(NKE) 2024 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2024 First Quarter Conference Call. For those who want to reference today's press release, you'll find it at investors.nike.com.

大家下午好。歡迎參加 NIKE, Inc. 的 2024 財年第一季電話會議。對於想要參考今天的新聞稿的人，您可以在 Investors.nike.com 上找到它。

Leading today's call is Paul Trussell, VP of Investor Relations and Strategic Finance. Now I would like to turn the call over to Mr. Paul Trussell. Please go ahead.

今天的電話會議由投資者關係和策略財務副總裁 Paul Trussel 主持。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 us today to discuss NIKE, Inc.'s fiscal 2024 first 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，接線生。大家好，感謝您今天加入我們討論 NIKE, Inc. 2024 財年第一季的業績。參加今天電話會議的包括耐吉公司總裁兼執行長約翰·多納霍 (John Donahoe)；以及我們的財務長馬特·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吉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資訊。請參閱耐吉的收益新聞稿或耐吉的網站 Investors.nike.com，以了解可比較的 GAAP 衡量標準和定量調整表。除非另有說明，今天電話會議上的所有成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.

我們將從準備好的發言開始，然後開始提問。 （操作員說明）感謝您的合作。

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吉公司總裁兼執行長約翰‧多納霍 (John Donahoe)。

Thank you, Paul, and hello to everyone on today's call. NIKE's foundational competitive advantages are the envy of the industry. As the global athletic market leader, our scale and portfolio allow us to create an impact that only NIKE can. Consumers all over the world recognize NIKE as the #1 champion for athletes and sport as we fuel inspiration and push the limit of human potential with the industry's most innovative products.

謝謝保羅，今天電話會議的大家好。耐吉的基礎競爭優勢令業界羨慕。作為全球運動市場的領導者，我們的規模和產品組合使我們能夠產生只有耐吉才能做到的影響。世界各地的消費者將耐吉視為運動員和體育運動的第一冠軍，因為我們透過業界最具創新性的產品激發靈感並突破人類潛力的極限。

Over the past few years, we've navigated through an unprecedented external environment. We've worked through many challenges, societal, geopolitical, global health, supply chain and more. And during this time, NIKE has grown larger and stronger.

過去幾年，我們經歷了前所未有的外在環境。我們應對了許多挑戰，包括社會、地緣政治、全球健康、供應鏈等等。而在這段時間裡，NIKE不斷做大做強。

In fiscal '19, NIKE's revenues were $39 billion. Today, we're over $50 billion. And what's more, our growth has outpaced the overall industry during this period.

19 財年，耐吉的營收為 390 億美元。今天，我們的資產已超過 500 億美元。更重要的是，在此期間我們的成長速度超過了整個產業。

Let me offer a few examples of how we've redefined the game over the past 2 years. The consumer told us they wanted lifestyle product, and we delivered, growing Air Force 1, AJ1 and Dunk to be the 3 largest footwear franchises in industry history. We continue to set the bar in key global sports like basketball and global football. Jordan is now one of the leading brands in North America with potential for so much more. We've accelerated digital capabilities that fuel engagement with our brands and deepen direct consumer connections around the world. The list could go on and on.

讓我舉幾個例子來說明我們在過去兩年中如何重新定義遊戲。消費者告訴我們，他們想要生活方式產品，我們交付了這些產品，使 Air Force 1、AJ1 和 Dunk 成為該行業歷史上三大鞋類品牌。我們繼續在籃球和全球足球等主要全球體育運動中樹立標竿。喬丹現在是北美的領導品牌之一，具有更大的發展潛力。我們加速了數位化能力的發展，促進了我們品牌的參與並加深了與世界各地消費者的直接聯繫。這個清單還可以一直列下去。

But we have a saying here at NIKE. There is no finish line. We never settle. We always measure ourselves against our full potential. NIKE has always been synonymous with sport. We're at our best when we deliver breakthrough ideas by lining up innovative product with distinctive storytelling delivered through differentiated marketplace experiences. And when we do it well, we expand and grow the market.

但我們在耐吉有一句話。沒有終點線。我們永遠不會安定下來。我們總是根據自己的全部潛力來衡量自己。 NIKE一直是運動的代名詞。當我們透過將創新產品與透過差異化市場體驗提供的獨特故事相結合來提供突破性想法時，我們就處於最佳狀態。當我們做得好時，我們就能擴大和發展市場。

Today, as I've just mentioned, we're succeeding in many areas of our business, but we expect more of ourselves and others. For example, over the past few years, we launched new product innovations in running, but we need to drive more meaningful consumer connections among everyday runners and scale these innovations more effectively across the marketplace. Our storytelling has driven energy in many areas, but we have opportunity to cut through with more sharpness and clarity around the performance benefits and distinction of our products. And we built a best-in-class marketplace with unrivaled scale and reach. But we have opportunity to deliver more compelling assortments, particularly when it comes to serving our women consumers. So across our company, we are focused and mobilized to address areas where we need to raise our game while continuing to drive competitive separation across the board. We're aligned. We're confident, and we kick in to a new gear.

今天，正如我剛才提到的，我們在業務的許多領域都取得了成功，但我們對自己和他人的期望更高。例如，在過去幾年中，我們推出了跑步方面的新產品創新，但我們需要在日常跑步者之間建立更有意義的消費者聯繫，並在整個市場上更有效地推廣這些創新。我們的故事敘述在許多領域激發了活力，但我們有機會以更敏銳和清晰的方式圍繞我們產品的性能優勢和特色進行突破。我們建立了一個規模和覆蓋範圍無與倫比的一流市場。但我們有機會提供更引人注目的產品組合，特別是在服務女性消費者方面。因此，在我們整個公司，我們集中精力並動員起來，解決需要提高競爭力的領域，同時繼續全面推動競爭分離。我們是一致的。我們充滿信心，並開始新的步伐。

One recent example, a couple of weeks ago, we had over 300 leaders from across the globe gathered here in Beaverton to immerse ourselves in our fall '24 lineup. Now our teams have been back together in person over the past 15 months, and our innovation pipeline is strong, and it was on full display. The excitement and alignment of our leadership team was clear as we continue to obsess the product and storytelling we'll be bringing to life for consumers at the Paris Olympics and into the fall. Simply put, our teams are on the offense as we compete to win in all segments.

最近的一個例子是，幾週前，我們有來自全球各地的 300 多名領導者齊聚比佛頓，沉浸在我們的 24 年秋季陣容中。現在，我們的團隊在過去 15 個月中重新聚在一起，我們的創新管道非常強大，並且得到了充分展示。當我們繼續痴迷於我們將在巴黎奧運會和秋季為消費者帶來的產品和故事時，我們的領導團隊的興奮和團結是顯而易見的。簡而言之，我們的球隊處於進攻狀態，我們在各個環節都在爭取勝利。

And so today, I'd like to offer 3 examples where NIKE showed our best this quarter, where we brought together product, storytelling and marketplace to connect with consumers and drive results. Let's start with this summer's World Cup. At NIKE, as I've said before, it always starts with great product. And in football, that's led by Phantom Luna and Mercurial, our most innovative football boots as well as our array of national team kits designed for elite female players and last but not least, our style-driven collections that stood out so well this summer.

因此，今天，我想提供 3 個例子，其中耐吉在本季度表現出了最好的表現，我們將產品、故事講述和市場結合在一起，與消費者建立聯繫並推動業績。讓我們從今年夏天的世界盃開始。在耐吉，正如我之前所說，它總是從出色的產品開始。在足球領域，以Phantom Luna 和Mercurial 為首，它們是我們最具創新性的足球鞋，以及專為精英女球員設計的一系列國家隊球衣，最後但並非最不重要的一點是，我們以風格為主導的系列在今年夏天表現出色。

We brought our culture of innovation to life through our storytelling as we dominated the conversation with a leading share of social voice. In particular, we were incredibly effective in reaching Gen Z women through our lens of sports, style and culture. On TikTok, our priority channel for Gen Z, our engaged audience, meaning those who actively interacted with our content, was up 172%, a huge statement of NIKE's ability to connect with authenticity to this important demographic.

我們透過講故事將我們的創新文化帶入生活，因為我們以領先的社交聲音主導了對話。特別是，我們透過運動、時尚和文化的視角，非常有效地接觸 Z 世代女性。在TikTok 上，我們面向Z 世代的優先管道，我們的參與受眾（即那些積極與我們的內容互動的受眾）增長了172%，這充分證明了耐吉有能力以真實性與這一重要人群建立聯繫。

And we also extended the tournament's energy through our stores. I was in Australia this summer and got to experience our Dream Arena, the immersive retail destination we created for the World Cup by transforming our Sydney flagship store, just the latest example of how we can amplify global sport moments at retail. The experiences inside Dream Arena included the best of NIKE, Jersey customization, local co-creator workshops, NIKE trainer-led workouts, exclusive product launches and more. The response to Dream Arena surpassed our expectations with some great learnings we plan to use at scale moving forward. And all this led to results. In both footwear and apparel, we beat our sell-through plans with strong double-digit growth across men's, women's and kids in Global Football.

我們也透過我們的商店擴大了錦標賽的能量。今年夏天我在澳大利亞，體驗了我們的夢想競技場，這是我們透過改造雪梨旗艦店為世界盃打造的沉浸式零售目的地，這只是我們如何在零售領域放大全球體育時刻的最新例子。 Dream Arena 內的體驗包括 NIKE 的精華、球衣客製化、當地聯合創作者研討會、NIKE 教練指導的鍛鍊、獨家產品發布等等。 Dream Arena 的反應超出了我們的預期，我們計劃在未來大規模使用一些很好的經驗教訓。這一切都帶來了結果。在鞋類和服裝方面，我們在全球足球男裝、女裝和童裝領域實現了強勁的兩位數增長，超越了銷售計劃。

In EMEA, all our key boot franchises, Mercurial, Phantom, Tiempo and Phantom Luna saw double-digit growth in Q1, leading adult Global Football to grow double digits in the geo. And in APLA, football also grew double digits with strong growth in kid-sized kits as we continue to inspire the next generation of fans to fall in love with the sport.

在歐洲、中東和非洲地區，我們所有的主要球鞋系列 Mercurial、Phantom、Tiempo 和 Phantom Luna 在第一季都實現了兩位數增長，引領成人全球足球在該地區實現了兩位數增長。在 APLA，隨著我們繼續激勵下一代球迷愛上這項運動，足球運動也實現了兩位數的成長，兒童球衣的銷售量強勁成長。

And whether it was from this summer's World Cup and the Euros last summer or the WNBA and our investment in coaching, we are committed to growing the game for women's sports.

無論是今年夏天的世界盃和去年夏天的歐洲杯，還是 WNBA 以及我們在教練方面的投資，我們都致力於發展女子運動。

Next, let's touch on basketball, another area where you can see our end-to-end offense driving accelerated competitive advantage. In basketball, we have an unprecedented portfolio of product. Earlier this month, we announced our latest signature shoe, Devin Booker's Nike Book 1. It's a shoe built for comfort and performance with clean on and off court style. The Nike Book 1 will hit retail in December with consumer energy already building.

接下來，讓我們談談籃球，這是您可以看到我們的端到端進攻加速競爭優勢的另一個領域。在籃球領域，我們擁有前所未有的產品組合。本月早些時候，我們發布了最新的簽名鞋——德文·布克 (Devin Booker) 的 Nike Book 1。這款鞋專為舒適性和性能而打造，場內場外風格簡潔。 Nike Book 1 將於 12 月上市零售，消費者的熱情已增強。

And the Sabrina 1 continued its very strong sell-through this quarter, with both women's and men's interests high. And just a few hours ago, we launched the LeBron XXI. The XXI built on the success of the XX by keeping its low profile design and adding premium lightweight materials designed to connect with younger generations.

本季 Sabrina 1 繼續保持強勁的銷售勢頭，女性和男性的興趣都很高。就在幾個小時前，我們推出了 LeBron XXI。 XXI 在 XX 的成功基礎上，保持低調設計，並添加了專為年輕一代設計的優質輕質材料。

And Q1 also saw the official introduction of the Kobe Brand. We commemorated Kobe Day on August 24, with rereleases to very strong demand. In fact, demand's so strong that we only fulfilled a fraction of it. And along with Vanessa Bryant, we also selected 6 schools to be honored as Mamba programs for the upcoming college basketball season, with both their men's and women's teams having the opportunity to wear Kobe Brand player exclusive footwear. We see huge potential with the Kobe Brand both on and off the court as we continue to honor his legacy.

Q1也看到了Kobe品牌的官方介紹。我們於 8 月 24 日紀念了神戶日，並根據非常強烈的需求重新發布了該產品。事實上，需求如此強勁，我們只滿足了其中的一小部分。與瓦妮莎布萊恩特一起，我們還選擇了 6 所學校作為即將到來的大學籃球賽季的曼巴計劃，他們的男子和女子球隊都有機會穿著科比品牌球員專屬鞋履。隨著我們繼續紀念他的遺產，我們看到了科比品牌在球場內外的巨大潛力。

And this quarter, we also brought the energy of basketball directly to the consumer. We hosted tournaments in cities like L.A. and Chicago, culminating with the Nike World Basketball Festival in New York. These events created an electric atmosphere, especially during the NBA off-season like only NIKE can.

而本季，我們也將籃球的能量直接帶給了消費者。我們在洛杉磯和芝加哥等城市舉辦了錦標賽，最後在紐約舉辦了耐吉世界籃球節。這些活動營造了一種激動人心的氛圍，尤其是在 NBA 休賽期，只有 NIKE 才能做到。

And in a quarter where Jordan footwear grew double digits, the Jordan Brand demonstrated its power by bringing Zion, Luka and Jayson Tatum to Paris for Quai 54, which is one of the world's biggest streetwear and street ball tournaments that doubled as a showcase of the culture and growing community of basketball. Now moments like these don't just grow competitive separation for NIKE and Jordan. They also are how we grow the game and we grow the broader market.

在Jordan 鞋類銷售額實現兩位數成長的季度中，Jordan 品牌透過將Zion、Luka 和Jayson Tatum 帶到巴黎參加Quai 54 展現了自己的實力，Quai 54 是世界上最大的街頭服飾和街頭籃球錦標賽之一，同時也是展示文化和不斷發展的籃球社區。現在，這樣的時刻不僅會加劇耐吉和喬丹之間的競爭分歧。它們也是我們發展遊戲和發展更廣泛市場的方式。

Finally, I'll walk through the geography where our overall vision comes to life best, Greater China. In Q1, Greater China grew double digits for the second straight quarter, and we're taking share in the market. It's in Greater China that we offer the consumer NIKE's most premium and elevated retail. The team gets the most out of our innovative product through world-class and locally relevant storytelling and strong marketplace execution.

最後，我將介紹最能實現我們整體願景的地區：大中華區。第一季度，大中華區連續第二季實現兩位數成長，我們正在搶佔市場份額。在大中華區，我們為消費者提供耐吉最優質、最高端的零售服務。團隊透過世界一流且與當地相關的故事敘述和強大的市場執行力，充分利用我們的創新產品。

A great example is our women's business, which outpaced overall growth in the quarter. The work the team has done to serve our women's consumer in Greater China is proof of what NIKE can do when all the pieces are aligned.

一個很好的例子是我們的女性業務，本季的成長速度超過了整體成長。該團隊為服務大中華區女性消費者所做的工作證明了耐吉在各方面協調一致時的能力。

A highlight in Q1 in Greater China was our 3-day sport festival, Sportchella, where we welcomed thousands of women to connect with our 3 brands through movement and mindfulness. The team amplified the impact of the festival by partnering with Tmall to create the first Nike Super Brand Week, which drove more than 2 billion impressions. And this partnership seamlessly integrated the events with a digital shopping journey that generated very strong consumer response and engagement.

大中華區第一季的一大亮點是為期 3 天的體育節 Sportchella，我們歡迎成千上萬的女性透過運動和正念與我們的 3 個品牌建立聯繫。該團隊與天貓合作打造首屆耐吉超級品牌週，擴大了節慶的影響力，曝光量超過20億次。這種合作關係將活動與數位購物之旅無縫地結合在一起，產生了非常強烈的消費者反應和參與。

Our Greater China team also brings our brands to life through our best retail experiences fueled by strong and meaningful storytelling. These breakthrough retail experiences highlight our innovations and marketing in a clear package for the consumer. For example, in Q1, our seasonal presentations and curated head-to-toe style guides had very favorable consumer response. And once again, this combination of innovation, storytelling and marketplace execution led to results.

我們的大中華區團隊也透過強大且有意義的故事講述，透過最佳零售體驗將我們的品牌帶入生活。這些突破性的零售體驗凸顯了我們為消費者提供清晰包裝的創新和行銷。例如，在第一季度，我們的季節性展示和精心策劃的從頭到腳的風格指南獲得了非常良好的消費者反應。創新、說故事和市場執行的結合再次帶來了成果。

We took share in women's in Greater China this quarter, with strong growth across a wide range of products, from footwear with the Motiva and Free Metcon to apparel with our statement bras and leggings. All in all, across our entire portfolio, the Greater China team has orchestrated a fully connected marketplace. They continue to transform digital commerce, launching China-specific versions of our apps, which are faster for consumers and more personalized, including a new Jordan destination to the Nike App in Q1; and their expanding connected partnership, which after just a few quarters is now live in 350 doors across 102 cities and is driving substantially higher member demand versus last quarter.

本季度，我們在大中華區的女裝市場份額強勁，從 Motiva 和 Free Metcon 鞋類到我們個性化胸罩和打底褲等服裝，多種產品均實現強勁增長。總而言之，在我們的整個產品組合中，大中華區團隊精心策劃了一個完全互聯的市場。他們繼續變革數位商務，推出中國專用版本的應用程序，這些版本對消費者來說速度更快且更加個性化，包括第一季耐吉應用程式的新喬丹目的地；以及他們不斷擴大的互聯合作夥伴關係，短短幾個季度後，該合作夥伴關係現已覆蓋 102 個城市的 350 個門市，與上季相比，會員需求大幅增加。

Simply put, Greater China sets the execution standard for us, and our goal is to scale their success across all of our geographies, every sport and every dimension of our business. And that's how we win over the long term.

簡而言之，大中華區為我們設定了執行標準，我們的目標是將他們的成功擴展到我們所有的地區、每項運動和我們業務的每個層面。這就是我們贏得長期勝利的方式。

In the end, as I've said, we're focused in moving with great confidence against the opportunities we see. Our teams feel energized, united by our shared passion and urgency for competing at the highest level. We set high expectations for ourselves at Nike. That's what winners do. And now more than ever, we're ready to bring our very best and demonstrate what NIKE is capable of.

最後，正如我所說，我們將專注於充滿信心地抓住我們所看到的機會。我們的團隊因共同的熱情和參與最高水平競爭的緊迫感而感到充滿活力、團結一致。在耐吉，我們對自己設定了很高的期望。這就是勝利者所做的。現在，我們比以往任何時候都更願意竭盡全力，並展示 NIKE 的能力。

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's first quarter results demonstrated the impact of staying on the offense when we drove a quicker return to a healthy marketplace in fiscal '23 and leading with operational discipline as we begin the new fiscal year. We delivered Q1 results in line with our guidance. Retail sales across NIKE Direct and Wholesale continue to grow on top of extraordinary sales this past year. Both Nike inventory and our total marketplace inventory are healthy. Working capital efficiency is improving with a normalized supply chain. Gross margins are expanding on an operational basis, excluding the effects of foreign exchange and transitory headwinds are abating. In short, we are building on a strong foundation for sustainable and more profitable long-term growth.

謝謝約翰，向通話中的每個人問好。耐吉第一季的業績證明了我們在 23 財年推動市場更快回歸健康市場時繼續進攻的影響，以及在新財年開始時以營運紀律為主導的影響。我們交付的第一季業績符合我們的指導。耐吉直營店和批發店的零售額在去年的出色銷售基礎上繼續增長。耐吉庫存和我們的市場總庫存都很健康。隨著供應鏈的標準化，營運資金效率正在提高。排除外匯的影響，營運毛利率正在擴大，暫時的不利因素正在減弱。簡而言之，我們正在為可持續和更有利可圖的長期成長奠定堅實的基礎。

Before reviewing our financial results, let me first speak to what we are seeing from our consumer in the marketplace and where we are driving focus and attention to unlock even greater potential ahead. In Q1, retail sales across NIKE Direct and Wholesale grew mid-single digits versus the prior year. Our top franchises are driving strong full price sales and our newest product offerings across Nike, Jordan and Converse are generating positive consumer reception.

在回顧我們的財務表現之前，讓我先談談我們從市場上的消費者那裡看到的情況，以及我們正在推動哪些方面的重點和關注，以釋放未來更大的潛力。第一季度，耐吉直營和批發部門的零售額與去年相比成長了中個位數。我們的頂級特許經營店正在推動強勁的全價銷售，而我們在 Nike、Jordan 和 Converse 上提供的最新產品正在引起消費者的積極歡迎。

Looking at inventory. We continue to feel very good about our position. NIKE inventory dollars are down 10% versus the prior year. Our total inventory units across the marketplace, including NIKE and our wholesale partners, are down double digits versus the prior year. Partner-owned inventory units are in line with the previous year, with levels planned to remain lean through our second quarter, a meaningful accomplishment after higher levels of wholesale sell-in during fiscal '23. On the whole, we are very comfortable with the level of inventory in the marketplace in relation to the retail sales that we're seeing as we begin increasing levels of wholesale sell-in in our second half.

看庫存。我們仍然對自己的處境感到非常滿意。耐吉的庫存金額比前一年下降了 10%。我們整個市場（包括耐吉和我們的批發合作夥伴）的總庫存量比前一年下降了兩位數。合作夥伴擁有的庫存單位與上一年持平，計劃在第二季度保持較低水平，這是繼 23 財年批發銷售水平較高之後取得的一項有意義的成就。總體而言，我們對市場庫存水準與零售銷售的關係感到非常滿意，因為我們在下半年開始增加批發銷售水準。

And overall, we're confident in the health and shape of our marketplace. NIKE Direct continues to lead our growth, up 6% versus the prior year. As we deliver on our strategy to elevate the marketplace through premium physical and digital retail experiences, we continue to see that consumers want to connect directly and personally with our brands.

總的來說，我們對市場的健康和形態充滿信心。 NIKE Direct 持續引領我們的成長，比上年增長 6%。當我們實施透過優質實體和數位零售體驗提升市場的策略時，我們繼續看到消費者希望與我們的品牌進行直接和個人的聯繫。

And in fact, member engagement within our direct business is up double digits versus the prior year, with increasing average order values. Our stores delivered in an especially strong quarter, with traffic up double digits from last year and members driving an increasing share of our business as consumers shifted from our digital to physical channels. This is similar to what we are seeing across the industry. And after seeing this trend build in early July or in early June, our team was nimble in transitioning inventory to capture higher full price sales across our entire store fleet.

事實上，我們的直接業務中的會員參與度比上一年增長了兩位數，平均訂單價值也不斷增加。我們的商店在一個特別強勁的季度交付，客流量比去年增長了兩位數，隨著消費者從數位管道轉向實體管道，會員推動我們的業務份額不斷增加。這與我們在整個行業中看到的情況類似。在看到這種趨勢在 7 月初或 6 月初形成後，我們的團隊靈活地轉換庫存，以在整個商店中獲得更高的全價銷售額。

NIKE Digital grew 2% with nonlinear comparisons to the prior year, including liquidation actions and a higher number of product launches on the SNKRS app in fiscal '23. Looking through all that. What stands out are the underlying consumer trends we see in our digital business. This includes sustained momentum on the NIKE mobile app with growth in traffic and increasing member buying frequency. We continue to see a growing structural advantage as more consumers start their shopping journeys with us on mobile.

NIKE Digital 與前一年相比成長了 2%，其中包括清算行動以及 23 財年在 SNKRS 應用程式上發布的產品數量增加。縱觀這一切。突出的是我們在數位業務中看到的潛在消費者趨勢。這包括耐吉行動應用程式的持續成長勢頭，流量成長和會員購買頻率增加。隨著越來越多的消費者透過行動裝置開始我們的購物之旅，我們繼續看到不斷增長的結構性優勢。

Meanwhile, within wholesale, we see largely positive results from our most important strategic partners. Specifically, we were pleased to see high single-digit to low double-digit retail sales growth and strong inventory management with many of our key partners, including DICK's Sporting Goods and city specialty partners in North America, JD, Zalando and Sports Direct in EMEA and Topsports and Pou Sheng in Greater China.

同時，在批發領域，我們看到我們最重要的策略夥伴在很大程度上取得了積極的成果。具體來說，我們很高興看到零售額從高個位數到低兩位數的增長，以及與我們許多主要合作夥伴的強大庫存管理，包括北美的迪克體育用品和城市專業合作夥伴，歐洲、中東和非洲的京東、Zalando 和Sports Direct以及大中華區的Topsports和寶勝。

We continue the reset of our business with Foot Locker, planning for near-term sales declines as they invest in consumer-right concepts for the future. Ultimately, we have a segmented portfolio of strong partners across price points and channels with no single partner representing more than a mid-single digit of NIKE's total business. And looking across the entire marketplace, we are confident in our brand momentum as we accelerate direct consumer connections, elevate our brands and create capacity for long-term growth.

我們持續重新調整與 Foot Locker 的業務，為未來的消費者權益理念投資而應對近期銷量下降的情況。最終，我們擁有跨價位和通路的強大合作夥伴細分組合，沒有任何一個合作夥伴在耐吉總業務中的佔比超過中個位數。縱觀整個市場，我們對我們的品牌勢頭充滿信心，因為我們加速了與消費者的直接聯繫，提升了我們的品牌並創造了長期成長的能力。

Looking ahead, our priorities start with our product pipeline. And over the coming seasons, we will build on the market share gains that we have accelerated in recent years, by scaling newness and innovation across our portfolio, while carefully managing the health of our most iconic product franchises. This year, for example, we will build on the consumer momentum around running and modern comfort with performance and lifestyle franchises such as Infinity, Motiva, Invincible, Vomero 5, V2K and the Air Max 1. We will refresh our basketball portfolio across Nike and Jordan through innovation and style and grow the Kobe Brand. We will ignite the next chapters of Pegasus, the Jordan game shoe and Tech Fleece while continuing to grow powerhouses like Dunk and Metcon.

展望未來，我們的首要任務是從我們的產品線開始。在接下來的幾個季度中，我們將在近年來加速的市場份額成長的基礎上，透過擴大我們產品組合的新穎性和創新性，同時仔細管理我們最具標誌性的產品系列的健康狀況。例如，今年，我們將透過Infinity、Motiva、Invincible、Vomero 5、V2K 和Air Max 1 等表演和生活方式系列產品，圍繞跑步和現代舒適性打造消費者動力。我們將更新Nike 和Air Max 1 等籃球產品組合。喬丹透過創新和風格壯大了科比品牌。我們將點燃 Pegasus、Jordan 比賽鞋和 Tech Fleece 的新篇章，同時繼續發展 Dunk 和 Metcon 等強大產品。

And as we look toward the second half of this fiscal year and beyond from the tenth anniversary of Air Max Day to the Paris Olympic Games, we will introduce our next wave of Nike Air innovation. This will bring our most comprehensive evolution of the Air platform in years, one that we expect to catalyze both our brand and business. We will deliver pinnacle performance innovation to athletes while also scaling into new lifestyle franchises over the next several years. Ultimately, we are focused on scaling a deep, diverse and distinct product portfolio not just for 1 quarter or 1 season but for years to come.

當我們展望本財年下半年以及從 Air Max Day 十週年到巴黎奧運的更遠時期時，我們將介紹下一波 Nike Air 創新。這將帶來我們多年來最全面的 Air 平台演進，我們希望這一演進能夠促進我們的品牌和業務。我們將為運動員提供巔峰的表現創新，同時在未來幾年拓展新的生活方式專營權。最終，我們的重點是擴大深度、多樣化和獨特的產品組合，不僅是針對第一季或一季度，而且是未來幾年。

Last, we are turning the corner in driving more profitable growth while also recovering on transitory cost headwinds. This includes structural improvements in profitability in areas such as supply chain, with reduced digital switch shipments and improved digital fulfillment costs enabled by investments in our regional service centers and a new transportation management system.

最後，我們正在扭轉局面，推動利潤成長，同時也從暫時的成本逆風中恢復過來。這包括供應鏈等領域獲利能力的結構性改善，透過投資我們的區域服務中心和新的運輸管理系統，減少數位交換機出貨量並提高數位履行成本。

In addition, NIKE Brand ASPs are up across footwear and apparel across all geographies as we focus on the price value of our products. And in Greater China, consecutive quarters of double-digit growth, healthy inventory and sequential improvement in full price sales will enable us to begin rebuilding towards higher profitability in the geography.

此外，由於我們注重產品的價格價值，耐吉品牌在所有地區的鞋類和服裝的平均售價均有所上升。在大中華區，連續幾季實現兩位數成長、健康的庫存以及全價銷售的連續改善將使我們能夠開始重建，以在該地區實現更高的盈利能力。

Finally, we are focused on improving our marginal cost of growth with more modest increases in operating overhead this fiscal year following 2 consecutive years of double-digit growth. We are doing this by unlocking speed and productivity as we transform our operating model to build a faster and more efficient Nike.

最後，在連續兩年實現兩位數成長後，我們的重點是改善邊際成長成本，本財年營運管理費用將更加溫和成長。為此，我們轉變營運模式，打造更快、更有效率的耐吉，從而釋放速度和生產力。

Now let me turn to our NIKE, Inc. first quarter results. In Q1, NIKE, Inc. revenue grew 2% on a reported and currency neutral basis. NIKE Direct grew 6%, with NIKE stores growing 12% and NIKE Digital up 2%. Wholesale grew 1%, reflecting our proactive decisions to restrain inventory supply and prioritize marketplace health, particularly in North America. Gross margins declined 10 basis points to 44.2% on a reported basis, primarily driven by higher product costs, and approximately 90 basis points of unfavorable changes in net foreign currency exchange rates, almost completely offset by strategic pricing actions.

現在讓我談談耐吉公司第一季的業績。第一季度，NIKE, Inc. 的收入在報告和貨幣中性的基礎上增長了 2%。 NIKE Direct 成長 6%，NIKE 專賣店成長 12%，NIKE Digital 成長 2%。批發成長 1%，反映出我們積極主動決定限制庫存供應並優先考慮市場健康，尤其是在北美。根據報告，毛利率下降 10 個基點至 44.2%，主要是由於產品成本上升以及淨外幣匯率不利變化約 90 個基點，幾乎完全被戰略定價行動所抵消。

SG&A grew 5% on a reported basis, primarily due to increased demand creation expenses around World Cup and more moderate increases in operating overhead benefiting from shifts in timing of technology investments for the remainder of the year. Our effective tax rate for the quarter was 12% compared to 19.7% for the same period last year, primarily due to a onetime benefit provided by the recent delay of the effective date of U.S. foreign tax credit regulations. Diluted earnings per share was $0.94.

按報告計算，SG&A 成長了 5%，主要是由於世界盃期間需求創造費用增加，以及受益於今年剩餘時間技術投資時機的變化而導致營運管理費用適度增加。我們本季的有效稅率為 12%，而去年同期為 19.7%，這主要是由於美國外國稅收抵免法規最近推遲生效日期帶來的一次性好處。稀釋後每股收益為 0.94 美元。

Now let me turn to our operating segments. In North America, Q1 revenue declined 1%, with wholesale down 8%, in line with our expectations following our restrained sell-in of marketplace supply. NIKE Direct was up 7% as NIKE stores grew 11% and NIKE Digital grew 4%. EBIT grew 4% on a reported basis, primarily due to strong gross margin expansion.

現在讓我談談我們的營運部門。在北美，第一季營收下降 1%，其中批發收入下降 8%，這符合我們在限制市場供應後的預期。 NIKE Direct 成長 7%，NIKE 商店成長 11%，NIKE Digital 成長 4%。據報告，息稅前利潤增長了 4%，這主要是由於毛利率的強勁增長。

In a competitive environment, our retail sales momentum grew throughout the quarter across NIKE Direct and wholesale. NIKE's back-to-school performance outpaced the broader industry with strong sales from our top franchises and clear consumer excitement around newness. Infinity 4 drove strong full price sales as we partnered with key running specialty accounts to host community activations. Our newest generation of Tech Fleece, amplified by strong investment from key marketplace partners, drove retail sales up double digits from last year across NIKE Direct and Wholesale. Zenvy, Go and Universa fueled double-digit growth in statement leggings with Dunk and Free Metcon driving strong sell-through. And the Jordan Brand continued its momentum with double-digit growth, led by Jordan women's and kids as well as performance basketball.

在競爭激烈的環境中，我們整個季度的耐吉直營和批發零售銷售動能都在成長。耐吉的返校季表現超越了整個行業，我們的頂級特許經營商的強勁銷售以及消費者對新事物的明顯興奮。由於我們與主要營運專業客戶合作舉辦社群活動，《無限 4》推動了強勁的全價銷售。我們最新一代的 Tech Fleece 得到了主要市場合作夥伴的大力投資，推動 NIKE Direct 和 Wholesale 的零售額比去年增長了兩位數。 Zenvy、Go 和 Universa 推動了個性緊身褲的兩位數成長，Dunk 和 Free Metcon 則推動了強勁的銷售。喬丹品牌繼續保持兩位數的成長勢頭，其中喬丹女裝、童裝以及高性能籃球引領潮流。

In EMEA, Q1 revenue grew 6%, with NIKE Direct also up 6%. NIKE stores grew 17%, and NIKE Digital declined 2%. EBIT declined 5% on a reported basis. Global Football and fitness grew double digits and women's outpaced our total growth in the geography this quarter. New innovation and styles are resonating with Phantom Luna driving strong sell-through, Metcon up double digits and Motiva, our new walking shoe, off to a great start in creating a new performance category for NIKE.

在歐洲、中東和非洲地區，第一季營收成長了 6%，NIKE Direct 也成長了 6%。 NIKE 商店成長了 17%，NIKE Digital 下降了 2%。據報道，息稅前利潤下降了 5%。本季度，全球足球和健身業務實現了兩位數成長，而女子足球業務的成長速度超過了該地區的整體成長速度。新的創新和款式與 Phantom Luna 產生共鳴，推動了強勁的銷量，Metcon 實現了兩位數的增長，而我們的新步行鞋 Motiva 為 NIKE 創造了一個新的性能類別，取得了良好的開端。

Pegasus, Invincible and Vomero also delivered strong results in the quarter. In addition, statement leggings and shorts grew double digits with integrated brand and retail experiences. And as we deepen our focus on serving all segments of the running community, trail running footwear grew double digits with new product innovation and brand activations.

Pegasus、Invincible 和 Vomero 在本季也取得了強勁的業績。此外，憑藉整合的品牌和零售體驗，個性緊身褲和短褲實現了兩位數成長。隨著我們加深對服務跑步社群各個領域的關注，越野跑鞋憑藉新產品創新和品牌活化實現了兩位數成長。

In Greater China, Q1 revenue grew 12%. NIKE Direct grew 10% with NIKE stores up 12% and NIKE Digital up 6%. EBIT declined 3% on a reported basis. Throughout the quarter, we saw incredible energy around the return of sport, with thousands of young runners joining in our back-to-school kids race, players across cities taking part in our Jordan Flight basketball tournament and historical highs in social engagement with our neighborhood accounts as consumers joined in hyper local community experiences to celebrate our newest Kobe release.

在大中華區，第一季營收成長12%。 NIKE Direct 成長 10%，NIKE 商店成長 12%，NIKE Digital 成長 6%。據報道，息稅前利潤下降了 3%。在整個季度，我們看到了運動回歸帶來的令人難以置信的活力，成千上萬的年輕跑者參加了我們的返校兒童比賽，各個城市的球員參加了我們的Jordan Flight 籃球錦標賽，以及與我們社區的社交互動達到了歷史新高消費者加入超本地社區體驗來慶祝我們最新的Kobe發布。

Retail sales across NIKE Direct and Wholesale grew double digits with another quarter of strong sell-through. In a highly promotional marketplace, we outperformed industry trends with improvement in full price sales. Our performance dimensions led growth with consumer excitement around G.T. Jump, Sabrina 1 and Invincible. And in lifestyle, Vomero and other retro running styles are gaining momentum as we prepare to scale over the coming seasons.

耐吉直營和批發部門的零售額成長了兩位數，銷售量又強勁成長了一個季度。在促銷力度大的市場中，我們的全價銷售有所改善，跑贏了產業趨勢。我們的業績維度引領了成長，消費者對 GT 感到興奮。跳躍、薩布麗娜 1 和無敵。在生活方式方面，隨著我們準備在未來幾季擴大規模，Vomero 和其他復古跑步風格正在獲得發展勢頭。

In APLA, Q1 revenue grew 3%. NIKE Direct was up 3% with NIKE stores up 10% and NIKE Digital declining 3%. EBIT declined 17% on a reported basis. Japan, Southeast Asia, India and Mexico led our growth this quarter as we accelerate our momentum in international markets. In particular, store traffic in Japan is returning to pre-COVID levels. Sales through our new Myntra partnership in India are already exceeding plan, and Mexico's digital business delivered double-digit growth.

APLA 第一季營收成長 3%。 NIKE Direct 上漲 3%，NIKE 店上漲 10%，NIKE Digital 下跌 3%。據報道，息稅前利潤下降了 17%。隨著我們在國際市場的發展勢頭加快，日本、東南亞、印度和墨西哥在本季度引領了我們的成長。特別是，日本的商店客流量正在恢復到新冠疫情爆發前的水平。透過我們在印度新的 Myntra 合作夥伴關係實現的銷售額已經超出計劃，墨西哥的數位業務實現了兩位數的成長。

Kids led our growth in the geography, up double digits with strong growth from Mercurial, Court Borough and Fleece. We also saw market share gains in women's lifestyle with positive consumer response to Air Max Koko, V2K and Gamma Force. In addition, Jordan continues its global growth with Luka and Tatum fueling strong momentum in performance basketball, and our new streetwear footwear franchise is resonating with consumers.

兒童業務引領了我們在地理領域的成長，隨著 Mercurial、Court Borough 和 Fleece 的強勁成長，成長了兩位數。我們也看到，隨著消費者對 Air Max Koko、V2K 和 Gamma Force 的積極反應，女性生活方式的市場份額也有所增加。此外，盧卡（Luka）和塔圖姆（Tatum）為高性能籃球運動注入了強勁動力，喬丹繼續其全球成長，而我們新的街頭鞋履系列也引起了消費者的共鳴。

Now let me turn to our financial outlook. As we look forward, we are confident in NIKE's new product innovation pipeline, brand strength, deep consumer connections and the health and shape of our marketplace. Our Q1 results reaffirm our expectation for healthy profitable growth this fiscal year.

現在讓我談談我們的財務前景。展望未來，我們對耐吉的新產品創新管道、品牌實力、深厚的消費者連結以及市場的健康和形態充滿信心。我們第一季的業績再次證實了我們對本財年獲利健康成長的預期。

For the full year, we continue to expect reported revenue to grow mid-single digits. At the same time, we are closely monitoring the operating environment, including foreign currency exchange rates, consumer demand over the holiday season and our second half wholesale order book. As a reminder, this growth outlook includes approximately 4 points of headwinds from accelerated liquidation and higher wholesale sell-in during the prior year as we sold roughly 5 seasons of supply within 4 financial quarters. Therefore, quarterly comparisons across marketplace channels and in the aggregate will be nonlinear.

就全年而言，我們繼續預期報告收入將實現中個位數成長。同時，我們正密切關注經營環境，包括外匯匯率、節慶期間的消費者需求以及下半年的批發訂單。提醒一下，這個成長前景包括約 4 個百分點的阻力，這些阻力來自去年的加速清算和批發銷售的增加，因為我們在 4 個財務季度內出售了大約 5 個季節的供應。因此，跨市場通路和整體的季度比較將是非線性的。

We continue to expect gross margins to expand 140 to 160 basis points on a reported basis, which includes 50 basis points of negative impact from foreign exchange headwinds. We are cautiously planning for modest markdown improvements for the balance of the year given the promotional environment.

我們繼續預期毛利率將在報告基礎上擴大 140 至 160 個基點，其中包括外匯逆風帶來的 50 個基點的負面影響。考慮到促銷環境，我們正在謹慎規劃今年剩餘時間的適度降價改進。

We continue to expect SG&A to slightly outpace revenue growth, more specifically at the high end of mid-single digits. We continue to expect other income and expense, including net interest income, to be $225 million to $275 million for the year. And we continue to expect our effective tax rate to be in the high teens range.

我們繼續預計 SG&A 將略高於收入成長，更具體地說是在中個位數的高端。我們仍預期今年其他收入和支出（包括淨利息收入）將為 2.25 億至 2.75 億美元。我們仍然預計我們的有效稅率將在十幾歲範圍內。

Now let me provide some additional color on our second quarter. We expect second quarter reported revenue growth to be up slightly versus the prior year, as we faced our most challenging comparisons from fiscal '23. We expect second quarter gross margins to expand approximately 100 basis points versus the prior year, reflecting benefits from strategic pricing, improved markdowns and lower ocean freight rates partially offset by higher product input costs. We continue to expect a negative impact from 50 basis points of foreign exchange headwinds. We expect second quarter SG&A to grow mid- to high single digits. We expect our second quarter effective tax rate to be in the high teens range.

現在讓我為第二季提供一些額外的資訊。我們預計第二季報告的營收成長將比前一年略有上升，因為我們面臨著與 23 財年最具挑戰性的比較。我們預計第二季毛利率將比去年同期擴大約 100 個基點，反映出策略定價、降價改善和較低海運費的收益，部分被較高的產品投入成本所抵銷。我們繼續預期 50 個基點的外匯逆風將產生負面影響。我們預計第二季銷售及管理費用將實現中高個位數成長。我們預計第二季的有效稅率將在十幾歲範圍內。

For NIKE, being on the offense means competing to win now and over the long term. We are confident in our strategy, our leadership position and our ability to create even greater opportunity ahead.

對耐吉來說，進攻意味著在當前和長期競爭中獲勝。我們對我們的策略、我們的領導地位以及我們未來創造更大機會的能力充滿信心。

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 Bob Drbul, Guggenheim Partners.

（操作員說明）我們將從古根漢合夥人公司的鮑勃·德布爾（Bob Drbul）提出第一個問題。

I guess the first question really is, when you talk about the innovation pipeline for fall of '24, can you just expand a little bit more in terms of the focus or the categories or really sort of what you see driving the business that you laid out at the most recent meeting. And I have a follow-up.

我想第一個問題確實是，當您談論 24 年秋季的創新管道時，您能否在重點或類別或您所看到的推動您所奠定業務的真正方面擴展一點在最近一次會議上。我有一個後續行動。

Great, Bob. Well, as I said in my remarks, the -- I cannot underestimate the -- or understate, really, that the impact of having our teams back together in person over the past 15 months, and we absolutely see that kicking into gear with our product pipeline. And so this past quarter, you heard a couple of great examples of performance innovation around Phantom Luna, our World Cup kits, the Infinity 4, which had 1 of our latest foam platforms, React X foam, highest energy return and lowest carbon footprint. Well, that will sustain for many quarters and years.

太棒了，鮑伯。嗯，正如我在發言中所說，我不能低估，或者說輕描淡寫，在過去 15 個月裡，我們的團隊親自重新聚集在一起所產生的影響，我們絕對看到這種影響正在與我們的產品管道。因此，在上個季度，您聽到了有關Phantom Luna、我們的世界盃套件、Infinity 4 的幾個出色的性能創新示例，其中包含我們最新的泡沫平台之一、React X 泡沫、最高的能量回報和最低的碳足跡。嗯，這將持續很多季度和很多年。

And over the next 6 to 9 months into the Paris Olympics and the fall, there are several areas we're very excited about. Matt and I both talked about basketball. I don't think we've ever had a stronger portfolio of basketball shoes, whether it's the Sabrina 1, the LeBron XX1, Book 1. Jordan has Tatum, Luka, Zion and a great game shoe coming. And then, of course, we have Kobe. So we see real growth, growing our basketball business and growing the game and market of basketball on and off the court.

在巴黎奧運和秋季的接下來 6 到 9 個月內，有幾個領域讓我們感到非常興奮。馬特和我都談論籃球。我認為我們從未有過更強大的籃球鞋產品組合，無論是 Sabrina 1、LeBron XX1、Book 1。喬丹有塔圖姆、盧卡、錫安，還有一款出色的比賽鞋即將推出。當然，我們還有科比。因此，我們看到了真正的成長，我們的籃球業務不斷發展，場內和場外的籃球比賽和市場不斷發展。

In running, we feel good about the Invincible 3 and Infinity 4, Vomero 5, Peg 41. We feel very good about coming into Paris as well as the Motiva, which we think have real legs. And then Air, Air is an area we're putting a huge amount of focus, and we're very excited about the innovations coming in Air, both performance and lifestyle. And so we have the tenth anniversary of Air Max Day in the spring. As we move into the Paris Olympics, Air will be an important opportunity both in performance and in lifestyle. So we see several opportunities to build real scalable innovation and growth.

在跑步方面，我們對 Invincible 3 和 Infinity 4、Vomero 5、Peg 41 感覺很好。我們對來到巴黎感覺很好，還有 Motiva，我們認為它們有真正的腿。然後，Air，Air 是我們非常關注的一個領域，我們對 Air 的性能和生活方式的創新感到非常興奮。因此，我們在春天迎來了 Air Max Day 十週年紀念。隨著我們進入巴黎奧運會，Air 將成為表現和生活方式的重要機會。因此，我們看到了建立真正可擴展的創新和成長的幾個機會。

Got it. And I just have a question. In North America, I guess, in the current quarter, what's the bigger tailwind to the business right now? Is it the Travis Kelce jerseys or the Colorado football merchandise?

知道了。我只是有一個問題。我想，在北美，本季對業務來說最大的推動因素是什麼？是特拉維斯凱爾斯 (Travis Kelce) 球衣還是科羅拉多州橄欖球商品？

Oregon Ducks jersey.

俄勒岡小鴨隊球衣。

We love the NFL and we continue to see a lot of momentum with Coach Prime, so both.

我們熱愛 NFL，並且我們繼續看到 Coach Prime 的強勁勢頭，所以兩者都是。

Up next is Adrienne Yih, Barclays.

接下來是巴克萊銀行的 Adrienne Yih。

Great. I guess my question is going to be on kind of the shaping of wholesale. Matt, if you can help us out with the -- I guess, do we expect direct to be similar to the current quarter and then the balance of that -- the kind of up slightly for the current quarter guidance to the balance of that come out of North America wholesale?

偉大的。我想我的問題是關於批發的塑造。馬特，如果你能幫助我們解決這個問題——我想，我們是否預計直接與當前季度的情況類似，然後是平衡的情況——當前季度的平衡指導會略有上升北美批發嗎？

And then my other question is on the China market. John, you talked about kind of strength and regaining market share. But at the same time, you talked a little bit about continuing to be promotional. It's great to see that you're regaining full price. How much demand creation are you doing there? What does the promotional environment look like exiting the quarter? And any comment on exit trends? How should we think about kind of the trends over the next couple of quarters relative to your long-term algorithm?

我的另一個問題是關於中國市場。約翰，您談到了實力和重新獲得市場份額。但同時，您談到了繼續促銷的問題。很高興看到您恢復原價。您在那裡創造了多少需求？本季結束後的促銷環境如何？對退出趨勢有何評論？我們應該如何考慮未來幾季相對於您的長期演算法的趨勢？

All right. Well, John, why don't I start on marketplace. .

好的。好吧，約翰，我為什麼不從市場開始呢？ 。

Sure.

當然。

So Adrienne, when we look at our performance this quarter, I'd be remiss to not just reiterate what I said on the call, which is we saw very strong retail sales in the marketplace up mid-single digits. And in particular, we're very pleased with the performance across a range of our most important wholesale partners, delivering growth high single digit to low double digit.

因此，艾德麗安，當我們審視本季度的業績時，如果我不重申我在電話會議上所說的話，那就是我的失職，那就是我們看到市場上的零售額非常強勁，達到了中個位數。特別是，我們對一系列最重要的批發合作夥伴的業績感到非常滿意，實現了高個位數到低兩位數的成長。

What I said last quarter in terms of the way that I was thinking about channel growth for this year, I said that NIKE Direct would lead our growth. And it did this quarter, and we do expect NIKE Direct to continue to lead our growth throughout the remainder of this fiscal year. The period that we're heading into in Q2 and Q3 is really the higher levels of sell-in that we did last year as we proactively focused on returning our marketplace to a more healthy level.

我上個季度談到我對今年通路成長的看法時說，NIKE Direct 將引領我們的成長。本季確實如此，我們確實預計 NIKE Direct 將在本財年剩餘時間內繼續引領我們的成長。我們進入第二季和第三季的時期實際上是我們去年的更高水準的銷售，因為我們積極致力於使我們的市場恢復到更健康的水平。

As an example, you might recall our Q2 wholesale revenue last year was up 30% versus the prior year. And so as we face those comparisons, we do expect that NIKE Direct will be the best indication of the growth that we're driving in the marketplace, while we comp those nonlinear comparisons in the prior year. But we feel very good about the health and the shape of our overall marketplace, including in North America. And we're continuing to focus on driving growth across dimensions, across channels, up and down price points and are very focused on building a product pipeline to enable us to do that over the coming years.

舉個例子，您可能還記得我們去年第二季的批發收入比前一年成長了 30%。因此，當我們面對這些比較時，我們確實預期 NIKE Direct 將成為我們在市場上推動的成長的最佳指標，同時我們也將對上一年的非線性比較進行比較。但我們對整個市場（包括北美市場）的健康狀況和形態感到非常滿意。我們將繼續專注於推動跨維度、跨通路、上下價格點的成長，並非常注重建立產品管道，使我們能夠在未來幾年做到這一點。

And Adrienne, in China, it's interesting. I've been to China twice now in the past 4 months. And I think, Matt, you were there in August. And I -- we feel good about the market there and our position. Frankly, a couple of things stand out. One, sport is back in China. You can just feel it. And that gives us great confidence about the future and the Chinese consumer in our segment regardless of the macroeconomic outlook there.

艾德麗安，在中國，這很有趣。過去四個月我去過中國兩次。我想，馬特，你八月就在那裡。我對那裡的市場和我們的地位感覺良好。坦白說，有幾件事很突出。第一，體育運動回歸中國。你可以感覺到它。無論宏觀經濟前景如何，這都讓我們對我們細分市場的未來和中國消費者充滿信心。

And you saw we had double-digit -- strong double-digit growth in Q1 and Q2, and we're helping to really drive momentum in sport there. I talked about Sportchella. I think Matt mentioned the back-to-school kids race. Giannis did his tour there this summer that got huge response, outdoor basketball. So we're doing what we do best, which is driving energy and excitement around sport, which then translates into our brand connection and our consumer connection being as strong as it's been in a long time.

你看到我們在第一季和第二季實現了兩位數的強勁兩位數成長，我們正在幫助真正推動體育運動的發展勢頭。我談到了運動切拉。我想馬特提到了返校兒童競賽。揚尼斯今年夏天在那裡進行了他的巡迴演出，引起了巨大的反響，戶外籃球。因此，我們正在做我們最擅長的事情，那就是推動體育運動的能量和興奮，然後轉化為我們的品牌聯繫和消費者聯繫，就像很長一段時間以來一樣強大。

And as I said, it's perhaps the best example currently where we bring this great innovation with distinctive storytelling, with distinctive marketplace reaction. And so even in a promotional period, our full price sell-through and our innovations are connecting well and doing well. And so we got our inventory in shape much sooner than the market in China, and so we're playing on the offense. We're playing on our front foot. And we feel good about the opportunities in China in the coming quarters and into the medium to long term.

正如我所說，這也許是目前最好的例子，我們透過獨特的故事敘述和獨特的市場反應帶來了這一偉大的創新。因此，即使在促銷期間，我們的全價銷售和我們的創新也能很好地結合並表現良好。因此，我們的庫存比中國市場早得多，所以我們正在攻擊。我們正在打前腳。我們對中國未來幾季和中長期的機會感到樂觀。

Yes. And I would just say that I think that the retail sales growth that we referenced in our 2 biggest wholesale partners is a great indication of the health of our inventory and our ability, especially in this first quarter, to flow a complete assortment and season into our retail stores in the marketplace.

是的。我只想說，我認為我們在兩個最大的批發合作夥伴中提到的零售額增長很好地表明了我們庫存的健康狀況和我們的能力，特別是在第一季度，將完整的品種和季節流入我們在市場上的零售店。

And we -- that's NIKE at its best, our most premium elevated retail experiences, high levels of seasonal assortments where we can tell stories and really bring the breadth and the dimension to consumers. And we saw that momentum building throughout the quarter. So we feel really good about the decision we made to move fast. And even though the marketplace is promotional, we're on our front feet in terms of the way we're able to present our brand and our stories and our products to consumers in that market right now.

而我們——這就是耐吉的最佳狀態，我們最優質的高端零售體驗，高水準的季節性品種，我們可以在這裡講述故事，真正為消費者帶來廣度和維度。我們看到整個季度這種勢頭正在增強。因此，我們對快速行動的決定感到非常滿意。儘管市場是促銷性的，但我們在向該市場的消費者展示我們的品牌、我們的故事和我們的產品的方式方面處於領先地位。

Next, we'll take a question from Alex Straton, Morgan Stanley.

接下來，我們將回答摩根士丹利 Alex Straton 的問題。

Perfect. I just wanted to focus on kind of the running innovation that you guys highlighted a number of times on the call across areas. I think you had said you launched some running in the last few years, but perhaps it didn't connect as much as you wanted or you wanted to scale it more effectively. So could you just touch on maybe what changed in NIKE's approach in the last few years and then what you plan to do differently to kind of reignite that?

完美的。我只是想專注於你們在跨領域電話會議中多次強調的運行創新。我想您說過您在過去幾年中啟動了一些跑步活動，但也許它沒有達到您想要的程度，或者您想更有效地擴展它。那麼您能否談談過去幾年耐吉的方法發生了什麼變化，然後您計劃採取哪些不同的措施來重新點燃這種變化？

Yes, Alex. As I said, we -- we're at our best when we align innovative product with distinctive storytelling through a differentiated marketplace. And in running, we have 3 different categories in running. In racing, we take our performance innovation, which sets the bar in the industry with the Alphafly, the Vaporfly and NEXT%. We have compelling breakthrough storytelling, whether it's breaking to or we reached that elite runner and we reached them through a differentiated marketplace, and so we're doing well there.

是的，亞歷克斯。正如我所說，當我們透過差異化市場將創新產品與獨特的故事敘述結合起來時，我們就處於最佳狀態。在跑步方面，我們有 3 種不同的跑步類別。在賽車領域，我們採用性能創新，透過 Alphafly、Vaporfly 和 NEXT% 樹立了行業標竿。我們有令人信服的突破性故事講述，無論是突破還是接觸到精英跑步者，我們透過差異化的市場接觸到他們，所以我們在這方面做得很好。

In trail running, which is the fastest growing segment, the Peg Trail is doing very well. We feel really good about our innovation pipeline, and we're increasingly leaning in to the trail running community and to marketplace connection with that trail runner.

在成長最快的越野跑領域，Peg Trail 表現非常出色。我們對我們的創新管道感到非常滿意，我們越來越傾向於越野跑社群以及與越野跑者的市場聯繫。

And then the area that we talk about, road running or what we call road running or everyday running, we're very clear we're prioritizing the everyday runner who wants newness and consistency, and we're focusing, therefore, on some key models, ensuring that we get in the path of runners. So in terms of innovation, as I mentioned in my remarks, we've had some very good innovations in the last couple of years. The Invincible took some of the performance benefits from our road racing shoes, particularly ZoomX, and brought them into an everyday running shoe along with some great cushioning, so good innovation.

然後是我們談論的領域，公路跑或我們所說的公路跑或日常跑步，我們非常清楚我們優先考慮的是想要新鮮感和一致性的日常跑步者，因此我們將重點放在一些關鍵模型，確保我們擋在跑者的路上。因此，就創新而言，正如我在發言中提到的，我們在過去幾年中進行了一些非常好的創新。 Invincible 吸收了我們公路賽車鞋（尤其是 ZoomX）的一些性能優勢，並將其帶入日常跑鞋中，並具有出色的緩衝性能，這是一項很好的創新。

Similarly, the Infinity 4 brought the React X foam platform, which has got some real characteristics of low-carbon footprint, better -- high energy. But we're not yet combining those innovations with getting in the path of the everyday runner with a really strong ground game, and so that's what we're focused on. And that starts with distribution, making sure we're breaking through everywhere everyday runner shops, so whether that's around direct channels, wholesale channels. Running specialty doors play a really important role.

同樣，Infinity 4帶來了React X泡沫平台，它具有低碳足跡的一些真正特徵，更好的是——高能量。但我們還沒有將這些創新與真正強大的地面遊戲融入日常跑步者的道路中，所以這就是我們關注的重點。這從分銷開始，確保我們突破各地的日常跑步者商店，無論是直接管道還是批發管道。運行特種門發揮著非常重要的作用。

You may have noted we launched the React 4 in partnership with running specialty doors. So that's a step in the right direction, and we're really working to break through in these channels. And then we're working hard to better connect with runners in their community where they are, whether it's driving connections through Nike Run Club and our mobile apps, being present in marathons and races and just being where runners are. And so in this case, we know what we need to do. We are focused on it, and we are moving with urgency to deliver.

您可能已經注意到，我們與運行專業門合作推出了 React 4。所以這是朝著正確方向邁出的一步，我們正在努力在這些管道上取得突破。然後，我們正在努力更好地與社區中的跑步者建立聯繫，無論是透過 Nike Run Club 和我們的行動應用程式推動聯繫，參加馬拉松和比賽，還是就在跑步者所在的地方。所以在這種情況下，我們知道我們需要做什麼。我們專注於此，並且正在緊急行動以實現這一目標。

There's also a meaningful opportunity as running influences lifestyle and sneakers. And as we've had tremendous success from a classics perspective over the last couple of years, we have a rich heritage of products in our pipeline related to running for decades. And so one of the things that we're also doing is accelerating our opportunity in running lifestyle with some of our best franchises and capturing on that trend and also the consumer shift to modern comfort. And we feel like that 1, 2 punch, as John mentioned, innovation, performance and lifestyle, is really going to position us well to take greater -- to greater -- take a greater attack at the running marketplace holistically.

這也是一個有意義的機會，因為跑步會影響生活方式和運動鞋。由於我們在過去幾年中從經典角度取得了巨大成功，因此我們的產品線中擁有數十年與跑步相關的豐富產品遺產。因此，我們正在做的事情之一就是透過一些最好的特許經營權加速我們經營生活方式的機會，並抓住這一趨勢以及消費者向現代舒適的轉變。我們覺得，正如約翰所提到的，創新、性能和生活方式的一、二重拳確實將使我們處於有利位置，以便從整體上對跑步市場發動更大的攻擊。

And next up is Matthew Boss, JPMorgan.

接下來是摩根大通的馬修·博斯。

Great. So John, maybe could you speak to underlying demand trends as the first quarter progressed? Or any early fall trends that you're seeing in both North America and China. And then multiyear, I'm curious what you see as the next leg of the Consumer Direct Acceleration strategy or just any initiatives that you see to drive further market share gains as we look forward.

偉大的。約翰，也許您能談談第一季的潛在需求趨勢嗎？或您在北美和中國看到的任何早秋趨勢。然後，我很好奇您認為消費者直接加速策略的下一個階段是什麼，或者您認為可以推動我們未來進一步擴大市場份額的任何舉措。

Actually, Matt, why don't you take the first part of that about the (inaudible) and [close in on] demand, and I'll take the second.

事實上，馬特，你為什麼不接受關於（聽不清楚）和[接近]需求的第一部分，我將接受第二部分。

Sure. Well, Matt, as I referenced, we saw mid-single-digit retail sales growth this quarter. And this quarter, we have a unique dynamic because we saw a difference in what we're reporting or what we're communicating from a retail sales perspective versus where NIKE's reported revenue is, and that's because of the restriction of sell-in that we put into place the last couple of quarters of last year. We do expect that to continue as we go into the second quarter. And so we are planning for retail sales growth to be in line with what we delivered this quarter from a mid-single-digit perspective.

當然。嗯，馬特，正如我所提到的，本季度我們看到了中個位數的零售額成長。這個季度，我們有一個獨特的動態，因為我們看到我們從零售銷售角度報告的內容或我們傳達的內容與耐吉報告的收入存在差異，這是因為我們的銷售限制在去年最後幾季落實到位。我們確實預計這種情況將在進入第二季時繼續下去。因此，我們計劃零售額成長與我們本季實現的中個位數成長保持一致。

When we look at the big consumer moments this quarter, 618 seems like so long ago at this point in time, but 618 in Greater China, we were the #1 sports brand on Tmall and saw impressive double-digit growth over that time horizon. And within back to school, we outperformed the industry. And when you look at our performance over the quarter, we saw momentum building throughout the quarter heading into back to school. And so we were encouraged by what we were seeing from a consumer perspective.

當我們回顧本季的重大消費時刻時，618似乎已經是很久以前的事了，但在大中華區的618，我們是天貓排名第一的運動品牌，並在這段時間內實現了令人印象深刻的兩位數成長。回到學校後，我們的表現優於整個產業。當您查看我們本季的表現時，我們發現整個季度的勢頭正在增強，直至重返校園。因此，我們對從消費者角度看到的情況感到鼓舞。

I mentioned that we saw high single-digit to low double-digit growth in our most important partners and strong growth in NIKE Direct this quarter given what we're anniversary-ing in the prior year. So we continue to see consumer demand for our brands and for our products to be very, very strong. Sport is growing, and the consumer is proving to be resilient.

我提到，考慮到我們去年的周年紀念，本季度我們最重要的合作夥伴實現了高個位數到低兩位數的增長，並且 NIKE Direct 實現了強勁增長。因此，我們繼續看到消費者對我們的品牌和產品的需求非常非常強勁。體育運動正在不斷發展，事實證明消費者俱有彈性。

There are some dynamics in terms of shifting that's happening from channels. We saw it in our partners a couple of years ago. And this quarter, we are seeing consumers spending more time in brick-and-mortar locations. But 90% of their shopping journeys are starting with digital and so we continue to believe that our digital and physical strategy of serving consumers at the right strategy to serve demand as we look forward.

渠道的轉變發生了一些動態。幾年前，我們在我們的合作夥伴身上看到了這一點。本季度，我們看到消費者在實體店花了更多時間。但他們 90% 的購物旅程都是從數位化開始的，因此我們仍然相信，我們以正確的策略為消費者服務的數位化和實體化策略能夠滿足我們未來的需求。

And Matt, if we just extend out, as you asked, a little bit longer term, the -- we step back. We still see the same fundamentals, which are some structural tailwinds in our industry, right? The definition of sport is expanding. And so with the movement toward health and wellness and fitness and new big areas of movement like dance, one of my favorite -- we've had a lot of interaction with breakdancing in the last 3 months here on campus, seeing some of the elite breakdancers who will compete in the Paris Olympics coming. But dance throughout Asia and other places is a huge market. So we just see an expanding definition of sport where movement has become sport, and we're at center of that.

馬特，如果我們只是像你問的那樣，延長一點時間，那麼我們就會退後一步。我們仍然看到相同的基本面，這是我們行業的一些結構性推動因素，對吧？體育的定義正在不斷擴大。因此，隨著健康、保健和健身運動的興起，以及新的大型運動領域，例如我最喜歡的舞蹈之一，過去三個月我們在校園裡與霹靂舞進行了很多互動，看到了一些精英將參加巴黎奧運的霹靂舞選手即將到來。但舞蹈整個亞洲等地都是一個巨大的市場。因此，我們看到運動的定義不斷擴大，運動已經成為運動，而我們正處於其中。

The movement toward athleisure, right, there doesn't need to be a trade-off between what you wear on the pitch and at work between comfort and performance and style. Athleisure combines all of those, and we are very well positioned to continue to drive that trend.

運動休閒的趨勢，對吧，你在球場上和工作中穿的衣服不需要在舒適度、性能和風格之間進行權衡。運動休閒結合了所有這些，我們完全有能力繼續推動這一趨勢。

And then the digital connection of consumers means that sport, whether they're watching it or commerce is always one click away. And our leading portfolio of digital assets gives us a huge advantage there. So those are some structural tailwinds.

消費者的數位連結意味著，無論他們是觀看體育比賽還是進行商業活動，只需點擊一下即可。我們領先的數位資產組合為我們帶來了巨大的優勢。這些都是一些結構性的有利因素。

And then we just do -- we're in a great industry with those tailwinds. We've got to do what we do so well. Innovation plus great storytelling plus great marketplace, we believe will drive real strong growth. And we see great growth in women's. Jordan, we think, has extraordinary growth. Running, we think we have great growth; continuing to expand the market in basketball, global football. And as Matt mentioned, this driving performance and then into lifestyle is something that makes our industry, our business and our future quite attractive.

然後我們就這麼做了——我們處於一個擁有這些順風的偉大產業。我們必須做好我們擅長的事。創新加上精彩的故事敘述加上巨大的市場，我們相信將推動真正的強勁成長。我們看到女性的巨大成長。我們認為喬丹有非凡的成長。跑步，我們以為自己有很大的成長；持續拓展籃球、全球足球市場。正如馬特所提到的，這種驅動性能和生活方式使我們的行業、我們的業務和我們的未來變得非常有吸引力。

Jay Sole from UBS has the next question.

瑞銀 (UBS) 的傑伊·索爾 (Jay Sole) 有下一個問題。

Great. Matt, you talked about you're seeing underlying structural gains and profitability in margins. Can you just talk about how you're feeling about the long-term opportunity for margin in the context of the long-term guidance you gave a couple of years ago for NIKE's ability to get to a high teens EBIT margin over time?

偉大的。馬特，你談到你看到了潛在的結構性收益和利潤率的獲利能力。您能否談談您對幾年前為耐吉提供的長期指導背景下的長期利潤機會有何看法？

Sure, Jay. Well, we remain confident in our ability to drive our long-term financial goals. And we still believe those long-term goals of profitability are achievable. But the timing is difficult to predict. But the reason why I emphasize what I emphasized this quarter is that I feel -- I really feel strongly that fiscal year '24 is a turning point for us and a proof point for NIKE to drive more profitable growth.

當然，傑伊。嗯，我們對實現長期財務目標的能力仍然充滿信心。我們仍然相信這些長期獲利目標是可以實現的。但具體時間很難預測。但我之所以強調本季所強調的內容，是因為我強烈感覺到，24 財年是我們的轉捩點，也是耐吉推動利潤成長的證明點。

The structural things that I referenced, the structural drivers, I should say, that I referenced, it starts with creating value for the consumer and our products. And we continue to see benefits in our gross margin through strategic pricing and managing the price value of our products with ASPs across the NIKE brand across all geos up this quarter.

我提到的結構性事物，我應該說，我提到的結構性驅動因素，首先是為消費者和我們的產品創造價值。本季以來，我們繼續看到透過策略定價和透過耐吉品牌在所有地區的平均售價管理我們產品的價格價值來提高毛利率。

One of the opportunities we continue to see and we saw some benefit of it this quarter is lowering our supply chain costs. We've increased the size of our supply chain in the last few years to be able to address the growth that we've seen in our business, both overall and in digital. And now our teams are very focused on driving greater efficiency in the way that we serve consumer demand across channels.

我們繼續看到的機會之一以及本季我們看到的一些好處是降低我們的供應鏈成本。在過去幾年中，我們擴大了供應鏈的規模，以便能夠應對我們業務的整體成長和數位成長。現在，我們的團隊非常專注於透過跨通路滿足消費者需求的方式來提高效率。

And I mentioned a couple of examples like reducing digital split shipments so that a consumer doesn't get 2 boxes for the same order, the way that we're lowering our outbound fulfillment costs through the investment in regional service centers that are closer to where consumer demand is. And so those are just a couple of examples that we continue to see.

我提到了幾個例子，例如減少數位分批發貨，這樣消費者就不會為同一個訂單收到 2 盒，我們透過投資更靠近目的地的區域服務中心來降低出庫履行成本。消費者的需求是。這些只是我們繼續看到的幾個例子。

And then, of course, we do expect that while the ultimate landing spot of digital and direct isn't as clear, we do believe we're going to be a more direct and a more digital company and a more profitable company. And there's a channel mix and channel profitability opportunity that comes with that as well. So we continue to believe these goals are achievable. And based on our gross margin plans for this year, our performance in the first quarter, we believe we're turning the corner on starting to climb to greater profitability as a company and as a brand.

當然，我們確實預計，雖然數位化和直接化的最終落地點尚不明確，但我們確實相信我們將成為一家更直接、更數位化的公司和一家盈利能力更強的公司。隨之而來的還有通路組合和通路獲利機會。因此，我們仍然相信這些目標是可以實現的。根據我們今年的毛利率計劃和第一季的業績，我們相信，作為一家公司和一個品牌，我們正在開始攀登更高的獲利能力。

The next question comes from Piral Dadhania, RBC.

下一個問題來自加拿大皇家銀行 Piral Dadhania。

Most have been answered, so maybe I could just ask a follow-up, a clarification. Matt, I think you said that in Q1, your partners registered a high single-digit to low double-digit sales growth in the period. I just wanted to understand whether that was their sell-out number or whether that was your sell-in number. Any clarification there would be very helpful.

大多數已經得到答复，所以也許我可以要求跟進、澄清。馬特，我想你說過，在第一季度，你的合作夥伴在此期間實現了高個位數到低兩位數的銷售成長。我只是想知道這是他們的售出數量還是你的售出數量。任何澄清都會非常有幫助。

Sure. That was a sellout number. That was a sales-to-consumer number.

當然。那是一個售罄的數字。那是對消費者的銷售數字。

We'll take our next question from Jonathan Komp, Baird.

我們將接受貝爾德喬納森·康普的下一個問題。

Matt, if I could ask a follow-up, just as you think about the second quarter, given some of the unusual comparisons, would you be willing to share any shaping guidance across some of the segments? And then bigger picture, if you could just comment on sort of the shape of the recovery of the sales and the profitability that you're seeing in China and any thoughts as we look to the balance of the year?

馬特，如果我可以問一個後續問題，就像您對第二季度的看法一樣，考慮到一些不尋常的比較，您是否願意分享某些細分市場的任何塑造指導？然後，從更大的角度來看，您能否評論一下您在中國看到的銷售復甦和盈利能力的情況，以及我們對今年剩餘時間的看法？

Sure. Well, as it relates to the second quarter, what I said was that we expect our growth to be up slightly versus the prior year. I did answer Matt's question just -- and I'll connect the 2 together, but we are expecting retail sales, so to sellout to the consumer, to be in line with the mid-single digit that we delivered this quarter across the full marketplace. And the second quarter is really the last season that we've managed the sell-in to a more restricted level so that we could ensure that the marketplace was set right as we look towards the remainder of this year.

當然。嗯，因為涉及第二季度，我所說的是我們預計我們的成長將比上一年略有上升。我確實回答了馬特的問題 - 我會將兩者聯繫起來，但我們預計零售額，因此向消費者銷售，將與我們本季度在整個市場上交付的中個位數保持一致。第二季度實際上是我們將銷售控制在更嚴格水平的最後一個季度，以便我們可以確保市場在我們展望今年剩餘時間時保持正確。

As far as the comparisons go, Q2, and I think I referenced the wholesale number earlier, but we're comping about 27% currency neutral growth in Q2, but what we're much more focused on is the quality and the health of the growth that we're delivering in the quarter. And so as you see our gross margins expanding in the second quarter on an operational basis, excluding the impact of FX, we're up 150 basis points and are really encouraged as we think about what we delivered in the first quarter, the improvements we're guiding to and believe we can deliver in the second quarter and then the way that will accelerate through the balance of the year.

就第二季度的比較而言，我想我之前提到了批發數據，但我們比較了第二季度約 27% 的貨幣中性增長，但我們更關注的是產品的質量和健康狀況我們在本季度實現的成長。因此，當你看到我們第二季的毛利率在營運基礎上擴大時（排除外匯的影響），我們上升了150 個基點，當我們想到第一季交付的成果、我們的改進時，我們感到非常鼓舞。我們正在指導並相信我們可以在第二季度實現交付，然後在今年剩餘時間內加速交付。

So as we get into the second half of this year and we think about our gross margins, we're going to start to see even more impact from ocean freight because those are rolling in midway through this quarter. We're expecting to see lower product costs in the second half, and our FX headwinds are going to abate a little bit as we get into the back half of this year. And so some of those elements will drive increasing margin expansion as we carry through the balance of the year.

因此，當我們進入今年下半年並考慮我們的毛利率時，我們將開始看到海運的更大影響，因為這些影響將在本季中期滾動。我們預計下半年產品成本將會下降，隨著進入今年下半年，我們的外匯阻力將會減弱。因此，隨著我們度過今年的剩餘時間，其中一些因素將推動利潤率不斷擴大。

I think your -- the last part of your question was on China and profitability. What I would just say is that we know from a long history of managing this business that when you have a healthy marketplace and you're driving full price sales and you are driving productivity in your retail formats, you're -- you've created the environment that's ripe to drive profitability improvement. And as we look at the momentum that we're seeing in Greater China, another quarter of double-digit growth, we're increasingly confident that we're going to begin to rebuild towards higher profitability in that marketplace. That's on the product and marketplace side.

我認為你的問題的最後一部分是關於中國和盈利能力。我想說的是，我們從管理這項業務的悠久歷史中知道，當你擁有一個健康的市場、推動全價銷售、推動零售業態的生產力時，你就——你已經創造了推動盈利能力改善的成熟環境。當我們看到大中華區的勢頭，在另一個季度實現兩位數成長時，我們越來越有信心開始重建，以在該市場實現更高的獲利能力。這是在產品和市場方面。

And then also I referenced an example where we're lowering our supply chain costs in Greater China. And so we feel we feel quite good with that as well. Our reported numbers in China are going to be challenging for the next couple of quarters because of foreign exchange headwinds. And so we'll continue to try to highlight the opportunities and what we're driving from a profitability perspective, but that's one of the reasons why our EBIT was down this quarter in Greater China, as foreign exchange headwinds as a result of the strength of the U.S. dollar definitely has created a bit of pressure in the short term. But that's -- we're focused on what we can control and continuing to drive a healthy, profitable business in that market and believe the fundamentals for long-term growth and profitability are strong for NIKE.

然後我還提到了一個例子，我們正在降低大中華區的供應鏈成本。所以我們對此也感覺很好。由於外匯不利因素，我們報告的中國數據在未來幾季將面臨挑戰。因此，我們將繼續努力從盈利角度強調機會和我們正在推動的事情，但這就是我們大中華區本季息稅前利潤下降的原因之一，因為外匯不利因素導致了強勢美元的走強無疑在短期內造成了一定的壓力。但那就是——我們專注於我們可以控制的事情，並繼續在該市場推動健康、盈利的業務，並相信耐吉的長期增長和盈利能力的基礎是強大的。

We'll go next to Aneesha Sherman, Bernstein.

接下來我們將前往伯恩斯坦的安妮莎謝爾曼。

So as a result of your direct-to-consumer strategy, you've shifted, I guess, more than 20 points of sales mix from Wholesale to NIKE Digital over the last 7 or so years. You're seeing shoppers returning to stores this year. You did make some adjustments to adding physical distribution points. Do you feel like you are in enough physical retail doors today to appeal to a rebalancing of shopping habits?

因此，由於採取了直接面向消費者的策略，我猜在過去 7 年左右的時間裡，您已經將 20 多個銷售點從批發轉向了耐吉數字。您會看到今年購物者重返商店。您確實對新增物流配送點進行了一些調整。您覺得今天有足夠的實體零售店來吸引人們重新平衡購物習慣嗎？

And then a quick follow-up on overheads. You talked about lowering some of the specific costs of direct and split shipments and fulfillment costs. Can you give us more color on the investment cycle or on the investment cycle to support the Direct business as well as centralized investments like ERP and kind of where you are this fiscal year and next fiscal year?

然後快速跟進管理費用。您談到了降低直接和分批裝運的一些具體成本以及履行成本。您能否給我們更多關於投資週期或支持直接業務的投資週期以及 ERP 等集中投資的信息，以及您本財年和下財年的情況？

Matt, I'll take the first part. Maybe take the second. So Aneesha, again, our entire marketplace strategy is driven by giving consumers what they want when they want it, how they want it. That starts with our digital properties, our own direct retail, which Matt will talk about in the second part of the answer, but wholesale plays a really important role for us to get the breadth and depth of access to consumers and consumers' access to our products.

馬特，我來聽第一部分。也許採取第二個。因此，Aneesha 再次強調，我們的整個市場策略是透過在消費者需要時以他們想要的方式為他們提供他們想要的東西來驅動的。首先是我們的數位資產，我們自己的直接零售，馬特將在答案的第二部分中討論這一點，但批發對於我們獲得與消費者接觸的廣度和深度以及消費者接觸我們的產品起著非常重要的作用。產品。

And so as you know, we've really sharpened our wholesale focus over the last few years to focus on fewer multi-brand partners that -- where we're investing in elevated retail experiences and connected digital membership at scale. And so that's DSG, JD, Zalando, our partners in China. We've got a great launch with Pro:Direct. Hibbett will come online with connected membership in October. And so we think there's a lot of growth opportunity with those strategic wholesale partners.

如您所知，過去幾年我們確實加強了對批發的關注，以專注於較少的多品牌合作夥伴——我們正在投資提升零售體驗和大規模互聯數位會員資格。這就是我們在中國的合作夥伴 DSG、JD、Zalando。我們推出了 Pro:Direct，效果非常好。 Hibbett 將於 10 月上線並提供會員資格。因此，我們認為這些策略批發合作夥伴有很多成長機會。

We're also putting increased attention on our neighborhood partners who are authenticators. They help authenticate both sport and lifestyle and drive energy and local connections. And then as we said, where we see gaps, whether it's in a price point or a gap in a product segment, we'll selectively add wholesale partners in different geographies and in different segments. And this will be a dynamic thing. I mean we're led by the consumer. We have the blessing of the strongest direct connections in the industry; and with direct connected membership, we can be indifferent about which channel.

我們也越來越關注作為身份驗證者的鄰里合作夥伴。它們有助於驗證運動和生活方式，並推動能量和當地聯繫。然後，正如我們所說，如果我們看到差距，無論是價格點還是產品細分市場的差距，我們將有選擇地在不同地區和不同細分市場中添加批發合作夥伴。這將是一個動態的事情。我的意思是我們是由消費者主導的。我們擁有業界最強大的直接聯繫；透過直接連結的會員資格，我們可以不在乎哪個管道。

And Matt, you're going to talk a little bit about, I guess, the margins of our direct, with the Nike Rise, our direct mono-brand doors, Nike Rise, and our well-collected doors are doing quite well. And we feel like we're getting our concept right now that we have seasonal right assortments coming into them. We feel very good about our ability to augment where there are gaps as well with our own mono-brand doors, also a House of Flight on Jordan. So we feel good about being on the front foot with our marketplace, I think the most wide and connected marketplace offense in the industry.

馬特，我想你會談論我們直接的利潤，Nike Rise，我們直接的單一品牌門，Nike Rise，以及我們精心收集的門都做得很好。我們覺得我們現在已經得到了我們的概念，我們有適合季節的品種。我們對自己的單一品牌門（以及約旦的 House of Flight）擴大差距的能力感到非常滿意。因此，我們對在市場上處於領先地位感到高興，我認為這是業內最廣泛、最緊密的市場進攻。

Yes. And I think I would just add maybe one point and then I'll hit the last part. When I think about the momentum that we've seen over the last several years from a digital perspective, you're right. We have shifted our channel mix, and that's been a consumer-led and a consumer-driven shift based on the consumers' desire to want to connect with NIKE, both through our digital apps and through our stores.

是的。我想我可能只添加一點，然後我會談到最後一部分。當我從數字角度思考過去幾年我們所看到的勢頭時，你是對的。我們已經改變了我們的管道組合，這是一種消費者主導和消費者驅動的轉變，基於消費者希望透過我們的數位應用程式和商店與耐吉建立聯繫的願望。

What we saw this quarter wasn't unexpected for us. And when we look underneath the momentum that we saw in our NIKE mobile app, we saw a strong growth, high single-digit growth in traffic. We saw member activity continue to increase both in terms of engagement and buying behavior and a higher basket size, a higher AOV. And so we continue to be focused on creating the best personalized experience for our members from a digital perspective. And we believe that that's going to continue to fuel growth in our digital business over the long term.

本季的情況並不出乎我們意料。當我們深入觀察耐吉行動應用程式中看到的勢頭時，我們看到了強勁的成長，流量的高個位數成長。我們看到會員活動在參與度和購買行為方面持續增加，購物籃規模更大，平均購買價值更高。因此，我們繼續專注於從數位角度為我們的會員創造最佳的個人化體驗。我們相信，從長遠來看，這將繼續推動我們數位業務的成長。

I do think this year, the comparisons are going to not be linear as we go quarter-to-quarter, channel to channel given what transpired last year. But what we're seeing from a consumer perspective doesn't shift our dimensionality in terms of needing to do something different in order to serve consumer demand. As John said, we've got the biggest, deepest breadth of distribution of anyone and have the right partners to be able to serve the marketplace.

我確實認為，考慮到去年發生的情況，今年的比較將不是線性的，因為我們將進行季度與季度、通路之間的比較。但從消費者的角度來看，我們所看到的並沒有改變我們的維度，也就是需要做一些不同的事情來滿足消費者的需求。正如約翰所說，我們擁有最大、最深入的分銷範圍，並且擁有能夠為市場提供服務的合適合作夥伴。

As it relates to overhead, the numbers that I referenced actually impact our gross margins, our lower digital fulfillment cost that sits in our gross margins. And it's something that we've been focused on for some time. We started investing a couple of years ago in regional service centers in North America and in Europe and in pickup points closer to the consumer in Europe, all with the intention of building a supply chain that enables us to serve demand closer to consumers.

由於與管理費用相關，我引用的數字實際上影響了我們的毛利率，即毛利率中較低的數字履行成本。這是我們一段時間以來一直在關注的事情。幾年前，我們開始投資北美和歐洲的區域服務中心以及歐洲更靠近消費者的取貨點，所有這些都是為了建立一條供應鏈，使我們能夠滿足更靠近消費者的需求。

It's more sustainable because we don't have to put product on airplanes and leveraging our store footprint through O2O capabilities. And so we've been investing for a few years in developing and scaling those capabilities to be able to serve consumer demand.

它更具可持續性，因為我們不必將產品放在飛機上，並透過 O2O 功能利用我們的商店足跡。因此，我們多年來一直在投資開發和擴展這些功能，以便能夠滿足消費者的需求。

And as I look forward from here, our investments will be aligned with the way that we grow the business. In other words, we've invested to -- and now we're learning to operationalize and take advantage of these capabilities.

我展望未來，我們的投資將與我們發展業務的方式保持一致。換句話說，我們已經進行了投資，現在我們正在學習如何實施並利用這些功能。

We are implementing our ERP in North America. We went live with our retail business in the first quarter, and everything has gone well. And we're focused on bringing the second part of our North America business, the wholesale side of our North America business online and our new ERP later this year. So that is our largest investment in transformation of our supply chain and enabling us to operate like a retailer. And I couldn't be more excited about the opportunity that it presents for us to really modernize the way we work and to serve consumers at speed across the marketplace.

我們正在北美實施我們的 ERP。我們的零售業務在第一季就上線了，一切進展順利。我們的重點是在今年稍後將北美業務的第二部分、北美業務的批發部分和新的 ERP 上線。因此，這是我們對供應鏈轉型並使我們能夠像零售商一樣運作的最大投資。我對它為我們提供的機會感到非常興奮，可以真正實現我們的工作方式現代化，並在整個市場上快速為消費者提供服務。

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。您現在可以斷開連線。