the portfolio.

而且我從未見過或在耐克工作過如此強大和強大的創新，這些創新與整個產品組合中的消費者息息相關。

That said, I'd be the first one, as people here at NIKE would tell you, to say that we have a lot more opportunity.

也就是說，我會是第一個，就像耐克的人會告訴你的那樣，我們有更多的機會。

So the challenge or the opportunity is to focus on the things that matter the most.

因此，挑戰或機會是專注於最重要的事情。

We have unlimited opportunities.

我們有無限的機會。

The fixation or the focus on the things that are really going to drive the needle from a consumer standpoint that are really going to be relevant and ultimately drive growth is what creates success.

從消費者的角度來看，對真正會推動針頭的事物的固定或關注是真正相關並最終推動增長的東西，這就是創造成功的原因。

And Omar, I'd just add maybe from a framework perspective or framing -- that's how you might think about it, our key categories in our 12 key cities and our 10 key countries are really the where in terms of growth opportunity is for NIKE.

奧馬爾，我只是從框架的角度或框架的角度補充一下——這就是你可能會想到的方式，我們在 12 個主要城市和 10 個主要國家的主要類別確實是耐克的增長機會所在.

The Consumer Direct Offense is the how, and it applies to all of those categories, all of those cities and all of those countries.

消費者直接攻擊是一種方式，它適用於所有這些類別、所有這些城市和所有這些國家。

And that's about doubling the cadence and impact of innovation, being faster market so that's 2x Speed and then being more directly connected to consumers.

這是關於將創新的節奏和影響加倍，成為更快的市場，從而達到 2 倍的速度，然後更直接地與消費者聯繫。

And there isn't any dimension of our offense -- the complete offense that Mark refers to, that isn't in a -- where it can be positively impacted by those strategic principles.

我們的進攻沒有任何方面——馬克所指的完整進攻，不在一個——可以受到這些戰略原則的積極影響。

And then of course, the overarching or maybe you'd say underlying fuel, is this digital transformation of NIKE that's impacting everything we do from how we create product to how we assess demand and plan supply all the way through to consumer services through the Nike App that are now not just in our digital offerings, but they're in our retail stores and increasingly in our partner doors.

當然，最重要的或者你可能會說是潛在的燃料，是耐克的數字化轉型，它影響著我們所做的一切，從我們如何創造產品到我們如何評估需求和計劃供應，一直到通過耐克提供的消費者服務應用程序現在不僅出現在我們的數字產品中，而且出現在我們的零售店中，並且越來越多地出現在我們的合作夥伴門口。

So it's really a strategy the consumer racked off in the sense of that, impacting every dimension of the portfolio.

因此，從某種意義上說，這確實是消費者實施的一種策略，影響了投資組合的各個方面。

Yes.

是的。

I want to put an exclamation point on that.

我想在這上面加上一個感嘆號。

The digital capabilities that we're creating and investing in are really going to make us a better innovation company.

我們正在創造和投資的數字能力真的會讓我們成為一家更好的創新公司。

Understanding the consumer, serving the consumer, leveraging the innovation that we invest in.

了解消費者，服務消費者，利用我們投資的創新。

It's all making us better.

這一切都讓我們變得更好。

I'd say so much more opportunity from being -- advancing our digital capabilities going forward.

我想說的是更多的機會——推進我們的數字能力向前發展。

Our last question is from Jim Duffy with Stifel, Nicolaus & Co.

我們的最後一個問題來自 Stifel, Nicolaus & Co. 的 Jim Duffy。

A couple of questions for me on the gross margin.

我有幾個關於毛利率的問題。

Andy, as we think about gross margin in the context of historical performance, you've got pricing power afforded by innovations, structural shifts from outgrowth of direct, you're reshaping the North American marketplace, and then some more nuanced factors that can help margin like leveraging Celect and NIKE Fit and so forth.

安迪，當我們在歷史業績的背景下考慮毛利率時，你已經獲得了創新所提供的定價能力，直接的產物的結構性轉變，你正在重塑北美市場，然後是一些更細微的因素可以提供幫助保證金，例如利用 Celect 和 NIKE Fit 等。

Is there a reason to think that NIKE gross margins shouldn't go past, past peaks in the near future?

是否有理由認為耐克的毛利率不應該過去，在不久的將來過去的峰值？

It seems like a lot of good things are coming together.

似乎很多美好的事情都聚集在一起了。

The short answer is no.

最簡潔的答案是不。

I think many of the drivers you mentioned and some others, are long-term drivers of expansion in margin.

我認為你提到的許多驅動因素和其他一些驅動因素都是利潤率擴張的長期驅動因素。

NIKE Direct is a significantly higher margin business than the wholesale business.

NIKE Direct 的利潤明顯高於批發業務。

And as we just touched on as part of Omar's question we see digital and direct being increasingly a larger part of our business long term.

正如我們剛剛提到的奧馬爾問題的一部分，我們認為數字和直接在我們的長期業務中越來越重要。

The price/value equation is also an opportunity to expand margin and as Mark just touched on, we've never been more excited about the innovation pipeline we're bringing to market and that means bringing tangible value to the consumer.

價格/價值等式也是擴大利潤的機會，正如 Mark 剛剛談到的那樣，我們對我們正在推向市場的創新管道從未如此興奮過，這意味著為消費者帶來有形價值。

In your own question you touched on a huge opportunity.

在您自己的問題中，您提到了一個巨大的機會。

At our Investor Day, we talked about the potentially significant impact from having a greater mix of full priced sell-through and lower markdowns closeouts and Celect is just is spot on in terms of the capabilities that we had planned to build organically, but are now able to start leveraging thanks to this acquisition and drive that.

在我們的投資者日，我們談到了全價銷售和更低的降價平倉的更大組合可能產生的重大影響，而 Celect 只是就我們計劃有機構建的能力而言，但現在能夠開始利用這次收購併推動這一點。

If I was to tell you the one thing that we're not as pleased about are the FX headwinds that have impacted us as I touched on, on the call, over the last 4 years, we've had about a $3 billion headwind on revenue and $1.5 billion or more headwind on profitability.

如果我要告訴你一件我們不那麼高興的事情，那就是影響我們的外匯逆風，在電話會議上，在過去的 4 年裡，我們有大約 30 億美元的逆風收入和 15 億美元或更多的盈利能力。

Of course, if we could add those back, we would.

當然，如果我們可以將它們添加回來，我們會的。

That would be a pretty significant expansion in our operating margin that's more reflective of what we're doing from an operating perspective.

這將是我們營業利潤率的顯著增長，更能反映我們從運營角度所做的事情。

But again, the short answer is, yes, we see some pretty systemic drivers of gross margin expansion over the short, medium and long term.

但同樣，簡短的回答是，是的，我們看到了一些相當系統性的毛利率在短期、中期和長期擴張的驅動因素。

And then as it relates to FX and gross margin, to what extent are more favorable hedge rates a positive contributor to gross margin in the first quarter and in fiscal '20?

然後，由於它與外彙和毛利率有關，更有利的對沖利率在多大程度上對第一季度和 20 財年的毛利率有積極貢獻？

Yes.

是的。

The way I would think about FX in fiscal year '20 is we came into the year expecting FX to be sort of neutral to slightly favorable.

我在 20 財年對外彙的看法是，我們進入這一年時預計外匯將是中性到略微有利的。

It's now a net negative from an EBIT perspective.

從息稅前利潤的角度來看，它現在是一個淨負值。

Again, that's in the context of our slightly improved guidance.

同樣，這是在我們略微改進的指導的背景下。

So we are thrilled that our operational performance just continues to be so strong that it's offsetting that.

因此，我們很高興我們的運營業績繼續如此強勁，以至於抵消了這一點。

Over the balance of the year, one thing to keep in mind is it's somewhat difficult to predict -- not to predict, but to model the impact of FX.

在今年餘下的時間裡，要記住的一件事是預測有點困難——不是預測，而是模擬外彙的影響。

You have very volatile actual spot rates.

您的實際即期匯率非常不穩定。

Certainly the renminbi is at the top of the list in that regard of late.

當然，人民幣最近在這方面名列前茅。

The timing of our hedges over the course of the year as well as the timing, which is a kind of backward looking timing aspect in terms of when we lock in product cost.

我們在一年中對沖的時機以及時機，就我們何時鎖定產品成本而言，這是一種向後看的時機方面。

So I think that the easiest way for me to say it is FX will be about 3 points negative headwind on revenue as I spoke about in my guidance, it'll be a slightly negative impact on margin over the course of the full fiscal year, and it's now shifted to a slightly negative impact from an EBIT perspective.

因此，我認為最簡單的說法是外匯，正如我在指導中所說的那樣，對收入的不利影響約為 3 個百分點，這將對整個財年的利潤率產生輕微的負面影響，從息稅前利潤的角度來看，它現在已經轉變為輕微的負面影響。

But we're hopeful that those are more transient impacts.

但我們希望這些是更短暫的影響。

And that as we go forward and we get more certainty with respect to trade and some resolution, that maybe we see things turn from a headwind into a tailwind.

隨著我們前進，我們在貿易和一些解決方案方面獲得更多確定性，也許我們會看到事情從逆風變成順風。

Okay.

好的。

Thank you, Jim, and thank you, everybody.

謝謝你，吉姆，謝謝大家。

Thank you for joining us on the call today, and we look forward to speaking to you next quarter.

感謝您今天加入我們的電話會議，我們期待在下個季度與您交談。

Take care.

小心。

Bye-bye.

再見。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。