(NKE) 2024 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2024 Third Quarter Conference Call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, VP of Corporate Finance and Treasurer. I would now like to turn the call over to Paul Trussell.

大家下午好。歡迎參加 NIKE, Inc. 的 2024 財年第三季電話會議。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。今天的電話會議由企業財務副總裁兼財務主管 Paul Trussel 主持。我現在想把電話轉給保羅·特魯塞爾。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2024 third 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 財年第三季業績。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.

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)

我們將從準備好的發言開始，然後開始提問。 （操作員說明）

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

我現在將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. Before I get into our Q3 performance, I want to take a moment to acknowledge the tragic passing of Kelvin Kiptum last month. Kelvin had just set the marathon world record in Chicago. He was a world-class athlete and champion and a beloved member of the NIKE family. Kelvin was an inspiration to so many of us, and he'll long be remembered and honored for the impact he had both on the running community and beyond.

謝謝保羅，今天電話會議的大家好。在開始第三季的表現之前，我想花一點時間來承認 Kelvin Kiptum 上個月的不幸過世。凱爾文剛剛在芝加哥創造了馬拉松世界紀錄。他是一位世界級的運動員和冠軍，也是耐吉家族深受愛戴的成員。凱爾文激勵了我們很多人，他將因為他對跑步界內外的影響而長期被人們銘記和尊敬。

Looking at our business. Q3 performed in line with our expectations. That said, we know NIKE is not performing in our potential. While our Consumer Direct Acceleration Strategy has driven growth and direct connections with consumers, it's been clear that we need to make some important adjustments. Simply put, we need to make adjustments in 4 areas: we need to sharpen our focus on sport; we must drive a continuous flow of new product innovation; our brand marketing must become bolder and more distinctive; and while NIKE Direct will continue to play a critical role, we must lean in with our wholesale partners to elevate our brand and grow the total marketplace.

看看我們的業務。第三季的表現符合我們的預期。也就是說，我們知道耐吉沒有發揮我們的潛力。雖然我們的消費者直接加速策略推動了成長和與消費者的直接聯繫，但很明顯，我們需要做出一些重要的調整。簡單來說，我們需要在四個方面做出調整：一是要更重視體育；我們必須推動新產品創新的持續發展；我們的品牌行銷必須更加大膽、更有特色；雖然 NIKE Direct 將繼續發揮關鍵作用，但我們必須與批發合作夥伴合作，提升我們的品牌並擴大整個市場。

And this is exactly what we're doing. Starting last June, we aligned our organization to put the consumer and a sharp focus on sport back at the center of everything we do. We integrated our leadership structure, appointing Heidi O'Neill and Craig Williams as Co-Presidents. We've reinvested in consumer-led, sport-focused teams that are the foundation of our offense, and we're driving our winning formula of creating a relentless flow of innovative product, combined with distinct brand storytelling delivered through differentiated marketplace experiences.

這正是我們正在做的事情。從去年六月開始，我們對組織進行了調整，將消費者和對體育的高度關注重新置於我們所做的一切的中心。我們整合了領導結構，任命海蒂·奧尼爾和克雷格·威廉斯為聯合總裁。我們對以消費者為主導、以體育為中心的團隊進行了再投資，這是我們進攻的基礎，我們正在推動我們的製勝秘訣，即創造源源不斷的創新產品，並透過差異化的市場體驗講述獨特的品牌故事。

And while we still have much work to do, we are making significant progress. We're well on our way to building a multiyear cycle of innovation that's bringing freshness and newness to consumers. We pulled forward several innovations more than a year, and our intent is to delight consumers and disrupt the industry.

儘管我們還有很多工作要做，但我們正在取得重大進展。我們正在努力建立一個多年的創新週期，為消費者帶來新鮮感。一年多來，我們推動了多項創新，我們的目的是取悅消費者並顛覆產業。

Our brand storytelling will athlete -- will leverage our athletes and sport moments to become sharper and bolder, beginning with the Olympics this summer. And we're increasing our investment in wholesale to help us elevate and grow the entire marketplace. We recognize that our wholesale partners help us scale our innovation and newness in physical stores and connect our brands in the path of the consumer.

從今年夏天的奧運會開始，我們的品牌故事將以運動員的方式講述，將利用我們的運動員和運動時刻變得更加尖銳和大膽。我們正在增加對批發的投資，以幫助我們提升和發展整個市場。我們認識到，我們的批發合作夥伴幫助我們擴大實體店的創新和新穎性，並將我們的品牌與消費者聯繫起來。

Most importantly, we're back on our front foot with growing confidence in our innovation pipeline. We know it'll take some time to scale these innovations, but we see some early green shoots. And we're also carefully managing our most important franchises for the long-term health. And as a result, our product portfolio will go through a period of transition over the coming quarters. But altogether, we are relentlessly focused on driving NIKE's next chapter of healthy and sustainable growth. And we look forward to sharing our plans in depth at an Investor Day later this year.

最重要的是，我們重新站穩了腳跟，對我們的創新管道信心不斷增強。我們知道擴大這些創新需要一些時間，但我們看到了一些早期的萌芽。為了長期健康發展，我們也在謹慎管理我們最重要的特許經營權。因此，我們的產品組合將在未來幾季經歷一段過渡期。但總的來說，我們將不懈地致力於推動耐吉健康、永續成長的新篇章。我們期待在今年稍後的投資者日上深入分享我們的計劃。

Now as we said before, our success always starts with innovative product, and so that's where I'm going to focus on today's call. Today, our innovation engine is moving with speed. Our innovation, design and product creation teams are working hand in hand with urgency and creativity. They're leveraging new technologies to be faster, more collaborative and more expansive in their thinking.

正如我們之前所說，我們的成功始終始於創新產品，這就是我今天電話會議的重點。今天，我們的創新引擎正在高速運轉。我們的創新、設計和產品創造團隊正在以緊迫感和創造力攜手合作。他們利用新技術來提高速度、提高協作性和拓展思維。

We have many platforms at NIKE that drive growth, but today, let's go deep on our greatest innovation platform and a true source of competitive advantage, Air. Today, as a platform, Air is a double-digit billion-dollar business on its own, larger than some Fortune 500 companies. There's nothing like Air. It's a proprietary technology that lets us iterate and revolutionize. It drives breakthrough performance benefits for athletes and defines the future of sportswear. Air offers stability, resilience and energy return unlike any other cushioning platform.

耐吉擁有許多推動成長的平台，但今天，讓我們深入探討我們最偉大的創新平台和競爭優勢的真正來源：Air。如今，作為一個平台，Air 本身的業務價值已達到兩位數十億美元，比一些財富 500 強公司還要大。沒有什麼比空氣更好的了。這是一項專有技術，可以讓我們迭代和革新。它為運動員帶來突破性的性能優勢，並定義了運動服的未來。與任何其他緩衝平台不同，Air 提供穩定性、彈性和能量回報。

Simply put, Air helps athletes win. Decade after decade, we've developed new breakthroughs in Air. And as we approach the Olympics in Paris this summer, we continue to innovate with Air with a focus on helping the world's greatest athletes compete and win on sport's largest stage. And so this summer, you're going to see Air drive major advancements in measurable performance benefits on the track, on the court and on the pitch.

簡而言之，Air 幫助運動員獲勝。十年又十年，我們在 Air 領域取得了新的突破。隨著今年夏天巴黎奧運會的臨近，我們將繼續與 Air 進行創新，重點幫助世界上最偉大的運動員在體育最大的舞台上競爭並獲勝。因此，今年夏天，您將看到 Air 在賽道、球場和球場上推動可衡量的性能優勢取得重大進步。

In addition to Alphafly 3, which continues to set the standard for distance racing, you'll see Air in new footwear that brings elite performance to everyday runners. You'll see Air in football and basketball footwear in new and more visible ways. And you'll see Air in the fastest track spikes we've ever created. You're going to get a chance to see all of these products, in fact, our full Olympics innovation lineup, 2 weeks from now at our innovation, ignition events that we'll be hosting in Paris.

除了繼續為長跑比賽樹立標準的 Alphafly 3 之外，您還會在新鞋中看到 Air 技術，為日常跑步者帶來精英性能。您將以新的、更明顯的方式在足球鞋和籃球鞋中看到 Air 技術。您將在我們創造的最快的賽道釘鞋中看到 Air。您將有機會看到所有這些產品，事實上，我們完整的奧運創新陣容，兩週後我們將在巴黎舉辦的創新點火活動。

Now beyond creating leading-edge performance innovation, we also continue to bring new sensations of Air across our business, including our lifestyle portfolio. For instance, Dynamic Air, our newest innovation platform, is a true breakthrough, delivering a uniquely comfortable sensation with each step. It's a total rethinking of what airbags can be.

現在，除了創造領先的性能創新之外，我們還繼續在我們的業務（包括我們的生活方式產品組合）中帶來 Air 的新感覺。例如，我們最新的創新平台 Dynamic Air 是一項真正的突破，為每一步提供獨特的舒適感。這是對安全氣囊的徹底重新思考。

Historically, airbags have been fixed and static. Picture an inflatable raft. They compress when you step and then immediately return to their original shape, ready for the next step.

從歷史上看，安全氣囊一直是固定的和靜態的。想像充氣筏。當您邁步時，它們會壓縮，然後立即恢復到原來的形狀，為下一步做好準備。

Dynamic Air changes the game. It unchambers the Air to create a new underfoot sensation that's truly responsive. As the consumer takes a step, our new 4-tubed Air unit allows air to flow freely between the tubes, responding to the pressure of each unique stride to deliver maximum comfort. We will scale Dynamic Air across many of our leading Air franchises, but it starts with the Air Max Dn, a shoe that offers just the latest example of how we're using Air to craft a new lifestyle franchise.

動態空氣改變了遊戲規則。它釋放了 Air 的空間，創造出真正靈敏的新腳底感覺。當消費者邁出一步時，我們的新型 4 管 Air 裝置可讓空氣在管之間自由流動，響應每個獨特步幅的壓力，提供最大的舒適度。我們將在許多領先的 Air 系列中推廣 Dynamic Air，但首先從 Air Max Dn 開始，這款鞋提供了我們如何使用 Air 打造新生活方式系列的最新範例。

I've been wearing the Dn all week, and in fact, I'm wearing it right now. It really is a unique and great sensation. And what's more, Dn's bold style and design identity is deeply rooted in youth culture and the next generation. We're excited for consumers to experience it.

我整個星期都穿著 Dn，事實上，我現在就穿著它。這確實是一種獨特而偉大的感覺。更重要的是，Dn 大膽的風格和設計理念深深植根於青年文化和下一代。我們很高興消費者能夠體驗它。

And next week will be Nike's 10th Air Max Day. It'll be a day when you see us drive an integrated offense of innovation, storytelling and consumer activations that we're very excited about. Air Max Dn will be debuting in more than 4,000 stores globally on Air Max Day, creating impact like we haven't seen in years.

下週將是 Nike 第 10 名 Air Max Day。有一天，您將看到我們推動創新、講故事和消費者激活的綜合進攻，對此我們感到非常興奮。 Air Max Dn 將於 Air Max Day 在全球 4,000 多家商店首次亮相，產生多年來從未見過的影響。

When we teased Dn last month, we saw a rise in other Air Max franchises. This is common. Our experience has been that when we launch a strong new product, it creates energy for the whole family. It all speaks to the confidence we feel when we look at our overall innovation engine and pipeline from Air to the rest of the portfolio.

當我們上個月調侃 Dn 時，我們看到其他 Air Max 特許經營權的增長。這很常見。我們的經驗是，當我們推出一款強大的新產品時，它會為整個家庭帶來能量。當我們審視我們的整體創新引擎和從 Air 到產品組合其他產品的管道時，這一切都證明了我們的信心。

Now earlier, I mentioned the impact Nike can have as we sharpen our focus on sport, and the world got a great reminder of that today with the announcement of the awarding of the German football contract. I was fortunate enough to be in Germany for our pitch earlier this week, and I can tell you it was simply NIKE at its very best.

早些時候，我提到了耐吉在我們加強對體育運動的關注時可以產生的影響，今天隨著德國足球合約的授予，全世界都得到了一個很好的提醒。本週早些時候，我很幸運能夠在德國參加我們的推介會，我可以告訴你，這就是耐吉的最佳表現。

It started with our deep and unparalleled commitment to sport. We are the world's leading sports brand, the largest sports brand, the leader in football, the world's most popular sport. Our focus started with product innovation, both on the pitch with unmatched kits and footwear that popped and had style and performance and extended into distinct and fashionable lifestyle design. Our ability to tell stories shone through to make the German team a global brand and make their athletes global heroes, and our ability to expand the game, expanding the women's football game and inviting youth culture into football all mattered.

這一切始於我們對體育運動的深刻而無與倫比的承諾。我們是世界領先的運動品牌、最大的運動品牌、足球這項全球最受歡迎的運動的領導者。我們的重點始於產品創新，無論是在球場上還是在球場上推出無與倫比的球衣和鞋類，它們都具有風格和性能，並延伸到獨特和時尚的生活方式設計。我們講故事的能力讓德國隊成為一個全球品牌，讓他們的運動員成為全球英雄，而我們擴展比賽、擴大女子足球比賽以及將青年文化引入足球的能力都很重要。

It was a remarkable team effort and a great proof point that when NIKE brings out our best, no one can beat us. And so we feel deeply honored and privileged to partner with the German football federation starting in 2027.

這是非凡的團隊努力，也是一個很好的證據，證明當耐吉發揮我們的最佳水平時，沒有人可以擊敗我們。因此，我們對從 2027 年開始與德國足協合作感到非常榮幸。

Before wrapping up, let me touch on something else that's core to our DNA as a company, NIKE's purpose. Purpose will always be our foundation and remains deeply embedded in our strategy. We're defined by our commitment to the future of sport in service to athletes around the globe, and purpose continues to guide us and redefine our own potential for positive impact in the world. We're pleased with the progress we've made against our 2025 purpose targets across representation, sustainability and community. To learn more, please see our recently released FY '23 NIKE, Inc. Impact Report.

在結束之前，讓我先談談我們作為一家公司的核心 DNA 的其他內容，即耐吉的宗旨。目標永遠是我們的基礎，並深植於我們的策略中。我們致力於為全球運動員服務未來的運動，這一目標將繼續指導我們並重新定義我們對世界產生積極影響的潛力。我們對 2025 年目標在代表性、永續性和社區方面取得的進展感到高興。要了解更多信息，請參閱我們最近發布的 23 財年 NIKE, Inc. 影響報告。

In the end, we're acting with urgency as we make the adjustments needed to compete and win. And I'd like to conclude by saying that I deeply appreciate how much our team has kept our focus on delivering results amid macro volatility and an organizational restructure. This has been a difficult time for our organization, and I feel truly grateful for our teammates who have dedicated and demonstrated such dedication and commitment to our work together. It's thanks to them that I feel so confident in NIKE's future.

最後，我們在做出競爭和獲勝所需的調整時採取緊急行動。最後我想說，我非常感謝我們的團隊在宏觀波動和組織重組的情況下始終專注於交付成果。對於我們的組織來說，這是一個困難的時期，我衷心感謝我們的隊友，他們為我們的共同工作做出了奉獻並表現出了奉獻精神和承諾。正是因為他們，我對 NIKE 的未來充滿信心。

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 third quarter showcased the operating discipline of our teams as we delivered revenues up slightly on top of the prior year's double-digit growth, outperforming our expectations in North America and more than offsetting dynamic conditions in some other geographies. We executed well to recapture transitory cost headwinds and expand gross margins even in a promotional environment. Our inventory position remains healthy with total marketplace units down double digits versus the prior year and weeks of supply at their lowest levels since the pandemic.

謝謝約翰，向通話中的每個人問好。耐吉第三季度展示了我們團隊的營運紀律，我們的收入在上一年兩位數增長的基礎上略有增長，超出了我們在北美的預期，並且遠遠抵消了其他一些地區的動態狀況。即使在促銷環境下，我們也表現出色，重新奪回了暫時的成本不利因素並擴大了毛利率。我們的庫存狀況保持健康，市場總銷量比去年下降了兩位數，供應週數處於大流行以來的最低水平。

Most importantly, our teams are focused on what matters most to capture the strong growth opportunity we see in the marketplace. This means creating more value for consumers by scaling new product innovation with greater brand impact across the full marketplace, with even more inspiration through sport and our athletes.

最重要的是，我們的團隊專注於最重要的事情，以抓住我們在市場上看到的強勁成長機會。這意味著透過在整個市場上擴大新產品創新和更大的品牌影響力，並透過運動和我們的運動員獲得更多靈感，為消費者創造更多價值。

Last quarter, we highlighted that, particularly in an uneven macro environment, newness and innovation are what drives brand distinction. Consumers are moving quickly to access new products. Trends are igniting in different places and rapidly spreading around the world. NIKE needs to be faster, and so we are accelerating a multiyear innovation cycle. And while our new product cycle is just getting underway, this quarter showed that we are on the right track.

上個季度，我們強調，特別是在不平衡的宏觀環境中，新鮮感和創新是推動品牌脫穎而出的因素。消費者正迅速取得新產品。趨勢在不同的地方點燃並迅速傳播到世界各地。耐吉需要更快，因此我們正在加速多年的創新週期。雖然我們的新產品週期才剛剛開始，但本季顯示我們正走在正確的軌道上。

Since the start of this fiscal year, new and updated footwear models have grown into a majority of our top 20 growing footwear franchises in Q3. Added up, footwear products introduced over the past several quarters are on track to generate a multibillion-dollar run rate on an annual basis, and we see even more opportunity ahead. On the whole, we see momentum where we are focused most. Performance footwear grew high single digits this quarter, with double-digit growth from $100-plus franchises, including Kobe and Ja in basketball, Metcon And Motiva in fitness, and Structure and Vomero in running. Women's fitness footwear grew double digits, and key apparel franchises such as $100-plus leggings continued scaling with strong sell-through.

自本財年開始以來，第三季成長最快的 20 家鞋類特許經營商中，大部分都採用了新的和更新的鞋類款式。總而言之，過去幾季推出的鞋類產品預計每年產生數十億美元的銷售額，我們看到未來還有更多機會。總體而言，我們在最關注的領域看到了勢頭。高性能鞋類本季實現了高個位數成長，其中售價100 美元以上的系列產品實現了兩位數增長，其中包括籃球領域的Kobe 和Ja、健身領域的Metcon 和Motiva、以及跑步領域的Structure 和Vomero。女士健身鞋實現兩位數增長，100 美元以上的緊身褲等主要服裝系列繼續擴大規模，銷量強勁。

New product journeys from Book 1 to Vomero 5 and V2K, to Lunar Roam and Travis Scott Jordan Jumpman Jack drove consumer energy. And ahead of a new wave of Nike Air innovation, the Air Zoom Alphafly 3 debuted with a marathon world record and sellout launches across multiple markets around the world. As you heard from John, we believe the Paris Olympics will serve as a catalyst for our brands as we launch our newest Nike Air innovations for athletes. Most importantly, this is just the beginning.

從 Book 1 到 Vomero 5 和 V2K，再到 Lunar Roam 和 Travis Scott Jordan Jumpman Jack 的新產品之旅推動了消費者的活力。在新一波 Nike Air 創新浪潮到來之前，Air Zoom Alphafly 3 首次亮相就創下了馬拉松世界紀錄，並在全球多個市場上銷售一空。正如您從約翰那裡聽到的，我們相信巴黎奧運會將成為我們品牌的催化劑，因為我們將為運動員推出最新的 Nike Air 創新產品。最重要的是，這只是開始。

With a growing portfolio of new concepts, platforms and capabilities, our innovation teams are well positioned to continue driving breakthroughs in performance and lifestyle over the coming years. Now to maximize the impact of our new product cycle, we are accelerating several important actions lined up against key brand and sports moments. First, we are elevating and differentiating the consumer experience with our brands at retail, especially as consumers continue to shift back into physical stores. This includes increased investment to support strong seasonal retail marketing execution, breadth and depth of assortment, and elevated service and product presentation.

隨著新概念、平台和功能的不斷增加，我們的創新團隊已做好充分準備，在未來幾年繼續推動性能和生活方式的突破。現在，為了最大限度地發揮新產品週期的影響，我們正在加快針對關鍵品牌和體育賽事的幾項重要行動。首先，我們正在提升和差異化我們品牌的零售體驗，特別是當消費者繼續轉向實體店時。這包括增加投資以支持強大的季節性零售行銷執行、品種的廣度和深度以及提升的服務和產品展示。

You heard John say that we will initially launch the Air Max Dn next week at more than 4,000 doors. We will increasingly leverage our full portfolio of thousands of physical doors to position our newest products in the path of consumers.

您聽到 John 說過，我們將在下週先在 4,000 多個門市推出 Air Max Dn。我們將越來越多地利用我們數千種實體門的完整產品組合，將我們的最新產品定位在消費者的道路上。

Second, we are sharpening our brand storytelling to tell fewer, bigger stories with greater reach. We will focus our demand creation investments to elevate our brand and most distinctive products, leading with the voice of the athlete, amplifying our new innovation and engaging consumers at the point of sale. As we look forward, we see that our Olympics Air for Athletes campaign will be the boldest expression of NIKE's brand voice in many years.

其次，我們正在加強我們的品牌故事敘述，以講述更少、更大、影響更大的故事。我們將專注於需求創造投資，以提升我們的品牌和最獨特的產品，以運動員的聲音為主導，擴大我們的新創新並在銷售點吸引消費者。展望未來，我們看到「Olympic Air for Athletes」活動將成為多年來耐吉品牌聲音最大膽的表達。

Third, we are in the midst of shifting our product portfolio towards newness and innovation. Last quarter, we spoke of our intentional actions to reduce marketplace supply of certain key franchises to ensure they remain healthy and strong while feeding and scaling new products. Given the way consumers are responding to our newest product journeys, even amidst a more promotional environment, we have decided to accelerate our actions.

第三，我們正在將我們的產品組合轉向新穎和創新。上個季度，我們談到了我們有意採取的行動，以減少某些關鍵特許經營權的市場供應，以確保它們在提供和擴大新產品的同時保持健康和強大。考慮到消費者對我們最新產品旅程的反應，即使在促銷力度更大的環境下，我們也決定加快行動。

For example, we are pulling back supply of classics, such as the Air Force 1, and we're reducing supply of Pegasus ahead of launching new innovation in the Peg 41. We've been here before. 12 months ago, our basketball portfolio was meaningfully impacted when we exited a key signature franchise. Since then, we've more than offset that impact by scaling innovation with the GT series, introducing newness to consumers in Ja, Sabrina, Kobe and Book and returned to strong double-digit growth this quarter in basketball.

例如，我們正在減少 Air Force 1 等經典款的供應，並且在推出 Peg 41 的創新產品之前減少 Pegasus 的供應。我們以前也遇到過這種情況。 12 個月前，當我們退出了一個關鍵的簽名球隊時，我們的籃球投資組合受到了重大影響。從那時起，我們透過 GT 系列擴大創新，為 Ja、Sabrina、Kobe 和 Book 的消費者帶來新鮮感，抵消了這種影響，並在本季度籃球業務恢復了兩位數的強勁增長。

Looking ahead, we expect life cycle management of key product franchises to create some near-term headwinds, particularly on Digital. However, we are confident that we are taking the right actions to fuel brand momentum and return to stronger long-term growth.

展望未來，我們預期關鍵產品系列的生命週期管理將在短期內帶來一些阻力，特別是在數位領域。然而，我們有信心採取正確的行動來推動品牌動能並恢復更強勁的長期成長。

Last, while we continue to bring operational discipline as we manage our business through these shifts and a multiyear period of higher cost inflation, we are also positioning NIKE for the future. This includes restructuring our organization to sharpen our focus and increase our investment on the consumer and sport, which we believe will fuel our next phase of long-term growth.

最後，當我們透過這些轉變和多年的成本通膨較高的時期來管理我們的業務時，雖然我們繼續實行營運紀律，但我們也為耐吉的未來做好了定位。這包括重組我們的組織，以加強我們的重點並增加對消費者和體育的投資，我們相信這將推動我們下一階段的長期成長。

This quarter, we began streamlining support and operating functions, reducing management layers and shifting more of our resources towards consumer-facing activities. In particular, we are increasing investment in areas such as design, product creation, merchandising, brand and our ground game to drive greater impact for consumers, dimensions of sport and the marketplace. Overall, our focus is on allocating our resources to drive more return while building an operating model with greater speed and better cost productivity as we grow.

本季度，我們開始精簡支援和營運職能，減少管理階層，並將更多資源轉向面向消費者的活動。特別是，我們正在增加對設計、產品創造、行銷、品牌和地面比賽等領域的投資，以對消費者、運動和市場產生更大的影響。總體而言，我們的重點是分配資源以推動更多回報，同時隨著我們的發展建立更快速度和更好成本生產力的營運模式。

Now let me turn to our NIKE, Inc. third quarter results. In Q3, NIKE, Inc. revenue was up slightly on a reported and currency neutral basis with low single-digit growth in the NIKE brand partially offset by declines at Converse. As a reminder, this follows 14% reported and 19% currency neutral growth 1 year ago, as we were liquidating excess inventory in Q3 of fiscal '23. NIKE Direct was up slightly versus the prior year, with NIKE stores up 6% and NIKE Digital down 4%. Wholesale grew 3%.

現在讓我談談耐吉公司第三季的業績。第三季度，耐吉的營收在報告和貨幣中性的基礎上略有成長，耐吉品牌的低個位數成長部分被匡威的下滑所抵銷。提醒一下，這是在一年前報告的 14% 的增長和 19% 的貨幣中性增長之後發生的，因為我們在 23 財年第三季度清算了過剩的庫存。 NIKE Direct 較上年略有成長，其中 NIKE 店成長 6%，NIKE Digital 下降 4%。批發增長3%。

Gross margins expanded 150 basis points to 44.8% on a reported basis, driven by strategic pricing actions, lower ocean freight rates and improvements in supply chain efficiency, partially offset by higher product input costs. This also includes 50 basis points of negative impact from restructuring charges.

根據報告，毛利率增加了 150 個基點，達到 44.8%，這得益於策略定價行動、海運費降低和供應鏈效率提高，但部分被產品投入成本上升所抵消。這也包括重組費用造成的 50 個基點的負面影響。

SG&A grew 7% on a reported basis as increased investments in demand creation was partially offset by disciplined expense management. This quarter, SG&A was also impacted by approximately $340 million in restructuring charges. Our effective tax rate for the quarter was 16.5% compared to 16% for the same period last year. Diluted earnings per share was $0.77. Excluding the impact of the restructuring charges, earnings per share would have been $0.98, up 24% versus the prior year.

據報告，SG&A 成長了 7%，因為需求創造方面的投資增加被嚴格的費用管理所部分抵消。本季度，SG&A 也受到約 3.4 億美元重組費用的影響。本季我們的有效稅率為 16.5%，去年同期為 16%。稀釋後每股收益為 0.77 美元。排除重組費用的影響，每股收益將為 0.98 美元，比上年增長 24%。

Now let me turn to our operating segments. In North America, Q3 revenue grew 3%. NIKE Direct grew 2% with NIKE stores up 3% and NIKE Digital up 1%. Wholesale grew 5%, and EBIT grew 18% on a reported basis. This builds on extraordinary growth in the prior year, with North America revenue up 27%, including NIKE Direct up 23% and wholesale up 32% in Q3 of fiscal '23.

現在讓我談談我們的營運部門。在北美，第三季營收成長 3%。 NIKE Direct 成長 2%，NIKE 商店成長 3%，NIKE Digital 成長 1%。據報告，批發業務成長 5%，息稅前利潤成長 18%。這是建立在去年非凡成長的基礎上的，23 財年第三季北美營收成長了 27%，其中 NIKE Direct 成長了 23%，批發成長了 32%。

This quarter, we exceeded our expectations in North America with strong holiday sales, lighter markdowns than our competitors and unit growth versus the prior year. Inventory is also down double digits at the end of Q3.

本季度，我們在北美的假期銷售強勁，降價力度低於競爭對手，銷量較上年有所增長，超出了我們的預期。第三季末庫存也下降了兩位數。

Kids grew double digits across footwear and apparel with seasonal fleece and performance footwear resonating. We also saw positive momentum in women's lifestyle and fitness with strong growth from the Dunk, Free Metcon and Retro running styles. Jordan Remix and Sport performance grew double digits. And in running, Structure, Vomero and the Invincible delivered double-digit growth.

兒童鞋類和服裝的銷售增加了兩位數，季節性羊毛和高性能鞋類引起了共鳴。我們也看到女性生活方式和健身的積極勢頭，Dunk、Free Metcon 和 Retro 跑步風格的強勁增長。 Jordan Remix 和 Sport 的表現都達到兩位數成長。在跑步方面，Structure、Vomero 和 Invincible 實現了兩位數的成長。

In EMEA, Q3 revenue declined 4%. NIKE Direct declined 4% as NIKE stores grew 6% and NIKE Digital declined 10%. Wholesale was down 5% and EBIT declined 6% on a reported basis. As a reminder, these results compare to tremendous growth in Q3 of fiscal '23 when EMEA revenue was up 26%, NIKE Direct was up 39% and wholesale was up 20%. However, sales in the geography fell short of our expectations this quarter as we navigated increased macro volatility and softening consumer demand.

在歐洲、中東和非洲地區，第三季營收下降 4%。 NIKE Direct 下降 4%，NIKE 商店成長 6%，NIKE Digital 下降 10%。據報告，批發業務下降 ​​5%，息稅前利潤下降 6%。提醒一下，這些結果與 23 財年第三季的巨大成長相比，當時 EMEA 營收成長了 26%，NIKE Direct 成長了 39%，批發成長了 20%。然而，由於宏觀波動加劇和消費者需求疲軟，本季該地區的銷售額未達我們的預期。

That said, newness and brand distinction continues to fuel momentum in EMEA. In running, a sellout Alphafly 3 launch energized our road racing portfolio. In lifestyle, P-6000 and Vomero 5 continued to scale, and fitness grew double digits as we activated our ground game with brand activations and our trainer network. Overall, inventory remains healthy with units down double digits versus the prior year. And as we look forward, we see the launch of Air Max Dn, Euro Champs '24 and the Paris Olympics as opportunities to create near-term brand momentum despite a challenging consumer backdrop.

也就是說，新穎性和品牌特色繼續推動歐洲、中東和非洲地區的發展勢頭。在跑步方面，Alphafly 3 的發售為我們的公路賽車產品組合注入了活力。在生活方式方面，P-6000 和 Vomero 5 繼續擴大規模，隨著我們透過品牌激活和教練網絡激活我們的地面遊戲，健身值增長了兩位數。整體而言，庫存保持健康，單位數量比前一年下降了兩位數。展望未來，我們認為 Air Max Dn、Euro Champs '24 和巴黎奧運會的推出都是在充滿挑戰的消費者背景下創造近期品牌動力的機會。

In Greater China, Q3 revenue grew 6%, in line with our revised expectations that we shared at the end of last quarter. NIKE Direct declined 1% with NIKE stores growing 6% and NIKE Digital declining 13%. Wholesale grew 12%. EBIT grew 3% on a reported basis with multiple points of impact from foreign exchange headwinds. Chinese New Year sales grew year-over-year with our NIKE and Jordan Year of the Dragon Express Lane collections driving excellent sell-through. And retail sales with our partners grew double digits in Q3 versus the prior year.

在大中華區，第三季營收成長 6%，與我們在上季末分享的修正預期一致。 NIKE Direct 下降 1%，NIKE 商店成長 6%，NIKE Digital 下降 13%。批發增長12%。據報告，息稅前利潤增加了 3%，受到外匯逆風的多點影響。我們的 NIKE 和 Jordan 龍年 Express Lane 系列推動了出色的銷售，中國新年銷售額逐年增長。第三季與合作夥伴的零售額與去年同期相比成長了兩位數。

Kids led our growth in the quarter with performance dimensions up strong double digits. In basketball, Book 1, Kobe and GT Cut 3 launched with strong sell-through. In running, the Structure, the Invincible and the Vomero drove strong growth this quarter. And the Jordan brand delivered double-digit growth in women's and kids with consumer anticipation building ahead of this week's opening of Jordan World of Flight Beijing, which will be the brand's first pinnacle retail concept in China.

兒童在本季度引領了我們的成長，業績維度實現了兩位數的強勁成長。在籃球領域，Book 1、Kobe 和 GT Cut 3 推出後銷量強勁。在跑步方面，Structure、Invincible 和 Vomero 推動了本季的強勁成長。喬丹品牌在女裝和童裝領域實現了兩位數的成長，消費者對喬丹飛行世界北京開幕前的預期不斷增強，這將是該品牌在中國的首個巔峰零售概念。

In APLA, Q3 revenue grew 4%. NIKE Direct grew 4% and NIKE -- with NIKE stores up 18% and NIKE Digital declining 6%. Wholesale grew 3%, and EBIT declined 3% on a reported basis. In Central and South America, we delivered double-digit growth and improved return on sales in the first full year of our shift to a distributor model. In Mexico, we gained brand strength and momentum with strong growth in football. And in Japan, running grew double digits. Across the APLA, football and basketball grew double digits, fueled by the Mercurial, LeBron and the GT series. And women's holistic fitness grew across all channels with Motiva and statement leggings, in particular, resonating.

APLA 第三季營收成長 4%。 NIKE Direct 成長了 4%，NIKE -- 其中 NIKE 商店成長了 18%，NIKE Digital 下降了 6%。據報告，批發業務成長 3%，息稅前利潤下降 3%。在中美洲和南美洲，我們在轉向分銷商模式的第一個全年實現了兩位數的增長並提高了銷售回報。在墨西哥，我們透過足球業務的強勁成長獲得了品牌實力和動力。在日本，跑步人數增加了兩位數。在 Mercurial、LeBron 和 GT 系列的推動下，整個 APLA 的足球和籃球業務實現了兩位數成長。隨著 Motiva 和個性緊身褲的出現，女性的整體健身在各個管道都得到了增長，尤其引起了共鳴。

Now let me turn to our financial outlook. As we look forward, we are driving earnings growth and offsetting softer second half revenue with strong gross margin execution, disciplined cost controls, and healthy and more productive inventory levels across the marketplace. Excluding restructuring charges, we expect to deliver on the full year earnings outlook that we communicated at the beginning of this fiscal year. More specifically, for the full year, we continue to expect revenue to grow approximately 1%. We now expect Q4 revenue to be up slightly, reflecting some shipment timing benefits in Q3 and lower digital growth due to franchise life cycle management. Q4 also has 1 point of negative impact on reported revenue from a stronger U.S. dollar.

現在讓我談談我們的財務前景。展望未來，我們將透過強勁的毛利率執行、嚴格的成本控制以及整個市場健康且更有效率的庫存水準來推動獲利成長並抵消下半年收入疲軟的影響。不包括重組費用，我們預計將實現我們在本財年年初傳達的全年獲利前景。更具體地說，我們繼續預計全年收入將成長約 1%。我們現在預計第四季度的收入將小幅增長，反映出第三季度的一些發貨時間優勢以及由於特許經營生命週期管理而導致的較低的數字增長。美元走強也對第四季報告的收入產生 1 個百分點的負面影響。

Moving down the P&L. I will note that our guidance includes restructuring charges of approximately $450 million in our second half, with $403 million incurred in the third quarter. This primarily impacts SG&A with approximately 15 basis points of impact to full year gross margins.

損益表向下移動。我要指出的是，我們的指導方針包括下半年約 4.5 億美元的重組費用，其中第三季產生了 4.03 億美元。這主要影響 SG&A，對全年毛利率產生約 15 個基點的影響。

We expect Q4 gross margins to expand approximately 160 to 180 basis points. This guidance continues to reflect benefits from strategic price increases, lower ocean freight rates, lower product input costs and improved supply chain efficiency. Our outlook is now partially offset by higher markdowns, reduced benefits from channel mix due to franchise life cycle management and worsening foreign exchange headwinds.

我們預計第四季毛利率將擴大約 160 至 180 個基點。該指引持續反映了策略性漲價、降低海運費、降低產品投入成本和提高供應鏈效率的好處。我們的前景目前被更高的降價、特許經營生命週期管理帶來的通路組合收益減少以及外匯逆風惡化所部分抵銷。

For the full year, this translates into gross margins expanding approximately 120 basis points, including approximately 60 basis points of impact from foreign exchange headwinds. We now expect Q4 SG&A to be down slightly versus the prior year, including restructuring charges, reflecting improvement versus our prior guidance.

就全年而言，這意味著毛利率擴大約 120 個基點，其中包括外匯逆風影響約 60 個基點。我們現在預計第四季度的銷售、管理及行政費用（包括重組費用）將比前一年略有下降，這反映出與我們先前的指導相比有所改善。

For the full year, this translates into SG&A growing low single digits, including restructuring charges, also reflecting improvement versus our prior guidance. Excluding the impact of restructuring charges, we expect full year SG&A to be roughly flat. Our guidance for other income and expense and our effective tax rate remain unchanged.

就全年而言，這意味著 SG&A 成長較低的個位數，包括重組費用，也反映了與我們先前指導相比的改善。排除重組費用的影響，我們預計全年銷售及管理費用將大致持平。我們對其他收入和支出的指導以及有效稅率保持不變。

Additionally, given the strategic actions we walked through earlier, I want to share some early thoughts on how we are planning for our next fiscal year. First, we expect revenue and earnings to grow versus the prior year, with operating margins expanding, excluding the impact of the restructuring charges in fiscal '24. However, we are prudently planning for revenue in the first half of the fiscal year to be down low single digits. As I mentioned earlier, this reflects near-term headwinds from life cycle management of our key product franchises, more than offsetting the scaling of new products as we shift our product portfolio toward newness and innovation. This also continues to reflect the subdued macro outlook around the world.

此外，考慮到我們先前採取的策略行動，我想分享一些關於我們如何規劃下一財政年度的早期想法。首先，我們預期營收和獲利將較上年成長，營業利潤率擴大，排除 24 財年重組費用的影響。然而，我們正在謹慎規劃本財年上半年的收入下降到低個位數。正如我之前提到的，這反映了我們關鍵產品系列生命週期管理的近期阻力，不僅抵消了我們將產品組合轉向新穎和創新時新產品的規模擴大。這也持續反映出全球宏觀前景疲軟。

Most importantly, we are focused on amplifying brand strength and consumer impact, which is the foundation for how we drive sustainable long-term growth. Looking ahead, we are confident in our product pipeline for fiscal '25 and the momentum that we will build throughout the year moment by moment, creating brand impact and deep consumer connection through sport.

最重要的是，我們專注於增強品牌實力和消費者影響力，這是我們推動永續長期成長的基礎。展望未來，我們對 25 財年的產品線以及我們將在全年不斷建立的勢頭充滿信心，透過體育創造品牌影響力和深厚的消費者聯繫。

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

接下來，讓我們開始提問。

(Operator Instructions) Our first question will come from the line of Jay Sole with UBS.

（操作員說明）我們的第一個問題將來自 UBS 的 Jay Sole 線路。

Great. Maybe just to start, Matt, I want to ask you about the fiscal '25 commentary you made. You're talking about low single-digit growth for the first half of the year. You said -- operating margin, I think you said grow ex restructuring charges and EPS growth, can you give a little bit more dimension around what you expect for operating margin next year? Like what kind of growth do you expect? Will -- growth on the reported numbers from this year or will be sort of below that?

偉大的。也許只是開始，馬特，我想問您對 25 財年的評論。你說的是今年上半年的低個位數成長。你說－營業利潤率，我想你說的是扣除重組費用和每股盈餘成長後的成長，你能否就你對明年營業利潤率的預期提供更多的維度？您期望什麼樣的成長？今年報告的數字會成長還是會低於這個數字？

And then I guess just bigger picture, if I could take a step back, can you just talk about the operating model? Company switched to a men's, women's, kids construct a couple of years ago away from the category offense. How has that changed? How have you perceived that change? Has it been what you expect it to be? Does NIKE plan to make any changes to the operating model?

然後我想更大的圖景，如果我可以退一步，你能談談營運模式嗎？幾年前，公司從進攻類別轉向男裝、女裝和童裝。這有何變化？您如何看待這種變化？是你所期望的嗎？ NIKE是否計劃對營運模式做出任何改變？

Matt, why don't I take the second part of that question and then you take the first? So Jay, as I mentioned, we are making, and started 9 months ago, important adjustments in our offense. And that started with putting the consumer and sport squarely back into our offense. And so that allows a sharpness across men's, women's, kids and Jordan around sport. And so there's a sharpness around running end to end, around fitness, around basketball, around football and around lifestyle. So we brought the best of the category offense right back in along with the sort of gender umbrella.

馬特，為什麼我不回答這個問題的第二部分，然後你回答第一部分呢？所以傑伊，正如我所提到的，我們正在對我們的進攻進行重要的調整，並且在 9 個月前就開始了。這首先是將消費者和運動重新納入我們的進攻之中。因此，這使得男裝、女裝、童裝和 Jordan 圍繞運動的敏銳度得以體現。因此，從頭到尾的跑步、健身、籃球、足球和生活方式都具有敏銳性。因此，我們將最好的類別進攻與性別保護傘一起帶回來。

And that's resulted in consumer-led, sport-focused teams that are back on our front foot, as we talked about, building a strong innovation pipeline and in classic Nike form. It's not just 1 or 2 products. It's building a 3-year pipeline so that we can bring innovation season after season in each sport. In fact, we were just -- this week, we had 300 or 400 of our top leaders here for Spring '25. That addition of the next round of innovation, I can tell you, our teams are excited and it's not just one season. It's a full 3-year pipeline. We're combining that with elevating our brand and bigger, bolder stories grounded in sport and athletes that cut through and connect with impact. And again, you'll see that in the Olympics.

正如我們所說，這導致了以消費者為主導、以運動為中心的團隊重新站起來，以經典的耐吉形式建立了強大的創新管道。這不僅僅是 1 或 2 個產品。我們正在建立一個為期 3 年的管道，以便我們能夠在每項運動中逐季帶來創新。事實上，本週，我們有 300 或 400 位高層領導參加了 25 年春季活動。我可以告訴你，我們的團隊很興奮，而且這不僅僅是一個賽季。這是一個整整三年的管道。我們將這一點與提升我們的品牌和基於運動和運動員的更宏大、更大膽的故事結合起來，這些故事具有穿透力並具有影響力。再次，你會在奧運會上看到這一點。

And you saw that a little bit with Caitlin Clark and with Sabrina, most recently, little examples of it, getting back to what we do best, and we're doing that with brand. And then in the marketplace, while we have a sport focus, we're combining both the best of our direct offense but a reinvestment with our wholesale partners, so we bring a more holistic offense that grows the market and gets in the path of our consumer. And so that's what's driving our growth we've made the necessary adjustments to bring the best of what's worked in our proven formula so that we move forward.

你在凱特琳·克拉克（Caitlin Clark）和薩布麗娜（Sabrina）身上看到了一點，最近，有一些小例子，回到我們最擅長的事情，我們正在透過品牌來做這件事。然後在市場上，雖然我們以體育為重點，但我們將直接進攻的最佳優勢與批發合作夥伴的再投資相結合，因此我們帶來了更全面的進攻，以擴大市場並阻礙我們的發展消費者。這就是推動我們成長的動力，我們做出了必要的調整，以充分利用我們經過驗證的公式，以便我們繼續前進。

And Jay, the way I think about fiscal '25 is that we are taking our product portfolio through a period of transition. We talked about this last quarter in terms of our focus on scaling newness and innovation and the green shoots that we were seeing in terms of the way the consumer is responding to the newness that we're bringing to market. And this quarter only gave us more confidence that, that is where we need to focus and how we will continue to create greater impact and distinction from a brand point of view.

Jay，我對 25 財年的看法是，我們正在讓我們的產品組合經歷一個過渡期。我們在上個季度討論了我們對擴大新穎性和創新的關注，以及我們在消費者對我們推向市場的新穎性做出反應的方式方面看到的萌芽。這個季度讓我們更有信心，這就是我們需要關注的地方，以及我們將如何繼續從品牌的角度創造更大的影響和差異。

And so this quarter, we saw a majority of our top 20 growing footwear products be new products that have been created this year. And those products are on a trajectory to deliver multibillions of annual run rate of incremental revenue. And that's where our focus is.

因此，本季度，我們發現成長最快的 20 種鞋類產品中的大部分都是今年推出的新產品。這些產品有望每年帶來數十億的增量收入。這就是我們的重點。

At the same time, we're managing some of our largest lifestyle franchises and some of our performance franchises back to make space for the newness. And that's going to have a corresponding offsetting impact. And because we've been missing some product newness at scale in our portfolio over the last several seasons, these actions are resulting in a decline of low single digits is how we're thinking about the first half of the year.

同時，我們正在管理一些最大的生活方式特許經營權和一些表演特許經營權，以便為新事物騰出空間。這將產生相應的抵消影響。由於過去幾季我們的產品組合中大規模地缺少了一些新產品，因此這些行動導致了低個位數的下降，這是我們對今年上半年的看法。

But we believe we will inflect in the second half and grow next year on the top line. And when we step back and think about the importance of newness and innovation and not just to drive the top line but to create consumer impact at scale, that's the foundation for us driving long-term growth.

但我們相信，我們將在下半年有所轉變，並在明年實現收入成長。當我們退後一步思考新鮮感和創新的重要性時，不僅要推動營收，還要大規模地對消費者產生影響，這就是我們推動長期成長的基礎。

Our next question will come from the line of Matt Boss with JPMorgan.

我們的下一個問題將來自摩根大通的馬特·博斯（Matt Boss）。

So John, could you elaborate on the new multiyear innovation cycle and how best to think about the time line for transition to the next chapter of growth that you cited? And maybe, Matt, staying on that topic. High level, any material changes to consider with the top line growth profile or your high teens margin target as we think about this next chapter of growth?

約翰，您能否詳細介紹一下新的多年創新周期，以及如何最好地考慮過渡到您提到的下一增長篇章的時間線？也許，馬特，繼續討論這個話題。高水準，當我們考慮下一章的成長時，您的營收成長概況或您的高青少年利潤率目標是否需要考慮任何重大變化？

Yes, Matt. Well, I can't tell you the change and the feeling of our innovation, design and product creation teams getting back on their front foot. And it's not just about a product or an item here and there. It's around building a robust pipeline of innovation.

是的，馬特。好吧，我無法告訴你我們的創新、設計和產品創造團隊重新站起來的變化和感覺。這不僅僅是關於某個產品或某個物品。它圍繞著建立強大的創新管道。

So I mentioned in my remarks, Air. Air has been probably the single largest innovation platform in NIKE's history. And we continue to innovate with Air, both in performance, which you'll see in the Olympics, and you'll see it impact almost every sport dimension, and you get to see that in a couple of weeks, and measurable performance benefits, again, classic NIKE innovation and then also in lifestyle.

所以我在發言中提到了Air。 Air 可能是耐吉史上最大的單一創新平台。我們繼續在Air 方面進行創新，無論是在性能方面，你都會在奧運會上看到它，你會看到它影響幾乎所有運動維度，你會在幾週內看到它，以及可衡量的性能優勢，再次強調經典的耐吉創新以及生活方式。

Let me just take Air Max Dn. We're launching Air Max Dn next week, but we already have next year's Air Max and the following year developed, which are further innovations in Air so that it's not just 1 year. It's 3 years in the pipeline that we're working on improving and improving and improving as we bring it with power to consumers.

讓我選擇 Air Max Dn。我們將於下週推出 Air Max Dn，但我們已經有了明年的 Air Max 和隔年的開發產品，這是 Air 的進一步創新，因此它不僅僅是一年。三年來，我們致力於改進、改進、改進，為消費者提供強大的功能。

Beyond that, let me take a running. I was over -- Matt and I were over in the running room. It was yesterday, I think, Matt. It was yesterday. And the 3-year pipeline of innovation is clear across Vomero, Structure and Peg. So we'll have Peg 41 launch in June. Peg Premium will be as well as other members of the Peg family, Peg Trail, all coming in the second half of the year, and we're clear what's coming in '25 and '26 across Peg, Vomero and Structure, again, pipeline.

除此之外，讓我跑步一下。我結束了——馬特和我在跑步室結束了。我想那是昨天，馬特。那是昨天了。 Vomero、Structure 和 Peg 的 3 年創新管道十分清晰。因此，我們將在 6 月推出 Peg 41。 Peg Premium 以及 Peg 系列的其他成員 Peg Trail 都將在今年下半年推出，我們很清楚 Peg、Vomero 和 Structure 的 25 和 26 年將推出什麼，再次，管道。

Same thing in women's. We went into the women's room, Amy Montagne and team have lined up not just what's coming in the short term but what's coming season after season, which is what allows NIKE to drive innovation at scale and consistency.

女裝也是如此。我們走進女裝室，艾米·蒙塔涅(Amy Montagne) 和團隊不僅列出了短期內即將推出的產品，還列出了逐季推出的產品，這使得耐吉能夠大規模和一致性地推動創新。

And I'll just -- I'll hit on the question, Matt. On the time line of transition, I'll just reiterate what I just said, which is we believe that transition is going to occur in the second half of fiscal '25. You will continue to hear us talking about the way we're scaling newness and innovation from this point forward. The products that are already out in the market, we expect to continue to scale. And then John's referenced the Dn, the Peg 41, and we've got other things that are coming in the first half of this year. And so that's what we're excited about, offset by the way we're managing some of our franchises.

我會直接回答這個問題，馬特。關於過渡的時間線，我只想重申我剛才所說的，即我們相信過渡將在 25 財年下半年發生。從現在開始，您將繼續聽到我們談論我們擴展新穎性和創新的方式。我們預計已經推出市場的產品將繼續擴大規模。然後約翰提到了 Dn、Peg 41，今年上半年我們還有其他事情即將推出。這就是我們感到興奮的地方，但我們管理一些特許經營權的方式抵消了這一點。

When I think about your question about material changes to the long term, I'm going to hit on maybe a couple of points here. I think the first one I'd say is that while our strategy over the last few years has been consumer led, what I would say is that the last couple -- the last year or so, we've been more focused on trying to achieve mix of marketplace targets than we have serving consumer demand where the consumer is shopping. And so there's been more focus on trying to achieve the 40% Digital metric or the 60% Direct metric when that was always a consumer-focused strategy.

當我思考你關於長期重大變化的問題時，我可能會在這裡提出幾點。我想我要說的第一個問題是，雖然我們過去幾年的策略一直是消費者主導的，但我想說的是，最後幾年——去年左右，我們更加專注於嘗試實現混合市場目標，而不是我們在消費者購物時滿足消費者需求。因此，人們更加重視嘗試實現 40% 數位指標或 60% 直接指標，而這始終是一項以消費者為中心的策略。

The consumer is still clearly shopping in multi-brand retail, and we need to elevate our brand and our positioning to be able to serve the consumer and to have the maximum impact from the new innovations that we're bringing to market. And so those measures are not measures that are guiding our forward-looking plans. Okay?

消費者顯然仍然在多品牌零售中購物，我們需要提升我們的品牌和定位，以便能夠為消費者提供服務，並從我們推向市場的新創新中獲得最大的影響力。因此，這些措施並不是指導我們前瞻性計劃的措施。好的？

The second I'd say is, is that when we look at the industry and step back overall, stepping back from being in a moment of transitioning our product portfolio, we continue to see strong growth potential in our sector. We think we continue to have industry tailwinds, consumer interest in sport, more people participating in running events, in marathons to more people focused on fitness and living a healthy lifestyle. There are natural consumer tailwinds that are going to continue to drive growth in our sector. And we expect to grow and to take share like we always have.

我要說的第二點是，當我們審視整個行業並從整體上退一步，從產品組合轉型的時刻退一步時，我們繼續看到我們行業強勁的成長潛力。我們認為，我們將繼續保持行業順風，消費者對運動的興趣，更多的人參加跑步活動，參加馬拉鬆比賽，讓更多的人專注於健身和健康的生活方式。自然的消費者順風將繼續推動我們行業的成長。我們期望像往常一樣成長並佔據份額。

As it relates to our long-term margin target, I think this quarter and this year has been a great proof point on us recapturing some of the transitory cost headwinds that have been in our face the last couple of years but also showing how we can execute to deliver gross margin expansion and be disciplined in the way we're managing costs while we're investing in the consumer.

由於它與我們的長期利潤目標相關，我認為本季度和今年是我們重新抓住過去幾年面臨的一些暫時成本逆風的一個很好的證明，同時也表明我們如何能夠執行以實現毛利率擴張，並在投資消費者時嚴格管理成本。

When I look forward, I think we can continue to drive more profitable growth. And the margins that we've discussed and the opportunity for margin expansion is still significant within our model. But having a strong brand is the foundation for us to be able to drive long-term growth and profitability. And we're focused on what it takes through this flow of innovation, authenticating ourselves -- being authenticated in sport and elevating our presence across the marketplace. And if we can do this, we think we can drive attractive growth and high profitability. And when we get to Investor Day later this year, what we'll do is we will update our algorithm and our expectations over the next 5-year period.

展望未來，我認為我們可以繼續推動利潤更高的成長。我們討論過的利潤率和利潤率擴張的機會在我們的模型中仍然很重要。但擁有強大的品牌是我們能夠推動長期成長和獲利的基礎。我們專注於透過這種創新流程來驗證自己——在體育運動中得到驗證並提升我們在市場上的存在感。如果我們能做到這一點，我們認為我們可以推動有吸引力的成長和高獲利能力。當我們今年稍後的投資者日到來時，我們要做的是更新我們的演算法和未來 5 年的預期。

Our next question will come from the line of Brooke Roach with Goldman Sachs.

我們的下一個問題將來自高盛的布魯克·羅奇。

I was hoping to get your updated thoughts on the pricing power of the NIKE brand and the markdown opportunities that you see as you build into this new multiyear innovation cycle. Are there any near-term or medium-term offsets that we should contemplate as you work through franchise management and the current macro? And how are you thinking about the most important drivers of operating margin expansion into next fiscal year?

我希望了解您對耐吉品牌定價能力的最新想法，以及您在融入這個新的多年創新週期時看到的降價機會。當您進行特許經營管理和當前宏觀政策時，我們是否應該考慮任何近期或中期的抵銷措施？您如何看待下一財年營業利潤率擴張的最重要驅動因素？

Yes. Let me start by talking about pricing power, one of the biggest benefits to a strong brand, an innovative brand, a brand that's continuing to bring freshness and newness to the consumers' pricing power. And over the last couple of years, given our brand strength, we've been able to implement strategic pricing in order to be able to offset some of the headwinds that we've been facing. But as we look forward, we believe that more newness, more freshness, products that are more connected to stories that are relevant to consumers should give us the ability on a structural basis to continue to expand our profitability.

是的。讓我先談談定價能力，這是一個強大品牌、一個創新品牌、一個不斷為消費者的定價能力帶來新鮮感的品牌的最大好處之一。在過去的幾年裡，鑑於我們的品牌實力，我們已經能夠實施策略定價，以便能夠抵消我們所面臨的一些不利因素。但展望未來，我們相信，更多的新奇、更多的新鮮感、更多與消費者相關的故事的產品應該讓我們有能力在結構性基礎上繼續擴大我們的盈利能力。

And the point I was trying to make in response to Matt's question is that when the brand is strong, the biggest driver of growth and margin expansion is strong consumer demand for the products we have and high levels of full price realization. And that ultimately is the fundamental as we carry forward.

我在回答馬特的問題時試圖指出的一點是，當品牌強大時，成長和利潤擴張的最大驅動力是消費者對我們產品的強勁需求和高水準的全價實現。這最終是我們前進的根本。

In the near term, one of the headwinds that we're going to see is that, not surprisingly, our digital business carries a higher mix of the biggest franchises that consumers love. And so as we manage the supply of our larger franchises, we do expect that there will be a near-term channel mix headwind from transitioning our product portfolio.

在短期內，我們將看到的阻力之一是，毫不奇怪，我們的數位業務擁有更多消費者喜愛的最大特許經營權的組合。因此，當我們管理較大特許經營權的供應時，我們確實預計，我們的產品組合轉型將在短期內帶來通路組合的阻力。

But we view that as being a near-term factor because, ultimately, for Nike to grow at the rates that we are -- that we aspire to grow to, we have to grow units across the marketplace. We have to grow units at NIKE Direct, through Digital, in our stores, and we've got to grow units through our partners. And so that is where our focus is dimensionalized through sport, our fields of play, the way we've always segmented the marketplace to grow so that we can work and serve the consumer where the consumer is at.

但我們認為這是一個近期因素，因為最終，為了讓耐吉以我們渴望的速度成長，我們必須在整個市場上增加單位。我們必須在 NIKE Direct、透過 Digital、在我們的商店中增加銷量，並且我們必須透過我們的合作夥伴來增加銷量。因此，這就是我們的重點是透過體育、我們的比賽領域、我們一直細分市場以實現成長的方式來實現的，以便我們能夠在消費者所在的地方工作和服務消費者。

As far as operating profitability long term, we continue to believe that we can expand gross margins by running our operating model and also driving value out of some of the things that we've talked about in the past, like product cost initiatives to lower our input costs. We're actually already starting to see some benefits on that in the back half of this year, continuing to drive supply chain efficiency.

就長期營運獲利能力而言，我們仍然相信，我們可以透過運行我們的營運模式來擴大毛利率，並從我們過去討論過的一些事情中推動價值，例如降低產品成本的舉措投入成本。事實上，我們已經在今年下半年開始看到一些好處，持續提高供應鏈效率。

And then as I mentioned, the way that we're thinking about managing our SG&A, shifting more of our resources to be consumer-facing, we're focused on building an operating model that's got greater speed and drives greater productivity as we grow. And we think that will also be a source of long-term margin expansion for the company.

正如我所提到的，我們考慮管理銷售、管理和行政費用（SG&A）的方式，將更多的資源轉移到面向消費者的領域，我們專注於建立一種營運模式，隨著我們的發展，這種模式能夠加快速度並提高生產力。我們認為這也將成為公司長期利潤擴張的來源。

Our next question will come from the line of Michael Binetti with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Michael Binetti。

A lot of the moving parts in the business here, very helpful. I guess as we look at the second quarter in a row, I guess wholesale in China has grown a lot faster than DTC. Would you -- obviously, that's a very important market for you, a lot of important things for us to think about in that market. Can you help us with a little color on the different trends in that market that you see?

這裡的業務中有很多活動部件，非常有幫助。我想，當我們連續第二季觀察時，我想中國的批發成長速度比 DTC 快得多。顯然，這對你們來說是一個非常重要的市場，我們在這個市場上需要考慮很多重要的事情。您能否幫我們介紹一下您所看到的該市場的不同趨勢？

And then I guess as we think about how you'll manage these franchises into next year, we've also heard some good growth rates in some parts of the wholesale channel for the first half of your fiscal year. So I'm assuming we'll see more of that franchise management on the DTC side. And if so, considering that's an important channel for the rest of the P&L, I'm assuming we can orient ourselves around gross margin pressure in the start of next year as you work your way through that before we see the influence of returning to growth down the P&L?

然後我想，當我們考慮如何在明年管理這些特許經營權時，我們也聽到了你們財年上半年批發管道某些部分的良好增長率。所以我假設我們會在 DTC 方面看到更多的特許經營管理。如果是這樣，考慮到這是損益表其餘部分的一個重要管道，我假設我們可以在明年初圍繞毛利率壓力進行調整，在我們看到恢復增長的影響之前，你要努力解決這個問題降低損益表？

Yes. Matt, why don't you take the first part of that and you the second? So Michael, on China, interestingly, Angela Dong and her team and all of our top partners were here for the last week. As you know, we have 6,000 monobrand doors. They were here for our innovation.

是的。馬特，為什麼不先拿第一部分，然後再拿第二部分呢？邁克爾，關於中國，有趣的是，安吉拉·董和她的團隊以及我們所有的頂級合作夥伴上週都在這裡。如您所知，我們有 6,000 扇單一品牌門。他們來這裡是為了我們的創新。

And a couple of things are clear. Sport is strong in China, and NIKE is strong in China. Our growth in Q3 was 6%, which was in line with our plan, and we're gaining share. We're gaining share certainly against the global brands, and we're gaining share against a local brand. So NIKE's brand is strong in its back.

有幾件事是明確的。中國體育強，耐吉中國強。第三季我們的成長率為 6%，這符合我們的計劃，而且我們的份額正在增加。我們肯定會在與全球品牌的競爭中獲得市場份額，並且在與本土品牌的競爭中獲得市場份額。所以說NIKE的品牌是有後盾的。

With regard to channel mix and your specific question, part of what's driving that is the consumer's back on the street. And so I would say that the physical retail channel in China is stronger than digital. And then within Digital, Tmall, which was historically the biggest digital driver, is experiencing less growth. We're still the #1 sports brand on Tmall, and social commerce, Douyin, is growing. And we're not yet on Douyin. We're just getting on Douyin. And so we'll -- you'll see us expanding our growth into social commerce, which is the growing digital channel in China.

關於通路組合和您的具體問題，部分推動力是消費者回到街上。所以我想說，中國的實體零售通路比數位通路更強。然後在數位領域，史上最大的數位推動者天貓的成長正在放緩。我們仍然是天貓排名第一的運動品牌，社群商務抖音也不斷成長。我們還沒上抖音。我們剛剛上抖音。因此，您將看到我們將業務擴展至社交商務，這是中國不斷增長的數位管道。

But I can tell you, our -- Matt and I had the chance and Craig Williams and others to meet with our partners from China. They came away seeing our innovation pipeline that I've been talking about -- Matt and I've been talking about on this call, what we've got in store coming. And they -- it was the first time they've been on our campus in 4 years since COVID, and they came away excited, leaning in. And so we are very optimistic about the future in China, and we will grow across multichannels to grow the market. It's probably the area of the world we do that the best.

但我可以告訴你，我們的——馬特和我以及克雷格·威廉斯和其他人有機會會見了我們來自中國的合作夥伴。他們離開時看到了我一直在談論的我們的創新管道——馬特和我在這次電話會議上一直在談論我們即將推出的產品。他們——這是自新冠疫情以來 4 年來他們第一次來到我們的校園，他們離開時興奮不已、傾身投入。因此，我們對中國的未來非常樂觀，我們將透過多管道實現成長擴大市場。這可能是世界上我們做得最好的地區。

Yes. And to John's point, not only do we have 6,000 stores, but China is a monobrand market. And so whether it's owned or partnered, it's a monobrand market, which gives us the ability to have the best expression in front of the consumers to be able to direct the assortment so that as we bring newness and innovation and new stories, we partner with our partners. And the last thing I was going to say, Michael, is just our -- the penetration of NIKE Direct in China is lower than what it is across our other geographies.

是的。約翰指出，我們不僅擁有 6,000 家門市，中國也是一個單一品牌市場。因此，無論是自有的還是合作的，這都是一個單一品牌市場，這使我們能夠在消費者面前進行最佳表達，從而能夠指導品種，以便當我們帶來新鮮感、創新和新故事時，我們與我們的夥伴。邁克爾，我要說的最後一件事是——NIKE Direct 在中國的滲透率低於我們在其他地區的滲透率。

In terms of your question about where we'll see the franchise management, yes, you're right. It will be more in NIKE Direct and primarily because we continue to see a heavy level of promotional activity happening across Digital across all of our geographies. And while we continue to see, as we've supplied our largest franchises to our wholesale partners, we're actually seeing incredibly strong weekly sell-through on these franchises. We're seeing high levels, high above our targets of full price realization, and so our franchises are healthy.

至於您關於我們將在哪裡看到特許經營管理的問題，是的，您是對的。在 NIKE Direct 中，這種情況會更多，主要是因為我們繼續看到我們所有地區的數位行銷活動都在進行大量的促銷活動。雖然我們繼續看到，隨著我們向批發合作夥伴提供最大的特許經營權，我們實際上看到這些特許經營權的每週銷售量非常強勁。我們看到了高水平，遠高於我們的全價實現目標，因此我們的特許經營權是健康的。

In fact, we can sell more of these products if we wanted to. But we don't think that's the right thing to do from a brand point of view, and we know that we manage these franchises for long-term health. And so we're focused on scaling the newness and creating the consumer space for us to tell stories about new things that we're bringing to drive energy, and that's where our focus is. And so that's ultimately where our teams are spending their time, and that's what's influencing the near-term transition that I highlighted a little bit earlier.

事實上，如果我們願意，我們可以銷售更多此類產品。但從品牌的角度來看，我們認為這不是正確的做法，而且我們知道我們管理這些特許經營權是為了長期健康。因此，我們專注於擴大新穎性並創造消費者空間，讓我們講述我們為推動能源帶來的新事物的故事，這就是我們的重點所在。因此，這最終是我們團隊花費時間的地方，也是影響我之前強調的近期過渡的因素。

As far as the margin question goes, what I'll say is that we're going to grow revenue and earnings next year, and we expect to drive operating margin expansion, excluding the impact of the restructuring charge. And that's going to come through gross margin expansion first and then continuing to be disciplined in the way we manage SG&A in order to be able to drive more productive growth.

就利潤率問題而言，我要說的是，明年我們將增加收入和收益，並且我們預計將推動營業利潤率的擴張，排除重組費用的影響。這將首先透過毛利率擴張來實現，然後繼續嚴格管理銷售、一般行政費用，以便能夠推動更有效率的成長。

Our next question will come from the line of Alex Straton with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的亞歷克斯·斯特拉頓（Alex Straton）。

Perfect. Just a couple for me. On the front half '25 revenue guidance down low single digits, can you give us any color on how you're thinking about it by geography or channel? And then just bigger picture on this kind of wholesale reentering, are you having any trouble kind of rebuilding the muscle there, facing any difficulty as you reenter? Has NIKE's criteria changed at all in terms of how you think about the right partners or distribution going forward?

完美的。對我來說只是一對。關於 25 年上半年收入指引下降了低個位數，您能否告訴我們您如何按地理位置或管道考慮這個問題？然後，從更大的角度來看，這種大規模的重新進入，你在重建肌肉方面是否遇到任何麻煩，在重新進入時面臨任何困難？在您如何看待合適的合作夥伴或未來的分銷方面，耐吉的標準是否發生了變化？

John, why don't I take the first part and then I'll start the second one? If you want to jump in on that one, go for it. So Alex, I think the only thing I would say at this point is the way that we're thinking about the geography split is we're not assuming that economic conditions in the international markets, in particular, get better. It assumes a status quo relative to where we are today. And next quarter, I'll provide more tangible insights into not only the first half but our full year growth over -- or fiscal '25.

約翰，我為什麼不先看第一部分，然後再開始第二部分呢？如果你想加入其中，那就去做吧。所以，亞歷克斯，我想我現在唯一要說的是，我們考慮地理分裂的方式是，我們並沒有假設國際市場的經濟狀況會變得更好。它假設了相對於我們今天所處的現狀。下個季度，我將提供更具體的見解，不僅介​​紹上半年的情況，還介紹我們 25 財年全年的成長情況。

On the wholesale side, what I would say is that I think the biggest thing to take away is that we don't like the way our brand is showing up in wholesale, and we own that. And we need to focus on elevating the experience for consumers when they come into interaction with our brand. If you segment our marketplace by dimension and by where we sell our units, our seasonal units on a full-price basis, our wholesale partners represent 3/4 of the market from a unit perspective.

在批發方面，我想說的是，我認為最重要的是我們不喜歡我們的品牌在批發中的表現方式，而我們擁有這一點。我們需要專注於提升消費者與我們品牌互動時的體驗。如果您按維度和我們銷售商品的地點（以全價銷售季節性商品）對我們的市場進行細分，那麼從商品角度來看，我們的批發合作夥伴佔據了 3/4 的市場份額。

And so the importance of being able to elevate and to position our brand correctly and to tell stories about the products that we're bringing to market in that environment is an absolutely critical way not only to help consumers fall in love with the products we have but to also give consumers that tangible ability to come into real-life connection with the NIKE brand.

因此，能夠正確提升和定位我們的品牌，並講述我們在這種環境下推向市場的產品的故事，這絕對是至關重要的方式，不僅可以幫助消費者愛上我們的產品同時也為消費者提供了與耐吉品牌在現實生活中建立聯繫的實際能力。

And so what we're focused on, beginning with the Dn, is we're going to see and you'll feel the Dn launch in 4,000 doors initially across the marketplace. And then when we look at the way we're going to scale that innovation over the next several seasons through product journeys, with different partners, telling different stories in different parts of the marketplace, we continue to -- we're very excited about the impact that, that could have on the market. And we know that it's what we need to do. And so the investments will be in things like seasonal marketing campaigns, elevating the presentation of our product, investing in the breadth and depth of the assortment, including color so the consumer gets more choice off of the products that we care about the most in order to be able to create that kind of impact across the market.

因此，從 Dn 開始，我們重點關注的是我們將看到並且您將感受到 Dn 最初在市場上的 4,000 個門中推出。然後，當我們考慮如何在接下來的幾個季度中透過產品旅程來擴展創新時，與不同的合作夥伴一起，在市場的不同部分講述不同的故事，我們繼續 - 我們非常興奮這可能對市場產生的影響。我們知道這是我們需要做的。因此，投資將集中在季節性行銷活動、提升產品展示、投資於品種的廣度和深度（包括顏色），以便消費者從我們最關心的產品中獲得更多選擇能夠在整個市場上產生這種影響。

We think we've got the right partners. But our strategy and our approach to the marketplace is constantly evolving based on where the consumer is, based on where the consumer is shopping and who's connecting most with the consumers. So apart from some of the areas that we've been talking about where we need to create new distribution because we see growth opportunities that don't line up with our current partners, our focus is on our current partners right now and elevating the experience of our brand with them.

我們認為我們擁有合適的合作夥伴。但我們的策略和市場方法是根據消費者在哪裡、消費者在哪裡購物以及誰與消費者聯繫最多而不斷發展的。因此，除了我們一直在談論的一些領域，我們需要創建新的發行版，因為我們看到與我們當前的合作夥伴不符的成長機會，我們現在的重點是我們當前的合作夥伴並提升體驗我們與他們的品牌。

And I'd just build on what Matt said, Alex, on the first part of your question. Our partners want us, that they need NIKE to help grow the market. They want newness. They want NIKE freshness. They want us to lean in with them, and that's exactly what we're doing. So the reception's been very strong and very good, and we'll continue to capitalize on that or leverage that so that we collectively grow the entire market in service of the consumer.

亞歷克斯，我只是根據馬特所說的，關於你問題的第一部分。我們的合作夥伴需要我們，他們需要耐吉來幫助發展市場。他們想要新鮮感。他們想要耐吉的新鮮感。他們希望我們與他們合作，而這正是我們正在做的。因此，反應非常強烈、非常好，我們將繼續利用這一點或利用這一點，以便我們共同發展整個市場，為消費者服務。

Our final question will come from the line of Bob Drbul with Guggenheim Securities.

我們的最後一個問題將來自古根漢證券公司的鮑勃·德布爾 (Bob Drbul)。

Just 2 quick questions for me. The first one is, in the running area, when you talk about wholesale, can you talk about any progress that you're seeing with the RSGs as partners? And then the second question is, Matt, you mentioned just the opportunity or the ability to see a catalyst in sales from the Olympics. Can you just talk about your opportunity to capitalize on some of those products and your expectation from that?

只是問我兩個簡單的問題。第一個是，在跑步領域，當您談論批發時，您能談談您與RSG作為合作夥伴看到的任何進展嗎？第二個問題是，馬特，你提到了從奧運會中看到銷售催化劑的機會或能力。您能否談談您利用其中一些產品的機會以及您對此的期望？

Bob, as I mentioned earlier, we've had a chance to be with Heidi and her teams on looking at the running pipeline, the -- and the everyday running pipeline. And there are clearly already some early green shoots, the Vomero 17 and the Structure 25 out in the market today, both growing double digits to very strong reception. As I mentioned earlier, the Peg family, starting with Peg 41, Peg Premium, Peg Trail coming in the second half of the year, the order book is looking good.

鮑勃，正如我之前提到的，我們有機會與海蒂和她的團隊一起研究正在運行的管道，以及日常運行的管道。顯然，Vomero 17 和 Structure 25 已經出現了一些早期的萌芽，目前市場上的產品都以兩位數的速度增長，受到了非常強烈的歡迎。正如我之前提到的，Peg 系列從下半年推出的 Peg 41、Peg Premium、Peg Trail 開始，訂單看起來不錯。

We're also, in direct answer to your question, investing in our ground game with more focus and specificity around running than before. That includes being where runners are, so being at the marathons, at the local races, at the local runs. We had a strong presence at the LA Marathon and activations there with very positive response. In fact, we've had a shoe exchange effort that went crazy with so many people switching over to NIKE because we're there with them. We'll continue to do that.

為了直接回答你的問題，我們也對我們的地面遊戲進行了投資，比以前更專注和具體地圍繞著跑步。這包括去跑步者所在的地方，例如參加馬拉鬆比賽、當地比賽、當地跑步比賽。我們在洛杉磯馬拉鬆比賽中表現出色，並在那裡開展活動並獲得了非常積極的迴響。事實上，我們曾經進行過一次瘋狂的換鞋活動，很多人都轉而選擇耐吉，因為我們與他們同在。我們將繼續這樣做。

And then in the RSG channel, as you mentioned, we've increased our focus and penetration in RSGs and other new partners that authenticate our brand, and we've doubled our EKINs. And as you know, our EKINs are the experts who provide our partners with even greater NIKE expertise and personal engagement.

然後，在 RSG 頻道中，正如您所提到的，我們增加了對 RSG 和其他驗證我們品牌的新合作夥伴的關注和滲透，並且我們將 EKIN 增加了一倍。如您所知，我們的 EKIN 是專家，他們為我們的合作夥伴提供更出色的 NIKE 專業知識和個人參與。

So if you take the combination of strong innovative product portfolio and pipeline with more ground game and presence where runners are, combined with a greater marketplace distribution, including RSGs and with our EKINs in the field, we feel like we're already seeing some green shoots of progress in everyday running, and we'll continue to see that quarter after quarter. Won't happen overnight, but we're already seeing momentum in North America, and we believe that will continue around the world.

因此，如果您將強大的創新產品組合和管道與更多的地面遊戲和跑步者所在的地方相結合，再加上更大的市場分佈，包括RSG 和我們在該領域的EKIN，我們覺得我們已經看到了一些綠色產品日常跑步中不斷取得進步，我們將繼續看到這一點又一個季度。不會在一夜之間發生，但我們已經在北美看到了這種勢頭，並且我們相信這種勢頭將在世界範圍內持續下去。

Yes, Bob, another indicator of a green shoot for us is that our bookings for fall '24, which is the fall season coming up in running footwear, delivered strong growth. And to John's point, that's across our $100-plus product but also us coming back into market with a new line of core running footwear. And so it's another green shoot for us that we see momentum in running in particular and one that we're focused on continuing to ignite. And I think the Olympics actually will help that, as a segue to your second point.

是的，鮑勃，我們的另一個復甦跡像是，我們 24 年秋季的預訂量（即跑步鞋即將進入的秋季）實現了強勁增長。對 John 來說，這不僅體現在我們 100 美元以上的產品上，也體現在我們帶著新的核心跑鞋系列重返市場。因此，這對我們來說是另一個新芽，我們特別看到了跑步的勢頭，並且我們致力於繼續點燃它。我認為奧運會實際上會有所幫助，作為你第二點的延續。

The opportunity that we see starts with our brand. The opportunity starts with our Air for Athletes campaign that we're going to be bringing through the Olympics, combined with the products that John referenced to ones that you will see on the track, on the streets vis-a-vis the marathon to -- on the football pitch with visible Air, to the basketball court with Air being visible, leveraging the similar technology that we've leveraged through the Alphafly 3.

我們看到的機會始於我們的品牌。這個機會始於我們將在奧運會期間推出的“Air for Athletes”活動，結合約翰提到的那些您將在田徑場、街道上和馬拉鬆比賽中看到的產品—— - 在空氣可見的足球場上，在空氣可見的籃球場上，利用我們透過Alphafly 3 所利用的類似技術。

And so we're just -- we're excited about the innovation we're bringing, but it's an ignition point because there is material value from the products that we will sell, that we sold in and around these Olympic stories, but it's about igniting the Air platform as we go forward. And so the way we think about it is that it's a catalyst from both a brand and a business point of view because it will be an important moment on the world's biggest stage to showcase the best and greatest innovations in these sports and then the connection of the innovation to the pipeline of product that's coming that we expect will drive growth through the balance of '25 and into '26, especially as you think about the next Air iteration and the one after that, which we already have in development. So from our perspective, it's a tremendous opportunity to catalyze energy but more importantly, to reposition NIKE at sport with the athlete and drive the next chapter of growth for us.

所以我們只是——我們對我們帶來的創新感到興奮，但這是一個點火點，因為我們將銷售的產品具有物質價值，我們在這些奧運故事中和周圍銷售，但它是關於在我們前進的過程中點燃Air 平台。因此，我們的想法是，從品牌和商業角度來看，這都是一個催化劑，因為這將是世界最大舞台上展示這些運動中最好和最偉大的創新的重要時刻，然後將我們預計即將到來的產品線創新將在25 年和26 年間推動成長，特別是當你考慮我們已經在開發的下一個Air 迭代和之後的迭代時。因此，從我們的角度來看，這是一個激發能量的巨大機會，但更重要的是，與運動員一起重新定位耐吉在體育領域的地位，並為我們推動下一個成長篇章。

And that does conclude our conference for today. We thank you all for joining, and you may now disconnect your lines.

我們今天的會議到此結束。我們感謝大家的加入，現在您可以斷開線路了。