Nike Inc (NKE) 2024 Q2 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc. Fiscal 2024 Second 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, Vice President of Corporate Finance and Treasurer. Now I would like to turn the call over to Paul Trussell.

大家下午好。歡迎參加 NIKE, Inc. 2024 財年第二季電話會議。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。今天的電話會議由公司財務副總裁兼財務主管 Paul Trussel 主持。現在我想把電話轉給保羅·特魯塞爾。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2024 second 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 財年第二季業績。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. 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.

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。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。

All growth comparisons on the call today are presented on a year-over-year basis and are currency-neutral unless otherwise noted. We will start with prepared remarks and then open up for questions. (Operator Instructions) I'll now turn the call over to NIKE Inc. President and CEO, John Donahoe.

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。我們將從準備好的發言開始，然後開始提問。 （操作員說明）我現在將電話轉給 NIKE Inc. 總裁兼執行長 John Donahoe。

Thank you, Paul, and hello to everyone on today's call. NIKE is the market leader in sport. It's a role we take seriously. We create innovation that pushes human potential. We expand the world of sport, inviting new generations all around the globe into the community of athletes. And we feel the energy and excitement of sport itself, both on a global stage and on the ground in community and cities everywhere.

謝謝保羅，今天電話會議的大家好。耐吉是體育運動市場的領導者。這是我們認真對待的角色。我們創造能夠激發人類潛能的創新。我們拓展運動世界，邀請全球新一代加入運動員社群。無論是在全球舞台上，還是在各地的社區和城市中，我們都感受到了運動本身的活力和興奮。

One thing that distinguishes NIKE more than any other brand in the world is that we get our inspiration from athletes and sport. And it was a great quarter for NIKE and the athletes who inspire us. Here's just a few examples. Kelvin Kiptum broke the Marathon World Record wearing the Alphafly 3, which built on our proprietary system of speed that continues to set the standard. A'ja Wilson earned WNBA Finals MVP after leading the Las Vegas Aces to their second straight title. LeBron James and Anthony Davis led the Lakers to the first-ever NBA in-season tournament championship. Aitana Bonmati won the women's Ballon d'Or. And Sha'Carri Richardson was named USA Track and Field Female Athlete of the Year.

耐吉比世界上任何其他品牌都更與眾不同的一點是，我們從運動員和運動中汲取靈感。對於耐吉和激勵我們的運動員來說，這是一個偉大的季度。這裡僅舉幾個例子。 Kelvin Kiptum 穿著 Alphafly 3 打破了馬拉松世界紀錄，該跑步鞋建立在我們專有的速度系統之上，並不斷樹立標準。阿賈威爾森 (A'ja Wilson) 帶領拉斯維加斯王牌隊連續第二次奪冠，並榮獲 WNBA 總決賽 MVP。勒布朗詹姆斯和安東尼戴維斯帶領湖人隊奪得歷史上第一個 NBA 賽季內錦標賽冠軍。艾塔娜邦馬蒂 (Aitana Bonmati) 贏得了女子金球獎。沙卡里·理查森被評為美國田徑年度最佳女運動員。

Being inspired by world-class athletes like these keeps us focused on what's redefining what's possible. That's what sets us apart. No one changes the game like NIKE, from our breakthrough innovation for toddlers with the Swoosh 1 shoe to being able to elevate beloved product like Kobe's into an entire franchise to NBA players increasingly choosing to play in the Sabrina 1, a shoe deeply resonating across gender. Again and again, it's NIKE that pushes what's possible to break the status quo.

受到這些世界級運動員的啟發，我們能夠專注於重新定義可能性。這就是我們的與眾不同之處。沒有人能像NIKE 那樣改變遊戲規則，從我們為幼兒推出的突破性創新Swoosh 1 鞋，到能夠將像科比這樣受人喜愛的產品提升為整個系列，再到越來越多的NBA 球員選擇穿著Sabrina 1 打球，這款鞋在性別上產生了深刻的共鳴。耐吉一次又一次地推動打破現狀的可能。

Now in addition to creating best-in-class innovation, great companies must also focus on strong execution. And that's what we did in Q2, delivering our second $13 billion quarter. This went on top of last year's extraordinary 27% growth. And we drove more than 20% growth in earnings per share this quarter. Simply put, this is the result of relentless execution by our team in an uneven macro backdrop.

如今，偉大的公司除了創造一流的創新之外，還必須專注於強大的執行力。這就是我們在第二季所做的，第二季營收達到 130 億美元。繼去年 27% 的驚人成長之後。本季我們的每股盈餘成長了 20% 以上。簡而言之，這是我們團隊在不平衡的宏觀背景下不懈地執行的結果。

Looking at holiday, we outpaced the industry, driving growth of close to 10%. NIKE Digital had its strongest Black Friday week ever, and a record number of consumers shopped in our stores over the long Thanksgiving weekend. And in Greater China, brick-and-mortar grew double digits during National Day holiday, and NIKE once again outperformed the industry during 11.11 as the #1 sport brand on Tmall. These holiday results, when combined with Q2's earnings growth and our continued healthy inventory showcase how we're executing against our priorities even in the face of a highly promotional environment and increasing macro volatility.

從假期來看，我們超越了產業，推動了接近 10% 的成長。 NIKE Digital 度過了有史以來最強勁的黑色星期五一周，在感恩節長週末期間到我們商店購物的消費者數量創下了紀錄。而在大中華區，國慶日實體店銷售額達成兩位數成長，NIKE在11.11期間再次超越業界，成為天貓排名第一的運動品牌。這些假期結果，與第二季度的盈利增長和我們持續健康的庫存相結合，展示了即使面對高度促銷的環境和不斷加劇的宏觀波動，我們也是如何執行我們的優先事項的。

Last quarter, I talked about how we're getting back on our front foot, accelerating the flow of our innovation and executing with excellence across our winning formula of innovative product times distinctive storytelling times differentiated marketplace experiences. Let me give you a few examples of where we've demonstrated progress.

上個季度，我談到了我們如何重新站穩腳跟，加速創新流程，並在創新產品時代、獨特的故事講述時代、差異化的市場體驗時代的製勝公式中卓越執行。讓我舉幾個例子來說明我們在哪些方面取得了進展。

Within our Running business, we're driving deeper connections with the running community. We recently launched our most innovative trail shoe yet, the Ultrafly at the world's Pinnacle Trail Race. We hosted over 1,000 runners for a uniquely NIKE experience, which drove energy and positive feedback from both elite runners and the broader trail running community. And we partnered with top RSG doors for a series of community activations centered on the Ultrafly and other key products like Peg Trail and Wildhorse. All this led to growth of over 20% in our trail running portfolio for the quarter.

在我們的跑步業務中，我們正在推動與跑步社群的更深層次的聯繫。我們最近在世界 Pinnacle 越野賽上推出了迄今為止最具創新性的越野鞋 Ultrafly。我們為超過 1,000 名跑步者提供了獨特的 NIKE 體驗，這激發了精英跑步者和更廣泛的越野跑社群的活力和積極回饋。我們與頂級 RSG 門合作進行了一系列社區活動，重點是 Ultrafly 和 Peg Trail 和 Wildhorse 等其他關鍵產品。所有這些導致本季我們的越野跑投資組合成長了 20% 以上。

In Global Football, we're fueling growth through strategic Only NIKE Athlete storytelling. As you know, we have a 3-silo construct in men's football, having paired Erling Haaland with the Phantom Boot, Jamal Musiala with the Tempo and Kylian Mbappé and Marcus Rashford leading the Mercurial. With the game's greatest showcasing our product superiority and our seamless execution to pull this innovation through the marketplace, all 3 franchises are up strong double digits, even lapping last year's strong performance with the Men's World Cup.

在全球足球領域，我們透過策略性的「Only NIKE Athlete」故事敘述來推動成長。如你所知，我們在男子足球中有一個三筒倉結構，將埃爾林·哈蘭德與幻影靴配對，賈馬爾·穆西亞拉與節奏靴搭配，凱利安·姆巴佩和馬庫斯·拉什福德領導水星靴。憑藉這項最出色的比賽展示了我們的產品優勢以及將這項創新推向市場的無縫執行力，所有3 支球隊均實現了兩位數的強勁增長，甚至超越了去年男子世界杯的強勁表現。

And in Lifestyle, we're driving a women's-led geo-by-geo marketing acceleration behind V2K, a standout shoe in our fast-growing retro running line. It's being fueled by a tongue-in-cheek campaign that's resonated with this consumer and a creator partnership strategy that's delivered head-to-toe style inspiration into her preferred media channels. All this catalyzed the V2K to very strong sell-through in the quarter with exciting potential for this style still to come.

在生活方式方面，我們正在推動 V2K 背後以女性為主導的逐個地理位置的營銷加速，V2K 是我們快速增長的復古跑步系列中的一款出色鞋款。一場半開玩笑的活動引起了這位消費者的共鳴，而創作者合作策略則將從頭到腳的風格靈感傳遞到她喜歡的媒體管道中，這推動了這一趨勢。所有這些都促使 V2K 在本季度取得了非常強勁的銷量，這種風格的未來潛力令人興奮。

All 3 of these examples offer an early indication of the growth we aspire to. We have real opportunity to drive progress across many dimensions of our business, and that's our priority moving forward.

所有這三個例子都提供了我們渴望的成長的早期跡象。我們有真正的機會推動我們業務的許多方面取得進展，這是我們前進的首要任務。

At NIKE, we like to say we're on the offense always. When we see something that needs solving, we don't wait around. We solve it. And so as we look to the future, we know where we must focus. Three areas will always drive our distinction and competitive separation: product innovation, storytelling that connects and marketplace execution. When NIKE is at its best, we create impact on a scale that can't be matched, grounded in sport, centered in youth culture, inviting consumers around the world into our brands.

在耐吉，我們喜歡說我們始終處於進攻狀態。當我們看到需要解決的問題時，我們不會等待。我們解決它。因此，當我們展望未來時，我們知道我們必須專注於哪裡。三個領域將始終推動我們的區別和競爭優勢：產品創新、說故事和市場執行。當耐吉處於最佳狀態時，我們會產生無與倫比的影響力，以體育為基礎，以青年文化為中心，邀請世界各地的消費者加入我們的品牌。

The second half of fiscal '24 represents the start of a multiyear product innovation cycle that will introduce new franchises, concepts and platforms, elevating our full portfolio. And while there'll be some key moments in the second half, this new innovation cycle will take some time to fully ramp up, given our size and scale. Now we know we have an outsized opportunity to drive long-term profitable growth and with areas of significant growth potential like women's, Jordan Brand and Running, each of which requires focused investment to reach full potential.

24 財年下半年標誌著多年產品創新週期的開始，該週期將引入新的特許經營權、概念和平台，從而提升我們的整個產品組合。雖然下半年會有一些關鍵時刻，但考慮到我們的規模和規模，這個新的創新週期將需要一些時間才能完全啟動。現在我們知道，我們擁有巨大的機會來推動長期獲利成長，並且擁有諸如女裝、Jordan Brand 和跑步等具有巨大成長潛力的領域，每個領域都需要集中投資才能充分發揮潛力。

We also must get deeper traction on our key speed initiatives. Today, we know we must be faster, increasing the pace of innovation, increasing the pace of market to consumer and increasing our agility and responsiveness. To drive this, we'll embrace a significant savings plan to create investment capacity to fuel profitable growth at speed and scale. Areas of potential savings include simplifying our product portfolio, increasing automation and the use of technology, streamlining our organization and leveraging our scale to drive greater efficiency.

我們還必須更深入地推動我們的關鍵速度計劃。今天，我們知道我們必須更快，加快創新步伐，加快向消費者推向市場的步伐，並提高我們的敏捷性和回應能力。為了推動這一目標，我們將實施一項重大儲蓄計劃，以創造投資能力，以推動獲利的速度和規模成長。潛在節省的領域包括簡化我們的產品組合、提高自動化程度和技術的使用、精簡我們的組織以及利用我們的規模來提高效率。

Let me just acknowledge that this work will be led with respect and thoughtfulness as we move to improve the ways in which we work and build a leaner and stronger company for the future. Matt will provide more detail on this later in the call.

我只想承認，隨著我們努力改善工作方式並為未來打造一個更精簡、更強大的公司，這項工作將以尊重和深思熟慮的方式進行。馬特將在稍後的電話會議中提供更多細節。

Now we've made some progress as we look to accelerate growth in our business. And I want to walk through 2 key areas today where we're investing for future and further growth, our Women's business and Jordan Brand. Both Women's and Jordan are opportunities that are grounded in performance and the ability to drive culture and lifestyle, with the latter providing even greater scale and growth opportunities.

現在，我們在尋求加速業務成長方面取得了一些進展。今天我想介紹一下我們為未來和進一步成長而投資的兩個關鍵領域：我們的女裝業務和 Jordan 品牌。女子和約旦都是以表現以及推動文化和生活方式的能力為基礎的機會，後者提供了更大的規模和成長機會。

First, let's discuss Women's, which is already a roughly $9 billion business, and that's just a NIKE brand, excluding Jordan and Converse. Our Women's business has grown high single digits on average over the past 3 years. And while we're encouraged by this progress, we now have line of sight into what we believe is the best plan we've ever had to accelerate growth in Women's. Our plan makes us even more confident in serving her through sport and style.

首先，讓我們討論一下女裝業務，該業務已經是一個大約 90 億美元的業務，而且這只是一個 NIKE 品牌，不包括 Jordan 和 Converse。過去三年來，我們的女裝業務平均實現了高個位數成長。雖然我們對這一進展感到鼓舞，但我們現在已經看到了我們認為是加速女性業務成長的最佳計劃。我們的計劃讓我們更有信心透過運動和時尚為她服務。

Today, about 40% of our members are women consumers. They make up a bigger proportion of new members, and their demand per member is growing faster. We see great opportunity to better serve this consumer by responding to her needs across the spectrum of performance and lifestyle.

如今，我們約有 40% 的會員是女性消費者。他們在新會員中所佔的比例較大，會員的需求成長得更快。我們看到了透過滿足消費者在性能和生活方式方面的需求來更好地服務該消費者的巨大機會。

Let me first touch on performance, where we're focused on innovating for her to create new opportunities we did not previously serve. We've now built a collection of bras and leggings across different price points. This includes our statement leggings, Zenvy, Go, and Universa, all of which are above $100, a price point we were not previously in. These leggings serve her with a whole new approach to fit and comfort, thanks to new material innovation. And we're holistically elevating our retail, presentation and storytelling to help her find the right product for her exact needs. More and more women are joining our brand by purchasing these leggings. In fact, all told, statement leggings fueled our fitness apparel growth in women's for the quarter.

讓我先談談績效，我們專注於為她進行創新，創造我們以前沒有提供過的新機會。我們現在已經推出了一系列不同價位的胸罩和緊身褲。其中包括我們的個性緊身褲Zenvy、Go 和Universa，所有這些產品的價格都在100 美元以上，這是我們之前沒有達到的價格點。由於新材料創新，這些打底褲為她提供了全新的貼合度和舒適度。我們正在全面提升我們的零售、展示和故事講述能力，以幫助她找到適合她具體需求的產品。越來越多的女性透過購買這些緊身褲加入我們的品牌。事實上，總而言之，個性打底褲推動了我們本季女款健身服裝的成長。

And in footwear, we're seeing very strong sell-through for the Motiva, a shoe with a comfortable and distinctive design that shows how we've dimensionalized performance into walking. And Free Metcon is also performing very well, serving her need for versatility by expanding a fitness shoe into comfortable everyday wear. And at the same time, when we look at women's lifestyle, we've established our leadership position in women's sportswear through a focus on style and comfort with iconic franchises like Air Force 1, Dunk, Court and Fleece, all of which drive continued momentum with new energy and design.

在鞋類方面，我們看到 Motiva 的銷量非常強勁，這款鞋具有舒適且獨特的設計，展示了我們如何將步行性能體現得淋漓盡致。 Free Metcon 的表現也非常出色，透過將健身鞋擴展到舒適的日常穿著來滿足她的多功能性需求。同時，當我們著眼於女性生活方式時，我們透過注重風格和舒適度，透過Air Force 1、Dunk、Court 和Fleece 等標誌性系列產品確立了我們在女性運動服領域的領導地位，所有這些都推動了持續的發展勢頭具有新的能量和設計。

And we're also fueling the rapidly growing retro running trend with our portfolio styles like the Vomero 5, V2K and P-6000. In fact, even with us sequentially increasing the supply, demand for this entire line is so strong, there remains tremendous opportunity to grow further. We're excited to scale these styles over the next few seasons. And so today, we're taking the right steps to serve our women consumer with energy and sharpness. And we're fully aligned in accelerating our offense to raise our game with an eye to the immense opportunity we see going forward.

我們也透過 Vomero 5、V2K 和 P-6000 等產品組合來推動快速成長的復古跑步趨勢。事實上，即使我們連續增加供應，對整條生產線的需求仍然如此強勁，仍然存在巨大的進一步成長機會。我們很高興能夠在接下來的幾季中擴展這些風格。因此，今天，我們正在採取正確的步驟，以活力和敏銳的態度為我們的女性消費者提供服務。我們完全一致地加速進攻，提高比賽水平，並專注於未來的巨大機會。

Now let's discuss Jordan Brand, which is on a clear path to become the #2 footwear brand in North America, the biggest brand not named NIKE. We're fueling the strong momentum in Jordan by growing a Monday to Friday business with a more diverse product portfolio on top of our very successful launch business. Over the past few years, we've driven strong growth in the Jordan business by bringing more dimensions into the brand. We're proving that Jordan can be more than retro, more than footwear, more than men's and more than North America. An approach to growth will continue to bring life and growth over the coming years.

現在讓我們來討論喬丹品牌，它正在成為北美第二大鞋類品牌，即耐克之外最大的品牌。在我們非常成功的推出業務的基礎上，我們透過更多樣化的產品組合來發展週一至週五的業務，從而推動約旦的強勁勢頭。在過去的幾年裡，我們透過為品牌注入更多維度，推動了 Jordan 業務的強勁成長。我們正在證明喬丹不僅是復古，不僅僅是鞋類，不僅僅是男裝，也不僅僅是北美。成長方式將在未來幾年繼續帶來生機和成長。

And this is just the beginning for Jordan Brand as we see even greater growth potential through our plan for deeper investment, which for Jordan will come in areas like merchandising, marketing and marketplace. For instance, today, Jordan Brand performance product is outpacing overall growth with Jordan reigniting its Encore presence in basketball with the strongest signature portfolio ever as Tatum, Luka and Zion push the brand to new heights, both on and off the court.

這對 Jordan Brand 來說只是一個開始，因為我們透過更深層的投資計畫看到了更大的成長潛力，對 Jordan 來說，這些投資將涉及商品銷售、行銷和市場等領域。例如，今天，Jordan 品牌高性能產品的成長速度超過了整體成長，Jordan 以有史以來最強大的標誌性產品組合重新點燃了Encore 在籃球領域的影響力，塔圖姆、盧卡和錫安將品牌在球場內外推向新的高度。

Jordan is also expanding beyond basketball into, for example, Golf, Global Football and American Football. And Jordan Women's and Kids continues to lead the brand's overall growth. Women's and Kids business share within Jordan have increased 7 points over the past 3 years. And Jordan Apparel is now a roughly $1 billion business, averaging almost 20% growth over the past 3 years. We're also building new dimensions in the iconic AJ1 franchise across high, mid and low as well as through women's-led dimensions such as the ELEVATE and the Brooklyn Boot.

喬丹也從籃球領域擴展到高爾夫、全球橄欖球和美式足球等領域。喬丹女裝和童裝繼續引領品牌的整體成長。過去 3 年，約旦境內的女裝和童裝業務份額增加了 7 個百分點。 Jordan Apparel 現在的業務規模約為 10 億美元，過去 3 年平均成長近 20%。我們還在標誌性的 AJ1 系列中打造高、中、低檔的新尺寸，以及以女性為主導的尺寸，例如 ELEVATE 和 Brooklyn Boot。

And I'd also like to spotlight Jordan's strategic approach and success with our Remix footwear line, which, again, has already surpassed the $1 billion annual revenue mark with high double-digit growth. Led by styles like the Max Aura and the Stadium 90, Remix has increased Jordan's accessibility through more affordable price points and an expanded distribution with key partners.

我還想重點介紹 Jordan 的戰略方針以及我們的 Remix 鞋類產品系列所取得的成功，該系列產品的年收入再次突破了 10 億美元大關，並實現了兩位數的高增長率。在 Max Aura 和 Stadium 90 等款式的引領下，Remix 透過更實惠的價格點以及擴大與主要合作夥伴的分銷範圍，提高了 Jordan 的可及性。

And last but not least, Jordan's share from international markets continues to expand as we bring the brand to global cities in an authentic way. This has shown up as we pilot the Jordan Destination Tab in the NIKE commerce app in EMEA with strong early results. And the Jordan World of Flight doors in Milan, Tokyo and Seoul have emerged as the company's most productive retail concepts. The sky is the limit for Jordan as we continue to invest and explore what's possible for one of the world's leading brands.

最後但並非最不重要的一點是，隨著我們以真實的方式將品牌帶到全球城市，喬丹在國際市場上的份額不斷擴大。當我們在 EMEA 的 NIKE 商務應用程式中試用 Jordan Destination Tab 時，這一點就得到了體現，並取得了良好的早期成果。米蘭、東京和首爾的 Jordan World of Flight 門已成為該公司最具成效的零售概念。對於喬丹來說，天空是無限的，我們將繼續投資並探索世界領先品牌之一的可能性。

In the end, we are moving with confidence against the opportunities we see. And looking ahead to the next calendar year, we remain single-minded in our focus to compete and win. I wouldn't trade our position with anyone. And with that, I'll turn the call over to Matt.

最後，我們滿懷信心地迎接我們所看到的機會。展望下一個日曆年，我們仍然一心一意地專注於競爭和獲勝。我不會與任何人交換我們的立場。然後，我會將電話轉給馬特。

Thanks, John, and hello to everyone on the call. NIKE's second quarter financial performance reflected our proactive marketplace management and disciplined execution with tremendous delivery by our teams in a dynamic environment. Revenue was up slightly versus the prior year, growing 1% on a reported basis as we compare to 17% reported and 27% currency-neutral revenue growth 1 year ago. Gross margins expanded despite a highly promotional marketplace, and combined with disciplined SG&A management, earnings per share and free cash flow accelerated.

謝謝約翰，向通話中的每個人問好。耐吉第二季的財務表現反映了我們積極主動的市場管理和嚴格的執行力以及我們的團隊在動態環境中的出色交付。收入較上年略有增長，按報告收入增長 1%，而一年前報告收入增長率為 17%，貨幣中性收入增長率為 27%。儘管市場促銷力道很大，但毛利率仍有所成長，再加上嚴格的銷售、一般行政管理 (SG&A) 管理，每股盈餘和自由現金流加速成長。

As I said last quarter, we believe we are turning the corner in driving more profitable and sustainable growth. At the same time, there were a number of puts and takes in the quarter. So before I walk through our financial results, let me share some perspective on our performance in light of current macro and consumer trends as well as additional insight into our business direction.

正如我上個季度所說，我們相信我們正在推動利潤更高、更永續的成長。同時，本季出現了一些看跌期權和賣出期權。因此，在介紹我們的財務表現之前，讓我根據當前的宏觀和消費者趨勢分享一些對我們業績的看法，以及對我們業務方向的更多見解。

Now as you recall, we moved proactively in the prior year to liquidate excess inventory and reduce wholesale sell-in for the first half of fiscal '24. And while this dampened our reported revenue growth through Q2, total retail sales in the quarter grew across the marketplace on top of double-digit growth in the prior year. ASPs were up across both footwear and apparel and AURs grew across channels.

現在您還記得，我們​​在上一年積極採取行動，清理多餘庫存並減少 24 財年上半年的批發銷售。儘管這抑制了我們報告的第二季度收入增長，但該季度整個市場的零售總額在上一年兩位數增長的基礎上實現了增長。鞋類和服裝的平均售價均有所上升，各通路的 AUR 均有所成長。

Average order values among NIKE members increased versus the prior year. Our higher-priced products, in particular, have been resilient with our $100-plus footwear models driving strong growth in units sold across the marketplace. And overall, we have maintained lower markdown rates than many of our competitors.

耐吉會員的平均訂單金額較前一年增加。我們的高價產品尤其具有彈性，我們的 100 美元以上的鞋款推動了整個市場銷售的強勁成長。總體而言，我們保持著比許多競爭對手更低的降價率。

In the most impactful consumer shopping moments, NIKE's brand strength created even greater separation. We delivered market-leading results in Greater China in 11.11. And over the Black Friday and Cyber Week period, NIKE Direct grew approximately 10% across North America, EMEA and APLA. In Q2, NIKE Direct once again led our growth and wholesale shipments exceeded our expectations. Having said that, we are seeing indications of more cautious consumer behavior around the world in an uneven macro environment.

在最具影響力的消費者購物時刻，耐吉的品牌實力創造了更大的分離度。 11.11，我們在大中華區取得了市場領先的表現。在黑色星期五和網路週期間，NIKE Direct 在北美、歐洲、中東和非洲 (EMEA) 和 APLA 增長了約 10%。第二季度，NIKE Direct 再次引領我們的成長，批發出貨量超出了我們的預期。話雖如此，我們看到有跡象表明，在不平衡的宏觀環境下，世界各地的消費者行為更加謹慎。

Total retail sales across the marketplace fell short of our expectations with softer demand outside of the key consumer moments. While NIKE's store traffic continued to grow, we saw softness in digital traffic and higher levels of promotional activity across the marketplace. As a result, we are adjusting our channel growth plans for the remainder of the year.

整個市場的零售總額低於我們的預期，關鍵消費時刻以外的需求疲軟。雖然耐吉的商店客流量持續成長，但我們看到數位客流量疲軟，而且整個市場的促銷活動水平更高。因此，我們正在調整今年剩餘時間的通路成長計畫。

Looking to our product portfolio, our top franchises continue to drive strong full price sales, but we intentionally manage the life cycle of these models across the marketplace for long-term value. Given the promotional environment and the cautious consumer behavior that we are seeing, we are stepping up our plans to reduce marketplace supply of our key franchises. Our goal is to focus NIKE's brand heat and energy on what is new as we accelerate our product innovation cycle. We have seen encouraging signs from recent consumer activations around some of NIKE's latest innovations and newness, and we intend to accelerate our pace through the Paris Olympics and beyond. While this will initially take some time, we are confident in our pipeline and the product journeys, stories and consumer energy to come.

就我們的產品組合而言，我們的頂級特許經營商繼續推動強勁的全價銷售，但我們有意管理這些型號在市場上的生命週期，以實現長期價值。鑑於我們所看到的促銷環境和謹慎的消費者行為，我們正在加緊計劃，減少主要特許經營商的市場供應。我們的目標是在加快產品創新週期的同時，將耐吉的品牌熱度和精力集中在新品上。我們從最近圍繞耐吉的一些最新創新和新穎的消費者活動中看到了令人鼓舞的跡象，我們打算在巴黎奧運會及以後加快步伐。雖然這最初需要一些時間，但我們對我們的產品線以及未來的產品旅程、故事和消費者能量充滿信心。

Now as you heard from John, our priority is to drive sustainable and profitable long-term growth while building a faster, more efficient NIKE. Since fiscal '19, our investments in accelerating NIKE's Consumer Direct vision have created new operating capabilities, added tens of millions of new members to our member base and delivered a return of more than $12 billion of incremental revenue. However, we have also added complexity and inefficiency. In this competitive environment, we need to accelerate our pace of innovation, elevate our marketplace experiences, maximize the impact of our storytelling and increase our speed and responsiveness, all in service of the consumer.

現在，正如約翰所說，我們的首要任務是推動可持續且獲利的長期成長，同時打造更快、更有效率的耐吉。自 19 財年以來，我們對加速 NIKE 消費者直接願景的投資創造了新的營運能力，為我們的會員群增加了數千萬新會員，並帶來了超過 120 億美元的增量收入回報。然而，我們也增加了複雜性和低效率。在這個競爭激烈的環境中，我們需要加快創新步伐，提升我們的市場體驗，最大限度地發揮我們講故事的影響力，並提高我們的速度和響應能力，所有這些都是為了服務消費者。

To do this, we are creating investment capacity to fuel NIKE's next phase of innovation, growth and profitability. We are identifying opportunities across the company to deliver up to $2 billion in cumulative cost savings over the next 3 years, both up and down our P&L and across our value chain. Some examples include simplifying our product assortment, improving supply chain efficiency, leveraging our scale to lower the marginal cost of operations, increasing automation and speed from data and technology, streamlining our organizational structure, reducing management layers and enhancing our procurement capabilities.

為此，我們正在建立投資能力，以推動耐吉下一階段的創新、成長和獲利。我們正在整個公司範圍內尋找機會，以便在未來 3 年內實現損益表上、下以及整個價值鏈上累積成本節省高達 20 億美元。一些例子包括簡化我們的產品種類、提高供應鏈效率、利用我們的規模來降低營運邊際成本、提高數據和技術的自動化和速度、簡化我們的組織結構、減少管理層以及增強我們的採購能力。

And as we look to drive greater efficiency and productivity, we will reallocate and invest the majority of these savings to deliver the greatest consumer impact on our largest growth opportunities. Ultimately, we believe that building a faster and more efficient NIKE will accelerate future growth and innovation and deliver long-term profitability, creating value for years to come. We will continue sharing updates over the coming quarters.

當我們希望提高效率和生產力時，我們將重新分配和投資其中的大部分節省，以便為我們最大的成長機會帶來最大的消費者影響。最終，我們相信，建立一個更快、更有效率的耐吉將加速未來的成長和創新，並實現長期獲利，為未來創造價值。我們將在未來幾季繼續分享更新。

Now let me turn to our NIKE, Inc. second quarter results. In Q2, NIKE, Inc. revenue was up 1% on a reported basis and down 1% on a currency-neutral basis, following our strong top line growth 1 year ago. NIKE Direct grew 4% with NIKE stores up 9% and NIKE Digital up 1% while wholesale declined 3%. Gross margins expanded 170 basis points to 44.6% on a reported basis, driven by strategic pricing actions, lower ocean freight rates, improved supply chain efficiency and modest markdown improvements, partially offset by higher product input costs. This included impact from approximately 60 basis points of unfavorable changes in net foreign currency exchange rates.

現在讓我談談耐吉公司第二季的業績。繼一年前強勁的營收成長之後，第二季度，NIKE, Inc. 的營收按報告計算成長了 1%，按匯率中性計算下降了 1%。 NIKE Direct 成長 4%，其中 NIKE 商店成長 9%，NIKE Digital 成長 1%，而批發則下降 3%。根據報告，毛利率增加了 170 個基點，達到 44.6%，這得益於戰略定價行動、海運費降低、供應鏈效率提高和適度降價改進，但部分被產品投入成本上升所抵消。其中包括淨外幣匯率不利變動約 60 個基點的影響。

SG&A grew 1% on a reported basis, favorable to our expectations through disciplined expense management and some shifts in timing of spending. Our effective tax rate for the quarter was 17.9% compared to 19.3% for the same period last year. Diluted earnings per share was $1.03, up 21% year-over-year. NIKE inventory dollars are down 14% versus the prior year and down high single digits versus the prior quarter. In total, NIKE inventory dollars are down over $1.5 billion from the peak at the end of Q1 in the prior year with days in inventory continuing to improve. Total footwear and apparel inventory units across the marketplace are down double digits versus the prior year.

根據報告，SG&A 成長了 1%，透過嚴格的費用管理和支出時間的一些轉變，有利於我們的預期。本季我們的有效稅率為 17.9%，去年同期為 19.3%。稀釋後每股收益為 1.03 美元，較去年同期成長 21%。耐吉的庫存金額比去年同期下降了 14%，與上一季相比下降了高個位數。總體而言，耐吉的庫存金額較去年第一季末的高峰減少了 15 億美元以上，庫存天數持續改善。整個市場的鞋類和服裝庫存總量比去年下降了兩位數。

Now let me turn to our operating segments. In North America, Q2 revenue declined 3% with wholesale down 9% versus the prior year. NIKE Direct grew 3% with NIKE stores up 4% and NIKE Digital up 2%. EBIT grew 2% on a reported basis. This follows extraordinary growth in Q2 of fiscal '23 with North America revenue up 31%, NIKE Direct up 23%, NIKE Digital up 31% and wholesale up 37%. This quarter, we saw mid-single-digit retail sales growth with key partners, including DICK'S Sporting Goods, JD Finish Line and Hibbett.

現在讓我談談我們的營運部門。在北美，第二季營收年減 3%，其中批發收入年減 9%。 NIKE Direct 成長 3%，NIKE 商店成長 4%，NIKE Digital 成長 2%。據報告，息稅前利潤成長 2%。在此之前，23 財年第二季實現了非凡成長，北美營收成長了 31%，NIKE Direct 成長了 23%，NIKE Digital 成長了 31%，批發成長了 37%。本季度，我們與主要合作夥伴（包括 DICK'S Sporting Goods、JD Finish Line 和 Hibbett）的零售額實現了中個位數成長。

Jordan and Women's led our momentum in the marketplace. With Jordan, Remix footwear grew double digits, and the AJ11 Gratitude release delivered the brand's largest shock drop ever. Within women's, Dunk, Free Metcon and our $100-plus statement leggings delivered strong growth. In addition, Structure 25 and Vomero 17, our latest updates for everyday runners, drove positive response from consumers and running specialty partners.

喬丹和女裝引領了我們在市場上的發展動能。隨著 Jordan 的推出，Remix 鞋款實現了兩位數的成長，AJ11 Gratitude 的發布帶來了該品牌有史以來最大的震撼跌幅。在女裝方面，Dunk、Free Metcon 和我們售價超過 100 美元的個性緊身褲實現了強勁增長。此外，我們針對日常跑步者的最新更新 Structure 25 和 Vomero 17 也引起了消費者和跑步專業合作夥伴的積極回應。

In EMEA, Q2 revenue declined 3% with wholesale down 8%. NIKE Direct was up 7% as NIKE stores grew 8% and NIKE Digital grew 7%. EBIT declined 6% on a reported basis. As a reminder, this also compares to tremendous growth in Q2 of fiscal '23, with EMEA revenue up 33%, NIKE Direct up 44%, NIKE Digital up 62% and wholesale up 28%. Against the backdrop of increased macro headwinds, we saw strong consumer response to newness and premium innovation. Our winterized running products drove positive sell-through, along with strong growth from Invincible, Vaporfly and Ultrafly. Mercurial and Phantom and Tiempo grew double digits, and our retro running styles, including V2K, P-6000 and Shox continue to energize the marketplace.

在歐洲、中東和非洲地區，第二季營收下降 3%，其中批發收入下降 8%。 NIKE Direct 成長 7%，NIKE 商店成長 8%，NIKE Digital 成長 7%。據報道，息稅前利潤下降了 6%。提醒一下，這也與 23 財年第二季的巨大成長相比，歐洲、中東和非洲 (EMEA) 營收成長 33%，NIKE Direct 成長 44%，NIKE Digital 成長 62%，批發成長 28%。在宏觀阻力加大的背景下，我們看到消費者對新鮮事物和高端創新反應強烈。我們的防寒跑步產品推動了積極的銷售，同時 Invincible、Vaporfly 和 Ultrafly 的強勁成長也推動了我們的銷售。 Mercurial、Phantom 和 Tiempo 實現了兩位數成長，我們的復古跑步風格（包括 V2K、P-6000 和 Shox）繼續為市場注入活力。

In Greater China, Q2 revenue grew 8% and wholesale grew 19%. NIKE Direct declined 4% with NIKE stores growing 16% and NIKE Digital declining 22%. EBIT grew 1% on a reported basis with multiple points of impact from foreign exchange. On the whole, we are seeing a highly promotional marketplace with increased macro headwinds, especially on Digital. That said, Q2 was another strong quarter in brick-and-mortar, with continued improvement in full-price sales and sales in NIKE-owned and partner doors growing mid-teens versus the prior year.

在大中華區，第二季營收成長 8%，批發成長 19%。 NIKE Direct 下降 4%，NIKE 商店成長 16%，NIKE Digital 下降 22%。據報告，息稅前利潤增加了 1%，受到外匯的多點影響。總體而言，我們看到了一個高度促銷的市場，但宏觀阻力卻在增加，尤其是在數位領域。也就是說，第二季度是實體店的另一個強勁季度，全價銷售額持續改善，耐吉自營和合作夥伴的銷售額與前一年相比增長了十幾歲。

We also continue to see strong momentum with key strategic partners, including Top Sports and Pou Sheng. And NIKE continues to strengthen its lead as Chinese consumers' #1 cool and favorite brand.

我們也繼續看到與包括頂級體育和寶勝在內的主要戰略合作夥伴的強勁勢頭。耐吉繼續鞏固其作為中國消費者第一大酷品牌的領先地位。

Turning to our product portfolio. Performance outpaced lifestyle this quarter with innovation and hyperlocal storytelling resonating with consumers. We saw strong momentum in Basketball, Fitness, retro running footwear and winterized apparel. Locally inspired express lane collections, including our Street Dance Inspired Dunk and Hyperlocal Pegasus releases were top choices for consumers. And overall, our inventory remains healthy with units down and improved markdown rates versus the prior year.

轉向我們的產品組合。本季度，憑藉與消費者產生共鳴的創新和超本地化故事講述，性能超越了生活方式。我們在籃球、健身、復古跑鞋和防寒服裝領域看到了強勁的勢頭。受當地啟發的 Express Lane 系列，包括我們的 Street Dance Inspired Dunk 和 Hyperlocal Pegasus 版本，是消費者的首選。整體而言，我們的庫存保持健康，與前一年相比，銷量有所下降，降價率有所提高。

Looking ahead, we continue to closely monitor the operating environment. However, we remain confident in NIKE's brand strength, our deep consumer connections and our foundation for long-term growth in China.

展望未來，我們將持續密切監控經營環境。然而，我們對耐吉的品牌實力、深厚的消費者關係以及在中國長期成長的基礎仍然充滿信心。

In APLA, Q2 revenue grew 10% and wholesale grew 7%. NIKE Direct grew 15% as NIKE stores grew 17% and NIKE Digital grew 14%. EBIT grew 7% on a reported basis. Southeast Asia and India, Korea and Mexico grew double digits, leading a record quarter for the geography. Our Flipkart and Myntra platforms drove strong growth in India. Korea led record member day sales in the geography, and Mexico accelerated its digital momentum over the Buen Fin shopping holiday.

APLA 第二季度營收成長 10%，批發收入成長 7%。 NIKE Direct 成長了 15%，NIKE 商店成長了 17%，NIKE Digital 成長了 14%。據報告，息稅前利潤成長 7%。東南亞以及印度、韓國和墨西哥均實現兩位數成長，創下該地區創紀錄的季度業績。我們的 Flipkart 和 Myntra 平台推動了印度的強勁成長。韓國在該地區的會員日銷售額中處於領先地位，墨西哥在布恩芬購物假期期間加速了其數位勢頭。

We saw strong momentum across our portfolio, led by Jordan Kids. Jordan Brand delivered strong growth in Remix footwear, AJ1 Essentials and Signature Basketball. In kid's lifestyle and Global Football grew double digits with positive momentum from All Kids Fleece, Court Borough and the Mercurial.

在 Jordan Kids 的帶領下，我們的產品組合呈現出強勁的勢頭。 Jordan Brand 在 Remix 鞋類、AJ1 Essentials 和 Signature籃球鞋類領域實現了強勁成長。在 All Kids Fleece、Court Borough 和 Mercurial 的積極推動下，兒童生活方式和全球足球實現了兩位數增長。

All told, our team executed with tremendous focus and agility to deliver our Q2 results while managing through volatility. Last quarter, as I provided guidance, I highlighted a number of risks in our operating environment, including the effects of a stronger U.S. dollar on foreign currency translation, consumer demand over the holiday season and our second half wholesale order books. Looking forward, the impact of these risks is becoming clearer. And as a result, we are adjusting our full year financial outlook.

總而言之，我們的團隊以極大的專注和敏捷性執行了第二季的業績，同時應對了波動。上個季度，在我提供指導時，我強調了我們營運環境中的一些風險，包括美元走強對外幣換算、假期季節消費者需求以及下半年批發訂單的影響。展望未來，這些風險的影響將變得更加清晰。因此，我們正在調整全年財務前景。

Looking to the balance of the year, we expect Q3 reported revenue to be slightly negative as we again compare to double-digit growth in the prior year and Q4 reported revenue to be up low single digits, with full year reported revenue now growing approximately 1%. This new outlook reflects increased macro headwinds, particularly in Greater China and EMEA. adjusted digital growth plans based on recent digital traffic softness and higher marketplace promotions, life cycle management of key product franchises and a stronger U.S. dollar that has negatively impacted second half reported revenue versus 90 days ago.

展望今年的剩餘時間，我們預計第三季報告收入將略有負數，因為我們再次與上一年的兩位數增長進行比較，而第四季度報告收入將增長低個位數，全年報告收入目前成長約 1 %。這個新的前景反映了宏觀阻力的增加，特別是在大中華區和歐洲、中東和非洲地區。根據最近的數位流量疲軟和更高的市場促銷、關鍵產品特許經營的生命週期管理以及美元走強對下半年報告收入（與 90 天前相比）產生負面影響，調整了數位成長計畫。

I will also remind you that there are approximately 400 basis points of headwinds from supply disruptions and accelerated liquidation in the prior year. We expect increased gross margin expansion in our second half, with Q3 margins expanding 160 to 180 basis points and Q4 margins expanding 225 to 250 basis points. We continue to expect full year gross margins to expand 140 to 160 basis points. This reflects benefits from strategic price increases, improved ocean freight rates and supply chain efficiency, partially offset by higher product input costs and approximately 60 basis points of impact from foreign exchange headwinds.

我還要提醒您，去年供應中斷和加速清算帶來了大約 400 個基點的阻力。我們預計下半年毛利率將進一步擴張，第三季利潤率將擴大 160 至 180 個基點，第四季利潤率將擴大 225 至 250 個基點。我們繼續預計全年毛利率將擴大 140 至 160 個基點。這反映了策略性漲價、海運費率提高和供應鏈效率的好處，但部分被較高的產品投入成本和外匯逆風影響約 60 個基點所抵銷。

We expect full year SG&A growth to improve to low single digits, excluding restructuring charges as we continue to tightly manage expenses and improve productivity and efficiency. Specifically, we expect SG&A dollars in both Q3 and Q4 to be modestly above our first half run rate, excluding the charge. We anticipate a restructuring charge of $400 million to $450 million in our second half, primarily related to severance costs, which will be recognized largely in the third quarter. We expect full year SG&A, including the restructuring charge, to grow mid-single digits.

我們預計，隨著我們繼續嚴格管理開支並提高生產力和效率，全年銷售、管理及行政費用成長將改善至低個位數（不包括重組費用）。具體來說，我們預計第三季和第四季的銷售及行政管理費用將略高於我們上半年的運作率（不包括費用）。我們預計下半年的重組費用為 4 億至 4.5 億美元，主要與遣散費有關，該費用將在第三季得到大部分確認。我們預計全年 SG&A（包括重組費用）將成長中個位數。

We now expect other income and expense including net interest income to be $275 million to $325 million for the full year. We continue to expect our full year effective tax rate to be in the high teens range. Taken all together, strong gross margin execution and disciplined cost controls are enabling us to offset softer second half revenue and drive earnings growth. Excluding restructuring charges, we expect to deliver on our prior full year earnings outlook.

我們目前預計全年其他收入和支出（包括淨利息收入）為 2.75 億至 3.25 億美元。我們仍然預計全年有效稅率將在十幾歲範圍內。總而言之，強勁的毛利率執行和嚴格的成本控制使我們能夠抵消下半年營收疲軟的影響，並推動獲利成長。不包括重組費用，我們預計將實現先前的全年獲利預期。

While we expect the operating environment to remain dynamic, we have been here before, and we know that moments like this are when NIKE operates and executes at its best. We will stay on the offense, manage risk, optimize opportunity and leverage our strengths to create even further competitive separation. As we move forward, our focus is building a faster, more efficient NIKE and embracing the opportunities in front of us to accelerate sustainable and more profitable growth. And so with that, let's open up the call for questions.

雖然我們預計營運環境將保持動態，但我們以前也經歷過這種情況，我們知道像這樣的時刻是耐吉營運和執行最佳狀態的時候。我們將繼續進攻，管理風險，優化機會並利用我們的優勢來創造進一步的競爭優勢。在我們前進的過程中，我們的重點是打造一個更快、更有效率的耐吉，並抓住我們面前的機遇，加速可持續和利潤更高的成長。那麼，就讓我們開始提問吧。

(Operator Instructions) Your first question comes from the line of Matthew Boss from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Matthew Boss。

So a 2-part question. John, could you maybe elaborate on the structural changes that you cited that maybe in the pivot to the front foot on innovation, just the structural changes that you see supporting that and what that means for the product pipeline as we think to next year.

這是一個由兩部分組成的問題。約翰，您能否詳細說明您提到的結構性變化，也許是在創新方面邁出的步伐，您認為支持這一點的結構性變化以及我們對明年的產品線意味著什麼。

And then Matt, maybe putting that portion of the press release relative to the commentary around the second half, just how best to foot this? And could you help break down the change in your second quarter revenue -- or your second half revenue outlook between retail and wholesale?

然後馬特，也許將新聞稿中與評論相關的部分放在下半場，如何最好地應對這一點？您能否協助詳細分析第二季營收的變化，或是下半年零售和批發收入的前景？

You want to go first, Matt?

你想先走嗎，馬特？

Yes. Let me go ahead and start. Matt, talking a bit about the environment that we're operating in right now and what's changed and what we're seeing. We obviously delivered a strong quarter and delivered revenue in line with the guidance we gave 90 days ago and are incredibly pleased with the disciplined execution and management of the marketplace, including our inventory being down 14% and NIKE plus partner inventory being down double digits versus the prior year.

是的。讓我開始吧。馬特，談論了我們現在的營運環境以及發生的變化和我們所看到的情況。顯然，我們的季度表現強勁，收入符合我們90 天前給出的指導，並對市場的嚴格執行和管理感到非常滿意，包括我們的庫存下降了14%，NIKE plus 合作夥伴庫存下降了兩位數。前一年。

But what we saw in the quarter was a bifurcation of performance. And specifically, what I mean is that we saw incredibly strong performance for the NIKE brand over the largest consumer moments if you bookend from back-to-school in the prior quarter through Black Friday and Cyber Monday this quarter. But in the periods in between, we saw softer performance in the marketplace. And as a result of that, total retail sales in the quarter were below the expectations that we set for ourselves 90 days ago.

但我們在本季看到的是業績的兩極化。具體來說，我的意思是，如果您從上一季的返校到本季的黑色星期五和網路星期一預訂，我們會看到耐吉品牌在最大的消費時刻表現出令人難以置信的強勁表現。但在此期間，我們看到市場表現疲軟。因此，本季的零售總額低於我們 90 天前為自己設定的預期。

As a result of that and specifically considering the promotional activity we see in the marketplace and some of the softness in digital, we've lowered our guidance for the balance of this year and provided a little bit of sharpness for you on Q3 and Q4 in particular. Q3 really is reflective of the comparisons to the prior year, much like we anniversaried this quarter. But overall, we've taken a more prudent approach to our planning for the balance of the year, given the increased macro headwinds we're seeing in China and EMEA in particular and the way that we've adjusted our digital growth downward based on the traffic softness that we've seen and the higher marketplace promotions.

因此，特別考慮到我們在市場上看到的促銷活動以及數位領域的一些疲軟，我們降低了今年剩餘時間的指導，並為您提供了第三季和第四季的一些銳利資訊。特別的。第三季確實反映了與前一年的比較，就像我們本季的周年紀念一樣。但總體而言，考慮到我們在中國和歐洲、中東和非洲看到的宏觀阻力加大，以及我們根據我們看到的流量疲軟和更高的市場促銷活動。

And so connected to what John will talk about in a second, our focus is on newness and innovation, particularly because in an environment like this where the consumer is cautious and we're seeing higher levels of promotional activity, it's newness and innovation which really creates brand distinction in this environment. And we're even seeing it in the context of recent releases and recent product introductions that we've had over the last 60 to 90 days.

因此，與約翰稍後將要談論的內容相關，我們的重點是新穎性和創新，特別是因為在這樣的環境中，消費者持謹慎態度，並且我們看到更高水平的促銷活動，真正的新穎性和創新性在此環境中創造品牌特色。我們甚至在過去 60 到 90 天內的最新版本和最新產品介紹中看到了這一點。

And Matt, to the first part of your question regarding the structural changes, as you know, 6 months ago, we realigned our entire organization under Heidi O'Neill and Craig Williams as our co-Presidents. And it is making a huge difference in our focus and ability to execute. And as you know, we're single-mindedly focused on aligning our entire team to drive what NIKE does best, innovative product combined with distinctive storytelling combined with unique marketplace experiences.

馬特，關於你關於結構變化的問題的第一部分，如你所知，6 個月前，我們在海蒂·奧尼爾和克雷格·威廉姆斯擔任聯席總裁的領導下重新調整了整個組織。它對我們的關注點和執行能力產生了巨大的影響。如您所知，我們一心一意地致力於協調我們的整個團隊，以推動耐吉最擅長的事情，將創新產品與獨特的故事敘述相結合，並與獨特的市場體驗相結合。

And as Matt just said, we have a real focus, Heidi, Craig and team, a real focus on newness and driving our next product innovation cycle, which will elevate our entire portfolio, right? This is what NIKE does best. And we're doing it with consistency and scale where we want to break through. That's our focus. And so you're seeing some -- I'll maybe pick one example where you're seeing some early results.

正如馬特剛才所說，我們真正專注於海蒂、克雷格和團隊，真正專注於新穎性並推動我們的下一個產品創新週期，這將提升我們的整個產品組合，對嗎？這就是耐吉最擅長的。我們正在以一致性和規模化的方式來實現我們想要突破的目標。這是我們的重點。所以你會看到一些——我可能會選擇一個你看到一些早期結果的例子。

Look at what's happening in basketball right now, right? We are bringing fresh innovative product at scale. So the past 6 months, we've launched Sabrina 1, LeBron 21, Tatum 1, Luka 2, the Ja 1. You saw Ja come back 2 nights ago, the Ja 1 on Christmas Day. And so that's creating huge momentum in basketball with great innovation. And in the next 3 months, we add to that GT Cut, which is one of our most innovative shoes to date, the Book 1, which we think has great appeal on and off the court. And of course, Kobe, which we think has huge potential on an ongoing basis.

看看現在籃球界發生了什麼事吧？我們正在大規模帶來新鮮的創新產品。在過去的 6 個月裡，我們推出了 Sabrina 1、LeBron 21、Tatum 1、Luka 2、Ja 1。你看到 Ja 在 2 晚前回來了，Ja 1 在聖誕節那天回來了。因此，這透過偉大的創新為籃球運動創造了巨大的動力。在接下來的 3 個月中，我們將添加 GT Cut，這是我們迄今為止最具創新性的鞋子之一，Book 1，我們認為它在球場內外都具有巨大的吸引力。當然，還有科比，我們認為他在持續的基礎上具有巨大的潛力。

And so this is driving momentum both on the court through performance, like NIKE does, innovation and performance and off the court. And that translates into lifestyle. You may have seen LeBron was wearing the Lunar Roam walking into his game the other night, and Lunar Roam sold out on sneakers the day we launched it 2 days ago. And so what you're seeing is when we focus our guns on driving performance innovation, translating that into lifestyle, we can cut through and drive scale and consistency like no one else can.

因此，就像耐吉所做的那樣，透過創新和性能在球場上以及球場外的表現來推動動力。這轉化為生活方式。你可能已經看到勒布朗那天晚上穿著 Lunar Roam 走進他的比賽，而 Lunar Roam 的運動鞋在我們兩天前推出的那天就賣光了。因此，您所看到的是，當我們專注於推動性能創新並將其轉化為生活方式時，我們可以像其他人一樣突破並推動規模和一致性。

So as we look ahead, we're excited about tenth anniversary of Air Max Day that's coming up in March. The Air Max DN is our best Air Max product in years. You'll see us really get behind it. That will be, I think, both a successful shoe but more importantly, can help lift the Air Max portfolio. With Running, we'll be focusing on calendar '24 be the year of Pegasus for us with the Peg 41 and the Peg family refresh. And then we're getting excited and gearing up for the Olympics, right, in Paris this summer? That's when NIKE shines its best. You'll see us really using Air as a source of innovation, both in performance and in lifestyle. And so our -- the -- you called it a pivot. I just think it's an acceleration, an alignment and an acceleration of speed and focus is distinct and we feel it.

因此，展望未來，我們對三月即將到來的 Air Max Day 十週年感到興奮不已。 Air Max DN 是我們多年來最好的 Air Max 產品。你會看到我們真正支持它。我認為，這不僅是一款成功的鞋子，更重要的是，可以幫助提升 Air Max 產品組合。在《跑步》中，我們將專注於日曆 '24 的 Pegasus 年，並更新 Peg 41 和 Peg 系列。然後我們就會興奮起來，為今年夏天在巴黎舉行的奧運會做準備，對嗎？這就是耐吉最閃耀的時候。您將看到我們真正使用空氣作為性能和生活方式的創新來源。所以我們的——你——你稱之為樞軸。我只是認為這是一種加速、一種調整和一種速度和焦點的加速，我們感覺到了。

Your next question comes from the line of Michael Binetti from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Michael Binetti。

Thanks for all the detail today, particularly around some of the longer-term thinking in the business. Some of the longer-term commentary is pretty helpful. I'm just wondering if we can help true-up the margin story for the next few years. I guess, would you -- is the $2 billion in cost savings, we said the majority will be reinvested is if I try to think back to the longer-term target of getting the business to the high-teens margins, this should go a long way.

感謝您今天提供的所有細節，特別是圍繞業務中的一些長期思考。一些長期評論非常有幫助。我只是想知道我們是否可以幫助糾正未來幾年的保證金故事。我想，你會嗎 - 20 億美元的成本節省，我們說過，大部分將用於再投資，如果我嘗試回想一下讓業務達到高雙位數利潤率的長期目標，這應該是很長的路要走。

Is your feeling that the net amount of these efficiencies takes us to that multiyear target? And then considering, Matt, the commentary on the second half revenues here, a lot of it sounds like it's macro and China. Maybe some help thinking about as we look past '24. Do you have visibility yet to say, "Hey, we've got the controllables to help us offset some of the macro pressures that we see to make '25 an algorithm revenue year?

您是否認為這些效率的淨值可以幫助我們實現多年目標？然後考慮一下，馬特，這裡對下半年收入的評論，其中許多聽起來像是宏觀和中國的。當我們回顧過去的 24 年時，也許有些幫助我們思考。您是否有能力說：「嘿，我們有可控因素來幫助我們抵消一些宏觀壓力，我們認為這些壓力將使 25 年成為演算法收入年？

Sure, Michael. Well, let me start with the margins. I think that this quarter was really a strong proof point with strong gross margin expansion and operating margin expansion. And the team's execution and gross margin in particular was really strong. When we look at the drivers of it, it's a combination of recovery of the transitory headwinds, which we've been talking about for a couple of years now, but also structural drivers like price increases, which we've been able to sustain in this environment, and supply chain efficiencies, specifically meaning that we're improving our cost per unit as we deliver product into the marketplace.

當然，邁克爾。好吧，讓我從邊距開始。我認為本季確實是毛利率強勁擴張和營業利潤率擴張的有力證明。該團隊的執行力和毛利率尤其強勁。當我們審視其驅動因素時，我們會發現，這是我們幾年來一直在談論的短暫逆風的復甦，也是結構性驅動因素（例如價格上漲）的結合，我們一直能夠維持這種結構性驅動因素。這種環境和供應鏈效率，特別意味著我們在向市場交付產品時正在提高單位成本。

And so the underlying drivers that were behind our long-term margin goals are still there, and this quarter is a great proof point as we're on that trajectory. The way to connect it to the Safe To Invest plan is to think a little bit about the opportunities for us to be -- to drive more profitable growth as we look forward. And I've been talking for a couple of quarters now about lowering our marginal cost of growth. And when I look back on some of the long-term targets that we've given like SG&A as a percentage of revenue being below pre-pandemic levels, we've largely done it.

因此，我們長期利潤目標背後的潛在驅動因素仍然存在，本季就是一個很好的證明，因為我們正走在這條軌道上。將其與「安全投資」計劃聯繫起來的方法是思考我們的機會——在我們的未來推動更有利可圖的成長。幾個季度以來我一直在談論降低邊際成長成本。當我回顧我們設定的一些長期目標（例如銷售管理費用佔收入的百分比低於疫情前的水平）時，我們基本上已經完成了。

But when we look at our resources today, we see greater opportunity for efficiency and effectiveness and reinvesting some of those resources for higher return opportunities, like John mentioned. And so that's really what we're focused on. I will remind you what I said on the call, which is that it's -- this isn't just SG&A. The $2 billion Save To Invest plan is up and down the P&L, and it's across our value chain. And so we will see benefits in SG&A but we really are looking at the business holistically.

但是，當我們今天審視我們的資源時，我們看到了提高效率和效益的更大機會，並將其中一些資源進行再投資以獲得更高回報的機會，就像約翰提到的那樣。這確實是我們關注的重點。我要提醒你們我在電話中所說的話，那就是──這不只是SG&A。 20 億美元的「儲蓄投資」計畫貫穿損益表的上下，並且貫穿我們的價值鏈。因此，我們會看到銷售、管理和行政費用的好處，但我們確實會從整體上看待業務。

And our focus as we look forward is to drive more profitable growth over the next several years. We remain confident in the long-term margin goals that we've been talking about. And so as we approach '25, we know that we're due to provide an update on those long-term goals, but we still remain confident on that endpoint.

我們期待的重點是在未來幾年推動更多的利潤成長。我們對我們一直在談論的長期利潤目標仍然充滿信心。因此，當我們接近 25 週年時，我們知道我們將提供這些長期目標的最新信息，但我們仍然對該終點充滿信心。

As it relates to the revenue, just hit it quickly. Yes, we are largely seeing adjustments based on increased macro headwinds in China and in Europe. The element that we can control in this is the commentary I made around managing our franchises. We have incredibly strong franchises. In fact, we build dimension to franchises. It's what we do to drive growth in our business. And we continue to see those largest franchises driving year-over-year growth and selling at levels of full price realization that's above the goals that we've set for the business.

因為它關係到收入，所以要快點去做。是的，我們看到的調整很大程度上是基於中國和歐洲宏觀阻力的加大。我們可以控制的因素是我圍繞管理我們的特許經營權所做的評論。我們擁有非常強大的特許經營權。事實上，我們為特許經營建立了維度。這就是我們為推動業務成長所做的事情。我們繼續看到那些最大的特許經營店推動逐年增長，並以全價實現的水平銷售，這高於我們為業務設定的目標。

But we know in an environment like this when the consumer is under pressure and the promotional activity is higher, that it's newness and it's innovation which causes the consumer to act. And John just referenced a number of products and product launches in the last 45 to 60 days where we're seeing an incredible amount of consumer energy in response to newness and new stories. And we've seen either full sellouts or incredibly high levels of full-price selling. And I won't rename all the products, but what it demonstrates is what we already know, which is that in this type of an environment, what we control is accelerating our pace of innovation and newness in order to give the consumer something to want to continue to invest in this category.

但我們知道，在這樣的環境中，當消費者面臨壓力且促銷活動​​較高時，新鮮感和創新會促使消費者採取行動。約翰剛剛提到了過去 45 到 60 天內的許多產品和產品發布，我們看到了消費者對新事物和新故事的巨大熱情。我們已經看到要么全部售罄，要么以令人難以置信的高水平全價銷售。我不會重新命名所有的產品，但它所展示的是我們已經知道的，那就是在這種環境下，我們控制的是加快創新和新穎的步伐，以便給消費者一些想要的東西繼續投資該品類。

And we think that we can do it like nobody else. And so what you're hearing from us is a controllable effort to accelerate that pace, managing some of the larger franchises and really accelerating as we go forward. That will start with many of the items we've been talking about in our portfolio through the balance of this year and then the acceleration you're going to see and feel, especially as we focus our brand heat on this newness will carry us into '25.

我們認為我們可以像其他人一樣做到這一點。因此，您從我們這裡聽到的是加快這一步伐的可控努力，管理一些較大的特許經營權，並隨著我們的前進而真正加速。這將從今年餘下的時間裡我們在產品組合中討論的許多項目開始，然後你將看到和感受到的加速，特別是當我們將品牌熱度集中在這種新鮮事物上時，這將使我們進入'25。

We know it's going to take time because you got to scale this newness and the innovation, and that's what we're focused on doing. So our guidance for the second half from a controllable perspective is also reflecting on the proactive actions we're taking to manage our product portfolio as we look forward.

我們知道這需要時間，因為你必須擴大這種新鮮感和創新，而這正是我們專注於要做的事。因此，我們從可控角度對下半年的指導也反映了我們為管理我們的產品組合所採取的前瞻性行動。

Your next question comes from the line of Gabriella Carbone from Deutsche Bank.

您的下一個問題來自德意志銀行的 Gabriella Carbone。

I wanted to dig in a little bit more on the running category. Particularly how has your approach to this category maybe changed over the past year? And then I know you mentioned trail running. Are there any other products in this category? You mentioned scaling moving ahead, but have you been seeing good customer response that you're excited about?

我想深入了解跑步類別。特別是在過去的一年裡，您對這一類別的態度可能發生了怎樣的變化？然後我知道你提到了越野跑。此類別還有其他產品嗎？您提到了繼續擴大規模，但是您是否看到了讓您感到興奮的良好客戶反應？

Yes, Gabrielle, we've made running a key priority. We talk about 3 areas we're really getting behind where we see huge growth opportunity, that being Women's, Jordan and Running. And as you said, in Running, we tend to break it into 3 categories. And for us, it starts with road racing. That's the pinnacle, that's the peak. And as you know, in the past 3 to 6 months, we are dominating it through the Alphafly 3 which debuted in Chicago Marathon. Kelvin Kiptum, as I mentioned in my remarks, set a world record. It's dominating the podiums for both men and women. And that will actually be launching available to the public in Q3. And as we see people going into racing into the Olympics, both marathon and otherwise, our performance running for racing is unmatched.

是的，加布里埃爾，我們把跑步當作首要任務。我們談論了我們真正落後的三個領域，我們看到了巨大的成長機會，那就是女裝、喬丹和跑步。正如你所說，在跑步中，我們傾向於將其分為三類。對我們來說，一切都是從公路賽車開始的。這就是巔峰，這就是頂峰。如你所知，在過去的 3 到 6 個月裡，我們透過在芝加哥馬拉鬆上首次亮相的 Alphafly 3 統治了它。正如我在演講中提到的，凱爾文·基普圖姆 (Kelvin Kiptum) 創造了一項世界紀錄。它在男性和女性的領獎台上佔據主導地位。實際上，這將在第三季向公眾推出。當我們看到人們參加奧運比賽時，無論是馬拉松還是其他比賽，我們的比賽表現是無與倫比的。

And then as Trail, as you mentioned, that's the fastest-growing segment, grew 20% for us. And we do what we do. Innovation is driving it. So the Ultrafly Trail, which is the first trail shoe with a carbon fiber plate, that's again, very NIKE, very classic NIKE, innovation, performance innovation, along with Peg Trail and Zegama, trail is growing fast, partly because trail running is growing, but increasingly, trail shoes are becoming lifestyle shoes. They are being worn on the streets, particularly in EMEA and in Europe but also around the world. So we'll continue to invest in great product there as well, as I said in my remarks, our ground game.

然後，正如您所提到的，Trail 是成長最快的細分市場，我們成長了 20%。我們做我們所做的。創新正在推動它。所以Ultrafly Trail，這是第一款帶有碳纖維板的越野鞋，這又是，非常NIKE，非常經典的NIKE，創新，性能創新，與Peg Trail和Zegama一起，越野正在快速增長，部分原因是越野跑正在增長但越野鞋正日益成為生活方式鞋。人們在街上穿著它們，特別是在 EMEA 和歐洲，而且在世界各地也是如此。因此，正如我在演講中所說，我們也將繼續在那裡投資優秀的產品，也就是我們的地面遊戲。

And then in the road running or everyday running category, this is the area where we have the most work. And so we have good product. We had some nice wins in the quarter, the Structure 25 and the Vomero 17, which were our latest updates for everyday runner, they had positive response from consumers and specialty runners. But we're very focused on building out our ground game with everyday runners, and that means getting into the RSGs, back into the RSGs and being present where runners are, whether it's not just at the marathons where the elite runners are, but the everyday races in the key cities around the world and the running communities. And you'll see us, we are steadily investing in that and building our presence there.

然後在路跑或日常跑步類別中，這是我們工作最多的領域。所以我們有好的產品。我們在本季度取得了一些不錯的成果，Structure 25 和 Vomero 17 是我們針對日常跑步者的最新更新，它們得到了消費者和專業跑步者的積極回應。但我們非常專注於與日常跑步者建立我們的地面遊戲，這意味著進入RSG，回到RSG，並出現在跑步者所在的地方，無論是在精英跑步者所在的馬拉鬆比賽中，還是在馬拉鬆比賽中.世界各地主要城市和跑步社區的日常比賽。你會看到我們，我們正在穩步投資並在那裡建立我們的影響力。

And as we look forward, in terms of driving scale in everyday running, as I mentioned earlier, we're focused on Pegasus. That's our largest franchise, one of the largest franchises in running history, period. And we're very excited about Peg 41 and updates across the Peg family, which are coming in calendar '24. So a lot of focus, and we'll report in road everyday running, it's going to be quarter-by-quarter, steady progress, steady progress, steady progress toward our goal.

正如我們前面提到的，就日常跑步的駕駛規模而言，我們將重點放在 Pegasus。這是我們最大的特許經營權，也是跑步史上最大的特許經營權之一。我們對 Peg 41 和整個 Peg 系列的更新感到非常興奮，這些更新將在日曆 '24 中推出。所以有很多關注，我們會在每天的道路運行中進行報告，這將是一個季度一個季度，穩步前進，穩步前進，穩步前進，朝著我們的目標前進。

I'd just add, too, that we're excited about the product portfolio we have below $100. And that product offering that's coming to market in the coming quarters will also enable us to get back on our front foot at an important price point in both -- across -- in multiple markets across the world.

我還要補充一點，我們對低於 100 美元的產品組合感到興奮。未來幾季即將上市的產品也將使我們能夠在全球多個市場的重要價格點上重新站穩腳跟。

Your next question comes from the line of Lorraine Hutchinson from Bank of America.

您的下一個問題來自美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

I wanted to focus on the China margins for a minute. And I was just curious, outside of the FX hit that you're facing, do you see an opportunity to drive margins in China back towards pre-COVID levels? Or has something changed that makes that market less profitable?

我想關註一下中國的利潤率。我只是很好奇，除了您面臨的外匯打擊之外，您是否認為有機會將中國的利潤率推回到新冠疫情前的水平？或是有什麼變化導致該市場的利潤下降？

Well, Lorraine, let me first just step back and look at how we see China for a minute, and then we'll talk about margin because if you don't have a great business, it's hard to have great margins. And the fact is we feel very good about our position in China and our ability to compete, and that has not changed from 90 days ago. And China sport is back, the China consumer's back out on the street with a real focus on active and healthy lifestyles. You see the government encouraging sport and healthy lifestyles. And Gen Z is the most active generation ever so that's a tailwind for our industry.

好吧，洛林，首先讓我退後一步，看看我們如何看待中國，然後我們將討論利潤率，因為如果你沒有出色的業務，就很難獲得豐厚的利潤率。事實上，我們對自己在中國的地位和競爭能力感到非常滿意，這一點與 90 天前相比並沒有改變。中國的運動又回來了，中國消費者又重新走上街頭，真正關注積極健康的生活方式。你會看到政府鼓勵運動和健康的生活方式。 Z 世代是有史以來最活躍的一代，因此這對我們的行業來說是一個順風車。

And so even in the face of macro uncertainty, our brand is continuing to resonate. And we're doing what NIKE does so well which is taking global products, global innovations, global brand, global athletes and powerfully combining them and connecting them to local culture and local sport and local consumer moments. And a wonderful example last quarter is Eliud Kipchoge, the world's best marathoner, did a tour through China right before the China -- the Shanghai Marathon. As you know, we sponsored the Shanghai Marathon. And sure enough, we dominated shoe counts in the top 100. We swept the women's podium, and that's bringing energy and running and the lifestyle of running. And it's growing the market. I mean, I think we're -- we grew 8%. We -- yes, there's some macro headwinds but we feel very good about our position and our ability to compete.

因此，即使面對宏觀不確定性，我們的品牌仍在繼續引起共鳴。我們正在做耐吉擅長的事情，即採用全球產品、全球創新、全球品牌、全球運動員，並將它們強有力地結合起來，並將它們與當地文化、當地體育和當地消費者時刻聯繫起來。上個季度的一個很好的例子是埃魯德·基普喬格（Eliud Kipchoge），世界上最好的馬拉松運動員，在中國——上海馬拉鬆比賽之前進行了一次中國之旅。如你所知，我們贊助了上海馬拉松。果然，我們在鞋款數量上佔據了前 100 名的主導地位。我們包辦了女子頒獎台，這帶來了能量、跑步以及跑步的生活方式。而且它正在擴大市場。我的意思是，我認為我們成長了 8%。我們——是的，存在一些宏觀阻力，但我們對我們的地位和競爭能力感覺非常好。

Yes. And on the profitability side, what I'd say, Lorraine, is that this quarter, if we exclude the impact of FX, our EBIT grew faster than revenue in Greater China. And so I think it's a great proof point that we can start to expand margins and move back towards where we were prior to the pandemic.

是的。在獲利能力方面，Lorraine，我想說的是，如果我們排除外匯的影響，本季我們的息稅前利潤成長速度快於大中華區的營收成長速度。因此，我認為這是一個很好的證據，表明我們可以開始擴大利潤並回到大流行之前的水平。

I did mention that the marketplace is highly promotional, and we're seeing that especially on Digital. And so in the near term, the promotional nature of the marketplace is holding us back. But what I would tell you is that our inventories -- our inventory units are down versus the prior year. Our full-price realization is continuing to improve in our stores and our partner stores. And as we look at the environment that we're in right now, we're not going to race to the bottom on Digital. We're going to focus on prioritizing brand health and brand strength. And right now, the digital marketplace in particular is at the highest of promotional activity.

我確實提到過，市場的促銷力道很大，我們尤其在數位市場上看到了這一點。因此，在短期內，市場的促銷性質阻礙了我們。但我要告訴你的是，我們的庫存——我們的庫存單位比前一年下降。我們的商店和合作夥伴商店的全價實現不斷提高。當我們審視當前所處的環境時，我們不會在數位領域競相逐底。我們將重點放在品牌健康度和品牌強度。目前，數位市場的促銷活動尤其活躍。

And so an element of us revising our guidance for the balance of this year is an acknowledgment that we don't want to chase that. That's not who NIKE is. We're going to focus on innovation and newness and building a strong business in the marketplace on things like the basketball products that John referenced. We're super excited about bringing Kobe to market in Greater China. The Jordan business continues to have tremendous resonance there. And that's how we're going to grow and continue to compete in that market.

因此，我們修改今年剩餘時間的指導的一個要素是承認我們不想追求這一點。耐吉不是這樣的人。我們將專注於創新和新穎性，並在約翰提到的籃球產品等市場上建立強大的業務。我們非常高興能夠將Kobe 推向大中華區市場。喬丹的生意繼續在那裡引起巨大的反響。這就是我們發展並繼續在該市場競爭的方式。

Your next question comes from the line of John Kernan from TD Cowen.

您的下一個問題來自 TD Cowen 的 John Kernan。

Happy holidays. Matt, how should we think about operating overhead and demand creation going forward as we think about the overall SG&A piece of the business? There's obviously some restructuring and some cost savings. But is this the time you need to reinvest, given the changes in the competitive environment and the need to reinvigorate the product cycle and the marketing? Curious how we should think about the SG&A algorithm going forward.

節日快樂。 Matt，當我們考慮業務的整體 SG&A 部分時，我們應該如何考慮未來的營運費用和需求創造？顯然有一些重組和一些成本節約。但考慮到競爭環境的變化以及重振產品週期和行銷的需要，現在是您需要再投資的時候嗎？很好奇我們應該如何考慮未來的 SG&A 演算法。

Yes. I mean, John, when we think about the Safe To Invest plan and the value it will create and the capacity it will create for us to be able to invest, Invest is the biggest growth opportunities we see. We don't envision that as being people. We envision that as being consumer-facing investment, bringing product innovation to market and having maximum impact with the consumer. And so our goal here is to see a reallocation of resources through this program so that more of our dollars are going towards consumer-facing activities that can have the kind of impact that you referenced.

是的。我的意思是，約翰，當我們考慮「安全投資」計劃及其將創造的價值以及它將為我們創造投資能力時，投資是我們看到的最大的成長機會。我們不認為這是人。我們認為這是面向消費者的投資，將產品創新推向市場並對消費者產生最大的影響。因此，我們的目標是透過該計劃重新分配資源，以便我們更多的資金用於面向消費者的活動，這些活動可以產生您提到的那種影響。

And we believe when we look at the size of the market and our position against some of the categories that John referenced and/or the way the consumer is continuing to encourage us to bring them new and interesting things from a Jordan perspective, we see opportunity to continue to grow our business and that's where our focus is.

我們相信，當我們審視市場規模以及我們對約翰提到的某些類別的定位和/或消費者繼續鼓勵我們從喬丹的角度為他們帶來新的和有趣的東西的方式時，我們看到了機會繼續發展我們的業務，這就是我們的重點。

So I think we're going to -- we're focused on driving more profitable growth. That should mean that there's some leverage in SG&A, but you should also expect to see us reinvesting some of the resources that we're taking out of the business back in things that are consumer-facing that have an impact on sport and that continues to enable us to maximize the impact of the stories that we want to tell.

所以我認為我們將專注於推動利潤更高的成長。這應該意味著SG&A有一定的槓桿作用，但你也應該期望看到我們將從業務中拿出的一些資源重新投資到面向消費者的、對體育有影響的事情上，並且這種情況會繼續下去。使我們能夠最大限度地發揮我們想要講述的故事的影響力。

That's exactly why we're doing it because we want to double down on our investments to capitalize on growth.

這正是我們這樣做的原因，因為我們希望加倍投資以利用成長。

Your next question comes from the line of Ike Boruchow from Wells Fargo.

您的下一個問題來自富國銀行的 Ike Boruchow。

Matt, maybe for you. Just on the North American market, can you just comment more broadly or specifically on the current state of the inventory situation, maybe both yours and just competitively what you're seeing out there in holiday? And then just time line on when you think that the inventory dynamics and at least North America might be more cleaned up or more healthy for the brand to start to see better price realization and growth.

馬特，也許適合你。就北美市場而言，您能否更廣泛或更具體地評論當前的庫存狀況，也許是您自己的庫存狀況，也可能是您在假期中看到的競爭情況？然後，只要你認為庫存動態以及至少北美可能會更加乾淨或更健康，品牌就會開始看到更好的價格實現和成長。

Sure. Well, so in the quarter, we did see growth in retail sales in North America versus the prior year. Remember, it wasn't a lot of growth because we were comping some very significant growth rates in the prior year. The actions that we've taken on inventory are significant, and our inventory units are down strong double digits in North America. That's the biggest market where we've seen the biggest movement in our inventory.

當然。那麼，在本季度，我們確實看到北美零售額與前一年相比有所增長。請記住，成長幅度並不大，因為我們比較了上一年的一些非常顯著的成長率。我們對庫存採取的行動意義重大，我們在北美的庫存數量大幅下降了兩位數。這是我們庫存變動最大的最大市場。

When we look at the level of inventory in our partners relative to their current level of retail sales, we feel good about the weeks of supply that we have there. And what I would tell you in the large majority of our partners, we also are seeing the highest mix of current season inventory that we've seen in many, many seasons. And so we feel great that our partners are positioned to put our newest and most relevant product in front of the consumer.

當我們查看合作夥伴的庫存水準相對於其當前零售銷售水準時，我們對那裡的供應週數感到滿意。我要告訴你的是，在我們的絕大多數合作夥伴中，我們也看到了許多季節以來最高的當季庫存組合。因此，我們很高興我們的合作夥伴能夠將我們最新、最相關的產品呈現在消費者面前。

We are watching the marketplace closely because my comments around the big consumer moments and the in-between periods apply to North America as well. And so we are watching cautious consumer behavior there. But at this point, we feel great about our inventory. And that's why we're so focused on newness and innovation because that's what's going to pull us through a promotional marketplace like we have. And so there's definitely a lot of inventory in the market across brands, but we feel great about where we are. And newness and innovation is what will enable us to earn open to buy in our partners and will enable us to reaccelerate the top line.

我們正在密切關注市場，因為我對大消費時刻和中間時期的評論也適用於北美。因此，我們正在觀察那裡的謹慎消費者行為。但目前，我們對庫存感覺良好。這就是為什麼我們如此關注新鮮感和創新，因為這將推動我們進入像我們這樣的促銷市場。因此，市場上各個品牌的庫存肯定有很多，但我們對自己的現狀感覺很好。新穎和創新將使我們能夠贏得合作夥伴的開放購買權，並使我們能夠重新加速營收成長。

Our last question comes from the line of Paul Lejuez from Citi.

我們的最後一個問題來自花旗銀行的 Paul Lejuez。

I'm curious if you could talk about and quantify the cumulative freight drag that you've seen over the past few years and the timing of how you will recapture that freight drag in F '24 versus F '25 just based on your recent freight contracts. And what are the offsets as we think about potential puts and takes on the gross margin line '24, '25?

我很好奇您是否可以談論並量化您在過去幾年中看到的累積貨運阻力，以及如何根據您最近的貨運量在 F '24 與 F '25 中重新獲得貨運阻力的時間合約。當我們考慮毛利率線「24」、「25」上的潛在賣權和賣權時，抵銷額是多少？

Well, sure. We've been talking about 200 basis points of impact from ocean freight cumulatively over the past 2 years. And we started to see those transitory benefits begin to recapture here in the second quarter. Some of our upside in the quarter versus our guidance was it came a little bit earlier than we had anticipated. Our rates for this year walked. And so we expect to continue to see that, the recovery of that, in Q3 and Q4.

嗯，當然。我們一直在談論過去 2 年海運累計影響 200 個基點。我們開始看到這些暫時的好處在第二季開始重新出現。與我們的指導相比，我們本季的一些優勢是它比我們預期的要早一些。我們今年的利率上漲了。因此，我們預計在第三季和第四季將繼續看到這種情況的復甦。

One of the other transitory impacts that we're watching closely was markdowns. And right now, we're only planning for a very modest amount of markdown recovery relative to the markdowns that we incurred in the prior year, and that's just given where the marketplace is. We've decided to take a more prudent approach to our margin guidance for the balance of the year, given some of the uncertainties that are out there.

我們密切關注的其他暫時性影響之一是降價。目前，與前一年的降價相比，我們只計劃進行非常適度的降價恢復，而這只是考慮到市場狀況。考慮到存在的一些不確定性，我們決定對今年剩餘時間的利潤指引採取更謹慎的態度。

So when we look to the balance of this year, we're encouraged by the second half expansion being higher than the first half expansion. And one of the other things that we're starting to get visibility into when we look at our margins in the fourth quarter is product costs, product input costs are starting to flip to a tailwind. And so when we think about the long-term margin goals that we have, the teams are executing well and we continue to be encouraged with what we're seeing through this year.

因此，當我們展望今年的平衡時，我們對下半年的擴張高於上半年的擴張感到鼓舞。當我們查看第四季度的利潤率時，我們開始了解的另一件事是產品成本，產品投入成本開始轉向順風。因此，當我們考慮我們的長期利潤目標時，團隊執行得很好，我們繼續對今年所看到的情況感到鼓舞。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。