(NKE) 2023 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2023 Third Quarter Conference Call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, VP of Investor Relations and Strategic Finance.

大家下午好。歡迎來到 NIKE, Inc. 的 2023 財年第三季度電話會議。對於那些想要參考今天的新聞稿的人，您可以在 investors.nike.com 上找到它。主持今天電話會議的是投資者關係和戰略財務副總裁 Paul Trussell。

Before I turn the call over to Mr. Trussell, let me remind you that participants on this call will make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in NIKE's reports filed with the SEC.

在我將電話轉給 Trussell 先生之前，讓我提醒您，本次電話會議的參與者將根據當前預期做出前瞻性陳述，這些陳述存在某些風險和不確定性，可能導致實際結果大不相同。這些風險和不確定性在耐克提交給美國證券交易委員會的報告中有詳細說明。

In addition, participants may discuss non-GAAP financial measures and nonpublic financial and statistical information. Please refer to NIKE's earnings press release or NIKE's website, investors.nike.com, for comparable GAAP measures and quantitative reconciliations.

此外，與會者還可以討論非 GAAP 財務措施和非公開財務和統計信息。請參閱 NIKE 的收益新聞稿或 NIKE 的網站 investors.nike.com，了解可比較的 GAAP 措施和定量調節。

Now I would like to turn the call over to Mr. Paul Trussell.

現在我想把電話轉給 Paul Trussell 先生。

Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2023 third quarter results. Joining us on today's call will be NIKE, Inc. President and CEO, John Donahoe; and our Chief Financial Officer, Matt Friend. Following their prepared remarks, we will take your questions. (Operator Instructions) Thanks for your cooperation on this.

大家好，感謝您今天加入我們討論 NIKE, Inc. 2023 財年第三季度業績。與我們一起參加今天電話會議的還有 NIKE, Inc. 總裁兼首席執行官 John Donahoe；以及我們的首席財務官 Matt Friend。在他們準備好的發言之後，我們將回答您的問題。 （操作員說明）感謝您在此方面的合作。

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

我現在將把電話轉給 NIKE, Inc. 總裁兼首席執行官 John Donahoe。

Thank you, Paul, and hello to everyone on today's call. We delivered another strong quarter in Q3, with revenue growth of 14% on a reported basis and 19% on a currency-neutral basis, exceeding our plan. Our growth this quarter was broad-based across our brands, channels and geographies. We had strong digital growth of 24%, which once again was fueled by double-digit increases in traffic on mobile and our apps. And while Direct, led by digital, remains strong and will continue to drive our growth, our wholesale channel continues to be an important part of our strategy as we access key consumer segments and achieve distribution scale across the marketplace. Wholesale grew 18% in Q3, reflecting strong retail sales with growth that over-indexed across our strategic partners.

謝謝你，保羅，今天的電話會議向大家問好。我們在第三季度實現了又一個強勁的季度，報告收入增長了 14%，在貨幣中性基礎上增長了 19%，超出了我們的計劃。我們本季度的增長廣泛分佈於我們的品牌、渠道和地區。我們實現了 24% 的強勁數字增長，這再次受到移動和應用程序流量兩位數增長的推動。雖然以數字為主導的 Direct 仍然強勁並將繼續推動我們的增長，但隨著我們進入關鍵的消費者群體並在整個市場上實現分銷規模，我們的批發渠道仍然是我們戰略的重要組成部分。第三季度批發銷售額增長 18%，反映出零售銷售強勁，我們的戰略合作夥伴的增長超過指數。

This quarter continued our positive currency-neutral growth in all 4 of our geographies. North America, EMEA and APLA all delivered double-digit revenue growth. Greater China grew 1% despite a very challenging December following the shift in the country's COVID policies. And we're making great progress on inventory with our inventory dollars down sequentially versus last quarter. In Q3, we had inventory growth of 16% year-over-year. Our decisive actions are enabling us to navigate through the shifting dynamics with continued improved efficiency. These results demonstrate yet again that we're on track to hit our fiscal '23 priorities of getting inventory in a healthy position and delivering revenue consistent with the financial goals we set earlier in the year. In an environment of increasing macro volatility, the distinction of our brands and our Consumer Direct Acceleration strategy set NIKE apart.

本季度我們在所有 4 個地區繼續保持貨幣中性的正增長。北美、EMEA 和 APLA 均實現了兩位數的收入增長。儘管在該國 COVID 政策轉變後 12 月非常具有挑戰性，但大中華區仍增長了 1%。我們在庫存方面取得了很大進展，與上一季度相比，我們的庫存美元連續下降。第三季度，我們的庫存同比增長 16%。我們果斷的行動使我們能夠以持續提高的效率應對不斷變化的動態。這些結果再次表明，我們有望實現 23 財年的優先事項，即讓庫存處於健康狀態，並實現與我們今年早些時候設定的財務目標一致的收入。在宏觀波動加劇的環境中，我們品牌的差異化和我們的 Consumer Direct Acceleration 戰略讓 NIKE 脫穎而出。

Looking ahead, CDA continues to unlock our future growth potential by powering up our holistic offense across innovation, brand engagement and marketplace, all fueled by consumer insight. As we know, consumers today have rising expectations and changing behaviors. What creates separation for NIKE in this dynamic environment is our innovative product, brand scale and direct connections we have with our consumers. It's these connections that serve as one of our greatest competitive advantages as we translate insight into innovation. Thanks to our consumers' love of our brand, we enjoy a high rate of engagement, fueling richer, deeper understanding. Across the company, our insights model creates confidence in growth in ways that are uniquely NIKE as we make the entire enterprise faster, more efficient and more targeted in the growth opportunities that we go after.

展望未來，CDA 通過加強我們在創新、品牌參與和市場方面的整體進攻，繼續釋放我們未來的增長潛力，所有這些都受到消費者洞察力的推動。眾所周知，當今消費者的期望值不斷提高，行為也在不斷變化。在這個充滿活力的環境中，讓 NIKE 脫穎而出的是我們的創新產品、品牌規模以及我們與消費者的直接聯繫。當我們將洞察力轉化為創新時，這些聯繫成為我們最大的競爭優勢之一。由於我們的消費者對我們品牌的熱愛，我們享有很高的參與度，促進了更豐富、更深入的理解。在整個公司，我們的洞察力模型以 NIKE 獨有的方式建立了對增長的信心，因為我們使整個企業更快、更高效並且更有針對性地抓住我們追求的增長機會。

So today, I thought we'd go through 3 areas where we leveraged our insights model this quarter. You may have heard us say before that running is the heart of NIKE and basketball is the soul. I'll discuss these 2 businesses, and then I'll talk about a product franchise that's a multibillion-dollar business in its own right, Air Max.

所以今天，我認為我們將在本季度通過 3 個領域利用我們的洞察模型。您之前可能聽我們說過，跑步是 NIKE 的心臟，而籃球是靈魂。我將討論這兩項業務，然後我將討論一個產品特許經營權，它本身就是一項價值數十億美元的業務，Air Max。

So first, let's start with running. Since our founding, we've used elite athlete insight to innovate at the edges of human potential. And that's led to platforms like NEXT%, which remains at the front of the pack in the world of distance running. And then we use these insights and innovations to serve everyday consumers no matter where they are in their running journey.

首先，讓我們從跑步開始。自成立以來，我們利用精英運動員的洞察力在人類潛能的邊緣進行創新。這導致了像 NEXT% 這樣的平台，它在長跑領域仍然處於領先地位。然後，我們利用這些見解和創新為日常消費者提供服務，無論他們處於跑步旅程的哪個階段。

Today, we leverage our direct relationships with runners worldwide, fueled by insight from our Nike Run Club app, along with consumer feedback across brand and marketplace touch points to know how our consumers are using our product and what pain points we can solve to keep them moving. For example, we saw our Invincible consumers pushing more distance on their runs, which requires better support and protection. So this quarter, we introduced the Invincible 3, which is designed to provide maximum cushioning and comfort. It also offers a wider fit than some of our past running footwear and uses the most ZoomX foam of any of our road running shoes. It's a shoe that demonstrates how NIKE isn't just innovating for performance but also designing to drive the lifestyle of running.

今天，我們利用我們與全球跑步者的直接關係，在 Nike Run Club 應用程序的洞察力的推動下，以及跨品牌和市場接觸點的消費者反饋，了解我們的消費者如何使用我們的產品，以及我們可以解決哪些痛點來留住他們移動。例如，我們看到我們的 Invincible 消費者在跑步時推得更遠，這需要更好的支持和保護。因此本季度，我們推出了 Invincible 3，旨在提供最大的緩沖和舒適度。它還提供比我們過去的一些跑鞋更寬的貼合度，並使用我們所有公路跑鞋中最多的 ZoomX 泡沫。這雙鞋展示了 NIKE 如何不僅在性能方面進行創新，而且還在設計以推動跑步的生活方式。

Consumer response to the Invincible 3 was strong across our geos and throughout NIKE Direct, strategic wholesale partners and running specialty doors. And what really sets Invincible 3 apart is how we executed across the marketplace, driving consistent storytelling across channels, working closely with our partners to elevate our own retail presentation and theirs, all with a sharp focus on helping consumers find the right shoe for them. This approach will be accelerating as we focus on positioning ourselves for share gains in this important category.

在我們的地理區域以及整個 NIKE Direct、戰略批發合作夥伴和跑步專業門市，消費者對 Invincible 3 的反應非常強烈。真正讓 Invincible 3 脫穎而出的是我們如何在整個市場上執行，跨渠道推動一致的故事講述，與我們的合作夥伴密切合作以提升我們自己和他們的零售展示，所有這些都非常專注於幫助消費者找到適合他們的鞋子。隨著我們專注於為自己在這一重要類別中的份額收益定位，這種方法將會加速。

Our research with runners also leads us to launch product in complementary categories such as trail running, which is our fastest-growing running segment. This fueled the launch in Q3 of the Pegasus Trail 4. The Peg Trail 4, which has seen over-indexing strength with female consumers, takes many of the well-loved attributes of the Peg and adds rugged features that let runners keep the pace even on looser terrain. The combination of React foam and underfoot traction has proven to be a perfect crossover shoe for runners looking to split time between road and trail. Thanks to our ability to use analytics and insight to discover opportunities for growth in running, we continue to connect to the grassroots of this global community, and we remain confident we can take full advantage of these opportunities over the long term.

我們對跑步者的研究也促使我們推出互補類別的產品，例如越野跑，這是我們增長最快的跑步細分市場。這推動了 Pegasus Trail 4 在第三季度的發布。Peg Trail 4 已經見證了女性消費者的過度指數強度，它採用了 Peg 的許多深受喜愛的特性，並增加了堅固的功能，讓跑步者保持步伐均勻在較鬆的地形上。 React 泡沫和足底抓地力的結合已被證明是一款完美的跨界鞋，適合希望在公路和小徑之間分配時間的跑步者。由於我們能夠使用分析和洞察力來發現跑步增長的機會，我們繼續與這個全球社區的基層建立聯繫，我們仍然相信我們可以長期充分利用這些機會。

Next, our Basketball category is in the strongest position it's ever been as we continue to grow the energy of the game globally. Across NIKE Basketball, Jordan Brand and Converse, we've strengthened our signature athlete portfolio, adding Gen Z superstars while still being anchored by some of the game's greatest players. Last month, LeBron James set the all-time NBA scoring record in a thrilling game in L.A. I was fortunate enough to be there with our Co-Founder, Phil Knight. After the game, Phil turned to me and said that moments and athletes like this are why we got into this business, and he's right. And as I said last quarter, the LeBron 20 was the strongest LeBron launch in years, fueled by storytelling and the blend of innovation with sportswear design. This created greater commercial appeal, as seen in Q3 with very strong sell-through throughout the marketplace and full family sizing.

接下來，隨著我們繼續在全球範圍內增加籃球運動的能量，我們的籃球類別處於有史以來最強大的位置。在 NIKE Basketball、Jordan Brand 和 Converse 中，我們加強了我們的標誌性運動員組合，增加了 Z 世代超級巨星，同時仍然由一些最偉大的球員組成。上個月，勒布朗詹姆斯在洛杉磯的一場激動人心的比賽中創造了 NBA 歷史得分紀錄。我很幸運能和我們的聯合創始人菲爾奈特一起到場。賽后，菲爾轉身對我說，像這樣的時刻和運動員就是我們進入這個行業的原因，他是對的。正如我在上個季度所說的那樣，LeBron 20 是多年來最強勁的 LeBron 發布，其動力來自講故事以及創新與運動服設計的融合。這創造了更大的商業吸引力，正如在第三季度所看到的那樣，整個市場的銷售量非常強勁，而且整個系列都進行了調整。

This is approach we use across our portfolio across our NIKE Basketball product construct. Thanks to our ongoing dialogue with athletes from the elite to the everyday we design around 3 key aspects of the game: cutting fast, playing long and jumping high, all while emphasizing off-the-court style.

這是我們在 NIKE 籃球產品結構的產品組合中使用的方法。由於我們與從精英運動員到普通運動員的持續對話，我們圍繞比賽的 3 個關鍵方面進行設計：快速切入、長距離比賽和跳高，同時強調場外風格。

So when we began work on a signature shoe for a playmaker and generational talent like Sabrina Ionescu, we knew the shoe would focus on cutting, helping her stop on a dime and accelerate back again. The Sabrina 1 uses research from thousands of athletes, both female and male, to create a unique traction pattern and a low-to-the-ground design that has lifestyle appeal that we're thrilled about. We're excited about the potential with the Sabrina 1 and the continued power of our increased focus on Women's coming out of CDA.

因此，當我們開始為像薩布麗娜·約內斯庫這樣的組織核心和一代天才設計簽名鞋時，我們知道這雙鞋將專注於切割，幫助她在一角錢停下來並再次加速回來。 Sabrina 1 採用來自數千名男女運動員的研究，創造出獨特的抓地力模式和低到地面的設計，具有令我們興奮的生活方式吸引力。我們對 Sabrina 1 的潛力以及我們對女性從 CDA 中脫穎而出的持續關注感到興奮。

Over in Jordan Brand, Q3 saw the release of its own young signature shoe. Jayson Tatum debuted the Tatum 1 last month at the NBA All-Star Game with fireworks, breaking the all-star record for points scored. The Tatum 1 joins the Luka, Zion, Westbrook and game shoe franchises for the strongest signature portfolio in Jordan Brands' history, helping fuel robust growth for the brand alongside of its consistent strength in retro.

在 Jordan Brand 上，Q3 發布了自己的年輕簽名鞋。傑森·塔圖姆 (Jayson Tatum) 上個月在 NBA 全明星賽煙花秀中首次亮相 Tatum 1，打破了全明星得分記錄。 Tatum 1 加入了 Luka、Zion、Westbrook 和比賽鞋特許經營權，成為 Jordan Brands 歷史上最強大的簽名組合，幫助推動該品牌的強勁增長以及其在復古方面的一貫實力。

Crafted with efficiency in mind, the Tatum 1 is Jordan Brand's lightest basketball shoe and has a large volume Zoom Air bag in the forefront for energy-returning stability. Special care was given to the Tatum 1 kids design. The kids-specific model has specialized zonal rubber on the outsole for the durability needed for young kids' style of play. But the biggest innovation in the kids design came directly from parents, including Jayson himself, who asked for an easy-on, easy-off system. In preschool and grade school versions, designers came up with a new innovative tailgate system. And in toddler sizing, there's an even simpler collapsible entry technology. The Tatum 1 represents an evolution for the Jordan Brand, shifting from serving an individual athlete to also serving the next generation to come as well. The potential here to bring innovation into our Kids business is vast as we build lifelong relationships with younger generations.

Tatum 1 以效率為設計理念，是 Jordan Brand 最輕的籃球鞋，前部配備大容量 Zoom Air 氣囊，可實現能量回饋穩定性。對 Tatum 1 兒童設計給予了特別關注。兒童專用鞋款在外底上有專門的區域橡膠，以提供適合幼兒運動風格所需的耐用性。但兒童設計中最大的創新直接來自父母，包括 Jayson 本人，他們要求一個易於穿脫的系統。在學齡前和小學版本中，設計師想出了一個新的創新後擋板系統。在幼兒尺碼方面，有一種更簡單的可折疊入口技術。 Tatum 1 代表了 Jordan Brand 的進化，從為個人運動員服務轉變為也為下一代服務。隨著我們與年輕一代建立終身關係，將創新引入我們的兒童業務的潛力是巨大的。

Third, let's discuss NIKE's Air Max franchise. Our Air Max business continues to expand, growing double digits in Q3. Like Air Jordan, Air Max is a great example of how we build significantly scaled businesses off our greatest performance innovations. Looking again at our insights Model, Air Max also exemplifies how we brief new product by leveraging qualitative and quantitative member data science to have a sharper and more targeted focus. We're able to ask ourselves who are the consumers we want to serve and what are they looking for.

第三，我們來討論一下 NIKE 的 Air Max 特許經營權。我們的 Air Max 業務繼續擴張，在第三季度實現了兩位數的增長。與 Air Jordan 一樣，Air Max 是一個很好的例子，說明我們如何通過我們最偉大的性能創新來建立顯著規模的業務。再看看我們的洞察模型，Air Max 還舉例說明了我們如何通過利用定性和定量的會員數據科學來介紹新產品，從而獲得更清晰、更有針對性的關注點。我們能夠問自己，我們想要服務的消費者是誰，他們在尋找什麼。

For example, the 270 has been a top 5 Air Max franchise for the past 5 years. But we heard from younger age groups that they want their own version, a more street-engineered durable shoe, one with a new lifestyle identity. This vision of building a future franchise for the next generation led us to create the Air Max Pulse with the broader goal of creating an entire portfolio of classics for this generation. The Pulse connects the 270-style Air bag with a brand-new upper, bold and versatile styling and new Air Max branding. The Pulse launches on Air Max Day next week, and we can't wait for consumers to give it a try.

例如，270 在過去 5 年中一直是 Air Max 的前 5 名。但我們從年輕群體那裡聽說，他們想要自己的版本，一種更加街頭設計的耐用鞋，一種具有新的生活方式特徵的鞋。這種為下一代打造未來特許經營權的願景促使我們創造了 Air Max Pulse，其更廣泛的目標是為這一代創造一整套經典產品組合。 Pulse 將 270 款氣囊與全新鞋面、大膽百搭的造型和全新 Air Max 品牌標識相結合。 Pulse 將於下週的 Air Max Day 發布，我們迫不及待地想讓消費者試一試。

Another Air Max model launching next week is the "Design by Japan" Air Max 1 '87. This women's exclusive model represents the first time our members influenced product creation using polling on the SNKRS app as well as local member polling data. With just a year from conception to delivery, we relied on our Express Lane capabilities to make and deliver the product in such a short turnaround. Members who participated will be the first targeted for the shoe, creating NIKE's first full circle insights-to-shopping experience. And this is only the first example of this kind of product creation, and we look forward to seeing what we can do next.

下週推出的另一款 Air Max 鞋款是“Design by Japan”Air Max 1 '87。這款女性專屬模型代表了我們的會員首次使用 SNKRS 應用程序上的投票以及本地會員投票數據來影響產品創作。從構思到交付僅用了一年時間，我們依靠我們的 Express Lane 能力在如此短的周轉時間內製造和交付產品。參與會員率先鎖定球鞋，打造NIKE首個全圈洞察到購物體驗。而這只是此類產品創建的第一個例子，我們期待看到接下來我們能做些什麼。

Overall, we're excited by how our focused approach to insights will fuel future growth. We're still in the early innings, and we're thrilled by the possibility ahead of us as we stay dedicated to listening to the athlete and leveraging membership data to inform future products and consumer experiences.

總的來說，我們對我們專注於洞察力的方法將如何推動未來增長感到興奮。我們仍處於早期階段，我們對未來的可能性感到興奮，因為我們一直致力於傾聽運動員的意見，並利用會員數據為未來的產品和消費者體驗提供信息。

Before I close, I want to mention that, in 2 days, on March 23, we'll release our fiscal '22 Impact Report. As you know, at NIKE, purpose is deeply ingrained in everything we do. For example, you read that we've given more than 375,000 girls expanded access to sport through our community partners. In addition, we've maintained one-to-one pay equity for women and U.S. racial and ethnic minorities internally while also helping the first of our suppliers' facilities achieve a gender equitable workplace with upward mobility for women.

在結束之前，我想提一下，在 2 天后，即 3 月 23 日，我們將發布我們的財政 '22 影響報告。如您所知，在 NIKE，宗旨深深植根於我們所做的一切。例如，您了解到我們已經通過我們的社區合作夥伴讓超過 375,000 名女孩有更多機會參與體育運動。此外，我們在內部為女性和美國種族和少數族裔保持了一對一的薪酬公平，同時還幫助我們的第一家供應商設施實現了性別平等的工作場所，並為女性提供了向上流動的機會。

As you recall, 2 years ago, we set new quantifiable ESG targets focusing on a wide range of priorities across people, planet and play. I encourage everyone to learn about the measurable progress we've made at purpose.nike.com as we continue to create long-term value by shaping a better future through sport.

您還記得，2 年前，我們設定了新的可量化 ESG 目標，重點關注人類、地球和遊戲領域的廣泛優先事項。我鼓勵大家了解我們在 purpose.nike.com 上取得的可衡量的進步，因為我們通過體育塑造更美好的未來，從而繼續創造長期價值。

In the end, we're redefining what's possible, thanks to our close connections with consumers and how those relationships make us better again and again. We're supercharging how we serve athletes around the world with innovative product, brand engagement and experiences at retail. This promises to be yet another incredible year for sport, and there's never been a better time to be in the business we're in. I could not be more excited about our future.

最後，由於我們與消費者的密切聯繫以及這些關係如何一次又一次地讓我們變得更好，我們正在重新定義什麼是可能的。我們正在通過創新產品、品牌參與度和零售體驗來增強我們為世界各地運動員提供服務的方式。這有望成為體育界又一個令人難以置信的一年，現在是從事我們所從事業務的最佳時機。我對我們的未來感到無比興奮。

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

有了這個，我會把電話轉給馬特。

Thanks, John, and hello to everyone on the call. NIKE's third quarter showed that in a dynamic environment, strong brands set the pace. Two quarters ago, we took clear and decisive action in response to changing marketplace and supply chain conditions. Our top priority was to strategically manage excess inventory and drive a quicker return to a healthy pull market, and our Q3 results prove that NIKE is leading the way.

謝謝，約翰，向通話中的每個人問好。 NIKE 第三季度表明，在充滿活力的環境中，強勢品牌引領潮流。兩個季度前，我們針對不斷變化的市場和供應鏈狀況採取了明確而果斷的行動。我們的首要任務是戰略性地管理過剩庫存並推動更快地回歸健康的拉動市場，我們第三季度的業績證明耐克處於領先地位。

NIKE is more agile, responsive and resilient than before the pandemic with operational capabilities and an experienced team that enable us to create competitive separation. While we may continue to face heightened volatility, we are confident in our ability to drive sustainable and more profitable growth.

與大流行之前相比，NIKE 更加敏捷、反應靈敏和有彈性，其運營能力和經驗豐富的團隊使我們能夠創造競爭優勢。儘管我們可能會繼續面臨更大的波動性，但我們對推動可持續和更有利可圖的增長的能力充滿信心。

Consumer demand for our portfolio of brands remains uniquely strong, fueling unit growth of approximately 10% despite increased macro uncertainty. NIKE, Jordan and Converse all drove double-digit currency-neutral growth this quarter. NIKE Direct outperformed with member buying frequency increasing and store sales growing across all geographies. Another quarter of industry-leading digital growth, up 24% in Q3, drove our digital share of business up to 27%. Our wholesale channel delivered a second straight quarter of outsized growth with a planned recapture of retail partner open to buy on improved inventory supply versus the prior year and strong consumer sell-through.

儘管宏觀不確定性增加，但消費者對我們品牌組合的需求仍然非常強勁，推動單位增長約 10%。耐克、喬丹和匡威本季度都推動了兩位數的貨幣中性增長。 NIKE Direct 表現出色，會員購買頻率增加，所有地區的門店銷售額都在增長。另一個季度行業領先的數字增長，第三季度增長 24%，推動我們的數字業務份額高達 27%。我們的批發渠道連續第二個季度實現超額增長，計劃重新獲得零售合作夥伴開放購買，因為與上一年相比庫存供應有所改善，消費者銷售強勁。

Revenue from performance dimensions grew double digits versus the prior year with strong momentum from the Phantom GX, Invincible 3, LeBron 20 and other new product innovations. Revenue from lifestyle dimensions also remained strong as consumers continue to shift wallet share towards sport-inspired products that provide innovation, comfort and style.

在 Phantom GX、Invincible 3、LeBron 20 和其他新產品創新的強勁推動下，性能維度的收入比上一年增長了兩位數。生活方式方面的收入也保持強勁，因為消費者繼續將錢包份額轉向提供創新、舒適和時尚的運動風格產品。

NIKE has been fueling this shift for more than 50 years, built on our passion for serving athletes. We have created the lifestyle around sport and have forged a deep connection to youth culture through our most iconic footwear franchises. Time and again, we take the consumer somewhere new. This quarter, we introduced new iterations of the Air Force 1 with Tiffany's, Undefeated and Drake. We drove energy around our top Jordan franchises with our latest Travis Scott AJ1 and a women's exclusive AJ4. We welcomed the year of the rabbit with a Dunk inspired by the iconic White Rabbit candy. We celebrated the NBA All-Star Game with an Air Force 1 Dunk and Blazer collection inspired by its host city. And we connected consumers to the Air Max 1 through craftsmanship, heritage storytelling and new modern renditions.

50 多年來，NIKE 一直在推動這一轉變，建立在我們為運動員服務的熱情之上。我們創造了圍繞運動的生活方式，並通過我們最具標誌性的鞋類特許經營權與青年文化建立了深厚的聯繫。我們一次又一次地把消費者帶到新的地方。本季度，我們推出了 Tiffany's、Undefeated 和 Drake 的新款 Air Force 1。我們通過最新的 Travis Scott AJ1 和女款專屬 AJ4 為我們的頂級 Jordan 系列注入活力。我們以標誌性的大白兔糖果為靈感，推出一款 Dunk 來迎接兔年。我們以舉辦城市為靈感的 Air Force 1 Dunk and Blazer 系列慶祝 NBA 全明星賽。我們通過工藝、傳承故事和新的現代演繹將消費者與 Air Max 1 聯繫起來。

The energy that we are creating for the consumer continues to set NIKE apart. Even in a promotional environment, full price sales remain strong. And for the seventh consecutive quarter, ASP growth was positive for NIKE, Inc. with benefits from strategic pricing, product mix and our shift to direct more than offsetting the short-term cost of promotions to liquidate excess inventory.

我們為消費者創造的活力繼續讓 NIKE 脫穎而出。即使在促銷環境中，全價銷售依然強勁。平均售價連續第七個季度對 NIKE, Inc. 有利，受益於戰略定價、產品組合以及我們轉向直接銷售以抵消清算過剩庫存的短期促銷成本。

In addition to driving strong top line results, we are making tremendous progress on inventory. Let me walk through a few key points. First, inventory dollars and units are down meaningfully from last quarter. In the third quarter, total inventory dollar growth was 16% year-over-year. In North America, inventory dollar growth was 14%. In Greater China, inventory dollars declined 4% versus the prior year, positioning us well for the momentum that we are creating in the China marketplace.

除了推動強勁的營收業績外，我們還在庫存方面取得了巨大進展。讓我來看看幾個關鍵點。首先，庫存美元和單位比上一季度大幅下降。第三季度，總庫存美元同比增長 16%。在北美，庫存美元增長率為 14%。在大中華區，庫存美元比上一年下降了 4%，這為我們在中國市場創造的勢頭做好了準備。

Next, we are making even greater progress where we are focused most. In Q3, total apparel units were down year-over-year as we continue our sharp focus on liquidating excess apparel inventory. In North America, apparel units were down high single digits.

接下來，我們將在我們最關注的領域取得更大進展。在第三季度，由於我們繼續密切關注清算過剩服裝庫存，服裝總銷量同比下降。在北美，服裝銷量下降了個位數。

Finally, we are confident looking ahead. With strong traffic and retail sales growth and reduced inventory buys for the spring and summer seasons, we are increasingly confident that we will exit the year with healthy inventories across the marketplace. In fact, given our brand momentum, we now intend to move through even more units by year-end than we had previously considered.

最後，我們充滿信心地展望未來。隨著客流量和零售銷售的強勁增長以及春季和夏季庫存購買量的減少，我們越來越有信心以整個市場的健康庫存結束這一年。事實上，鑑於我們的品牌勢頭，我們現在打算在年底前銷售比我們之前考慮的更多的單位。

Both transit and buying time lines continue to tighten towards pre-pandemic levels, and free cash flow accelerated this quarter through improvements in working capital. Along with an improving flow of seasonal supply, our decisive actions will enable NIKE to compete at its best, driving consumer energy through new product, seasonally relevant assortments and fresh storytelling and premium retail experiences. Regardless of the near-term uncertainty facing consumers, we will be prepared to lead and to operate from a position of strength.

運輸和購買時間線繼續向大流行前的水平收緊，本季度自由現金流通過改善營運資金而加速。隨著季節性供應流的改善，我們的果斷行動將使 NIKE 能夠發揮最佳競爭力，通過新產品、季節性相關的分類、新鮮的故事和優質的零售體驗來推動消費者的活力。無論消費者近期面臨的不確定性如何，我們都將準備好領導並從強勢地位運營。

Now let me turn to our NIKE, Inc. third quarter financial results. In Q3, NIKE, Inc. revenue grew 14% and 19% on a currency-neutral basis, with broad-based growth across brands, channels and geographies. NIKE Direct grew 22%, led by 24% growth in NIKE Digital and 19% growth in NIKE stores. Wholesale grew by 18%, driven by strong partner demand based on accelerating retail sales, higher shipments based on earlier supply availability and lower shipments in the prior year given supply constraints.

現在讓我談談我們的 NIKE, Inc. 第三季度財務業績。在第三季度，NIKE, Inc. 的收入在貨幣中性基礎上分別增長了 14% 和 19%，品牌、渠道和地區均實現了廣泛增長。 NIKE Direct 增長 22%，其中 NIKE Digital 增長 24%，NIKE 門店增長 19%。批發增長了 18%，這主要受零售銷售加速帶來的強勁合作夥伴需求、較早的供應可用性帶來的更高出貨量以及供應限制導致的上一年出貨量下降的推動。

Third quarter reported gross margins declined 330 basis points to 43.3% due to higher markdowns, increased product input costs, elevated freight and logistics expenses, including higher supply chain network costs in North America, partially offset by strategic pricing actions. This also includes approximately 140 basis points of impact from unfavorable changes in net foreign currency exchange rates.

第三季度報告的毛利率下降 330 個基點至 43.3%，原因是降價幅度加大、產品投入成本增加、運費和物流費用增加，包括北美供應鍊網絡成本增加，部分被戰略定價行動所抵消。這還包括約 140 個基點的淨外幣匯率不利變化的影響。

SG&A grew 15% in Q3 primarily due to wage-related expenses, variable NIKE Direct costs and increased demand creation expenses. Our effective tax rate for the quarter was 16% and substantially consistent to the same period as last year. Third quarter diluted earnings per share was $0.79.

SG&A 在第三季度增長了 15%，這主要是由於與工資相關的費用、可變 NIKE Direct 成本和增加的需求創造費用。我們本季度的有效稅率為 16%，與去年同期基本持平。第三季度每股攤薄收益為 0.79 美元。

Now let's review the operating segment results. In North America, we drove strong holiday sales with momentum continuing into the new calendar year. Q3 revenue grew 27% on a currency-neutral basis, with NIKE Direct up 23% and NIKE Digital up 25%. EBIT grew 23% on a reported basis.

現在讓我們回顧一下運營部門的結果。在北美，我們推動了強勁的假日銷售，勢頭持續到新的日曆年。在貨幣中性基礎上，第三季度收入增長 27%，其中 NIKE Direct 增長 23%，NIKE Digital 增長 25%。根據報告，息稅前利潤增長了 23%。

Consumer demand drove strong growth across performance and lifestyle. LeBron, Giannis and Luka grew high double digits, fueling market share gains in basketball. A strong Invincible 3 launch energized the marketplace, doubling digital sales compared to the Invincible 2. Air Max grew double digits, and the Jordan Brand kicked off its 23rd year, also known as Jordan Year with strong double-digit growth, incredible momentum, especially with women consumers and even greater potential with a path toward becoming the #2 footwear brand in North America.

消費者需求推動了性能和生活方式的強勁增長。勒布朗、揚尼斯和盧卡的增長率高達兩位數，推動了籃球市場份額的增長。 Invincible 3 的強勁發佈為市場注入了活力，與 Invincible 2 相比，數字銷售額翻了一番。Air Max 增長了兩位數，Jordan 品牌迎來了第 23 個年頭，也被稱為喬丹年，強勁的兩位數增長，令人難以置信的勢頭，尤其是與女性消費者以及更大的潛力一起成為北美第二大鞋類品牌。

Across the marketplace, we continue to capture opportunity with our growing digital advantage. Member moments throughout the quarter drove double-digit growth in repeat member buying. On the NIKE app, we integrated personalized product recommendations for members using available inventory to increase sell-through of key products. In addition, return on ad spend improved for another quarter as we test personalization and consumer experiences with activity and preference data.

在整個市場中，我們繼續利用我們不斷增長的數字優勢抓住機會。整個季度的會員時刻推動了重複會員購買的兩位數增長。在 NIKE 應用程序上，我們使用可用庫存為會員整合了個性化產品推薦，以增加關鍵產品的銷售率。此外，隨著我們使用活動和偏好數據測試個性化和消費者體驗，廣告支出回報率又一個季度有所提高。

In EMEA, we saw strong growth across all Western European markets, including positive trends in the U.K. Q3 revenue grew 26% on a currency-neutral basis, with NIKE Direct up 39% and NIKE Digital up 43%. EBIT grew 10% on a reported basis. New product innovation resonated deeply. Invincible 3 drove strong sell-through in NIKE Direct and with our retail partners. Our statement Go Leggings delivered positive early results with strong sales in NIKE Live and NIKE Rise doors where we've been able to create a unique retail experience for her.

在歐洲、中東和非洲，我們看到所有西歐市場都強勁增長，包括英國第三季度的積極趨勢，在匯率中性的基礎上增長了 26%，其中 NIKE Direct 增長了 39%，NIKE Digital 增長了 43%。息稅前利潤在報告基礎上增長了 10%。新產品創新引起廣泛共鳴。 Invincible 3 在 NIKE Direct 和我們的零售合作夥伴處推動了強勁的銷售。我們的聲明 Go Leggings 在 NIKE Live 和 NIKE Rise doors 銷售強勁，為她創造了獨特的零售體驗，帶來了積極的早期成果。

In football, we are gaining share with a very successful launch of the Phantom GX plus sustained momentum in the Mercurial franchise. We saw strong consumer response as we continue to transform the consumer journey in Digital. Traffic grew double digits with average order value growing mid-single digits and nike.com leading new member acquisition.

在足球領域，我們通過非常成功地推出 Phantom GX 以及 Mercurial 系列的持續發展勢頭獲得了市場份額。隨著我們繼續改變數字消費者的旅程，我們看到了消費者的強烈反響。流量增長兩位數，平均訂單價值增長中等個位數，nike.com 引領新會員獲取。

On the NIKE app, member engagement grew double digits with the new Jordan member home button driving the highest click-through rate ever on the app. We also continue to drive convenience and improve NIKE Digital profitability by expanding O2O services, optimizing last-mile delivery and reducing digital split shipments.

在 NIKE 應用程序上，會員參與度增長了兩位數，新的 Jordan 會員主頁按鈕推動了該應用程序上有史以來最高的點擊率。我們還通過擴展 O2O 服務、優化最後一英里交付和減少數字拆分發貨來繼續推動便利並提高 NIKE Digital 的盈利能力。

In Greater China, we drove top line growth despite another quarter of volatility. Q3 revenue grew 1% on a currency-neutral basis, declining 8% on a reported basis. NIKE Direct grew 3% on a currency-neutral basis with NIKE Digital declining 11% as consumer buying shifted to brick and mortar with the country's reopening. EBIT declined 10% on a reported basis.

在大中華區，儘管又經歷了一個季度的波動，我們仍推動了營收增長。第三季度收入在貨幣中性基礎上增長 1%，在報告基礎上下降 8%。 NIKE Direct 在貨幣中性的基礎上增長了 3%，而 NIKE Digital 下降了 11%，因為隨著該國的重新開放，消費者購買轉向了實體店。根據報告，息稅前利潤下降了 10%。

In December, we managed through disruption from the country's shift in COVID policies with widespread door closures. Starting in January, we began to see a rebound in brick-and-mortar traffic with strong retail momentum around Chinese New Year accelerating into February, especially as our clean inventory position enabled us to serve consumers with fresh seasonal assortments.

去年 12 月，我們成功度過了該國 COVID 政策轉變帶來的大範圍關門帶來的干擾。從 1 月開始，我們開始看到實體客流量反彈，中國農曆新年前後零售勢頭強勁，並加速到 2 月，尤其是我們乾淨的庫存狀況使我們能夠為消費者提供新鮮的季節性商品。

Throughout the quarter, we gained traction in some of our most important business dimensions. Performance footwear outpaced lifestyle with running up double digits, led by the Invincible 3. Meanwhile, in basketball, LeBron 20 and the G.T. Series resonated deeply with energy around our local Space Maker Summit and Jordan Brand's China High School Basketball League All-Star Weekend. Growth in Kids surpassed other consumer segments with positive response to hyperlocal collections, such as our Chinese New Year Leap High Express Lane pack.

在整個季度中，我們在一些最重要的業務方面獲得了關注。在 Invincible 3 的帶領下，高性能鞋類以兩位數的速度超越了生活方式。與此同時，在籃球方面，LeBron 20 和 G.T.圍繞我們當地的 Space Maker Summit 和 Jordan Brand 的中國高中籃球聯賽全明星周末，系列與能量產生了深刻的共鳴。兒童市場的增長超過了其他消費群體，對超本地化系列產品的積極反應，例如我們的農曆新年 Leap High Express Lane 套裝。

We are optimistic as our business momentum continues to build. In Beijing, NIKE's brand strength is deepening, extending our lead as the #1 cool and favorite brand. We are also seeing the benefits of a more local operating model as we have made investments over the past 2 years to serve the marketplace's unique needs. Long term, we are confident that the fundamentals of growth for NIKE in China remains strong.

隨著我們的業務勢頭不斷增強，我們感到樂觀。在北京，NIKE 的品牌實力不斷增強，擴大了我們作為最酷和最受歡迎品牌第一名的領先優勢。我們還看到了更加本地化的運營模式的好處，因為我們在過去 2 年中進行了投資以滿足市場的獨特需求。從長遠來看，我們相信耐克在中國的增長基礎依然強勁。

Finally, in APLA, NIKE's brand momentum continues to fuel strong growth. Q3 revenue grew 15% on a currency-neutral basis, including approximately 8 percentage points of headwind due to the first full quarter of impact from the transition of our Chile, Argentina and Uruguay businesses to a distributor model. NIKE Direct was up 22% with NIKE Digital growing 23%. EBIT grew 1% on a reported basis. Football grew double digits with a successful Phantom GX launch, strong sales for the Men's World Cup in December, and excitement building for the Women's World Cup this summer. In Running, we saw strong momentum across our top footwear franchises, including double-digit growth for Invincible, Infinity and Pegasus. And in fitness, the Metcon Free continues to win with consumers, growing triple digits.

最後，在 APLA，NIKE 的品牌勢頭繼續推動強勁增長。在貨幣中性的基礎上，第三季度收入增長了 15%，其中包括由於我們的智利、阿根廷和烏拉圭業務向分銷商模式轉型的第一個完整季度的影響而帶來的約 8 個百分點的逆風。 NIKE Direct 增長 22%，NIKE Digital 增長 23%。息稅前利潤在報告基礎上增長了 1%。隨著 Phantom GX 的成功發布、12 月男子世界杯的強勁銷售以及今年夏天女子世界杯的熱火朝天，足球運動實現了兩位數的增長。在跑步方面，我們看到了我們頂級鞋類特許經營權的強勁勢頭，包括 Invincible、Infinity 和 Pegasus 的兩位數增長。在健身方面，Metcon Free 繼續贏得消費者的青睞，增長了三位數。

We also continue to accelerate opportunity in this geography through marketplace innovation. This quarter, we expanded Express Lane to bring more hyperlocal product to consumers. In March, we introduced the NIKE App in Korea, which launched as the #1 free shopping app in one of our most digitally connected markets. And later this week, we'll open our newest World of Flight door in Tokyo, expanding the Jordan Brand's international growth.

我們還通過市場創新繼續在該地區加速發展機遇。本季度，我們擴展了 Express Lane，為消費者帶來更多超本地化產品。 3 月，我們在韓國推出了 NIKE 應用程序，該應用程序在我們數字化程度最高的市場之一推出時成為排名第一的免費購物應用程序。本週晚些時候，我們將在東京開設我們最新的飛行世界大門，擴大 Jordan 品牌的國際增長。

I will now turn to our financial outlook for fiscal '23. To date, we continue to see uniquely strong consumer demand as our product innovation, brand storytelling and consumer connections drive distinction and growth in the marketplace. That being said, we are closely monitoring the building pressure on consumer confidence and the uncertainties of the macro environment. We continue to take a cautious approach in planning our business, leading with intentional financial and operational guardrails. And looking ahead, we will continue to transform our operating model, unlocking speed, agility and efficiency with an improved marginal cost of growth.

我現在將轉向我們對 23 財年的財務展望。迄今為止，隨著我們的產品創新、品牌故事講述和消費者聯繫推動市場差異化和增長，我們繼續看到獨特而強勁的消費者需求。儘管如此，我們正密切關註消費者信心的建立壓力和宏觀環境的不確定性。我們在規劃我們的業務時繼續採取謹慎的態度，以有意的財務和運營護欄為先導。展望未來，我們將繼續轉變我們的運營模式，通過提高增長的邊際成本來釋放速度、敏捷性和效率。

As a result of our strong Q3 performance, we now expect fiscal '23 reported revenue to grow high single digits, an improvement from mid-single-digit guidance in the prior quarter with approximately 600 basis points of foreign exchange headwinds. For the fourth quarter, this translates into flat to low single-digit revenue growth.

由於我們第三季度的強勁表現，我們現在預計 23 財年報告的收入將增長高個位數，比上一季度的中個位數指導有所改善，外匯逆風約為 600 個基點。對於第四季度，這轉化為持平或較低的個位數收入增長。

Remember, more than 6 months ago, we strategically reduced our inventory commitments for the spring and summer seasons to ensure that both NIKE and our partners can work through excess and early arriving inventory. As a result, we expect wholesale revenue growth to moderate for the next few quarters.

請記住，6 個多月前，我們戰略性地減少了春季和夏季的庫存承諾，以確保 NIKE 和我們的合作夥伴都能解決過剩和提前到貨的庫存。因此，我們預計未來幾個季度批發收入增長將放緩。

We expect fiscal '23 gross margin to decline approximately 250 basis points, at the low end of our previous guidance range. This reflects ongoing and accelerated actions to reduce inventory by year-end, elevated freight and logistics expenses, including higher supply chain network costs in North America and 100 basis points of foreign exchange headwinds. For the full year, we expect SG&A to grow approximately 10%. We continue to expect our tax rate to be in the high teens range. And consistent with my approach over the past few years, I will provide specific guidance for fiscal '24 on our next earnings call.

我們預計 23 財年毛利率將下降約 250 個基點，處於我們之前指導範圍的低端。這反映了年底前減少庫存的持續和加速行動、運費和物流費用增加，包括北美供應鍊網絡成本增加和 100 個基點的外匯逆風。對於全年，我們預計 SG&A 將增長約 10%。我們繼續預計我們的稅率將處於十幾歲的高水平。與我過去幾年的做法一致，我將在下次財報電話會議上為 24 財年提供具體指導。

In this environment, what sets NIKE apart is our portfolio of leading brands, our proven playbook and a team and culture of innovation that continues to deliver. We have managed through cycles like this before, and we will be well prepared for the volatility that is in front of us.

在這種環境下，讓 NIKE 脫穎而出的是我們的領先品牌組合、我們行之有效的策略以及不斷提供創新的團隊和文化。我們以前經歷過這樣的周期，我們將為擺在我們面前的波動做好充分準備。

With that, let's open up the call for questions.

有了這個，讓我們打開問題的電話。

(Operator Instructions) We will go first to Matthew Boss, JPMorgan.

（操作員說明）我們將首先聯繫摩根大通的 Matthew Boss。

Great. Congrats on a very nice quarter and progression with all of your priorities. So John, maybe as you break down underlying drivers of the current business momentum, could you just speak to market share acceleration opportunities that you see across running, basketball and women's? As from your tone, the forward-looking product pipeline sounds pretty robust. And then just, Matt, with increased confidence in the inventory on track to finish the year in a healthy position, help us to think about the timing or magnitude of margin headwinds from this year turning to tailwinds as we look forward?

偉大的。祝賀一個非常好的季度和所有優先事項的進展。所以約翰，也許當你分解當前商業勢頭的潛在驅動因素時，你能否談談你在跑步、籃球和女子運動中看到的市場份額加速機會？從你的語氣來看，前瞻性的產品線聽起來非常穩健。然後，馬特，隨著對庫存的信心增加，以健康的方式結束今年，幫助我們考慮從今年開始的利潤逆風轉向順風的時間或幅度，正如我們期待的那樣？

Yes. Matt, so we feel very good about our ability to accelerate share in each of the 3 areas you mentioned and more broadly, and we feel very good about our product pipeline. Let me just briefly touch on the 3 areas you mentioned. Just -- let me start with running. As you know, we segment running into 3 segments based on consumer insights, racing where we continue to dominate race day with the NEXT% platform, trail where we're gaining share as we speak with shoes such as the Peg Trail 4 and other very innovative models.

是的。馬特，所以我們對我們在您提到的 3 個領域中的每一個領域以及更廣泛的領域加快份額的能力感到非常滿意，我們對我們的產品管道感到非常滿意。讓我簡單談談你提到的三個方面。只是 - 讓我從跑步開始。如您所知，我們根據消費者洞察力將跑步分為 3 個部分，在比賽中我們繼續以 NEXT% 平台主導比賽日，在越野賽中我們通過 Peg Trail 4 等鞋子獲得市場份額創新模式。

And then in road racing, as you know, we've really refocused over the past 6 to 12 months around 6 models. And in Q3, we launched the Invincible 3, which both Matt and I mentioned, was very well received in all 4 geographies across all of our channels, our direct channels, wholesale partners like DICK'S as well as running specialty doors. And so the Invincible we just launched, we see a lot of legs left with Invincible in the coming quarters and years. And then in the next 6 to 12 months, we'll do major updates to the other 5 road running models, where we're taking some of the innovations from our racing platform and putting them in for everyday runners, very strong innovations around foams and other materials. So running is a very important priority for us, and we see some share gains currently and in road running a lot of focus in the coming 6 to 12 to 18 months.

然後在公路賽車中，如你所知，在過去的 6 到 12 個月裡，我們真的重新關注了 6 個模型。在第三季度，我們推出了 Matt 和我都提到的 Invincible 3，在我們所有渠道、我們的直接渠道、DICK'S 等批發合作夥伴以及運行專業門的所有 4 個地區都非常受歡迎。因此，我們剛剛推出的 Invincible，在接下來的幾個季度和幾年裡，我們看到 Invincible 留下了很多腿。然後在接下來的 6 到 12 個月內，我們將對其他 5 款公路跑步模型進行重大更新，我們將從我們的賽車平台中汲取一些創新，並將它們應用到日常跑步者中，圍繞泡沫進行非常強大的創新和其他材料。因此，跑步對我們來說是一個非常重要的優先事項，我們看到目前有一些份額增長，並且在未來 6 到 12 到 18 個月內，路跑將成為很多關注點。

Basketball, as I mentioned in my remarks, our signature portfolio, I don't think it's ever been stronger, and it's refreshed. You take LeBron, Giannis, KD, new next-gen stars like Ja, Devin Booker, Sabrina. In Jordan, we've got Zion, Luka, Tatum. And by the way, the return of the Kobe. And then our G.T. Series will have major updates in each of the run, cut and jump silos. So our basketball portfolio is almost an embarrassment of riches that we want to continue driving through the marketplace in the coming 6 to 12 months.

籃球，正如我在發言中提到的，我們的標誌性產品組合，我認為它從未如此強大，並且煥然一新。你有勒布朗、揚尼斯、杜蘭特，以及像賈、德文布克和薩布麗娜這樣的下一代新星。在約旦，我們有錫安、盧卡和塔圖姆。順便說一下，科比的回歸。然後是我們的 G.T.系列將在每個運行、剪切和跳躍筒倉中進行重大更新。因此，我們的籃球產品組合幾乎是財富的尷尬，我們希望在未來 6 到 12 個月內繼續推動市場發展。

And then women's, we're really encouraged by Early Reception of Go and Zenvy and Alate, the Go and Zenvy leggings, the Alate bras And we're encouraged by the pipeline. In fact, coincidentally, this week, we've got several hundred of our global leaders on campus planning our spring '24 season, which is, in essence, January through March of next year, next calendar year. And I've got to tell you the breadth and depth -- while we can't talk about specifics now, the breadth and depth of the innovation pipeline is really strong.

然後是女性，我們對 Go 和 Zenvy 和 Alate 的早期接收、Go 和 Zenvy 緊身褲、Alate 文胸感到非常鼓舞，我們對管道感到鼓舞。事實上，巧合的是，本週，我們的數百名全球領導者都在校園裡規劃我們的 24 世紀春季，實質上是明年 1 月到 3 月，下一個日曆年。我必須告訴你廣度和深度——雖然我們現在不能談論具體細節，但創新渠道的廣度和深度確實很強。

And what's clear is as we return to the office, as our teams are now back together in person, that NIKE magic of consumer insight driving product innovation, combined with storytelling, combined with the marketplace, is really picking up steam. So I'd say we're feeling very good about the future on the product pipeline front.

很明顯，當我們回到辦公室時，因為我們的團隊現在親自回到一起，耐克消費者洞察力推動產品創新的魔力，結合講故事，結合市場，真的在加速發展。所以我想說我們對產品管道方面的未來感覺非常好。

And I'll just jump in, Matt, on inventory. We've made tremendous progress on inventory. And 2 quarters ago, you'll recall, we made clear -- set clear goals and decisive actions in response to changing conditions in the supply chain and the marketplace. And we've been able to leverage our brand momentum into and through the holiday season and continue to be able to sustain it into spring. And we're increasingly confident that we're going to exit fiscal year '23 with healthy inventory levels across the marketplace, across channels in the marketplace. And in fact, I mentioned in my prepared remarks that within the financial parameters that we had set 2 quarters ago, we're going to exit with even leaner inventory than we had anticipated given the momentum that we're seeing.

我只是跳進去，馬特，庫存。我們在庫存方面取得了巨大進步。兩個季度前，你會記得，我們明確了——設定明確的目標和果斷的行動，以應對供應鍊和市場不斷變化的條件。我們已經能夠利用我們的品牌勢頭進入和度過假期，並繼續能夠將其維持到春季。而且我們越來越有信心，我們將以整個市場、跨市場渠道的健康庫存水平退出 23 財年。事實上，我在準備好的發言中提到，在我們兩個季度前設定的財務參數範圍內，鑑於我們所看到的勢頭，我們將以比預期更精簡的庫存退出。

As it relates to the impact on gross margins and fiscal year '24, I mentioned that next quarter I'll provide full and complete guidance. But what I will tell you is that we've been talking about 350 basis points of transitory cost headwinds in our gross margins over the past 2 years between elevated ocean freight and logistics and then the promotions required to move through excess and early arriving inventory. And we expect that those transitory headwinds will begin to recover in fiscal year '24, and I'll give specific guidance about how much next quarter.

由於它涉及對毛利率和 24 財年的影響，我提到下個季度我將提供全面和完整的指導。但我要告訴你的是，在過去的兩年裡，我們一直在談論我們的毛利率在高架海運和物流之間的 350 個基點的暫時性成本逆風，然後是通過過剩和提前到達庫存所需的促銷活動。我們預計這些暫時的不利因素將在 24 財年開始恢復，我將在下個季度給出具體指導。

Next, we'll take a question from Omar Saad, Evercore Partners.

接下來，我們將回答來自 Evercore Partners 的 Omar Saad 的問題。

I'd love to ask my question on China. Maybe you could dive in a little bit deeper on the outlook for the recovery there, maybe across a few different dimensions, the consumer recovery, how the consumer is behaving, what you're seeing there, the competitive landscape, especially vis-a-vis locals, which may have taken some share and then also the marketing landscape. Are you having unfettered access to all the different marketing channels that you need to, to resonate with the consumers?

我很想問我關於中國的問題。也許你可以更深入地探討那裡的複蘇前景，也許跨越幾個不同的維度，消費者復蘇，消費者的行為方式，你在那裡看到的，競爭格局，尤其是相對於 -與當地人相比，這可能已經佔據了一些份額，然後也是營銷格局。您是否可以不受限制地訪問您需要的所有不同營銷渠道，以引起消費者的共鳴？

Yes. Omar, bottom line is we feel good about our momentum in China. And that's both Q3, where you saw in a post-lockdown environment growth really pick up the second month of the quarter, and our inventory is in a very healthy position. But even more importantly and to the -- some of your specifics, we look going forward, the fundamentals of this market are good, right? It is a large -- it is a very large market that's growing. Sport and wellness is a key trend and tailwind there. There's a desire for innovation and style. And the key to winning in this market is, simply put, having great innovation and connecting with Chinese consumers in a locally relevant way. And so that's what we're doing.

是的。奧馬爾，底線是我們對在中國的發展勢頭感到滿意。這就是第三季度，您在鎖定後的環境中看到本季度第二個月的增長真正回升，我們的庫存處於非常健康的狀態。但更重要的是——你的一些具體細節，我們期待未來，這個市場的基本面很好，對吧？這是一個很大的——這是一個正在增長的非常大的市場。運動和健康是那裡的主要趨勢和順風。人們渴望創新和風格。簡而言之，要贏得這個市場，關鍵在於要有出色的創新，並以符合當地情況的方式與中國消費者建立聯繫。這就是我們正在做的。

On the great innovation front, our product innovation is resonating with the Chinese consumer, and it's a nice blend of global platforms like the LeBron 20; the G.T. Cut, which, by the way, was very well received in China; the Invincible, our lifestyle franchises, along with hyperlocal innovations through our gel of the examples, the Chinese New Year pack or we did a Year of the Rabbit pack focused on Gen Z and Gen Alpha that's really resonating with that constituency, and we're really focused on those younger consumers in China.

在偉大的創新方面，我們的產品創新引起了中國消費者的共鳴，它很好地融合了像 LeBron 20 這樣的全球平台； G.T. Cut，順便說一句，在中國很受歡迎；無敵，我們的生活方式特許經營權，以及通過我們的示例凝膠進行的超本地化創新，中國新年包或者我們做了一個專注於 Z 世代和 Alpha 世代的兔年包，這真的引起了該選區的共鳴，我們是真正專注於中國的年輕消費者。

And our brand strength, I think Matt mentioned this in his remarks, is growing. We're #1 cool and favorite brand. That gap widened in Q3 in Beijing. And it's an environment where 6,000 monobrand stores are a real advantage. And so we're going to continue to invest in China for China. We have a great team there. We were delighted that they were able to come -- we got to see them in person for the first time this quarter in 3 years, and they are very optimistic and excited about our future.

而我們的品牌實力，我想馬特在他的發言中提到了這一點，正在增長。我們是#1 最酷和最喜愛的品牌。在北京，這一差距在第三季度擴大了。在這樣的環境中，6,000 家專賣店是真正的優勢。因此，我們將繼續為中國在中國投資。我們那裡有一支很棒的團隊。我們很高興他們能夠來——我們在本季度 3 年來第一次見到他們，他們對我們的未來非常樂觀和興奮。

We're building, as you talk about hyperlocal product and storytelling ability. And that enables us to -- for the first time, we have locally driven apps there and our ability to do rapid storytelling there. And our tech stack is increasingly China for China. So there's really not been a time when we can serve consumers in China in a more agile and personalized way. And that is helping our competitive position in China. So we're very focused on it and very -- feel very good about our momentum.

當您談論超本地產品和講故事的能力時，我們正在建設。這使我們能夠——第一次，我們在那裡擁有本地驅動的應用程序，並且我們有能力在那裡快速講故事。我們的技術棧越來越中國化。因此，我們真的從來沒有以更靈活、更個性化的方式為中國消費者提供服務。這有助於我們在中國的競爭地位。所以我們非常專注於它並且非常 - 對我們的勢頭感覺非常好。

Yes. And Omar, I just would add on some of the monthly trends that I commented on in my script that, in December, we talked about the shift in COVID policy and the impact that, that had both on the amount of doors that were open and retail traffic. And our business in December was down high single digits.

是的。奧馬爾，我只想補充一些我在腳本中評論的月度趨勢，在 12 月，我們討論了 COVID 政策的轉變及其對開門數量和影響的影響零售流量。我們 12 月份的業務下降了高個位數。

We flipped to growth in January, and we saw a rebound in brick-and-mortar traffic and strong retail sales performance. And then in the month of February, we saw our momentum accelerate even further relative to January. And that's with comping the 9-month comp of Lunar New Year in the prior year.

我們在 1 月份轉向增長，我們看到了實體店客流量的反彈和強勁的零售銷售業績。然後在 2 月份，我們看到我們的勢頭相對於 1 月份進一步加速。那是在前一年的農曆新年的 9 個月的補償。

So when we look at our inventory position being down again this year versus -- or this quarter, I should say, versus prior year for the second straight quarter, the fundamentals are there for us to continue the momentum that we've been talking about for several quarters. And we absolutely expect that China continues to be a growth opportunity for NIKE.

因此，當我們看到今年我們的庫存狀況再次下降——或者本季度，我應該說，連續第二個季度與去年同期相比，基本面可以讓我們繼續保持我們一直在談論的勢頭幾個季度。我們絕對希望中國繼續成為耐克的增長機會。

And your next question comes from Paul Lejuez, Citigroup.

你的下一個問題來自花旗集團的 Paul Lejuez。

Paul Lejuez. Can you give us an update on your shared apps and the partnerships that you've developed with certain retailers? Are they progressing as planned? And what are your thoughts on linking up with any new partners in the future?

保羅·萊胡埃茲。您能否向我們介紹一下您的共享應用程序以及您與某些零售商建立的合作夥伴關係的最新情況？他們是否按計劃進行？您對未來與任何新合作夥伴建立聯繫有何看法？

Yes, Paul, as you know, our whole marketplace strategy is to allow consumers to get what they want, when they want, how they want it across our own digital, across our own retail and across our wholesale partners, all tied together with our membership program, which is 150 million active members. And this notion of connected membership with our wholesale partners is really beginning to bear fruit. And some of the early examples with, let's say, DICK'S, you're seeing examples where we can provide a personalized experience to a shared NIKE and DICK'S member in a way they can't get elsewhere that benefits us and benefits DICK'S.

是的，保羅，正如你所知，我們的整個市場戰略是讓消費者在他們想要的時候、以他們想要的方式獲得他們想要的東西，通過我們自己的數字、我們自己的零售和我們的批發合作夥伴，所有這些都與我們聯繫在一起會員計劃，即 1.5 億活躍會員。這種與我們的批發合作夥伴建立聯繫的會員資格的概念真正開始見效。還有一些早期的例子，比方說，DICK'S，你看到的例子是我們可以為共享的 NIKE 和 DICK'S 會員提供個性化體驗，這種方式他們無法在其他地方獲得，這對我們和 DICK'S 都有利。

So a simple example might be, I guess, baseball season is about to be upon us. And so we can find a baseball consumer, a DICK'S consumer who is a baseball consumer, and we can send an e-mail focused on NIKE's baseball cleats, along with DICK'S -- a bat and a mitt. And consumers are responding to that very personalized messaging from NIKE and DICK's.

所以一個簡單的例子可能是，我想，棒球賽季即將來臨。因此，我們可以找到一個棒球消費者，一個是棒球消費者的 DICK'S 消費者，我們可以發送一封電子郵件，重點介紹 NIKE 的棒球鞋，以及 DICK'S——球棒和手套。消費者正在響應來自 NIKE 和 DICK 的非常個性化的信息。

And so clear early positive benefits for both. I think our Chinese partners and JD and others are feeling the same. So we'll continue to expand that in a very thoughtful way with our other strategic wholesale partners. And again, I think it gives us a competitive advantage of being able to serve consumers across multiple channels and having the largest and most engaged membership program in the industry.

如此明顯的早期積極利益對雙方都有利。我想我們的中國合作夥伴和京東等也有同感。因此，我們將繼續以非常周到的方式與我們的其他戰略批發合作夥伴一起擴展它。而且，我認為它給我們帶來了競爭優勢，能夠跨多個渠道為消費者提供服務，並擁有業內規模最大、參與度最高的會員計劃。

Our next question comes from Alex Straton, Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Alex Straton。

Great. And congrats on another really great quarter. I saw that you guys took the SG&A guide up a bit for the full year. So I'm just wondering, can you just review what's driving that? And should we think about that as moderating next year? Or what are your priorities going forward?

偉大的。祝賀又一個非常棒的季度。我看到你們整年都提高了 SG&A 指南。所以我只是想知道，你能回顧一下是什麼推動了它嗎？我們是否應該將其視為明年的緩和？或者你的優先事項是什麼？

Then just one quick second one. I think you mentioned numerous quarters of ASP growth that you guys have posted. How much pricing have you taken versus pre-COVID levels? And are you expecting to take more in the upcoming seasons? Or how should we think about that?

然後只是一個快速的第二個。我想你們提到了你們發布的 ASP 增長的許多季度。與 COVID 之前的水平相比，您採取了多少定價？您是否希望在即將到來的季節中獲得更多？或者我們應該如何考慮？

Sure, Alex. Well, we wanted to sharpen our guidance as we finished the fiscal year. But maybe to take a step back for a second as it relates to SG&A, we started the year with an SG&A guide of high single digits to low double-digit growth. And at the end of the first quarter, when we saw the change in conditions, we decided that we were going to prioritize our efforts around inventory liquidation and getting back to a healthy pull market. And so what we said was that we were going to prioritize the investments that we've been making for several years in our consumer-led digital transformation, the capabilities and the ways of working that are enabling us to create a new operating model for NIKE. And we would manage expense growth tightly, and we would reduce our planned head count growth.

當然，亞歷克斯。好吧，我們希望在本財年結束時加強我們的指導。但也許退後一步，因為它與 SG&A 相關，我們在今年年初以高個位數到低兩位數增長的 SG&A 指南開始。在第一季度末，當我們看到情況發生變化時，我們決定優先考慮清算庫存和恢復健康的拉動市場。因此，我們所說的是，我們將優先考慮我們多年來在以消費者為主導的數字化轉型中所做的投資，以及使我們能夠為 NIKE 創建新運營模式的能力和工作方式.我們將嚴格管理費用增長，我們將減少計劃的員工人數增長。

And we've absolutely done that over the last 2 quarters and feel very good about the momentum that we've been making with regards to ensuring that our resources are flowing towards the priorities that we have. And we've got some exciting things that are going to land from a transformation perspective in the next 6 months.

我們在過去兩個季度絕對做到了這一點，並且對我們在確保我們的資源流向我們擁有的優先事項方面所取得的勢頭感到非常滿意。在接下來的 6 個月裡，我們將從轉型的角度來看一些令人興奮的事情。

When you step back even further, our revenue guidance at that point in time was for low single-digit to mid-single-digit revenue growth. And given the brand momentum that we're seeing, our updated revenue guidance now being high single-digit revenue growth, I'm actually quite proud that we've been able to manage expense growth on a variable basis even as we've seen our revenue continue to increase. And that focus and attention on expense growth or managing expense growth and head count growth, we definitely intend to carry into our next fiscal year.

當您進一步退後一步時，我們當時的收入指導是低個位數到中個位數的收入增長。鑑於我們看到的品牌勢頭，我們更新的收入指導現在是高個位數的收入增長，我實際上非常自豪我們能夠在可變的基礎上管理費用增長，即使我們已經看到我們的收入繼續增加。而對費用增長或管理費用增長和員工人數增長的關注和關注，我們絕對打算延續到下一個財政年度。

As it relates to your question about ASPs and pricing, we've increased prices this year mid-single digits on average across our portfolio. As I think I've said in prior quarters, it wasn't a peanut butter across every product and style. It was a surgical approach, but on average, it averages out to mid-single-digit growth.

由於它與您關於 ASP 和定價的問題有關，我們今年將整個產品組合的價格平均提高了個位數。正如我想我在前幾個季度所說的那樣，它並不是所有產品和風格的花生醬。這是一種手術方法，但平均而言，它平均實現了中個位數的增長。

As we look ahead to next year, we're absolutely continually looking at the profitability of our product. We're looking at inflationary costs in supply chain and also inflationary costs that are impacting the make of our product. And we will continue to focus on managing those levers together in order to try to drive profitable growth going forward. I'll give you more guidance next quarter on the specifics, but that's absolutely our strategy and the way that we've been managing product pricing and margin for many, many years.

展望明年，我們絕對會持續關注我們產品的盈利能力。我們正在研究供應鏈中的通貨膨脹成本以及影響我們產品製造的通貨膨脹成本。我們將繼續專注於共同管理這些槓桿，以努力推動未來的盈利增長。下個季度我會給你更多關於細節的指導，但這絕對是我們的戰略，也是我們多年來管理產品定價和利潤的方式。

Bob Drbul from Guggenheim is up next.

接下來是古根海姆的 Bob Drbul。

Just a couple of questions on inventory. You made a lot of progress with your numbers. Can you talk about -- 2 pieces I'm interested in, wholesale inventories, meaning at the wholesale level at your retail partners, where you see the channels, specifically in North America, maybe even in Europe. And then on the apparel side, that's been where you had a lot of excess inventory. Just wanted to understand your sort of learnings from working through all the apparel. And maybe you could give us an updated outlook on how you think apparel is positioned over the next few quarters in the pipeline there.

關於庫存的幾個問題。你在數字方面取得了很大進步。你能談談 - 我感興趣的 2 件，批發庫存，意思是在你的零售合作夥伴的批發層面，你可以看到渠道，特別是在北美，甚至可能在歐洲。然後在服裝方面，那裡有大量過剩庫存。只是想了解您從所有服裝中學到的東西。也許您可以向我們提供最新的展望，說明您認為服裝在未來幾個季度中的定位如何。

Sure, Bob. Well, as it relates to inventories across the overall marketplace, when we set the actions that we put into place 2 quarters ago, that was across channels with partners and NIKE Direct. And given the momentum that we're seeing and the momentum that we saw from the holiday season heading into holiday and into spring, we had very specific plans with our partners in order to balance promotions across the marketplace in order to be able to move inventory on slower moving products and also, in particular, as it relates to apparel, to be more aggressive in order to be able to address some of the late-arriving seasonal product, which was part of our challenge at the beginning. And we've made great progress on it.

當然，鮑勃。好吧，因為它與整個市場的庫存有關，當我們設定 2 個季度前採取的行動時，這是與合作夥伴和 NIKE Direct 跨渠道進行的。鑑於我們看到的勢頭以及從假期到假期和春季的勢頭，我們與合作夥伴制定了非常具體的計劃，以平衡整個市場的促銷活動，以便能夠轉移庫存在銷售較慢的產品上，尤其是與服裝相關的產品上，我們要更加積極，以便能夠解決一些遲到的季節性產品，這是我們一開始面臨的挑戰的一部分。我們在這方面取得了很大進展。

So when we look across our wholesale partners or the wholesale channel, I should say, North America and EMEA overall, and we look at the rate of sales that we're seeing in those channels, we feel very good about the progress that we and our partners have made. And in fact, this quarter, our retail sales to the consumer in the wholesale side was larger than our sell-in. So we feel very good about our progress there.

因此，當我們審視我們的批發合作夥伴或批發渠道時，我應該說，北美和 EMEA 總體而言，我們看看我們在這些渠道中看到的銷售率，我們對我們和我們的合作夥伴已經做到了。事實上，本季度，我們在批發方面對消費者的零售額大於我們的銷售量。因此，我們對我們在那裡取得的進展感到非常滿意。

As it relates to specifics in apparel, I think that one of the biggest learnings we had was after our factories closed in the fall -- or in the late summer and early fall of last year, we decided to continue to carry forward with making late product because there was so much constraint in the marketplace. And I think in hindsight, that was -- we would take a do-over on that one and focus on getting seasonally right product in front of the consumer.

由於它涉及到服裝的具體細節，我認為我們最大的收穫之一是我們的工廠在秋季關閉後——或者在去年夏末和初秋，我們決定繼續推進後期製作產品，因為市場上有太多的限制。我認為事後看來，那是——我們將重做那個，專注於在消費者面前提供季節性合適的產品。

And what I would tell you is that the benefit of us moving so fast against the excess and early arriving inventory that we've had is that we're now actually watching the timing of delivery of current season product up significantly versus prior quarters and now starting to rival the levels of deliveries that we were seeing in pre pandemic. And so having the right assortment, the right colors, the right materials, the right stories at retail is NIKE -- it creates competitive advantage for NIKE because we can pull the consumer experience together in a way that is very difficult to match.

我要告訴你的是，我們如此快速地應對我們擁有的過剩和提前到達的庫存的好處是，我們現在實際上正在觀察當季產品的交付時間與前幾個季度相比顯著加快，現在開始與我們在大流行前看到的交付水平相媲美。因此，擁有正確的分類、正確的顏色、正確的材料、正確的零售故事是耐克——它為耐克創造了競爭優勢，因為我們可以以一種很難匹配的方式將消費者體驗整合在一起。

Yes, I'll just build on that. The learning is don't have a supply chain crisis in a highly seasonal business. But I referenced earlier, Matt and I were overseeing our spring '24. Again, that's 6 months -- 6 to 9 months away. And you just see when you have the right assortments in apparel and the right colors coming together in the right way, it's very powerful. And so the pipeline there looks very exciting.

是的，我將以此為基礎。學習是在高度季節性的業務中沒有供應鏈危機。但我之前提到過，馬特和我正在監督我們的 24 年春季。同樣，那是 6 個月——還有 6 到 9 個月。當你擁有正確的服裝分類和正確的顏色以正確的方式組合在一起時，你就會看到它非常強大。所以那裡的管道看起來非常令人興奮。

Your next question comes from Aneesha Sherman, Bernstein.

你的下一個問題來自伯恩斯坦的 Aneesha Sherman。

I'm curious to know a little bit more about your trends through the quarter in China. I know you talked about December being a really tough month. Would it be possible for you to talk about December versus 2023 in terms of how the quarter behaved and possibly the exit rate out of the quarter so we can get a sense of how demand is trending at the moment?

我很想知道更多關於你們整個季度在中國的趨勢。我知道你談到 12 月是一個非常艱難的月份。您是否可以就本季度的表現以及本季度的退出率來談談 12 月與 2023 年的比較，以便我們了解目前的需求趨勢？

And then I have a second question around your sales guidance. Your sales guidance implies about flat quarter-over-quarter between Q4 versus Q3. Are you expecting inventory to be down kind of similarly to this quarter, so down a few percent quarter-over-quarter on a flat sales base?

然後我有第二個關於你的銷售指導的問題。您的銷售指導意味著第四季度與第三季度之間的季度環比持平。您是否預計庫存會與本季度類似地下降，因此在銷售基礎持平的情況下環比下降幾個百分點？

Sure, Aneesha. I mentioned earlier in response to Omar's question the monthly trends in China, but I'll just hit it again quickly. With the door closures and retail traffic under pressure and the shift of COVID policy in December, our business was down high single digits. We flipped to growth year-over-year in the month of January and saw an improvement in brick-and-mortar traffic in China. And then in the month of February, we saw an even greater improvement relative to January. And that includes lapping the Lunar New Year period in the prior year because it was in a different month. So we are encouraged -- I mentioned that our inventory levels are healthy there, and so we're encouraged based on the momentum that we had as we exited the quarter.

當然，阿尼莎。我之前在回答 Omar 的問題時提到了中國的月度趨勢，但我會很快再說一遍。隨著關門和零售客流壓力以及 12 月 COVID 政策的轉變，我們的業務下降了高個位數。我們在 1 月份轉向同比增長，並看到中國的實體交通有所改善。然後在 2 月份，我們看到相對於 1 月份有更大的改善。這包括在前一年的農曆新年期間進行研磨，因為它在不同的月份。所以我們感到鼓舞 - 我提到我們的庫存水平在那裡是健康的，因此我們基於我們退出該季度時的勢頭而受到鼓舞。

As it relates to our full year revenue guidance. We revised our full year revenue guidance again upward, and that was based on strong momentum this month -- this quarter. But also when I look at Q4 in particular, our fourth quarter outlook at this point in time is higher than it has been in the previous 2 quarters. So we're continuing to see our brand momentum and our confidence continue to build. The largest driver of our Q4 revenue guidance is, 6 months ago, we made the decision to cut our spring and summer buys to help ensure that we finish this fiscal year in a healthy place from an inventory perspective, that we and our partners finish this year in a healthy place from an inventory perspective. And we're making great progress against that. So we expect to continue to see improvement in Q4 in our inventory and are confident that we're going to finish this year in a position of strength as we look ahead to fiscal year '24.

因為它與我們的全年收入指導有關。我們再次向上修訂了全年收入指引，這是基於本月 - 本季度的強勁勢頭。但是當我特別關注第四季度時，我們此時的第四季度前景高於前兩個季度。因此，我們繼續看到我們的品牌勢頭和我們的信心繼續建立。我們第四季度收入指引的最大推動力是，6 個月前，我們決定削減春季和夏季的採購，以幫助確保我們從庫存的角度以健康的方式結束本財年，我們和我們的合作夥伴完成這個從庫存的角度來看，今年處於健康的位置。我們在這方面取得了很大進展。因此，我們預計第四季度我們的庫存將繼續改善，並且有信心在展望 24 財年時我們將在今年結束時處於強勢地位。

We'll take our next question from Kate Fitzsimons, Wells Fargo.

我們將從富國銀行的 Kate Fitzsimons 那裡回答下一個問題。

Curious if you can just expand on some of the movement we've seen in digital margins over the last couple of quarters. Sounds like you continue to see benefits associated with reduced digital shipments. It seems like you're pleased with some of the movement on the ROAS front. So I'm curious now if you can just kind of speak to more detail about the margin delta maybe you're seeing between the wholesale and direct channels. And just how should we think about the digital margin flow-through at this point?

好奇你是否可以擴展我們在過去幾個季度中看到的數字利潤率的一些變化。聽起來您繼續看到與減少數字出貨量相關的好處。您似乎對廣告支出回報率方面的一些變化感到滿意。所以我現在很好奇你是否可以更詳細地談談你在批發和直接渠道之間看到的保證金增量。在這一點上，我們應該如何考慮數字保證金的流動？

Sure. Well, we've been talking for some time about the -- how our consumer-led digital transformation is transforming NIKE's financial model. And you really see it both in terms of revenue and in gross margin. And if you look at the momentum that we've been driving from a top line perspective, I would say that we've benefited from roughly 3 points of benefit related to a higher mix of business going through our digital and our direct channels. And you can see that not only in the algorithm that we provided around high single digit to low double-digit growth but just looking at our ASP performance and the continued momentum that we're seeing as digital goes from being about 9% of our business in fiscal year '19 to exiting this quarter at 27% of our mix of business.

當然。好吧，我們已經討論了一段時間——我們以消費者為主導的數字化轉型如何改變耐克的財務模式。而且您確實在收入和毛利率方面都看到了它。如果你從頂線的角度來看我們一直在推動的勢頭，我會說我們已經從大約 3 個與通過我們的數字和我們的直接渠道進行的更高業務組合相關的好處中受益。你可以看到，不僅在我們提供的圍繞高個位數增長到低兩位數增長的算法中，而且只要看看我們的 ASP 性能和我們看到的持續勢頭，我們就會看到數字從我們業務的 9% 左右增長從 19 財年到本季度退出我們業務組合的 27%。

We've always said that the margin contribution from our digital business is higher than the wholesale channels. And that had fueled gross margin expansion from fiscal year '19 to fiscal year '22. And as we look at some of the dynamics that I referenced on the call this quarter, what I was really trying to highlight is that not only is the channel mix a tailwind for us as we grow our digital business, but we actually think there's opportunities for us to improve the profitability of the digital channel. And those 2 examples that I gave this quarter really were intended to reflect that.

我們一直說我們數字業務的利潤貢獻高於批發渠道。這推動了從 19 財年到 22 財年的毛利率擴張。當我們審視我在本季度的電話會議上提到的一些動態時，我真正想強調的是，隨著我們發展數字業務，渠道組合不僅對我們有利，而且我們實際上認為存在機會為我們提高數字渠道的盈利能力。我在本季度給出的那兩個例子確實是為了反映這一點。

One, we talked specifically in EMEA about some of the efforts that the team is making to lower our fulfillment cost from a digital perspective through O2O, through reducing split shipments and adding pick-up points. And then on the membership and marketing side, the idea that if we've got more members coming in through the top of the funnel who are more engaged and buying more frequently, we should start to see an improvement in our ROAS or return on ad spend from a digital perspective and give us a lot of confidence that we're building a moat to be able to continue to serve and grow our digital business.

第一，我們在 EMEA 專門討論了團隊為通過 O2O 從數字角度降低我們的履行成本所做的一些努力，通過減少拆分發貨和增加提貨點。然後在會員和營銷方面，如果我們有更多會員通過漏斗頂部進入，他們參與度更高，購買更頻繁，我們應該開始看到我們的 ROAS 或廣告回報率有所提高從數字角度進行支出，讓我們充滿信心，我們正在建立一條護城河，以便能夠繼續服務和發展我們的數字業務。

So those are 2 examples, in particular, of us working hard to improve even greater the profitability of our digital channel. I think as we look longer term, we remain confident in our ability to continue to drive towards the long-term goals that we've provided. Obviously, this year, we've seen higher markdowns and promotions in our direct channels as we've been moving through excess inventory, but we think those are transitory costs, and we should begin to see the recovery of those beginning in fiscal year '24.

因此，這些是我們努力提高數字渠道盈利能力的兩個例子。我認為，從長遠來看，我們仍然相信我們有能力繼續朝著我們提供的長期目標前進。顯然，今年我們在直接渠道中看到了更高的降價和促銷活動，因為我們一直在處理過剩庫存，但我們認為這些是暫時性成本，我們應該會在本財年開始看到這些成本的恢復24.

That question will come from Gaby Carbone, Deutsche Bank.

這個問題將來自德意志銀行的 Gaby Carbone。

My question is on EMEA. Curious if you can dig into what you're seeing in the region. It seems like it continues to be quite resilient despite the macro environment. But are you seeing any meaningful differences between countries?

我的問題是關於 EMEA。好奇您是否可以深入了解您在該地區看到的東西。儘管宏觀環境如此，它似乎仍然具有相當的彈性。但是您是否看到國家之間存在任何有意義的差異？

I mean I'd just say a broad statement, and then, Matt, you can fill in some of the specifics. The EMEA consumer has held up remarkably well. And what's clear is our brand strength -- as really strong across demand. That's both for NIKE and Jordan. You saw really strong across channels, digital, very strong this entire year as well as this quarter as well as our direct and wholesale channels. So the brand connection with NIKE across our major fields of play across NIKE and Jordan is as strong there as it is anywhere.

我的意思是我只是說一個廣泛的陳述，然後，馬特，你可以填寫一些細節。 EMEA 消費者的表現非常好。顯而易見的是我們的品牌實力——在各種需求方面都非常強大。這對 NIKE 和 Jordan 都是一樣的。你看到跨渠道非常強大，數字，全年以及本季度以及我們的直接和批發渠道都非常強大。因此，我們在 NIKE 和 Jordan 的主要業務領域與 NIKE 的品牌聯繫在任何地方都一樣牢固。

Yes. And I just would add that we're running a complete offense in that marketplace, and we've seen strong growth across brands, across performance and lifestyle, across different genders, sport dimensions, up and down price points. I mean we're -- that team is doing a phenomenal job running a complete offense there. And when we look across the country portfolio, several quarters ago, we had highlighted some softness in the U.K, but we're continuing to see strong growth across all of our Western European markets and including the U.K., which has bounced back.

是的。我只想補充一點，我們正在該市場上全面進攻，我們已經看到跨品牌、跨性能和生活方式、跨不同性別、運動維度、上下價格點的強勁增長。我的意思是我們——那支球隊在進行全面進攻方面做得非常出色。當我們審視整個國家的投資組合時，幾個季度前，我們強調了英國的一些疲軟，但我們繼續看到我們所有西歐市場的強勁增長，包括已經反彈的英國。

And so as we look at the dynamics that John referenced, we're continuing to focus on driving authenticity for the brand through sport and in lifestyle in that important region. And I'll be honest with you, a lot of things that resonate and incorporate in sneaker culture around the world find their place starting in the Europe market. And so our closeness to the consumer in that market is critical not just to drive growth in that region but to drive trends and behavior in markets outside of that region.

因此，當我們審視約翰提到的動態時，我們將繼續專注於通過該重要地區的運動和生活方式來推動品牌的真實性。老實說，許多在世界各地引起共鳴並融入運動鞋文化的東西都從歐洲市場開始找到了自己的位置。因此，我們與該市場消費者的緊密聯繫不僅對於推動該地區的增長至關重要，而且對於推動該地區以外市場的趨勢和行為也至關重要。

Thanks for the question, Gaby, and thank you all for participating in our Q3 earnings call. This concludes the conference call for today. We'll talk to you next time. Thank you.

感謝 Gaby 的提問，也感謝大家參與我們的第三季度財報電話會議。今天的電話會議到此結束。我們下次再談。謝謝。

Thank you, everyone. Once again, that does conclude this call. You may now disconnect.

謝謝大家。再一次，這確實結束了這次電話會議。您現在可以斷開連接。