Nike Inc (NKE) 2023 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2023 Fourth 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。歡迎參加 NIKE, Inc. 的 2023 財年第四季度電話會議。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。今天的電話會議由投資者關係和戰略財務副總裁 Paul Trussel 主持。

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

現在我想把電話轉給保羅·特魯塞爾先生。請繼續。

Thank you, operator. Hello, everyone, and thank you for joining today to discuss NIKE, Inc.'s Fiscal 2023 Fourth Quarter Results. Joining us on today's call will be NIKE, Inc. President and CEO, John Donahoe; and our CFO, Matt Friend.

謝謝你，接線員。大家好，感謝您今天參加討論 NIKE, Inc. 2023 財年第四季度業績。參加今天電話會議的包括耐克公司總裁兼首席執行官約翰·多納霍 (John Donahoe)；以及我們的首席財務官馬特·弗蘭德。

Before we begin, 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.

在我們開始之前，請允許我提醒您，本次電話會議的參與者將根據當前的預期做出前瞻性聲明，這些聲明受到某些風險和不確定性的影響，可能導致實際結果出現重大差異。這些風險和不確定性在耐克向美國證券交易委員會提交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. All growth comparisons on the call today are presented on a year-over-year basis and are currency neutral unless otherwise noted.

此外，參與者還可以討論非公認會計準則財務指標以及非公開財務和統計信息。請參閱耐克的收益新聞稿或耐克的網站 Investors.nike.com，了解可比的 GAAP 衡量標準和定量調節表。除非另有說明，今天電話會議上的所有增長比較都是按年計算的，並且是貨幣中性的。

We will start with prepared remarks and then open up for questions. (Operator Instructions) Thanks for your cooperation on this.

我們將從準備好的發言開始，然後開始提問。 （操作員說明）感謝您的配合。

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

現在我將把電話轉給耐克公司總裁兼首席執行官約翰·多納霍 (John Donahoe)。

Thank you, Paul, and hello to everyone on today's call. Fiscal '23 was a milestone year for NIKE, as we set new records while delivering on our operational and financial goals. It's clear that our strategy is working and that NIKE's unique advantages continue to drive competitive separation.

謝謝保羅，今天電話會議上的大家好。 23 財年對於 NIKE 來說是具有里程碑意義的一年，我們在實現運營和財務目標的同時創造了新記錄。很明顯，我們的戰略正在發揮作用，耐克的獨特優勢繼續推動競爭分離。

Looking at our results, we exceeded $50 billion in revenue with growth of 16% on the year. This growth is broad-based across our consumer construct of men's, women's and kids, across performance and lifestyle and across all geographies. North America, EMEA and APLA all saw full year double-digit growth, and Greater China returned to double-digit growth in Q4. We're also driving strength through our industry-leading brand portfolio with NIKE, Jordan and Converse, all of which achieved strong growth in fiscal '23.

從我們的業績來看，我們的收入超過了 500 億美元，同比增長 16%。這種增長廣泛存在於我們的男裝、女裝和童裝消費結構、性能和生活方式以及所有地區。北美、歐洲、中東和非洲地區和 APLA 全年均實現兩位數增長，大中華區在第四季度恢復兩位數增長。我們還通過 NIKE、Jordan 和 Converse 等行業領先的品牌組合來增強實力，所有這些品牌都在 23 財年實現了強勁增長。

In particular, I want to highlight Jordan Brand's record year. Jordan grew mid-30s with impressive growth across men's, women's and kids, footwear and apparel and in both North America and international. In fact, Jordan is well on its way to becoming the second largest footwear brand in North America. And last but not least, we returned to healthy inventory ahead of our competition. Our inventory is flat year-over-year in value and down in units versus 12 months ago. The actions we've taken position us for more profitable growth moving forward.

我特別想強調一下 Jordan Brand 創紀錄的一年。 Jordan 已進入 30 多歲，在男裝、女裝、童裝、鞋類和服裝以及北美和國際市場均取得了令人矚目的增長。事實上，喬丹正在成為北美第二大鞋類品牌。最後但並非最不重要的一點是，我們在競爭之前恢復了健康的庫存。我們的庫存價值與去年同期持平，但與 12 個月前相比，庫存數量有所下降。我們採取的行動使我們能夠在未來實現更有利的增長。

Across our business, we continue to build a marketplace that addresses how consumers want to be served, giving them what they want, when they want it and how they want it. NIKE creates distinction across the marketplace by segmenting consumer experiences to drive deep direct connections with consumers and grow the marketplace.

在我們的整個業務中，我們繼續構建一個市場，解決消費者想要如何獲得服務的問題，在他們需要的時候以及他們想要的方式為他們提供他們想要的東西。耐克通過細分消費者體驗來推動與消費者的深入直接聯繫並發展市場，從而在整個市場中脫穎而出。

Today, in the industry with digital and physical growth converging, we've accelerated investment to create a truly distinctive digital experience through our own platforms. Every year, we serve traffic in the billions, which delivers strong digital growth as both conversion rate and average order value continue to improve. This success helped increase the digital share of our business to 26% in fiscal '23 as compared to 10% in fiscal '19. For the year, we had strong digital growth of 24%, and we expect digital to continue to lead our growth.

如今，在數字化和實體化增長融合的行業中，我們加快了投資，通過我們自己的平台創造真正獨特的數字體驗。每年，我們服務的流量達數十億，隨著轉化率和平均訂單價值的不斷提高，這帶來了強勁的數字增長。這一成功幫助我們將我們業務的數字化份額在 23 財年提高到了 26%，而 19 財年為 10%。今年，我們的數字化增長強勁，達到 24%，我們預計數字化將繼續引領我們的增長。

Now this is all powered by our membership offense. We know our consumers better and are better able to serve them with data-driven insights fueling our end-to-end value chain, including product creation, marketing and merchandising. This is translating into sustainable and profitable growth for NIKE, and we believe this growth will only accelerate as we add new capabilities built to serve consumers at scale.

現在這一切都是由我們的會員犯罪推動的。我們更了解消費者，並且能夠更好地為他們提供數據驅動的見解，從而推動我們的端到端價值鏈，包括產品創造、營銷和銷售。這正在轉化為耐克的可持續和盈利增長，我們相信，隨著我們增加為大規模服務消費者而構建的新功能，這種增長只會加速。

In fiscal '23, we expanded our membership base. But more importantly, we elevated and deepened the consumer relationships. Our members now engage with us more frequently, buy more and are more loyal to our brands. Once members join our ecosystem, they are increasingly their life-long sport journeys with us. Now of course, NIKE members also shop across marketplace channels; and so as we grow, we're always actively managing our marketplace to serve consumers with expanded choice, access and convenience.

在 23 財年，我們擴大了會員基礎。但更重要的是，我們提升並加深了消費者關係。我們的會員現在與我們互動更頻繁，購買更多商品，對我們的品牌更加忠誠。一旦會員加入我們的生態系統，他們就會越來越多地與我們一起進行終生的運動之旅。當然，現在耐克會員也可以跨市場渠道購物；因此，隨著我們的發展，我們始終積極管理我們的市場，為消費者提供更多的選擇、機會和便利。

We think about our multi-brand partners in 3 complementary groups that each serve distinct needs. First, as you know, over the past 5 years, we've created greater focus and differentiation working with fewer large multi-brand partners. These partners have the scale to invest in retail experiences and connected digital membership to drive long-term growth. Second, we've also sharpened our commitment to neighborhood authenticators in both sport and lifestyle to drive energy and validate our brand. This investment in community ensures brand access as well as deep local consumer connection. And third, we partner with accounts that help us provide access to consumers across different segments and price points. And at the same time, we continue to invest in NIKE store concepts that create new distribution and serve growth opportunities not currently being addressed by our wholesale partners. The recent unveiling of our Nike Well Collective, which responds to deep insight from our female consumers, revamps Nike Live and creates an elevated approach to retail. Nike Well Collective brings new energy and sharpens our focus on serving the opportunity we see with women.

我們將多品牌合作夥伴分為 3 個互補組，每個組都滿足不同的需求。首先，如您所知，在過去 5 年中，我們與更少的大型多品牌合作夥伴合作，創造了更大的重點和差異化。這些合作夥伴有能力投資零售體驗和互聯數字會員，以推動長期增長。其次，我們還加強了對運動和生活方式方面的社區認證者的承諾，以推動能量並驗證我們的品牌。這種對社區的投資確保了品牌的影響力以及與當地消費者的深入聯繫。第三，我們與客戶合作，幫助我們為不同細分市場和價位的消費者提供服務。與此同時，我們繼續投資耐克商店概念，創造新的分銷方式並提供我們的批發合作夥伴目前尚未解決的增長機會。我們最近推出的 Nike Well Collective 響應了女性消費者的深刻見解，改進了 Nike Live 並創造了一種更高級的零售方式。 Nike Well Collective 帶來了新的活力，並讓我們更加專注於為女性提供機會。

So this is how our Consumer Direct Acceleration strategy drives the future of the marketplace, a seamless member-led experience that addresses the opportunities as we see them across the consumer landscape. Last month, I was in Shanghai and Beijing, and I was blown away by how the entire marketplace experience comes to life there.

這就是我們的消費者直接加速戰略推動市場未來的方式，這是一種由會員主導的無縫體驗，可以抓住我們在整個消費者領域看到的機會。上個月，我去了上海和北京，那裡的整個市場體驗的呈現方式讓我震驚。

Our Greater China team is building a connected and seamless journey across digital and physical, commerce and social, owned and partner doors. And I will tell you the merchandising is best in class. You can just feel the energy of our brand and our product. And with our record-breaking performance during this year's 618 shopping holiday, in which we were the #1 sports brand on Tmall, I'm even more confident in our playbook and strategy in China.

我們的大中華區團隊正在構建跨越數字和實體、商業和社交、自有和合作夥伴大門的互聯無縫旅程。我會告訴你，這裡的商品推銷是同類中最好的。您可以感受到我們品牌和產品的能量。隨著我們在今年 618 購物假期中打破紀錄的表現，成為天貓排名第一的運動品牌，我對我們在中國的劇本和戰略更加充滿信心。

Today, we're excited and confident with the opportunity we see in front of us. And looking to fiscal '24 and beyond, we will continue to expand our competitive separation. To that end, this quarter, we made some shifts within our senior leadership team that will further deepen our growth and accelerate our marketplace advantage, elevating Heidi O'Neill and Craig Williams to become NIKE Brand's 2 presidents. Heidi and Craig are both incredible leaders with long track records of driving growth and results. And their new roles are designed to drive an even greater focus on innovation and integration for our business. These changes will streamline our efforts across product, brand storytelling and marketplace. I will tell you I'm thrilled, and I can also tell you that their teams are thrilled as well for the kind of growth we'll be able to achieve under this new simplified structure.

今天，我們對擺在我們面前的機會感到興奮和充滿信心。展望 24 財年及以後，我們將繼續擴大我們的競爭分離。為此，本季度，我們在高級領導團隊中進行了一些轉變，這將進一步深化我們的增長並加速我們的市場優勢，將海蒂·奧尼爾和克雷格·威廉姆斯提升為耐克品牌的兩位總裁。海蒂和克雷格都是令人難以置信的領導者，在推動增長和成果方面擁有悠久的記錄。他們的新角色旨在推動我們更加關注業務的創新和整合。這些變化將簡化我們在產品、品牌故事和市場方面的努力。我會告訴你我很興奮，我也可以告訴你他們的團隊也對我們在這種新的簡化結構下能夠實現的增長感到興奮。

For the remainder of my remarks today, I want to walk you through something that defines everything we do, and that's sport. Sport is who we are. It will always be our differentiator. No brand can grow the world of sport like NIKE. No brand connects people to sport by putting all of the pieces together like we can. We stay in the lead because we combine innovation, brand and the culture of sport and do it all at global scale. This is the power of our strategy. We're able to both unleash athlete potential and create the lifestyle of sport around the globe.

在今天剩餘的發言中，我想向大家介紹一些定義我們所做一切的事情，那就是體育。運動就是我們。這將永遠是我們的與眾不同之處。沒有哪個品牌能夠像耐克一樣推動體育界的發展。沒有哪個品牌能像我們一樣將所有部件組合在一起，將人們與運動聯繫起來。我們保持領先地位是因為我們將創新、品牌和體育文化結合起來，並在全球範圍內開展這一切。這就是我們戰略的力量。我們能夠在全球範圍內釋放運動員潛力並創造運動生活方式。

Where other brands strive to grow their slice of the pie, we're able to grow the pie itself. Let me walk through three areas where we have expanded the world of sport and where we see even greater opportunity ahead. First, let's discuss Global Football. In fiscal '23, Global Football grew 25%, nearly doubling overall NIKE growth with women's and kids businesses growing even faster. Key boot franchises like Mercurial and Phantom saw high full-price realization as we continue to win share on pitch.

當其他品牌努力擴大自己的份額時，我們能夠自己擴大份額。讓我來談談我們已經拓展了體育世界並看到未來更大機遇的三個領域。首先，我們來討論一下全球足球。 23 財年，全球足球業務增長了 25%，幾乎是耐克整體增長的兩倍，其中女性和兒童業務的增長速度更快。隨著我們繼續贏得市場份額，Mercurial 和 Phantom 等主要球鞋系列的全價變現率很高。

We invest in the grassroots of the game while also partnering with the sports greatest. Erling Haaland joined our roster this quarter as this record pace of goal scoring cements his stamp on the future of the game. And we can't wait for this summer's World Cup. NIKE is proud to partner with more federations in the tournament than any other brand, and we've matched that energy with our most comprehensive women's football collection ever. For example, we'll watch the most innovative women's-led football boot in our history.

我們投資於體育運動的基層，同時也與體育界最偉大的人士合作。埃爾林·哈蘭德本季度加入了我們的名單，這種創紀錄的進球速度鞏固了他在足球未來的印記。我們已經等不及今年夏天的世界杯了。耐克很自豪能夠在錦標賽中與比任何其他品牌都多的聯合會合作，並且我們將這種活力與我們有史以來最全面的女子足球系列相匹配。例如，我們將觀看我們歷史上最具創新性的女子足球鞋。

After more than 2 years of testing and designing the new Phantom Luna boot features a proprietary cleat pattern that provides peak traction and stability for female players. In addition, our World Cup kits will debut significant fit and material innovations mapped to a woman's specific movements. And last but not least, we've created our largest ever football-inspired sportswear collection for both fans and athletes when they're off pitch. We're just weeks out from the tournament, and we're focused and aligned to drive energy like no one else as we connect the next generation of fans to the world's most popular sport.

經過兩年多的測試和設計，新款 Phantom Luna 靴子採用了專有的防滑板圖案，可為女性球員提供最佳的牽引力和穩定性。此外，我們的世界杯球衣將首次推出針對女性特定動作的顯著剪裁和材料創新。最後但並非最不重要的一點是，我們為球迷和運動員在場外打造了有史以來最大的足球風格運動服系列。距離比賽只剩下幾週了，我們專注並團結起來，以前所未有的方式推動能量，將下一代球迷與世界上最受歡迎的運動聯繫起來。

Next, let's discuss basketball, where we continue to see significant market leadership. Today, NIKE defines basketball. And as we look at the landscape, we see only expanding competitive separation ahead. Our influence in basketball is elevated by the strength of our portfolio of brands NIKE, Jordan and Converse. In fact, our roster, which is already the game's greatest, set a new standard this season. For the first time ever, all 3 of our brands were represented in the All-NBA 1st Team with Luka and Jayson from Jordan, Giannis from NIKE and rising star Shai Gilgeous-Alexander from Converse. This is an unprecedented accomplishment.

接下來，我們來討論籃球，我們在該領域繼續保持著顯著的市場領先地位。如今，耐克定義了籃球。當我們審視形勢時，我們看到未來的競爭分離只會擴大。我們的品牌組合 NIKE、Jordan 和 Converse 的實力提升了我們在籃球領域的影響力。事實上，我們的陣容已經是比賽中最偉大的陣容，本賽季樹立了新標準。我們的三個品牌首次入選 NBA 最佳陣容一隊，其中包括來自 Jordan 的 Luka 和 Jayson、來自 NIKE 的 Giannis 以及來自 Converse 的新星 Shai Gilgeous-Alexander。這是前所未有的成就。

And speaking of the game's greatest, fiscal '23 marked 20 years of LeBron's signature shoe. We're excited by the continued potential of the LeBron business as his brand reaches a new dimension by bringing back earlier styles onto the court igniting new energy for these retro models with consumers.

說到這項運動中最偉大的作品，23 財年標誌著勒布朗簽名鞋誕生 20 週年。我們對勒布朗業務的持續潛力感到興奮，因為他的品牌通過將早期款式帶回球場而達到了一個新的高度，為這些復古款式與消費者點燃了新能量。

And in addition, the Sabrina 1 is resonating strongly since launch, helping double our WNBA business versus what it was 2 short years ago.

此外，Sabrina 1 自推出以來引起了強烈反響，幫助我們的 WNBA 業務比兩年前翻了一番。

It's going to be an exciting summer as we set the stage to relaunch the Kobe brand in advance of Kobe Day on 8/24 And as you know, it's already been a great few months for basketball. We had a thrilling NBA season, which concluded with Nikola Jokic taking the Denver Nuggets to their first-ever title. The WNBA season kicked off with Brittney Griner making her return to the court, and earlier this week, A'ja Wilson was named an all-star team captain.

這將是一個令人興奮的夏天，因為我們在 8 月 24 日科比日之前為重新推出科比品牌做好了準備。如您所知，對於籃球來說，這已經是美好的幾個月了。我們度過了一個激動人心的 NBA 賽季，尼古拉·約基奇 (Nikola Jokic) 帶領丹佛掘金隊 (Denver Nuggets) 首次奪得總冠軍。隨著布蘭妮·格里納 (Brittney Griner) 重返賽場，WNBA 賽季拉開帷幕，本週早些時候，阿賈·威爾遜 (A'ja Wilson) 被任命為全明星隊隊長。

And in China, 10 times Chinese Basketball Association all-star point guard Guo Ailun won his third CBA Championship. And earlier this week, in fact, last week in the NBA Draft, Victor Wembanyama was selected #1 overall by the San Antonio Spurs. We're thrilled to have Victor in the NIKE family, and we're excited for what the future holds in basketball.

而在中國，10次入選中國籃球協會全明星控球後衛郭艾倫第三次奪得CBA冠軍。事實上，本週早些時候，在上週的 NBA 選秀中，維克托·溫班亞馬 (Victor Wembanyama) 在首輪第一順位被聖安東尼奧馬刺隊選中。我們很高興維克多加入耐克大家庭，我們對籃球的未來感到興奮。

Now I want to take a minute to go a little bit deeper into the Jordan Brand. Jordan's greatest advantage is its authenticity and connection to sport, which drives a special bond with generation upon generation. This brand has built a cultural identity that transcends the game, connecting people with deep emotion and a sense of self-belief. It's this authenticity that fuels Jordan's leadership in streetwear.

現在我想花一點時間更深入地了解一下 Jordan Brand。喬丹最大的優勢是它的真實性和與體育的聯繫，這與一代又一代人建立了特殊的聯繫。該品牌建立了超越遊戲的文化身份，將人們與深厚的情感和自信聯繫在一起。正是這種真實性奠定了喬丹在街頭服飾領域的領導地位。

Jordan continued to dictate the conversation by being a premium brand that drives sportswear culture. You've seen this come to life through Jordan's partners across pop culture, from product launches like the women's Teyana Taylor AJ1 High to the brand's meaningful collaboration with the movie Spider-Man: Across the Spider-Verse. Today, Jordan is extending its core strength in men's. In Q4, Jordan launched the Tatum 1, which completes Jordan's Signature offense, along with Luka, Zion and the game shoe. With this foundation in place, Jordan has planned to now scale these 4 franchises even further.

作為推動運動服飾文化的優質品牌，喬丹繼續主導著話題。從女式 Teyana Taylor AJ1 High 等產品發佈到該品牌與電影《蜘蛛俠：穿越蜘蛛俠：平行宇宙》的有意義合作，您已經通過 Jordan 跨流行文化的合作夥伴看到了這一點。如今，喬丹正在將其核心力量延伸到男裝領域。第四季度，喬丹推出了塔圖姆1，與盧卡、錫安和比賽鞋一起完善了喬丹的簽名進攻。有了這個基礎，喬丹現在計劃進一步擴大這 4 個特許經營權的規模。

And at the same time, Jordan is building real energy around our biggest growth opportunities. In fiscal '23, Jordan had over-indexing growth in both women's and kids, alongside increasing strength in apparel. And today, Jordan's growth in performance footwear is now outpacing retro footwear.

與此同時，約旦正在圍繞我們最大的增長機會積聚真正的能量。在 23 財年，約旦的女裝和童裝業務均實現了超額增長，同時服裝業務的實力也不斷增強。如今，喬丹在功能鞋類領域的增長速度已經超過了復古鞋類。

But no discussion of Jordan's opportunity would be complete with also looking at its international business. In most of our geos, Jordan's penetration is about 10 points lower than it is in North America, and this is the growth opportunity we plan to capture moving ahead. Simply put, we continue to see a tremendous amount of potential for the Jordan Brand and its differentiated ability to drive culture, connection and growth like nothing else.

但如果同時考慮其國際業務，對約旦機遇的討論也是不完整的。在我們的大多數地區，約旦的滲透率比北美低約 10 個百分點，這是我們計劃抓住的增長機會。簡而言之，我們繼續看到 Jordan 品牌的巨大潛力及其獨特的推動文化、聯繫和增長的能力。

Finally, let me comment on our running business. Running has been a competitive battlefield lately with more and more brands joining the market, and today, we're more aligned and resourced to compete and win. We saw roughly 10% growth for our running footwear business in fiscal '23, and we're just getting started. Now as you know, NIKE's advantage in innovation is shown as we continue to set the pace in racing and trail running categories, led by the new Vaporfly 3 and Peg Trail 4, respectively. And following a recent reset, we're prioritizing the needs of everyday runners through newness and consistency in the key styles they love most.

最後，我來談談我們的經營業務。最近，隨著越來越多的品牌加入市場，跑步已成為一個競爭激烈的戰場，而今天，我們更加團結並擁有更多資源來競爭和獲勝。 23 財年，我們的跑步鞋業務增長了大約 10%，而我們才剛剛開始。現在如您所知，NIKE 在創新方面的優勢得到了體現，我們繼續在賽車和越野跑類別中保持領先地位，分別由新款 Vaporfly 3 和 Peg Trail 4 引領。經過最近的調整，我們將通過日常跑步者最喜愛的關鍵款式的新穎性和一致性來優先滿足他們的需求。

For example, last quarter, we launched the Invincible 3, which continues to perform well. Since its Q3 launch, Invincible has already doubled its retail sales versus last year. And next quarter, we're debuting the Infinity Run 4, another major update to a popular franchise. In fact, I'm wearing a pair right now, and I have to say they feel great. The Infinity 4's React X is our newest foam, a breakthrough innovation that's more sustainable and offers runners a smooth and responsive ride following years of women's-led testing.

例如，上季度我們推出了無敵3，它繼續表現良好。自第三季度推出以來，Invincible 的零售額已比去年翻了一番。下個季度，我們將推出《Infinity Run 4》，這是對熱門系列的另一項重大更新。事實上，我現在就穿著一雙，我不得不說它們感覺很棒。 Infinity 4 的 React X 是我們最新的泡沫材料，這是一項突破性創新，更具可持續性，經過多年以女性為主導的測試後，可為跑步者提供平穩、靈敏的騎行體驗。

And this is just the start as we reinvigorate our running footwear line with more to be unveiled as we build momentum heading into the Olympics in Paris next summer. And in addition to innovating for runners, we're also driving the lifestyle of running as only NIKE can. The Vomero 5, which in fiscal '23 kicked off our strategic relaunch into the intersection of running and streetwear, has already become a staple of modern sneaker culture. The Vomero 5 is coming into the summer with a lot of momentum as we substantially increased its volume all year.

這只是一個開始，我們將重振跑鞋系列，並為明年夏天的巴黎奧運會積蓄動力，推出更多跑鞋產品。除了為跑步者進行創新之外，我們還以耐克獨有的方式推動跑步生活方式的發展。 Vomero 5 於 23 財年開啟了我們在跑步和街頭服飾交叉領域的戰略重新推出，現已成為現代運動鞋文化的重要元素。隨著我們全年大幅增加銷量，Vomero 5 即將進入夏季，勢頭強勁。

And just last month, we launched the Motiva, a walking shoe with a distinctive design at an attractive price point and one that's representative of the aggressive approach we're taking the opportunities we see in the market. In just 2 months postlaunch, Motiva has had strong sell-through, particularly for women's, already becoming a top 5 performance footwear style globally on NIKE Digital. Ultimately, when we look at the full running business, while we know there's a lot of work ahead, we remain confident in our go-forward strategy and firm in our belief that we're all set to compete with strength.

就在上個月，我們推出了 Motiva，這是一款設計獨特、價格極具吸引力的步行鞋，代表了我們抓住市場機遇的積極進取態度。推出後短短 2 個月內，Motiva 的銷量尤其強勁，尤其是女鞋，已成為 NIKE Digital 上全球前 5 名的高性能鞋款。最終，當我們審視整個運營業務時，雖然我們知道前面還有很多工作要做，但我們對前進戰略仍然充滿信心，並堅信我們已經準備好以實力競爭。

In the end, our CDA strategy is working. Our brands have strong energy. Our innovation pipeline is as relentless as ever, and we're executing against what matters most to consumers. And as we look to fiscal '24, NIKE will occupy the same leadership position that we earn year after year as we usher our industry into the future.

最終，我們的 CDA 策略正在發揮作用。我們的品牌擁有強大的能量。我們的創新渠道一如既往地不懈，我們正在執行對消費者最重要的事情。展望 24 財年，耐克將佔據與我們年復一年相同的領導地位，引領我們的行業走向未來。

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

然後，我會將電話轉給馬特。

Thanks, John. and hello to everyone on the call. NIKE is a growth company, and fiscal '23 demonstrated our ability to deliver strong growth in the midst of rapidly changing market conditions. Throughout the year, we drove competitive separation by doing what NIKE does best, serve athletes with product innovation and rich storytelling, amplify our brand voice through key sport and consumer moments, deepen consumer connections across our portfolio and actively manage the marketplace to drive sustainable, profitable growth.

謝謝，約翰。向通話中的每個人問好。耐克是一家成長型公司，23 財年證明了我們在快速變化的市場條件下實現強勁增長的能力。在這一年裡，我們通過做耐克最擅長的事情來推動競爭分離，通過產品創新和豐富的故事講述為運動員提供服務，通過關鍵的運動和消費者時刻擴大我們的品牌聲音，加深我們產品組合中的消費者聯繫，並積極管理市場以推動可持續發展，盈利增長。

For the full year, we delivered mid-teens revenue growth, with accelerating momentum in our performance business and sustained strength in lifestyle. We added $7 billion of revenue in total on a currency-neutral basis, which included adding $3 billion to North America, our largest most mature market.

全年收入實現了十幾歲左右的增長，演出業務勢頭加速，生活方式持續強勁。在貨幣中性的基礎上，我們總共增加了 70 億美元的收入，其中包括我們最大、最成熟的市場北美增加了 30 億美元的收入。

In addition, our top franchises drove strong full-price sales, with mid-single-digit price increases, and we grew units and ASP across both product engines. In Q4, we saw another quarter of strong consumer demand, with traffic growing online and in our stores and total retail sales across the marketplace up double digits versus the prior year. Beyond driving strong top line growth, we finished the year with a significantly improved marketplace position with total marketplace inventory units, including NIKE and our wholesale partners, down year-over-year. We feel very good about the results driven by our decisive actions over this past year as well as the sales momentum that we continue to see from NIKE Direct and our top strategic partners, including DICK'S Sporting Goods, JD, Sports Direct and our city specialty partners.

此外，我們的頂級特許經營權推動了強勁的全價銷售，價格呈中個位數增長，並且我們在兩個產品引擎上都實現了銷量和平均售價的增長。第四季度，我們看到消費者需求又一個季度強勁，網上和商店的流量不斷增長，整個市場的零售總額比去年增長了兩位數。除了推動強勁的營收增長之外，我們在今年的市場地位也顯著提高，包括耐克和我們的批發合作夥伴在內的市場總庫存量同比下降。我們對過去一年中果斷行動帶來的成果以及 NIKE Direct 和我們的頂級戰略合作夥伴（包括 DICK'S Sporting Goods、京東、Sports Direct 和我們的城市專業合作夥伴）繼續看到的銷售勢頭感到非常滿意。

To go a little deeper on inventory, NIKE, Inc. inventory dollars are flat versus the prior year, with units down double digits across both footwear and apparel. Apparel units are down more than 20% versus the prior year. Our mix of in-transit inventory has normalized and days in inventory show improvement versus the prior quarter and the prior year.

更深入地了解庫存情況，耐克公司的庫存美元與上年持平，鞋類和服裝的庫存量均下降了兩位數。服裝單位與上年相比下降了 20% 以上。我們的在途庫存組合已經正常化，庫存天數與上一季度和上一年相比有所改善。

Closeout mix is in line with pre-pandemic levels with improvements in the average age of our closeout inventory versus the prior year. And from a geography perspective, both North America and Greater China have inventory dollars down high single digits versus the prior year with units being down double digits. All told, we are entering fiscal '24 on our front foot, ready to navigate any uncertainty that may be ahead of us and ready to compete from a position of strength.

清倉組合與大流行前的水平一致，清倉庫存的平均壽命較上一年有所改善。從地理角度來看，北美和大中華區的庫存美元與上一年相比下降了高個位數，單位數量下降了兩位數。總而言之，我們正以積極的姿態進入 24 財年，準備好應對可能面臨的任何不確定性，並準備好以優勢地位進行競爭。

Now as we move forward, we are building on a strong foundation for future growth. Our confidence is grounded in the power of NIKE's portfolio, deeply connected to the consumer, centered in sport and youth culture, fueling authenticity and distinction, unrivaled in breadth and depth. Our strength begins with our scale from our investment in innovation to our sports marketing portfolio, our digital platforms and membership and our global reach.

現在，隨著我們的前進，我們正在為未來的增長奠定堅實的基礎。我們的信心建立在耐克產品組合的力量之上，它與消費者緊密相連，以體育和青年文化為中心，在廣度和深度上無與倫比，增強了真實性和獨特性。我們的優勢始於我們的規模，從我們對創新的投資到我們的體育營銷組合、我們的數字平台和會員資格以及我們的全球影響力。

We create value for consumers around the world, leveraging NIKE's scale and competitive advantages to drive sustainable growth and strong returns to shareholders over the long term. And today, NIKE's opportunity to grow is as large as it's ever been. Consumer interest around the world in support, health and wellness has never been greater, and what excites us most is the potential still ahead.

我們為全球消費者創造價值，利用耐克的規模和競爭優勢，推動可持續增長並為股東帶來長期豐厚回報。今天，耐克的發展機會與以往一樣大。世界各地的消費者對支持、健康和保健的興趣從未如此強烈，最令我們興奮的是未來的潛力。

Let me share just a few examples. First, one of NIKE's greatest competitive advantages is our relentless pace of innovation. We innovate to make athletes better, to serve more athletes and to make the world better for athletes everywhere. And right now in our LeBron James Innovation Center, we are creating new concepts, new platforms and new capabilities to fuel NIKE's next 50 years of innovation and growth. We will continue to increase investment in innovation to create value for athletes, and this gives me confidence we can drive long-term growth for NIKE. We have some great opportunities over this next fiscal year to showcase our latest innovations on the global sports stage.

讓我分享幾個例子。首先，耐克最大的競爭優勢之一是我們不懈的創新步伐。我們創新是為了讓運動員變得更好，為更多的運動員服務，並為世界各地的運動員創造更美好的世界。現在，在我們的勒布朗·詹姆斯創新中心，我們正在創造新概念、新平台和新功能，以推動耐克未來 50 年的創新和增長。我們將繼續增加對創新的投資，為運動員創造價值，這讓我有信心我們能夠推動耐克的長期增長。下一財年我們有一些絕佳的機會在全球體育舞台上展示我們的最新創新成果。

Second, we're accelerating direct consumer relationships across our digital platforms. By better knowing and serving the consumers who love our brands, we are also unlocking strategic and financial benefits for NIKE. For example, we have partnered with Adobe to enable one-to-one member personalization, driving gains in member retention, click-through rates and conversion, resulting in higher demand per member and returns on digital ad spend. We are only beginning to operationalize these new capabilities and consumer experiences on our digital platforms, and we see even greater opportunity to come.

其次，我們正在數字平台上加速建立直接的消費者關係。通過更好地了解和服務喜愛我們品牌的消費者，我們還為耐克釋放了戰略和財務利益。例如，我們與 Adob​​e 合作，實現一對一的會員個性化，從而提高會員保留率、點擊率和轉化率，從而提高每位會員的需求和數字廣告支出的回報。我們才剛剛開始在我們的數字平台上實施這些新功能和消費者體驗，我們看到更大的機會即將到來。

Third, we see meaningful growth potential in our international markets. This includes Korea, one of our most digitally connected markets; Central and South America, a region with a deep love of sport; Southeast Asia and India, with one of the world's largest youth populations; and of course, China, where young consumers are seeking our top product innovation, and Gen Z is coming of age as the country's most active generation ever.

第三，我們看到國際市場的巨大增長潛力。這包括韓國，我們數字化程度最高的市場之一；中南美洲，一個熱愛運動的地區；東南亞和印度是世界上青年人口最多的國家之一；當然，還有中國，那裡的年輕消費者正在尋求我們的頂級產品創新，而 Z 世代正在成為中國有史以來最活躍的一代。

Last, we can now see around the corner on the transitory cost headwinds that pressured profitability in fiscal '22 and '23. When combined with our structural opportunities to improve profitability as we grow, we are confident that we will deliver above-average margin improvement in fiscal '24, with many of the drivers continuing into fiscal '25.

最後，我們現在可以看到，短暫的成本逆風即將到來，這對 22 財年和 23 財年的盈利能力構成壓力。結合我們在發展過程中提高盈利能力的結構性機會，我們有信心在 24 財年實現高於平均水平的利潤率改善，其中許多驅動因素將持續到 25 財年。

Now let me turn to our NIKE, Inc. fourth quarter results. In Q4, NIKE, Inc. revenue grew 5% on a reported basis and 8% on a currency-neutral basis. NIKE Direct grew 18%, with 14% growth in NIKE Digital and 24% growth in NIKE stores. Wholesale grew 2%, moderating as planned as we tighten supply to normalized marketplace inventory levels.

現在讓我談談耐克公司第四季度的業績。第四季度，NIKE, Inc. 的收入按報告計算增長 5%，按匯率中性計算增長 8%。 NIKE Direct 增長了 18%，其中 NIKE Digital 增長了 14%，NIKE store 增長了 24%。批發增長 2%，隨著我們將供應收緊至正常的市場庫存水平，批發增長按計劃放緩。

Gross margins declined 140 basis points to 43.6% on a reported basis, primarily due to higher product input costs and elevated freight and logistics expenses, higher markdowns, and 100 basis points of unfavorable changes in net foreign currency exchange rates, partially offset by strategic pricing actions and lapping higher inventory obsolescence reserves in Greater China in the prior period.

按報告計算，毛利率下降 140 個基點至 43.6%，主要是由於產品投入成本增加、貨運和物流費用增加、降價幅度加大以及淨外幣匯率不利變化 100 個基點，部分被戰略定價所抵消行動並消化了前期大中華區較高的庫存報廢儲備。

SG&A grew 8% on a reported basis, primarily due to wage-related expenses, variable NIKE Direct costs and increased demand creation expenses. Our effective tax rate for the quarter was 17.3%. Diluted earnings per share was $0.66.

根據報告，SG&A 增長了 8%，主要是由於工資相關費用、可變的 NIKE Direct 成本以及需求創造費用的增加。本季度我們的有效稅率為 17.3%。稀釋後每股收益為 0.66 美元。

Now let me turn to our operating segments. In North America, Q4 revenue grew 5%. NIKE Direct was up 15%, and NIKE Digital grew 17%. Wholesale declined 3%, following reduced spring and summer sell-in to proactively manage marketplace inventory. EBIT declined 6% on a reported basis.

現在讓我談談我們的運營部門。在北美，第四季度收入增長了 5%。 NIKE Direct 增長 15%，NIKE Digital 增長 17%。由於積極管理市場庫存，春季和夏季銷量減少，批發量下降 3%。據報導，息稅前利潤下降了 6%。

For another consecutive quarter, strong consumer demand drove total retail sales up double digits across the marketplace, enabling us to drive a quicker return to healthy marketplace inventory levels. Member engagement grew on all digital platforms and buying frequency was at an all-time high. NIKE store traffic and revenue grew double digits, surpassing industry trends.

強勁的消費者需求又連續一個季度推動整個市場的零售總額增長兩位數，使我們能夠更快地恢復到健康的市場庫存水平。所有數字平台上的會員參與度都在增長，購買頻率達到歷史最高水平。耐克商店的客流量和收入增長了兩位數，超越了行業趨勢。

We saw strong brand momentum across our portfolio. Performance dimensions delivered strong growth, with LeBron and Giannis at double digits. Free Metcon extended its lead as our top women's performance franchise. And the Jordan brand delivered another dominant quarter with women's leading growth, Luka and Tatum highlighting momentum in performance and iconic franchises inspiring the next generation. In fact, this quarter's AJ1 Spider-Verse launch drove our largest-ever kids shock drop on the SNKRS App. With a robust product pipeline, a healthy mix of inventory and a normalizing supply chain, we are confident in NIKE's ability to set the pace in North America as we look ahead.

我們在整個產品組合中看到了強勁的品牌勢頭。表現維度實現了強勁增長，勒布朗和揚尼斯的表現均達到兩位數。 Free Metcon 擴大了其作為我們頂級女子表演特許經營權的領先地位。喬丹品牌又在一個季度佔據主導地位，女性的增長領先，盧卡和塔圖姆強調了業績的勢頭，以及激勵下一代的標誌性特許經營權。事實上，本季度 AJ1 Spider-Verse 的發布推動了 SNKRS 應用程序上有史以來規模最大的兒童震撼活動。憑藉強大的產品線、健康的庫存組合和正常化的供應鏈，我們對耐克在北美引領未來的能力充滿信心。

In EMEA, Q4 revenue grew 7%. NIKE Direct was up 28%, and NIKE Digital grew 24%. EBIT declined 13% on a reported basis. EMEA's fourth quarter results demonstrated the strength of our complete offense as NIKE increased market share in performance and lifestyle. Digital continues to power growth with traffic up double digits and conversion rates expanding. Brick-and-mortar traffic in key countries also remains strong.

在歐洲、中東和非洲地區，第四季度收入增長 7%。 NIKE Direct 增長 28%，NIKE Digital 增長 24%。據報導，息稅前利潤下降了 13%。歐洲、中東和非洲地區第四季度的業績證明了我們全面進攻的實力，因為耐克在性能和生活方式方面的市場份額不斷增加。數字化繼續推動增長，流量增長兩位數，轉化率不斷提高。主要國家的實體交通也依然強勁。

NIKE's authenticity in sport and culture continues to create separation. Vaporfly and Alphafly top shoe counts at the Paris and London marathons, while Pegasus and Invincible drove strong sell-through. We channeled the energy of Air Max Day into positive momentum for Air Max Pulse and Air Max 1. And we closed out our biggest football year ever, up double digits with strong full-price sales, led by Mercurial and Phantom and balanced growth across men's, women's and kids.

耐克在體育和文化方面的真實性繼續造成分離。 Vaporfly 和 Alphafly 是巴黎和倫敦馬拉鬆比賽中銷量最高的鞋款，而 Pegasus 和 Invincible 則帶動了強勁的銷量。我們將 Air Max Day 的能量轉化為 Air Max Pulse 和 Air Max 1 的積極勢頭。我們以兩位數的強勁全價銷售（以 Mercurial 和 Phantom 為首，以及男裝的均衡增長）結束了有史以來最大的足球年、女士和兒童。

In Greater China, Q4 revenue grew 25%. NIKE Direct grew 19%, with NIKE Digital declining 12% as consumer buying continues to over-index in brick and mortar versus the prior year. EBIT grew 70% on a reported basis. This quarter left no doubt. Sport is back. Consumer confidence is rebounding, and NIKE's brand momentum is growing. We celebrated the return of sport with full marketing activations around the Chinese High School Basketball League, Air Max Day and Super Brand Day, and we extended that energy into our strongest product sell-through in 8 seasons with full-price momentum accelerated by our healthy inventory position.

在大中華區，第四季度收入增長了 25%。 NIKE Direct 增長了 19%，而 NIKE Digital 則下降了 12%，因為消費者在實體店的購買指數與上一年相比繼續過高。據報告，息稅前利潤 (EBIT) 增長了 70%。這個季度毫無疑問。運動回來了。消費者信心正在回升，耐克的品牌勢頭正在增強。我們圍繞中國高中籃球聯賽、Air Max Day 和超級品牌日開展了全面的營銷活動，慶祝體育運動的回歸，並將這種能量延伸到我們 8 個賽季中最強勁的產品銷售中，我們的健康狀況加速了全價勢頭。庫存位置。

Running grew double digits, fueled by newness and hyperlocal storytelling, including strong Express Lane executions for Invincible 3 and community activations around Pegasus 40. Basketball grew double digits led by the G.T. Cut, and we saw exceptional sell-through for our G.T. Jump players' edition inspired by long-time NIKE athlete Yi Jianlian.

在新穎性和超本地化故事講述的推動下，跑步業務增長了兩位數，其中包括《無敵 3》的 Express Lane 執行力和圍繞 Pegasus 40 的社區活動。籃球業務增長了兩位數，其中 GT 領銜。切了，我們看到我們的 G.T. 銷量非常好。 Jump 球員版的靈感源自耐克長期運動員易建聯。

Earlier this month, our 618 results surpassed last year's record-breaking performance with sales up double digits. And next week, we will build on that momentum as we kick off NIKE's first athlete tour in China since the pandemic by welcoming Giannis to Beijing.

本月早些時候，我們的 618 業績超過了去年破紀錄的業績，銷售額增長了兩位數。下週，我們將以此勢頭為基礎，歡迎揚尼斯來到北京，開啟耐克自疫情以來的首次運動員中國之旅。

As we look forward, we are confident in the strength of our consumer connections and confident in NIKE's ability to drive sustainable long-term growth in China. In APLA, Q4 revenue grew 6%, including approximately 6 percentage points of the headwind due to the impact of our shift to a distributor model in Central and South America. NIKE Direct was up 9% with NIKE Digital growing 9%. EBIT declined 16% on a reported basis. This quarter highlighted our balanced growth in the region. Jordan Brand continued its international expansion with strong double-digit growth as our new World of Flight doors in Tokyo and Seoul create local brand energy.

展望未來，我們對消費者聯繫的實力充滿信心，對耐克推動中國可持續長期增長的能力充滿信心。在 APLA，第四季度收入增長了 6%，其中包括由於我們轉向中南美洲經銷商模式的影響而帶來的約 6 個百分點的逆風。 NIKE Direct 增長 9%，NIKE Digital 增長 9%。據報導，息稅前利潤下降了 16%。本季度凸顯了我們在該地區的平衡增長。 Jordan Brand 繼續其國際擴張，並以兩位數的強勁增長，我們在東京和首爾的新飛行世界大門創造了當地品牌能量。

We also saw strong growth in women's lifestyle and men's performance with positive momentum from Cortez and Vomero 5 and sustained strength from Pegasus and Invincible 3. In Global Football, we drove double-digit growth across men's, women's and kids with excitement building ahead of this summer's Women's World Cup.

我們還看到女性生活方式和男性表現的強勁增長，Cortez 和 Vomero 5 的積極勢頭以及 Pegasus 和 Invincible 3 的持續增長。在全球足球領域，我們在男性、女性和兒童方面實現了兩位數的增長，在此之前我們感到興奮不已夏天的女足世界杯。

We finished the year in APLA with new milestones and new opportunities in the region. In Southeast Asia and India, we grew our business by over 40% this year, reinforcing the potential that we see in the market. In Korea, our NIKE App launch drove 2.5 million downloads and $100 million in incremental demand within its first quarter, showing how elevated local digital experiences can accelerate consumer demand. And across the region, we continue investing to grow from launching argentina.com and peru.com to introducing NIKE's first direct digital footprint in India.

我們在 APLA 度過了這一年，在該地區取得了新的里程碑和新的機遇。在東南亞和印度，我們今年的業務增長了 40% 以上，增強了我們看到的市場潛力。在韓國，我們的 NIKE 應用程序發佈在第一季度就帶動了 250 萬次下載和 1 億美元的增量需求，這表明提升的本地數字體驗如何能夠加速消費者需求。在整個地區，我們不斷投資以實現增長，從推出 argentina.com 和 peru.com 到引入耐克在印度的第一個直接數字足跡。

Now let me turn to our fiscal '24 financial outlook. We entered the new year with clear advantages, strong consumer momentum, a robust product innovation pipeline, healthy inventory and a normalized flow of supply. That said, we are closely monitoring the macro environment, consumer behavior and retail trends. Our priority for fiscal '24 is to drive healthy full-price growth while unlocking speed, agility and efficiency in our operating model.

現在讓我談談我們 24 財年的財務前景。我們以明顯的優勢、強勁的消費動力、強大的產品創新渠道、健康的庫存和正常的供應流程進入了新的一年。也就是說，我們正在密切關注宏觀環境、消費者行為和零售趨勢。我們 24 財年的首要任務是推動健康的全價增長，同時釋放我們運營模式的速度、敏捷性和效率。

We are focused on what we can control as we position NIKE to compete at its best. We are taking a balanced approach to planning our business, building on our proactive decisions more than 6 months ago to tighten buys. We expect this to translate into an improved marginal cost of growth, expanding profitability and higher returns on invested capital. We have also taken into account several noncomp factors from the prior year that will impact overall rates of growth as well as quarterly comparisons.

我們專注於我們可以控制的事情，讓 NIKE 處於最佳競爭狀態。我們正在採取平衡的方法來規劃我們的業務，以 6 個多月前積極主動的決策為基礎，收緊採購。我們預計這將轉化為增長邊際成本的改善、盈利能力的擴大和投資資本回報率的提高。我們還考慮了上一年的幾個非比較因素，這些因素將影響總體增長率以及季度比較。

For the full year, we expect fiscal '24 reported revenue to grow mid-single digits, led by NIKE Direct. This includes approximately 4 points of headwinds from the prior year from wholesale shipment timing and accelerated liquidation activities. In addition, based on current spot rates, we do not expect any material translation impact on revenue in fiscal '24.

就全年而言，我們預計 24 財年報告的收入將在 NIKE Direct 的帶動下實現中個位數增長。這包括與上一年相比因批發發貨時間和加速清算活動而產生的約 4 個百分點的不利因素。此外，根據當前的即期匯率，我們預計 24 財年的收入不會受到任何實質性的影響。

We expect gross margins to expand 140 to 160 basis points on a reported basis, which translates to approximately 200 basis points of operational gross margin expansion, excluding 50 basis points of negative impact from foreign exchange headwinds.

我們預計毛利率將在報告基礎上擴大 140 至 160 個基點，這意味著運營毛利率將擴大約 200 個基點，不包括外匯逆風帶來的 50 個基點的負面影響。

This reflects the beginning of recovery from transitory headwinds, including more favorable ocean freight rates starting halfway through the second quarter and a modest improvement in markdowns versus the prior year. We also expect continued structural gains from our focus on price value, including low single-digit price increases in fiscal '24, plus ongoing benefits from our shift to a more direct business. We expect this to be partially offset by higher product costs with inflation causing higher labor and fulfillment expenses in parts of our supply chain.

這反映出暫時的不利因素開始復蘇，包括從第二季度中期開始更有利的海運費，以及與上一年相比降價的小幅改善。我們還預計，我們對價格價值的關注將帶來持續的結構性收益，包括 24 財年的低個位數價格上漲，以及我們轉向更直接的業務帶來的持續收益。我們預計這將被更高的產品成本所部分抵消，因為通貨膨脹導致我們供應鏈部分地區的勞動力和履行費用增加。

We expect SG&A to grow slightly above revenue as we increase investment in demand creation to support key global sports moments and product launches and invest in capabilities to transform NIKE's operating model for greater speed and effectiveness. We will continue to manage SG&A to remain below pre-pandemic levels as a percentage of revenue. Our other income and expense, including net interest income, is expected to be $225 million to $275 million of income for the year, and we expect our effective tax rate to be similar to fiscal '23.

我們預計銷售、行政管理費用的增長將略高於收入，因為我們增加了對需求創造的投資，以支持全球重要的體育賽事和產品發布，並投資於轉變耐克運營模式以提高速度和效率的能力。我們將繼續管理銷售、管理及行政費用 (SG&A)，使其占收入的百分比保持在疫情前的水平以下。我們的其他收入和支出，包括淨利息收入，預計今年的收入為 2.25 億至 2.75 億美元，我們預計我們的有效稅率將與 23 財年相似。

Now let me provide a few important insights into our first quarter. We expect first quarter revenue growth to be flat to up low single digits, reflecting our decision to tighten first half buys and restrain marketplace inventory. We expect another quarter of sequential improvement in gross margin, down 50 to 75 basis points on a reported basis, which translates to 25 to 50 basis points of operational gross margin expansion, excluding the negative impact of 100 basis points of foreign exchange headwinds.

現在讓我提供有關第一季度的一些重要見解。我們預計第一季度收入增長將持平至低個位數，這反映出我們決定收緊上半年採購併限制市場庫存。我們預計毛利率將再環比改善一個季度，按報告數據下降 50 至 75 個基點，這意味著運營毛利率將擴大 25 至 50 個基點，不包括外匯逆風 100 個基點的負面影響。

We expect SG&A to grow low double digits on a reported basis, driven by increased demand creation investments around the Women's World Cup and transformational investments to drive efficiency, including the activation of the next stages of our ERP implementation in North America. Looking ahead, we will remain agile and on the offense, leveraging our experience and the capabilities that we have developed to lead through times of uncertainty while investing to capture the growth opportunities in front of us.

我們預計，在報告的基礎上，SG&A 將實現低兩位數增長，這是由於女足世界杯期間需求創造投資的增加以及提高效率的轉型投資（包括啟動我們在北美的 ERP 實施的下一階段）的推動。展望未來，我們將保持敏捷性和進攻性，利用我們的經驗和發展的能力來引領度過不確定時期，同時進行投資以抓住我們面前的增長機會。

For NIKE, creating the future always starts with serving athletes and sport. As we look to fiscal '24, we have an incredible year of sport ahead of us. From this summer's World Cup to the road to the Paris Olympic Games, it will be a year to remember. And just like the athletes we serve, NIKE will be ready to bring our best.

對於耐克來說，創造未來始終從服務運動員和運動開始。展望 24 財年，我們將迎來令人難以置信的體育年。從今年夏天的世界杯到巴黎奧運會之路，這將是值得紀念的一年。就像我們服務的運動員一樣，耐克將做好準備，竭盡全力。

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

接下來，讓我們開始提問。

(Operator Instructions) We'll take our first question from Tom Nikic with Wedbush Securities.

（操作員說明）我們將回答 Wedbush Securities 的 Tom Nikic 提出的第一個問題。

I want to ask about North America and specifically the wholesale channel. I think there's been some news recently about maybe some wholesale partners that you had either exited or deemphasized and now you're going back into some of those retailers. What drove that decision? And I guess kind of what changed in your mindset that maybe, a year or 2 ago, you saw DSW was not somebody you wanted to partner with, but now you do and Macy's, et cetera? So just any insight or color there would be really helpful.

我想詢問北美的情況，特別是批發渠道。我認為最近有一些消息稱您可能已經退出或不再重視某些批發合作夥伴，而現在您將重新回到其中一些零售商。是什麼推動了這個決定？我想您的心態發生了某種變化，也許在一兩年前，您認為 DSW 不是您想要合作的人，但現在您願意與梅西百貨合作，等等？因此，任何見解或顏色都會非常有幫助。

Yes, Tom, I'll take that. Let me just say upfront, our marketplace strategy remains the same as it's been over the last several years, and this is simply a continued evolution of the very same marketplace strategy. And I'll remind you that our marketplace strategy is driven by the consumer. I mean, at the end of the day, we start with the consumer, and consumers in this day and age want to get what they want, when they want it, how they want it.

是的，湯姆，我會接受的。我首先要說的是，我們的市場策略與過去幾年保持不變，這只是同一市場策略的持續演變。我會提醒您，我們的市場策略是由消費者驅動的。我的意思是，歸根結底，我們從消費者開始，當今時代的消費者希望在他們想要的時候、以他們想要的方式得到他們想要的東西。

Consumers want digital and physical access. They shop across both channels. They want a monobrand and multibrand. They use different shopping occasions. They use different channels. Consumers expect us to know who they are, and consumers have said to us they want a consistent and seamless experience. And so that is what has driven our marketplace strategy.

消費者想要數字和物理訪問。他們通過這兩個渠道購物。他們想要單一品牌和多品牌。他們使用不同的購物場合。他們使用不同的渠道。消費者希望我們知道他們是誰，並且消費者向我們表示他們想要一致且無縫的體驗。這就是推動我們市場戰略的因素。

And as you know, it starts with digital, our -- a direct connection with the consumer. Our digital apps, our mobile apps are unmatched in the industry, and that's our fastest-growing channel. That will continue to be our fastest-growing channel because we directly connect with the consumer digitally.

如您所知，它始於數字化，我們與消費者的直接聯繫。我們的數字應用程序、移動應用程序在業界是無與倫比的，這是我們增長最快的渠道。這將繼續成為我們增長最快的渠道，因為我們直接以數字方式與消費者聯繫。

We augment that with owned retail, where we are building out stores, NIKE stores in segments that are currently underserved by our wholesale partners. We would say women's is one of those cases and Jordan being another. So we're selectively opening new doors. And then multi-brand wholesale partners play a really important role. And as I said in my remarks, there's different segments. So we spent a lot of focus and attention, and we've talked a lot over the last couple of years about the larger multi-brand partners like DICK's and JD and Foot Locker and Sports Direct.

我們通過自有零售來增強這一點，我們正在批發合作夥伴目前服務不足的領域建立商店、耐克商店。我們可以說女子是其中之一，喬丹是另一個。所以我們有選擇地打開新的大門。多品牌批發合作夥伴發揮著非常重要的作用。正如我在發言中所說，有不同的部分。因此，我們投入了大量的精力和注意力，並且在過去幾年中我們多次討論了較大的多品牌合作夥伴，例如 DICK's 和 JD、Foot Locker 和 Sports Direct。

We've talked some around neighborhood doors where we authenticate. That's such an important role. And then we have accounts that help us serve distinct segments of consumers or price points. And so what we've done over the past quarter is simply an extension of that. Our Direct business will continue to grow the fastest, but we'll continue to expand our marketplace strategy to enable access to as many consumers as possible and drive growth.

我們已經在我們進行身份驗證的社區門口進行了一些討論。這是一個如此重要的角色。然後我們的賬戶可以幫助我們為不同的消費者群體或價位提供服務。因此，我們在過去一個季度所做的只是這一點的延伸。我們的直接業務將繼續以最快的速度增長，但我們將繼續擴大我們的市場戰略，以吸引盡可能多的消費者並推動增長。

And next up is Matthew Boss, JPMorgan.

接下來是摩根大通的馬修·博斯。

So John, with the expanded definition of sport and greater awareness of health and wellness that you cited, could you elaborate on how you believe the NIKE brand is positioned to capture market share globally? And then, Matt, on the revenue guide for this year, could you just help bridge 1Q relative to the full year? Maybe some of the puts and takes, I think, would be really helpful in terms of getting from the first quarter to the full year.

那麼，約翰，隨著您提到的運動定義的擴展以及對健康和保健意識的提高，您能否詳細說明一下您認為耐克品牌如何定位以佔領全球市場份額？然後，馬特，關於今年的收入指南，你能幫助彌合第一季度相對於全年的收入嗎？我認為，也許一些調整和調整對於從第一季度到全年來說確實很有幫助。

Thanks, Matt. And Matt Friend, I'll take the first. You take the second. So Matt Boss, we see the same structural tailwinds you just described. We are blessed with structural tailwinds around an expanding definition of sport, particularly around health and wellness and a related structural tailwind around this movement toward athleisure. And our marketplace strategy is simply geared to expand, leverage our competitive advantages to not only gain share but also grow the market by being where consumers are and again, as I said a minute ago, to give them what they want, when they want, how they want it.

謝謝，馬特。馬特·弗蘭德，我選第一個。你拿第二個。馬特·博斯，我們看到了您剛才描述的相同的結構性推動因素。我們很幸運地擁有圍繞運動定義不斷擴大的結構性順風，特別是在健康和保健方面，以及圍繞運動休閒運動的相關結構性順風。我們的市場戰略只是為了擴大規模，利用我們的競爭優勢，不僅獲得份額，而且通過成為消費者所在的地方來擴大市場，正如我剛才所說，在他們想要的時候給他們想要的東西，他們多麼想要它。

Two examples come to mind. One is just digital. Our -- I cannot tell you how important it is, our mobile apps. In fact, in Q4, our 4 mobile apps, SNKRS, the NIKE Mobile App, NTC and NRC, had over 500 million visitors within the quarter, and that's just in the U.S. or North America, APLA and EMEA. Didn't even count in China. So there's no one else in the industry that has anything close to that.

我想到了兩個例子。一種只是數字化的。我們的——我無法告訴你我們的移動應用程序有多麼重要。事實上，在第四季度，我們的 4 個移動應用程序（SNKRS、NIKE 移動應用程序、NTC 和 NRC）在該季度擁有超過 5 億訪問者，而這還只是在美國或北美、APLA 和 EMEA。連中國都不算。因此，業內沒有其他人能做到這一點。

And what that means is we are in -- we're in the privileged position of being in consumers' pockets and on their home screens or their phones. That's cherished real estate. So our mobile apps give us a huge advantage because it creates shopping occasions when they're browsing on SNKRS. It creates shopping occasions when they're working out. It connects us to consumers globally and will help us both grow the market and gain share.

這意味著我們處於——我們處於消費者口袋裡、他們的主屏幕或手機上的特權地位。這就是珍貴的房地產。因此，我們的移動應用程序給我們帶來了巨大的優勢，因為它為他們在 SNKRS 上瀏覽時創造了購物機會。它在他們鍛煉時創造了購物機會。它將我們與全球消費者聯繫起來，將幫助我們擴大市場並獲得份額。

A second example will be around health and wellness in women's, and we talked in my remarks about the NIKE Well Collective. And what this really is, Amy Montagne is leading our women's team and just doing a fabulous job. Amy and her team have sharp consumer insight around -- through the eyes of the women consumer, the female consumer, this intersection of sport, wellness, community, and it's all infused with style. The distinction of style and performance for women is a much more nuanced and integrated thing.

第二個例子是關於女性的健康和保健，我們在發言中談到了 NIKE Well Collective。事實上，艾米·蒙塔涅 (Amy Montagne) 正在領導我們的女子團隊，並且做得非常出色。艾米和她的團隊擁有敏銳的消費者洞察力——通過女性消費者的眼睛，女性消費者，運動、健康、社區的交叉點，而且這一切都充滿了風格。對於女性來說，風格和性能的區別是一個更加微妙和綜合的事情。

And so NIKE Well Collective is both a branding and a way that our voice to her and our storytelling to her will come to life but also our retail doors. And we have been opening Nike Live doors, as you know. We'll rebrand those NIKE Well Collective. I will tell you the Nike Live doors, which are largely focused on women consumers, are performing very strongly around women's performance product, around women's fitness, leggings and bras, around lifestyle as well.

因此，NIKE Well Collective 既是一個品牌，也是我們向她發出的聲音和向她講述的故事的一種方式，也是我們的零售大門。如您所知，我們一直在打開 Nike Live 的大門。我們將重新命名這些 NIKE Well Collective。我會告訴你，主要針對女性消費者的 Nike Live Doors 在女性功能產品、女性健身、緊身褲和胸罩以及生活方式方面表現非常強勁。

And so in that way, we're expanding our access to women consumers. And so we'll continue in our marketplace strategy. It really reiterates what I said a minute ago of being aggressive to be where the consumer is so that we're there when they want us, where they want us and how they want us.

因此，我們正在擴大對女性消費者的接觸範圍。因此，我們將繼續我們的市場戰略。這確實重申了我一分鐘前所說的，即積極主動地服務於消費者，以便在他們需要我們的時候、在他們需要我們的地方以及他們想要我們的方式出現。

And Matt, I'll just jump in on the question around revenue guidance. Let me start by just saying we're incredibly pleased by the growth that we delivered in fiscal year '23 with 16% growth on a currency-neutral basis. And if you look at our results in North America and EMEA on a currency-neutral basis, our growth was even higher. When you then compare our reported revenue growth to retail sales growth to the consumer across the marketplace, we drove strong double-digit growth in retail sales to the consumer throughout the year, including that trend continuing into the fourth quarter. And NIKE Direct in the fourth quarter grew 18% versus the prior year.

馬特，我將直接談談有關收入指導的問題。首先我要說的是，我們對 23 財年實現的增長感到非常高興，在貨幣中性的基礎上實現了 16% 的增長。如果您在貨幣中性的基礎上查看我們在北美和歐洲、中東和非洲的業績，我們的增長甚至更高。然後，當您將我們報告的收入增長與整個市場的消費者零售額增長進行比較時，我們全年推動消費者零售額實現兩位數的強勁增長，包括這一趨勢持續到第四季度。第四季度 NIKE Direct 比去年同期增長了 18%。

So in this fourth quarter, remember that we moderated the sell into wholesale but continued in terms of trying to prioritize a healthy marketplace, and we still drove strong growth in retail sales across the marketplace. As we look ahead to fiscal '24 and the mid-single-digit guide, it starts with the approach that we've been taking around assessing marketplace health and our consumer trends and then the pressure that we see -- the potential pressure that we see on the consumer.

因此，在第四季度，請記住，我們調整了批發銷售，但繼續努力優先考慮健康的市場，並且我們仍然推動整個市場零售額的強勁增長。當我們展望 24 財年和中個位數指引時，首先是我們一直在評估市場健康狀況和消費者趨勢所採取的方法，然後是我們看到的壓力——我們所面臨的潛在壓力。看消費者。

And so we made a decision to tighten our first half buys and continue the trend that we had done in the second half. But we are expecting retail sales to continue a trend, so retail sales to the consumer to continue a trend of growth versus the prior year. And actually, when we look at the first half and the second half of next year, we're actually planning for a fairly consistent level of retail sales growth to the consumer.

因此，我們決定收緊上半年的採購，並延續下半年的趨勢。但我們預計零售額將繼續保持這一趨勢，因此面向消費者的零售額將繼續保持與上年相比的增長趨勢。實際上，當我們展望明年上半年和下半年時，我們實際上正在計劃為消費者提供相當一致的零售額增長水平。

The distinction with the first half is that we're continuing to manage marketplace inventory and continue to just manage marketplace health. NIKE Direct is going to continue to lead our growth. And when we look at next year in the second half, in particular, we're excited about the new products that we brought to market this year and scaling them next year. We're excited about new product introductions and then ultimately capturing the energy around the Paris Olympics, which is a wonderful moment for NIKE. But mid-single-digit revenue growth on the full year and that includes 4 points of noncomp headwinds from wholesale shipment timing in fiscal year '23 plus some of the accelerated liquidation activities that we have. So all told in this environment, we feel like mid-single digits is a great number.

與上半年的區別在於，我們將繼續管理市場庫存並繼續管理市場健康狀況。 NIKE Direct 將繼續引領我們的發展。尤其是當我們展望明年下半年時，我們對今年推向市場的新產品以及明年的擴展感到興奮。我們對新產品的推出感到興奮，並最終捕捉到巴黎奧運會的能量，這對耐克來說是一個美妙的時刻。但全年收入增長為中個位數，其中包括 23 財年批發發貨時間帶來的 4 個非競爭因素阻力，以及我們的一些加速清算活動。總而言之，在這種環境下，我們覺得中個位數是一個很大的數字。

And Jim Duffy from Stifel is up next.

接下來是來自 Stifel 的 Jim Duffy。

Some great progress on the inventories, and you spoke to an improved inventory posture in the marketplace. Just thinking about competitive dynamics, can you elaborate on your expectations for the promotional backdrop in fiscal '24? And then related to that, you were very promotional clearing inventory across fiscal '23. How does that factor into your outlook for the mid-single-digit growth and specifically the growth for the DTC business?

庫存方面取得了一些重大進展，您談到了市場庫存狀況的改善。僅考慮競爭動態，您能否詳細說明一下您對 24 財年促銷背景的預期？與此相關的是，你們在 23 財年大力促銷清理庫存。這對您對中個位數增長，特別是 DTC 業務增長的前景有何影響？

Sure. Well, Jim, I would say, in general, the marketplace remains highly promotional. And when we step back and look at the actions that we took last year, we're very happy with where we finished the year. In fact, our inventory levels are ahead of our plan and ahead of the competition. We saw total marketplace inventory units down versus the prior year. And when we look at NIKE-owned inventory in particular, we feel incredibly good about where we are and the plans that we have going into the first half of next year.

當然。好吧，吉姆，我想說，總的來說，市場仍然高度促銷。當我們退後一步，看看我們去年採取的行動時，我們對今年的完成情況感到非常滿意。事實上，我們的庫存水平超出了我們的計劃，也領先於競爭對手。我們發現市場總庫存量與去年相比有所下降。當我們特別關注耐克擁有的庫存時，我們對我們的現狀以及明年上半年的計劃感到非常滿意。

The large majority of our strategic partners have also done a beautiful job moving through the inventory and balancing the trade-offs of investing in consumer connections, elevating the retail environment and moving through inventory. And so we feel great about where we are, but we recognize that, next year, the environment is going to continue to be promotional, and that even puts pressure on our wholesale partners in terms of how they think about managing through the first half of the year.

我們的絕大多數戰略合作夥伴在庫存清理方面也做得非常出色，並平衡了消費者聯繫投資、提升零售環境和庫存清理之間的權衡。因此，我們對自己的處境感覺很好，但我們認識到，明年的環境將繼續促銷，這甚至會給我們的批發合作夥伴帶來壓力，讓他們考慮如何管理上半年的業務。那一年。

And so we believe that the right focus and attention for NIKE is to focus on recovering a higher level of full-price growth in fiscal year '24, profitable growth, full-price growth. The mid-single-digit guide does reflect 4 points, as I mentioned, of noncomp impacts, which are partially wholesale shipment timing because you recall last year, there was a lot of late supply from '22 that came into '23 but also a little bit of extra liquidation as we were more aggressive moving inventory both through our own channels and our partner channels. But when I look at our growth plan for next year, adjusting for the comp headwind and look at the profitability recovery that we see on the margin -- gross margin and EBIT line, I feel like it's a great plan and sets us up well for long-term growth and profitability.

因此，我們認為，耐克正確的重點和關注點是專注於在 24 財年恢復更高水平的全價增長、盈利增長、全價增長。正如我所提到的，中個位數的指南確實反映了 4 點非補償影響，這些影響部分是批發發貨時間，因為你還記得去年，有很多來自 22 年的延遲供應進入了 23 年，但也有由於我們通過自己的渠道和合作夥伴渠道更積極地轉移庫存，因此需要進行一些額外的清算。但是，當我審視我們明年的增長計劃、針對競爭逆風進行調整併審視我們在利潤率（毛利率和息稅前利潤）上看到的盈利能力復甦時，我覺得這是一個很棒的計劃，並為我們做好了準備。長期增長和盈利能力。

Your next question is Kate McShane, Goldman Sachs.

你的下一個問題是高盛的凱特·麥克沙恩。

This is Brooke Roach filling in for Kate. You commented in the prepared remarks about seeing around the corner on transitory cost headwinds that have pressured your profitability and FY '24, we'll start to see some relief there. Can you speak to the proportion of transitory costs that you anticipate to recapture in FY '24? And what's still on the horizon for FY '25 and beyond?

這是布魯克·羅奇（Brooke Roach）接替凱特。您在準備好的評論中評論道，短期成本逆風即將到來，這對您的盈利能力和 24 財年構成壓力，我們將開始看到一些緩解。您能談談您預計在 24 財年收回的臨時成本的比例嗎？ 25 財年及以後還會發生什麼？

Sure. So when we look at where we ended the year and the progress that we've made on inventory, we feel really good about our ability to drive healthy growth in '24. And so -- and you see that in our gross margin guide. We're guiding to expand margins by 140 to 160 basis points, and that includes a 50 basis point negative FX headwind. If we back out the FX, it's approximately 200 basis points of operational gross margin expansion.

當然。因此，當我們看到年底的情況以及我們在庫存方面取得的進展時，我們對我們在 24 年推動健康增長的能力感到非常滿意。所以——你可以在我們的毛利率指南中看到這一點。我們預計將利潤率擴大 140 至 160 個基點，其中包括 50 個基點的負面外匯逆風。如果我們取消外匯匯率，運營毛利率將擴大約 200 個基點。

The large majority of the 200 basis points is the beginning recapture of transitory headwinds. We will continue to see structural benefits in fiscal year '24, but those are being partially offset by higher product costs and inflation in parts of our supply chain. When I look at the large majority of our transitory headwinds, we've been talking about 2 for the past several years. One is freight and logistics, and the second one is liquidation.

200 個基點中的大部分都是短暫逆風的開始。我們將在 24 財年繼續看到結構性效益，但這些效益將被產品成本上升和供應鏈部分地區的通貨膨脹所部分抵消。當我審視我們絕大多數的短暫逆風時，我們在過去幾年裡一直在談論 2。一是貨運物流，二是清算。

We've now negotiated our ocean freight rates with partners for fiscal year '24, and we've negotiated rates that are near pre-pandemic levels. Those benefits don't kick in until halfway through the second quarter, and so we'll start to see that tailwind come in, in Q2 and then accelerate in Q3 and Q4 and then carry into fiscal year '25.

我們現在已經與合作夥伴協商了 24 財年的海運費率，並且我們協商的費率接近大流行前的水平。這些好處要到第二季度中期才會顯現出來，因此我們將開始看到第二季度出現順風，然後在第三季度和第四季度加速，然後延續到 25 財年。

As it relates to the liquidation impact, we are planning for an improvement in full-price mix and markdowns, and we've baked that into our plans for fiscal year '24. But we recognize, as I answered the question for Jim a little bit earlier, that we continue to operate in a promotional marketplace. And so we're going to continue to read and react; and as a result of that, we've planned for a modest recovery of those costs.

由於它與清算影響有關，我們正在計劃改善全價組合和降價，並且我們已將其納入 24 財年的計劃中。但正如我早些時候為吉姆回答的問題一樣，我們認識到我們將繼續在促銷市場中運營。因此，我們將繼續閱讀並做出反應；因此，我們計劃適度收回這些成本。

And you'll also recall that in fiscal year '23, we were comparing to extraordinary levels of full-price realization, well above the 65% threshold that we had provided as our target. And so at this point in time, we're not planning that we're going to recover back to that level of full-price realization but that instead, we will be operating at or around the 65% level. But we've also now seen a new way of living. And so it gives us some optimism that there can be more opportunity than even the metric that we've provided.

您還會記得，在 23 財年，我們將全價實現的非凡水平進行了比較，遠高於我們作為目標提供的 65% 閾值。因此，目前我們並不打算恢復到全價實現的水平，而是以 65% 或左右的水平運營。但我們現在也看到了一種新的生活方式。因此，這讓我們感到樂觀，認為甚至可能比我們提供的指標更多的機會。

But those 2 things taking into consideration, as we look to our margins beyond '24, there's going to be some structural tailwind that comes from freight and that -- or sorry, some benefit that's going to come from freight. And then our focus is going to be on the structural drivers that give us confidence in achieving the long-term margins that we've been talking about.

但考慮到這兩件事，當我們展望 24 年之後的利潤率時，將會出現一些來自貨運的結構性推動力，或者抱歉，貨運將帶來一些好處。然後我們的重點將放在結構性驅動因素上，這些驅動因素使我們有信心實現我們一直在談論的長期利潤。

Cristina Fernández, Telsey Advisory Group, has the next question.

特爾西諮詢小組的克里斯蒂娜·費爾南德斯提出了下一個問題。

I wanted to see if you could talk about the recovery you're seeing in China. How did that progress through the quarter? And just overall, when you look at the marketplace, how is it different today versus pre-pandemic and your ability to use your athletes and influencers to drive sales?

我想看看你能否談談你在中國看到的複蘇。本季度進展如何？總的來說，當你審視市場時，你會發現現在的市場與大流行前相比有何不同，以及你利用運動員和影響者來推動銷售的能力嗎？

Yes. Cristina, probably the highlight of the last 90 days for me was getting back to China for the first time post-pandemic. And I will tell you, it just -- it was such a palpable reminder, a, what a strong team we have there, and I just want to again call out our China team who has just done a spectacular job over challenge after challenge after challenge over the last 3 or 4 years. But what's also clear is the consumers back in China and NIKE and Jordan brand are strong.

是的。克里斯蒂娜（Cristina），對我來說過去 90 天的亮點可能是大流行後第一次回到中國。我會告訴你，這真是一個明顯的提醒，我們有一支多麼強大的團隊，我只想再次讚揚我們的中國團隊，他們剛剛在一次又一次的挑戰中表現出色。過去3、4年的挑戰。但同樣清楚的是，中國的消費者以及耐克和喬丹品牌都很強大。

So you heard our Q4 growth was 25%. We had a strong 618, and that's across different categories, performance and lifestyle, men's, women's, kids, really strong performance in running and basketball, wholesale fitness. But what was really clear is that the NIKE formula of the best innovation combined with great local storytelling, combined with the marketplace is connecting with Chinese consumers, particularly Gen Z.

所以你聽說我們第四季度的增長率是 25%。我們有一個強大的 618，它跨越不同的類別、性能和生活方式、男士、女士、兒童，在跑步和籃球、批發健身方面表現非常強勁。但真正清楚的是，耐克的最佳創新配方與精彩的本土故事相結合，與市場相結合，正在與中國消費者，特別是 Z 世代建立聯繫。

And so the Gen Z consumer in China cares about innovation, and they're doing a great job of taking our global innovations and hyper-localizing them as well a great job of local storytelling. When I was there, we saw -- Craig Williams and I were there together. We saw that live streaming studio where we do a lot of live streaming in a way that really connects with Gen Z. Social shopping is taking off in China in a bigger way than other places, and we're at the front edge of that.

因此，中國的 Z 世代消費者關心創新，他們在採用我們的全球創新並將其高度本地化方面做得很好，並且在講述本地故事方面也做得很好。當我在那裡時，我們看到——克雷格·威廉姆斯和我在一起。我們看到了直播工作室，在那裡我們以一種真正與 Z 世代聯繫的方式進行了大量直播。社交購物在中國的起飛速度比其他地方更大，而我們處於這方面的前沿。

And then as you know, we have 6,000 monobrand doors that provide such an advantage. I will tell you, being in several of those doors in Shanghai and Beijing, what was -- it was right when the Motiva was launched. And the far majority of those 6,000 doors, the first floor is dedicated to women's. And you walk in. It is some of the best merchandising of a great innovation like Motiva connected to her, pulling her off the street and into the doors. And so we'll continue to invest in China. Our China for China strategy, I think, is going very, very well.

如您所知，我們擁有 6,000 種單一品牌門，可以提供這樣的優勢。我會告訴你，在上海和北京的幾家門口，Motiva 推出時正是如此。在這 6,000 個門中，一樓絕大多數是專門為女性設計的。你走進去。這是像 Motiva 這樣的偉大創新的最佳營銷活動，將她從街道上拉進了家門。因此我們將繼續在中國投資。我認為，我們的“中國為中國”戰略進展得非常非常順利。

And looking ahead, we're optimistic about NIKE's brand, Jordan's brand, the momentum we have as well we think it's the structural tailwinds in the region make us optimistic over the long term. Gen Z is the most active generation. There's a growing middle class, increased focus on health and wellness, so a very energizing visit and makes us very confident about our brands and our business in China.

展望未來，我們對耐克的品牌、喬丹的品牌以及我們所擁有的勢頭感到樂觀，我們認為該地區的結構性順風讓我們對長期持樂觀態度。 Z 世代是最活躍的一代。中產階級不斷壯大，對健康和養生的關注也越來越多，所以這是一次非常充滿活力的訪問，讓我們對我們的品牌和在中國的業務充滿信心。

I think that the other thing I would just add is the activity and the effort that we've taken over the last 3 quarters to improve our inventory position in the marketplace. We had another great quarter we reported. And where you really see that come to life in a mono-brand marketplace, where you can see the full breadth in our stores is that you get the full breadth of a seasonal assortment, which is when NIKE is operating at its best, leading with innovation.

我想我要補充的另一件事是我們在過去三個季度中為改善我們在市場上的庫存狀況而採取的活動和努力。據報導，我們又度過了一個出色的季度。在單一品牌市場中，您可以真正看到這一點，您可以在我們的商店中看到全面的季節性品種，這是耐克運營最佳的時候，領先於創新。

China actually is our largest penetration of innovation of any geography that we operate in, and that connects well with what John referenced in terms of what the consumer is looking for. But this quarter, in particular, as we've improved our inventory position, we saw the highest level of full price selling that we've seen in 8 quarters. And that just shows the strength of NIKE when we have a healthy marketplace and we can bring the breadth of the assortment and the depth of our stories to bear for the consumer and to drive consumer demand.

實際上，在我們開展業務的所有地區中，中國是我們創新滲透率最高的地區，這與約翰提到的消費者需求密切相關。但特別是在本季度，隨著我們改善了庫存狀況，我們看到了 8 個季度以來的最高水平的全價銷售。這恰恰表明了耐克的實力，當我們擁有一個健康的市場時，我們可以為消費者帶來品種的廣度和故事的深度，並推動消費者的需求。

And our final question today will come from John Kernan, TD Cowen.

今天我們的最後一個問題將來自 TD Cowen 的 John Kernan。

Matt, just wanted to go back to the margin puts and takes and maybe talk a little bit about the long-term margin targets that were issued way back in fiscal '22. I know a lot has changed since then. But are we still thinking in terms of a high-teens operating margin long term? And how do we think about the margin profile of DTC and the mix shift of DTC?

馬特，只是想回到保證金認購和保證金的問題，也許可以談談早在 22 財年就發布的長期保證金目標。我知道從那時起發生了很多變化。但我們是否仍在考慮長期保持高雙位數的營業利潤率？我們如何看待 DTC 的利潤狀況和 DTC 的組合轉變？

Sure, John. Well, let me start -- I'll start with the back and I'll come to the front in terms of the way you asked the question. We're making substantial progress towards the long-term goals that we had highlighted a couple of years ago. Our Consumer Direct Acceleration strategy has been a consumer-led strategy, and when we look at the mix of our business in digital and in direct relative to where we were in fiscal year '19, we've made significant progress against it. And we continue to invest to grow based on the fact that consumer continues to choose to shop in our stores and in our digital channels or at least to engage in our digital channels before they go try to find the product that they want in our -- in the wholesale marketplace.

當然，約翰。好吧，讓我開始——我將從後面開始，然後根據你提出問題的方式來談談前面。我們正在朝著幾年前強調的長期目標取得實質性進展。我們的消費者直接加速戰略一直是消費者主導的戰略，當我們審視我們的數字業務組合併與 19 財年直接相關時，我們已經取得了重大進展。我們繼續投資以實現增長，因為消費者繼續選擇在我們的商店和數字渠道購物，或者至少在他們嘗試在我們的網站中找到他們想要的產品之前參與我們的數字渠道——在批發市場。

And so we're very pleased with where we are today. We finished fiscal year '23 at a 44% mix in total direct and a 26% mix in digital. And the consumer will decide the ultimate end point. And what I mean by that is whether we land exactly at 60% or not doesn't really matter. But what we are confident long term is that we're going to be a more direct and a more profitable company.

因此，我們對今天的處境非常滿意。截至 23 財年，我們的直接業務佔比為 44%，數字業務佔比為 26%。消費者將決定最終的終點。我的意思是，我們是否正好達到 60% 並不重要。但從長遠來看，我們有信心成為一家更直接、更盈利的公司。

And so when I look at our guidance for fiscal year '24 and the gross margin expansion that we're planning for on an operational basis, we're making significant progress to come back to where we were prior to the transitory impacts. And then we still see the benefits of structural opportunities to drive our margin long term. We've talked about those before. Those include the price value that we create in our products and the opportunity that creates for us to raise prices to the impact of having an increasing channel mix to some of the cost -- product cost opportunities we see through simplification of our SKU line and end-to-end efficiency.

因此，當我查看我們對 24 財年的指導以及我們在運營基礎上計劃的毛利率擴張時，我們正在取得重大進展，以回到暫時影響之前的水平。然後，我們仍然看到結構性機會的好處，可以長期提高我們的利潤率。我們之前已經討論過這些。其中包括我們在產品中創造的價格價值，以及為我們提高價格所創造的機會，以提高渠道組合對某些成本的影響——我們通過簡化 SKU 系列和終端看到的產品成本機會- 端到端效率。

But the time line to predict when we're going to get there, as we've been talking about for a couple of quarters is, is difficult to predict. And a point on that in cases, we've got 150 basis points of foreign exchange headwinds between last year and this year. But we are confident that we're on the path towards achieving these long-term goals, even though it's a little bit more difficult to predict the exact time that we're going to get there. But we think that we're on a path to the high 40s long-term gross margin goal. And at this point, we're continuing to do within our control in order to move us in that direction.

但正如我們幾個季度以來一直在談論的那樣，預測我們何時能夠實現這一目標的時間線很難預測。值得一提的是，去年和今年之間我們遇到了 150 個基點的外匯逆風。但我們相信，我們正在實現這些長期目標的道路上，儘管預測我們實現目標的確切時間有點困難。但我們認為，我們正朝著 40 多歲的長期毛利率目標邁進。此時此刻，我們將繼續在我們的控制範圍內開展工作，以推動我們朝這個方向發展。

And Matt, I -- John, I'll just build on one of the things that Matt says. The key to the whole thing is having the best innovation in the industry. That's what brings people to our direct channels. That brings people to our digital channels. And the momentum, Heidi has had her team together offsite earlier this week and seeing the design, product creation, men's, women's, kids, storytelling and brand teams really accelerating the pace of innovation, accelerating our ability to connect with the consumer, is ultimately what's going to fuel not only our top line but also our bottom line. And so the feeling of momentum and confidence is really growing as we move into this more streamlined structure.

馬特，我——約翰，我只會以馬特所說的其中一件事為基礎。整個事情的關鍵是擁有業內最好的創新。這就是吸引人們進入我們直接渠道的原因。這將人們帶到我們的數字渠道。本週早些時候，海蒂讓她的團隊在異地聚集在一起，看到設計、產品創造、男裝、女裝、童裝、講故事和品牌團隊真正加快了創新的步伐，加快了我們與消費者聯繫的能力，最終是什麼不僅能提高我們的收入，還能提高我們的利潤。因此，當我們進入這個更加精簡的結構時，動力和信心的感覺確實在增強。

And everyone, that does conclude our question-and-answer session. It also concludes our conference for today. We would like to thank you all for your participation. You may now disconnect.

各位，我們的問答環節到此結束。我們今天的會議也到此結束。我們衷心感謝大家的參與。您現在可以斷開連接。