Nike Inc (NKE) 2024 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s fiscal 2024 fourth-quarter conference call. For those who want to reference today's press release, you'll find it at investors.NIKE.com.

大家下午好。歡迎參加 NIKE, Inc. 的 2024 財年第四季電話會議。如果您想參考今天的新聞稿，您可以在 Investors.NIKE.com 上找到它。

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.

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 fourth-quarter results. Joining us on today's call will be NIKE, Inc., President and CEO, John Donahoe; and our CFO, Matt Friend.

謝謝你，接線生。大家好，感謝您今天加入我們討論 NIKE, Inc. 2024 財年第四季業績。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 non-public 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 reconciliation. 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. We would like to allow as many of you to ask questions as possible in our allotted time. So we would appreciate you limiting your initial questions to one. Thanks for your cooperation on this.

我們將從準備好的發言開始，然後開始提問。我們希望讓盡可能多的人在我們規定的時間內提出問題。因此，如果您將最初的問題限制為一個，我們將不勝感激。感謝您對此的合作。

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

我現在將把電話轉給耐吉公司總裁兼執行長約翰·多納霍 (John Donahoe)。

Thank you, Paul, and hello to everyone on today's call. I want to start by briefly commenting on our financial results. For full year fiscal '24, revenue grew, revenue grew approximately 1% on a currency neutral basis and earnings per share grew 15%.

謝謝保羅，今天電話會議的大家好。我想先簡單評論一下我們的財務表現。 24 財年全年營收成長，在貨幣中性的基礎上營收成長約 1%，每股盈餘成長 15%。

Q4 revenue was flat. For the quarter, we saw strong gains within performance products. However, this was more than offset by declines in lifestyle. These declines had a pronounced impact on our digital results. These factors, when combined with increased macro uncertainty and worsening foreign exchange, have caused us to reduce our guidance for fiscal '25. Matt will provide more detail on our results and outlook later in the call.

第四季營收持平。本季度，我們看到高性能產品的強勁成長。然而，這被生活方式的下降所抵消。這些下降對我們的數字結果產生了顯著影響。這些因素，加上宏觀不確定性增加和外匯惡化，導致我們降低了 25 財年的指導。馬特將在稍後的電話會議中提供有關我們的結果和前景的更多詳細資訊。

While fiscal '25 will be a transition year for our business, we continue to make real progress on our comeback. Over the past year, we've highlighted the strategic shifts we are taking as a company, including leadership and organization changes, kickstarting a multi-year innovation cycle, and creating capacity to invest in consumer-facing activities.

雖然 25 財年將是我們業務的過渡年，但我們在復興過程中繼續取得真正的進展。在過去的一年裡，我們強調了我們作為一家公司正在採取的策略轉變，包括領導層和組織變革、啟動多年創新週期以及建立投資於面向消費者的活動的能力。

As I mentioned in last quarter's call, we're making a series of adjustments to position us to compete and win. We're sharpening our focus on sport, accelerating our pace, and scaling of newness and innovation, driving bigger, bolder storytelling, and elevating the entire marketplace to fuel brand distinction and being the path of the consumer.

正如我在上個季度的電話會議中提到的，我們正在進行一系列調整，以使我們能夠競爭並獲勝。我們正在加強對體育的關注，加快步伐，擴大新鮮感和創新，推動更大、更大膽的故事敘述，並提升整個市場，以推動品牌差異化並成為消費者的道路。

This is our playbook, and we're seeing momentum build in all four areas, particularly on the performance side of our product portfolio. We have work to do, but we're on it. Our teams are moving with energy and urgency against the opportunity we see in front of us.

這是我們的策略，我們看到所有四個領域都在發展勢頭，特別是在我們產品組合的性能方面。我們還有工作要做，但我們正在努力。我們的團隊正在充滿活力和緊迫感地應對我們面前的機會。

Now, as we've discussed over the past few quarters, we've been accelerating our innovation pipeline, including pulling forward several innovations, some more than a year. We're moving aggressively to reestablish our innovation edge.

現在，正如我們在過去幾季所討論的那樣，我們一直在加速我們的創新管道，包括推動多項創新，有些創新的時間超過一年。我們正在積極採取行動，重建我們的創新優勢。

We began with a focus on performance as NIKE always does, and the early results from newness and innovation are encouraging. Performance grew double digits in the quarter with growth in many of our key sports.

正如耐吉一貫所做的那樣，我們從關注性能開始，新穎和創新的早期成果令人鼓舞。隨著我們許多主要運動項目的成長，本季業績實現了兩位數成長。

And as we've kicked off our multi-year innovation cycle, one of our key priorities has been increasing our speed to the consumer. We believe accelerating the pace and consistency of our innovation will allow us to deliver impact at scale season after season.

當我們開始多年的創新週期時，我們的首要任務之一就是提高向消費者提供服務的速度。我們相信，加快創新的步伐和一致性將使我們能夠逐季產生大規模的影響。

Now, as you know, for years, NIKE has had an Express Lane which enables short lead time replenishment and hyper local design. And we'll continue to leverage Express Lane. But over the past year, we have also built a new way of working across the entire product creation process. We call this Speed Lane and it's part of a broader, company-wide effort to move faster and be more responsive to the consumer.

現在，如您所知，多年來，耐吉一直擁有一條快速通道，可實現短交貨期補貨和超本地化設計。我們將繼續利用 Express Lane。但在過去的一年裡，我們還在整個產品創建過程中建立了一種新的工作方式。我們稱之為“快速通道”，它是整個公司範圍內更廣泛的努力的一部分，旨在更快地行動並更快地響應消費者。

For example, through Speed Lane, we're leveraging our Bowerman Footwear Lab to accelerate design. We're leveraging advanced digital tools to quicken development, and we're leveraging key manufacturing partners to speed up product testing and production.

例如，透過 Speed Lane，我們利用 Bowerman 鞋類實驗室來加速設計。我們正在利用先進的數位工具來加快開發速度，並利用主要製造合作夥伴來加快產品測試和生產。

We've already accelerated half a dozen models through this new capability. And in the second half of the fiscal year, you'll see other new innovations come out of Speed Lane, including several exciting new franchises across fitness and lifestyle.

我們已經透過這項新功能加速了六種模型。在本財年下半年，您將看到 Speed Lane 推出的其他新創新，包括健身和生活方式方面的幾個令人興奮的新特許經營權。

As I've mentioned, our sharp focus around newness and innovation starts with performance, and we're seeing the impact across key sports.

正如我所提到的，我們對新鮮感和創新的高度關注始於表現，我們看到了對關鍵運動的影響。

Let me give you a few brief examples across three: basketball, fitness, and running. First, basketball, which was up double-digit growth in Q4 across men's, women's, kids, and Jordan. This was driven by new innovation from the G.T. Cut to Kobe's new footwear and apparel to the Sabrina 1, which in and itself has taken 2 points of share across the entire US basketball market, including both men's and women's.

讓我舉幾個簡短的例子，涵蓋三個面向：籃球、健身和跑步。首先是籃球，第四季男子籃球、女子籃球、兒童籃球和喬丹籃球都實現了兩位數成長。這是由 GT 的新創新所推動的。切到科比的新鞋類和服裝，Sabrina 1，它本身就在整個美國籃球市場（包括男鞋和女鞋）中佔據了 2 個百分點的份額。

We recently announced Sabrina's next shoe as well as A'ja Wilson signature franchise. And we announced the signing of Caitlin Clark to our roster of athletes that was already the game's best. All this energy will continue to fuel the rapid growth of our women's basketball business as excitement around the WNBA soars to historic highs amidst an expanding fan base.

我們最近宣布了 Sabrina 的下一款鞋款以及 A'ja Wilson 簽名系列鞋款。我們宣布將凱特琳克拉克（Caitlin Clark）簽入我們的運動員名單，她已經是這項運動中最好的球員了。所有這些能量將繼續推動我們女子籃球業務的快速成長，隨著 WNBA 的球迷基礎不斷擴大，人們對 WNBA 的熱情飆升至歷史新高。

and of course, this month, Jason versus Luka NBA Finals match-up mark the first time Jordan Signature athletes met on basketball's pinnacle stage. We celebrated Jason's title with one of the Jordan brand's biggest marketing efforts ever.

當然，本月 Jason 與 Luka 的 NBA 總決賽對決標誌著 Jordan Signature 運動員首次在籃球的巔峰舞台上相遇。我們透過 Jordan 品牌有史以來最大的行銷活動之一來慶祝 Jason 的奪冠。

Next, let's look at our fitness business. Fitness represents one of the largest market share opportunities we see as a company, particularly for our female consumer. We've made intentional decisions to make meaningful investments in fitness and these actions are paying off. Over the past quarter, we saw a broad-based growth for fitness, led by double-digit growth in apparel.

接下來我們來看看我們的健身業務。健身是我們公司看到的最大的市場份額機會之一，特別是對於我們的女性消費者而言。我們做出了有意的決定，對健身進行有意義的投資，這些行動正在取得回報。在過去的一個季度中，我們看到健身領域的廣泛成長，其中服裝領域實現了兩位數的成長。

For example, Statement Leggings, which is a key focus for us, were up high double-digits in Q4. Led by innovations we've introduced over the past few quarters with Universa, Zenvy, and Go. Women's fitness footwear also had a strong quarter, driven by Motiva and the latest version of Free Metcon, which came out last summer. Free Metcon is now NIKE's number one women's fitness shoe having expanded from the gym to the street.

例如，我們重點關注的個性打底褲在第四季度實現了兩位數的高成長。在過去幾季我們推出的 Universa、Zenvy 和 Go 創新的引領下。在 Motiva 和去年夏天推出的最新版本 Free Metcon 的推動下，女士健身鞋季度也表現強勁。 Free Metcon 現在是耐吉排名第一的女士健身鞋，已從健身房擴展到街頭。

Next, let's look at road running, which remains a competitive battlefield, but we are playing to win. In past calls, we've discussed that we're now aligned, resourced, and taking this challenge head on with confidence. We've been hustling to accelerate our running innovation and amplify our ground game.

接下來，讓我們看看路跑，這仍然是一個競爭激烈的戰場，但我們是為了勝利而戰。在過去的電話會議中，我們討論過我們現在已經協調一致，資源充足，並且充滿信心地應對這一挑戰。我們一直在努力加速我們的跑步創新並增強我們的地面比賽。

While our overall running business was impacted in Q4 by our proactive actions to manage the Pegasus portfolio transition, we're pleased that recent new releases in Vomero, Invincible, Infinity, and Structure all grew high double-digits over the quarter. We're making it easier for consumers to discover these styles by simplifying our running construct at retail as we highlight our best-in-class cushioning technologies.

雖然我們在第四季度管理Pegasus 產品組合轉型的積極行動影響了我們的整體營運業務，但我們很高興看到最近發布的Vomero、Invincible、Infinity 和Structure 在本季度都實現了兩位數的高成長。我們透過簡化零售時的跑步結構，突顯我們一流的緩衝技術，讓消費者更容易發現這些款式。

Now, as you know, a few weeks ago, we launched the Pegasus 41, a new chapter for NIKE's biggest performance franchise. Peg 41 pairs Zoom Air with full-length ReactX foam for a ride that's more comfortable, durable, and responsive than ever. It's received strong reviews from industry experts. We supported the 41 with our full playbook, backed by NIKE's most comprehensive running campaign in years, which will last for several seasons.

現在，如您所知，幾週前，我們推出了 Pegasus 41，這是耐吉最大的高性能係列的新篇章。 Peg 41 將 Zoom Air 與全長 ReactX 泡棉搭配使用，帶來比以往更舒適、耐用和靈敏的騎乘體驗。它得到了行業專家的強烈評價。我們用完整的劇本來支持 41，並以耐吉多年來最全面的跑步活動為後盾，該活動將持續數個賽季。

It was also fueled by a refreshed ground game. This included neighborhood activations to drive consumer trialing at scale and building energy across the full marketplace, including NIKE Direct, our strategic partners and our performance authenticators such as running specialty doors. This energy drove Peg 41 to a strong start, led by better-than-expected sell-through in both wholesale and NIKE Direct.

煥然一新的地面比賽也推動了這一勢頭。這包括社區活動，以推動消費者大規模試用，並在整個市場中建立活力，包括 NIKE Direct、我們的策略合作夥伴和我們的效能驗證器（例如運行專業門）。這種能量推動 Peg 41 取得了強勁的開局，批發和 NIKE Direct 的銷售都比預期好。

And our full running journey for fiscal '25 goes beyond the Peg 41 launch. We'll be adding several dimensions for PEG in holiday before introducing additional exciting innovations in the second half of the year, including Pegasus Premium and Vomero 18. We're already seeing strong wholesale order book for running across the next few seasons as we continue to take meaningful strides to assert our leadership in this key sport.

我們 25 財年的完整運行之旅不僅限於 Peg 41 的發布。我們將在假期中增加PEG 的多個維度，然後在下半年推出更多令人興奮的創新，包括Pegasus Premium 和Vomero 18。強勁的批發訂單。

Now, let's talk about lifestyle, where we're focused on building a more diversified lifestyle footwear portfolio to complement the industry's three largest franchises. We're excited about our pipeline of new lifestyle product. A key example was last quarter's introduction of Dynamic Air, our newest breakthrough innovation platform. We launched the Air Max Dn globally and within just a few months, Dn has become a top 10 lifestyle franchise in our men's business and is resonating particularly well with sneaker engaged consumers in major cities.

現在，我們來談談生活方式，我們專注於打造更多元化的生活方式鞋類產品組合，以補充行業三大特許經營權。我們對新生活風格產品的管道感到興奮。一個重要的例子是上季推出的 Dynamic Air，這是我們最新的突破性創新平台。我們在全球推出了 Air Max Dn，短短幾個月內，Dn 已成為我們男士業務中排名前 10 位的生活方式專營店，並在主要城市的運動鞋消費者中引起了特別好的共鳴。

And importantly, Dynamic Air is an innovation platform. We're already working on the two -- next two iterations of Dynamic Air, and we will continue to innovate on this platform, including customizing air cushioning to create unique consumer benefits.

重要的是，Dynamic Air 是一個創新平台。我們已經在研究 Dynamic Air 的接下來的兩個迭代，我們將繼續在這個平台上進行創新，包括客製化氣墊以創造獨特的消費者利益。

Another component of fueling a more diversified lifestyle portfolio is taking advantage of NIKE's unmatched vault. One example is Retro Running. We saw an opportunity in the marketplace for retro and move quickly and nimbly to fill it with our Y2K portfolio, and consumers are responding. We experienced significant quarter-over-quarter retail sales growth for Y2K and now expect to nearly triple our Retro Running business by the end of fiscal '25 compared with the start of fiscal '24.

推動更多元化的生活方式組合的另一個組成部分是利用耐吉無與倫比的庫。復古跑步就是一個例子。我們在市場上看到了復古的機會，並迅速靈活地用我們的 Y2K 產品組合來填補這個機會，消費者正在做出回應。我們經歷了 Y2K 零售額較上季顯著成長，現在預計到 25 財年末，我們的復古跑步業務將比 24 財年年初成長近兩倍。

Now while we are growing new lifestyle offerings, we're also accelerating planned reductions for our three largest franchises. And this will have a meaningful impact near term on our overall lifestyle growth rate. Now while we have work to do, we are very focused on scaling the newness to offset this planned reduction. And we're excited about the pipeline with exciting footwear concepts coming in the second half of fiscal '25.

現在，在我們增加新的生活方式產品的同時，我們也在加快三大特許經營店的計劃削減。這將在短期內對我們整體生活方式的成長率產生有意義的影響。現在，雖然我們還有工作要做，但我們非常專注於擴大新內容以抵消計劃中的減少。我們對 25 財年下半年即將推出的令人興奮的鞋類概念產品感到興奮。

Finally, the Paris Olympics offers us a pinnacle moment to communicate our vision of sport to the world. This is led by breakthrough innovation and announced by a brand campaign that you won't be able to miss. We recently unveiled our Air for Athletes innovation at our Nike on Air event in Paris.

最後，巴黎奧運為我們提供了一個向世界傳達我們運動願景的巔峰時刻。這是由突破性創新引領的，並由您不容錯過的品牌活動宣布。最近，我們在巴黎舉辦的 Nike on Air 活動上推出了 Air for Athletes 創新產品。

And we can't wait to bring all this Olympics product to life across the games and in more than 8,000 doors worldwide. And throughout our brand storytelling, we'll be bold and clear, with sport and athletes at the very center of it all, from brand voice to retail activations.

我們迫不及待地希望將所有這些奧運產品融入整個奧運會並在全球 8,000 多個門中得以體現。在我們講述品牌故事的過程中，我們將大膽而清晰，從品牌聲音到零售活動，運動和運動員都是一切的中心。

This summer, we will cut through the clutter to create powerful energy for the NIKE brand. We're back doing what we do best, creating impactful storytelling, and ultimately, brand distinction in sport.

今年夏天，我們將剔除雜亂，為NIKE品牌創造強大能量。我們將回歸做我們最擅長的事情，創造有影響力的故事，並最終在運動中脫穎而出。

In the end, we're taking our challenges head on, and we're regaining our edge. Thanks to the heart and hustle of our global team, we're aggressively asserting the future of NIKE. With passion, clarity, and grit, we're driving this business forward. We're excited about the opportunity in front of us, and we're eager to prove what NIKE can do.

最終，我們將面對挑戰，並重新獲得優勢。感謝我們全球團隊的熱情和努力，我們正在積極維護耐吉的未來。憑藉熱情、清晰和毅力，我們正在推動這項業務向前發展。我們對擺在我們面前的機會感到興奮，並且渴望證明耐吉的能力。

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

然後，我會將電話轉給馬特。

Thanks, John, and hello to everyone on the call. For NIKE, fiscal '24 was a pivotal year to get back on the offense and sport with consumers, led by an urgency to accelerate our pace of innovation and scale newness across our product line. Today, our playbook is in motion. Our teams are focused in hustling to deliver, and we're seeing positive signals from consumers and retail partners across the world.

謝謝約翰，向通話中的每個人問好。對 NIKE 來說，24 財年是重新與消費者進行進攻和運動的關鍵一年，迫切需要加快我們的創新步伐並在整個產品線中擴大創新規模。今天，我們的劇本正在實施中。我們的團隊專注於交付，我們看到來自世界各地的消費者和零售合作夥伴的正面訊號。

That said, this quarter, we have been navigating several headwinds, which we now expect to have a more pronounced impact on fiscal '25. Although the next few quarters will be challenging, we are confident that we are repositioning NIKE to be more competitive with a more balanced portfolio to drive sustainable, profitable long-term growth.

也就是說，本季我們一直在克服一些不利因素，我們現在預計這些不利因素將對 25 財年產生更明顯的影響。儘管未來幾季將充滿挑戰，但我們有信心重新定位耐吉，透過更平衡的產品組合使其更具競爭力，從而推動可持續、盈利的長期成長。

Let me provide some deeper insights into the fourth quarter and the implications we see as we look forward before reviewing our financial results and our outlook. First, after double-digit growth over the past several years, our lifestyle business declined in Q4 across men's, women's, and Jordan, more than offsetting strong growth in our sport performance business.

在回顧我們的財務表現和前景之前，讓我對第四季度以及我們展望的影響提供一些更深入的見解。首先，在經歷了過去幾年的兩位數增長之後，我們的生活方式業務在男裝、女裝和喬丹鞋中出現了第四季度的下滑，這遠遠抵消了我們運動表現業務的強勁增長。

Second, Nike Digital declined 10% in the quarter. Although our digital business has grown at an approximately 26% CAGR since fiscal '19, we missed our Q4 plan on softer traffic, higher promotions, and lower sales of certain classic footwear franchises.

其次，Nike Digital 本季下降了 10%。儘管自19 財年以來，我們的數位業務複合年增長率約為26%，但由於流量疲軟、促銷活動增多以及某些經典鞋類特許經營店的銷售額下降，我們未能實現第四季度的計劃。

More specifically, these franchises underperformed our overall digital business results in the quarter, especially in April and May and continuing on into early June. This is even as these franchises continue to drive retail sales growth at high full price realization in multi-brand retail.

更具體地說，這些特許經營權在本季度的表現低於我們的整體數位業務業績，特別是在四月和五月，並持續到六月初。即使這些特許經營權繼續以多品牌零售的高全額實現推動零售額成長。

Third, we experienced meaningful shifts in consumer traffic in key markets, particularly in Greater China, where brick-and-mortar traffic declined as much as double digits versus the prior year. We also continue to see uneven trends in EMEA and other markets around the world.

第三，我們在主要市場的消費者流量方面經歷了有意義的變化，特別是在大中華區，那裡的實體店流量比去年下降了兩位數。我們也持續看到歐洲、中東和非洲以及全球其他市場的不平衡趨勢。

And last, foreign exchange headwinds worsened, creating an additional 1 point headwind on revenue in the quarter. In the midst of these dynamics, our goal is to return to strong growth remain the same: read and react to the consumer, maximize full-price sales across all channels, protect long-term franchise health, prioritize a healthy pull market, and create marketplace capacity for new products and new stories coming in fiscal '25.

最後，外匯不利因素進一步惡化，為本季收入帶來額外 1 個百分點的不利因素。在這些動態中，我們的目標是恢復強勁成長，保持不變：了解消費者並做出反應，最大限度地提高所有通路的全價銷售，保護長期特許經營健康，優先考慮健康的拉動市場，並創造25 財年新產品和新故事的市場容量。

Therefore, despite continued marketplace demand, we are advancing our time lines to tighten total supply of certain classic footwear franchises at different paces across different channels around the world. In particular, we are aggressively adjusting our forward-looking plans for these franchises on NIKE Digital, where they have their highest share of business. All told, we expect these actions to create several points of short-term headwinds on revenue in fiscal '25.

因此，儘管市場需求持續成長，我們仍在提前規劃，以不同的速度在全球不同管道收緊某些經典鞋履專營權的總供應。特別是，我們正在積極調整針對 NIKE Digital 上這些特許經營商的前瞻性計劃，這些特許經營商在該領域的業務份額最高。總而言之，我們預計這些行動將對 25 財年的收入造成幾個短期阻力。

However, our past experience gives us confidence that proactively rebalancing our portfolio will strengthen our competitive position and fuel brand momentum as we take the consumer somewhere new. Let me share a few recent examples. Back in fiscal '18, we recalibrated the supply of select Jordan brand franchises, resetting our launch business and bringing more dimension to our portfolio.

然而，我們過去的經驗讓我們相信，主動重新平衡我們的產品組合將增強我們的競爭地位，並在我們將消費者帶到新的地方時增強品牌動力。讓我分享一些最近的例子。早在 18 財年，我們就重新調整了精選 Jordan 品牌特許經營權的供應，重新調整了我們的發布業務，並為我們的產品組合帶來了更多維度。

Over the subsequent quarters, we turned the page from double-digit declines in the brand to the start of multiple consecutive years of strong double-digit growth. And earlier this year, we moved quickly to reshape our lifestyle footwear portfolio in Japan and Korea, two of our most trend-forward markets, where our teams read and reacted to consumer signals.

在接下來的幾個季度中，我們扭轉了該品牌兩位數下滑的局面，並開始了連續多年強勁兩位數成長。今年早些時候，我們迅速採取行動，在日本和韓國重塑我們的生活方式鞋類產品組合，這兩個市場是我們最前沿的市場，我們的團隊在這兩個市場解讀消費者信號並做出反應。

We reduced supply of some classic franchises while scaling and creating new energy around other models in our vault. In the fourth quarter, we regained our number one position in Korea in women's lifestyle footwear and extended our lead in Japan with new momentum heading into fiscal '25.

我們減少了一些經典特許經營權的供應，同時圍繞我們金庫中的其他模型進行擴展和創造新能量。第四季度，我們在女性休閒鞋類領域重新奪回了韓國第一的位置，並以進入 25 財年的新勢頭擴大了在日本的領先地位。

Now as we accelerate our pace of newness and innovation, the early response from consumers and partners are reinforcing our optimism in NIKE's path forward. First, the sharper focus on sport is creating impact. This quarter performance grew across men's, women's, kids, and Jordan, across all channels and geographies, and we expect to build on that momentum, leading with performance in fiscal '25.

現在，隨著我們加快求新和創新的步伐，消費者和合作夥伴的早期反應增強了我們對耐吉前進道路的樂觀態度。首先，對體育運動的更加關注正在產生影響。本季男裝、女裝、童裝和約旦的所有通路和地區的業績均有所增長，我們預計將繼續保持這一勢頭，在 25 財年的業績中處於領先地位。

We are seeing favorable indicators in key focus areas, including strong double-digit growth in order books with North American running specialty partners in both holiday '24 and spring '25.

我們在關鍵重點領域看到了有利的指標，包括在 24 年假期和 25 年春季與北美跑步專業合作夥伴的訂單強勁兩位數增長。

In lifestyle, fresh releases are resonating positively with consumers. For instance, new executions around Retro Running and field franchises such as Cortez, Killshot, and the Field General are driving strong retail sales growth as we prepare to scale these franchises in fiscal '25.

在生活方式方面，新產品的發布引起了消費者的積極共鳴。例如，圍繞 Retro Running 和 Cortez、Killshot 和 Field General 等野外特許經營的新執行正在推動零售銷售的強勁增長，我們準備在 25 財年擴大這些特許經營的規模。

Our teams are also attacking opportunities across price points, including a refreshed lineup of new footwear products below $100. Building on this quarter's double-digit growth, we plan to scale new performance and lifestyle models in spring '25. Added up, we expect the business contribution from new products to more than double from the start of fiscal '24 to where we end the year in fiscal '25.

我們的團隊還在各個價位上尋找機會，包括更新的 100 美元以下的新鞋類產品系列。在本季兩位數成長的基礎上，我們計劃在 25 年春季擴展新的效能和生活方式模式。總而言之，我們預計從 24 財年年初到 25 財年年底，新產品的業務貢獻將增加一倍以上。

Last, we are managing expenses tightly through this product cycle transition while reallocating resources to maximize consumer impact. This is enabled by our save-to-invest initiative, which is creating investment capacity to fuel our next phase of growth.

最後，我們在產品週期過渡期間嚴格管理費用，同時重新分配資源以最大限度地提高對消費者的影響。這是透過我們的儲蓄投資計劃實現的，該計劃正在創造投資能力，以推動我們下一階段的成長。

At the end of fiscal '24, we have unlocked savings from initiatives up and down our P&L and across our value chain, from reducing small parcel fulfillment costs to consolidating suppliers, optimizing technology spend, and restructuring our organization to streamline layers and support functions.

在 24 財年末，我們透過損益表上下以及整個價值鏈的舉措實現了節省，從降低小包裹履行成本到整合供應商、優化技術支出以及重組我們的組織以簡化層級和支援職能。

In turn, we are reinvesting nearly $1 billion in consumer-facing activities in fiscal '25, which we expect to accelerate our return to strong growth. This includes ramping up our ground team offense in running in key cities, increasing resources in design, product creation and merchandising for our key sport dimensions, deepening our sports marketing portfolio, elevating the distinction of our brand in physical retail, and driving bigger, bolder brand campaigns starting with EC24 and the Paris Olympics.

反過來，我們將在 25 財年對面向消費者的活動進行近 10 億美元的再投資，我們預計這將加速我們恢復強勁成長。這包括加強我們在主要城市跑步中的地面團隊進攻，增加我們關鍵體育維度的設計、產品創造和營銷資源，深化我們的體育營銷組合，提升我們品牌在實體零售中的獨特性，並推動更大、更大膽的發展。

Now let me turn to our NIKE Inc., fourth-quarter results. In Q4, NIKE Inc., revenue was down 2% on a reported basis and flat on a currency-neutral basis. NIKE Direct was down 7%, NIKE stores were down 2%, and NIKE Digital was down 10%. Wholesale grew 8%.

現在讓我談談耐吉公司第四季的業績。第四季度，耐吉公司的營收按報告計算下降了 2%，在匯率中立的基礎上持平。 NIKE Direct 下跌 7%，NIKE store 下跌 2%，NIKE Digital 下跌 10%。批發增長8%。

Gross margins expanded 110 basis points to 44.7% on a reported basis, primarily due to strategic pricing actions, lower ocean freight rates, and improved supply chain efficiency, partially offset by lower margins in NIKE Direct, unfavorable channel mix, and net foreign exchange impact.

根據報告，毛利率成長 110 個基點，達到 44.7%，這主要是由於策略定價行動、海運費降低和供應鏈效率提高，但部分被 NIKE Direct 利潤率下降、不利的管道組合和淨外匯影響所抵消。

SG&A was down 7% on a reported basis as increased investment in demand creation was more than offset by reductions in operational overhead. This includes impact from approximately $40 million in restructuring charges.

據報告，SG&A 下降了 7%，因為需求創造投資的增加被營運管理費用的減少所抵消。這包括約 4000 萬美元重組費用的影響。

Our effective tax rate was 13.1% compared to 17.3% for the same period last year, due to changes in earnings mix, partially offset by decreased benefits from onetime items, such as stock-based compensation. Diluted earnings per share was $0.99, up 50% versus the prior year. This includes non-material impact from restructuring charges.

由於獲利結構的變化，我們的有效稅率為 13.1%，而去年同期為 17.3%，但部分被股票薪酬等一次性專案福利的減少所抵消。稀釋後每股收益為 0.99 美元，比上年增長 50%。這包括重組費用的非實質影響。

For the full year, revenue was flat on a reported basis and up 1% on a currency-neutral basis. Diluted earnings per share grew 15%. Cash flow from operations was $7.4 billion, up 27% versus the prior year on significant improvements in working capital. Inventory declined 11% versus the prior year, with continued improvement in days in inventory.

全年營收在報告基礎上持平，在貨幣中性基礎上成長 1%。稀釋每股收益成長 15%。由於營運資本顯著改善，營運現金流為 74 億美元，較上年成長 27%。庫存較前一年下降 11%，庫存天數持續改善。

Now, let me turn to the operating segments. In North America, Q4 revenue declined 1%, NIKE Direct was down 9%, with NIKE Digital down 11%, and NIKE stores down 5%. Wholesale grew 6% due to accelerated shipping timing from Q1 of fiscal '25 and EBIT grew 5% on a reported basis.

現在，讓我談談營運部門。在北美，第四季營收下降 1%，NIKE Direct 下降 9%，NIKE Digital 下降 11%，NIKE store 下降 5%。由於從 25 財年第一季起發貨時間加快，批發業務增長了 6%，據報告，息稅前利潤增長了 5%。

This quarter, we saw softer traffic in our factory stores, highlighting increasing pressure being felt by the value consumer. That said, we saw a number of bright spots as well, including strong growth in basketball, fitness, and kids, offset by declines in Lifestyle and Jordan.

本季，我們工廠店的客流量有所下降，凸顯了價值消費者感受到的壓力越來越大。儘管如此，我們也看到了一些亮點，包括籃球、健身和兒童業務的強勁增長，但被生活方式和喬丹業務的下滑所抵消。

Kids led our results in the geography with performance dimensions of strong double digits. In women's fitness, we gained market share in footwear. In men's and women's running, fall footwear bookings are up double digits, led by the Pegasus 41.

孩子們在地理方面領先我們的成績，其表現維度高達兩位數。在女性健身領域，我們獲得了鞋類市場份額。在男子和女子跑步比賽中，秋季鞋類的預訂量均出現兩位數增長，其中以 Pegasus 41 為首。

In EMEA, Q4 revenue grew 1%, NIKE Direct was down 8% as NIKE stores grew 1%, and NIKE Digital declined 14%. Wholesale grew 7%. EBIT grew 2% on a reported basis. In a cautious macro environment, we are seeing performance innovation drive strong sell-through. This is partially offset by overall declines in lifestyle with new product releases working well.

在歐洲、中東和非洲地區，第四季營收成長 1%，NIKE Direct 營收下降 8%，其中 NIKE 專賣店成長 1%，NIKE Digital 下降 14%。批發增長7%。據報告，息稅前利潤成長 2%。在謹慎的宏觀環境下，我們看到性能創新推動了強勁的銷售。這部分被生活方式的整體下降所抵消，新產品的發布效果良好。

Global football grew double digits across men's and kids. In women's fitness, we drove strong momentum in footwear and new apparel releases such as our refreshed Nike Pro line. In lifestyle, our Retro Running franchises continue to scale, and our Air Max Dn launch drove energy with a full marketplace takeover.

全球男子足球和兒童足球的成長均達到兩位數。在女性健身領域，我們在鞋類和新服裝發布（例如更新的 Nike Pro 系列）方面推動了強勁勢頭。在生活方式方面，我們的 Retro Running 特許經營權不斷擴大，而我們的 Air Max Dn 推出則透過全面佔領市場推動了活力。

In Greater China, Q4 revenue grew 7%, including several points of contribution from Tmall's earlier start to the 618 shopping holiday. Excluding this timing benefit, we fell short of our plan with traffic softness persisting across all marketplace channels. NIKE Direct declined 2%, with NIKE stores down 6% and NIKE Digital up 8%. Wholesale grew 15%. EBIT grew 4% on a reported basis, with continued impacts from foreign exchange.

在大中華區，第四季營收成長了7%，其中包括天貓較早啟動618購物假期的幾個貢獻點。排除這一時間優勢，我們沒有達到我們的計劃，所有市場管道的流量持續疲軟。 NIKE Direct 下降 2%，NIKE 專賣店下降 6%，NIKE Digital 上升 8%。批發增長15%。據報道，在外匯的持續影響下，息稅前利潤增加了 4%。

Our kids business set the pace in the geography this quarter, led by running and basketball. Within men's and women's lifestyle, Retro Running styles, and our latest Express Lane releases drove positive consumer response. And in men's and women's running, retail sales for our new releases, Structure, Vomero, and Invincible grew double digits.

我們的兒童業務在本季度的地理領域中處於領先地位，其中跑步和籃球為主導。在男性和女性的生活方式中，復古跑步風格和我們最新的 Express Lane 版本引起了消費者的積極反應。在男子和女子跑步方面，我們的新產品 Structure、Vomero 和 Invincible 的零售額成長了兩位數。

The China marketplace remains highly promotional, and we continue to manage both NIKE and partner inventory carefully. While our outlook for the near term has softened, we remain confident in NIKE's competitive position in China in the long term.

中國市場仍然高度促銷，我們繼續謹慎管理耐吉和合作夥伴的庫存。儘管我們的近期前景有所減弱，但我們對耐吉在中國的長期競爭地位仍然充滿信心。

In APLA, Q4 revenue grew 4%. NIKE Direct declined 3%, with Nike stores up 11% and NIKE Digital down 12%. Wholesale grew 9% and EBIT grew 4% on a reported basis. Mexico and Southeast Asia and India led our growth in the geography.

APLA 第四季營收成長 4%。 NIKE Direct 下跌 3%，Nike 店上漲 11%，NIKE Digital 下跌 12%。據報告，批發業務成長 9%，息稅前利潤成長 4%。墨西哥、東南亞和印度引領了我們在地理上的成長。

And across APLA, we drove strong momentum in performance with men's basketball, men's global football, and women's fitness up double digits. Jordan brand drove energy with street ball activations in Tokyo and Manila and market share gains in basketball footwear.

在整個 APLA 中，我們推動了男子籃球、男子全球足球和女子健身的強勁表現，取得了兩位數的成長。喬丹品牌透過東京和馬尼拉的街頭籃球活動以及籃球鞋市場份額的成長帶動了活力。

Now let me turn to our fiscal '25 financial outlook. We are managing a product cycle transition with complexity amplified by shifting channel mix dynamics. A comeback at this scale takes time. With this in mind, we've considered a number of factors and scenarios in revising our outlook for fiscal '25.

現在讓我談談我們 25 財年的財務前景。我們正在管理產品週期過渡，其複雜性因通路組合動態的變化而放大。如此規模的捲土重來需要時間。考慮到這一點，我們在修改 25 財年展望時考慮了許多因素和情境。

Most importantly, this includes timelines and pacing to manage marketplace supply of our classic footwear franchises, lower NIKE digital growth, especially in the first half of the year due to lower traffic on fewer launches, planned declines of classic footwear franchises given Q4 trends, as well as reduced promotional activity, increased macro uncertainty, particularly in Greater China, with uneven consumer trends continuing in EMEA and other markets around the world, and sell into wholesale partners as we scale product innovation and newness across the marketplace, and finalize second-half order books.

最重要的是，這包括管理經典鞋類特許經營市場供應的時間表和節奏、耐吉數位成長放緩（特別是在上半年，由於發布數量減少而導致流量減少）、鑑於第四季度的趨勢，經典鞋類特許經營計劃的減少，促銷活動減少，宏觀不確定性增加，特別是在大中華區，歐洲、中東和非洲和世界其他市場的消費趨勢持續不平衡，隨著我們在整個市場上擴大產品創新和新穎性，並最終確定下半年的產品，我們向批發合作夥伴銷售產品訂購書籍。

Taking all of this into consideration, we now expect fiscal '25 reported revenue to be down mid-single digits with the first half down high single digits. Foreign exchange headwinds have also worsened and will now have a 1-point translational impact on revenue in fiscal '25.

考慮到所有這些因素，我們現在預計 25 財年報告的收入將下降中個位數，而上半年將下降高個位數。外匯不利因素也進一步惡化，目前將對 25 財年的收入產生 1 個百分點的轉換影響。

Turning to gross margin. we expect full year expansion of approximately 10 to 30 basis points on a reported basis. This reflects benefits from strategic pricing actions and lower product input costs, partially offset by supply chain deleverage, channel mix shifts, and net foreign exchange impact.

轉向毛利率。根據報告，我們預計全年將成長約 10 至 30 個基點。這反映了策略定價行動和較低的產品投入成本的好處，但部分被供應鏈去槓桿化、通路組合轉變和淨外匯影響所抵消。

We expect full-year SG&A growth to be up slightly versus the prior year as we increase investments in demand creation to ignite brand momentum, and maximize reach and impact while holding operating overhead largely flat.

我們預計全年銷售、管理及行政費用成長將較上年略有上升，因為我們增加了對創造需求的投資，以激發品牌動力，並最大限度地擴大影響力和影響力，同時保持營運費用基本持平。

Other income and expense, including net interest income, is expected to be approximately $250 million to $300 million for the year. We expect our full-year effective tax rate to be in the high-teens range.

其他收入和支出，包括淨利息收入，預計今年約為2.5億至3億美元。我們預計全年有效稅率將在高雙位數範圍內。

Now turning to our first quarter, we expect first quarter revenue to be down approximately 10%. This reflects more aggressive actions in managing our classic footwear franchises, continuing challenges on NIKE Digital, muted wholesale order books with newness not yet at scale, a softer outlook in Greater China, and a number of quarter-specific timing factors.

現在轉向我們的第一季度，我們預計第一季營收將下降約 10%。這反映出我們在管理經典鞋類特許經營方面採取了更積極的行動、耐吉數位化方面的持續挑戰、批發訂單簿的新意尚未形成規模、大中華區前景疲軟以及一些特定季度的時間因素。

We expect first-quarter gross margins to be in line with the full-year guidance. And we expect first-quarter SG&A to be up mid-single digits as we hold operating overhead flat while investing in key brand moments, including EC24 and the Paris Olympics games.

我們預計第一季毛利率將與全年指引保持一致。我們預計第一季的銷售、管理及行政費用將成長中個位數，因為我們保持營運費用持平，同時投資關鍵的品牌時刻，包括 EC24 和巴黎奧運。

For NIKE, inspiration starts with the athletes we serve. Their dreams motivate us to create the most innovative product in sport and tell stories that reach millions of people around the world. Above all, they remind us of the hard work and the hustle that is required to win.

對耐吉來說，靈感源自於我們所服務的運動員。他們的夢想激勵我們創造體育領域最具創新性的產品，並為全世界數百萬人講述故事。最重要的是，它們提醒我們勝利所需的辛勤工作和努力。

Before I close, I'd like to thank our NIKE teammates, whose passion and drive are the fuel for our comeback. The heart, the focus, and the collaboration that I'm seeing from our teams today are my greatest reasons for confidence as we move forward.

在結束之前，我要感謝我們的耐吉隊友，他們的熱情和幹勁是我們東山再起的動力。今天我從我們的團隊中看到的心、專注和合作是我對我們前進充滿信心的最大理由。

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

接下來，讓我們開始提問。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）Matthew Boss，摩根大通。

Great. Thanks. Maybe, John, just to summarize and think about relative to three months back, I guess how would you rank changes on the macro front and similarly on NIKE execution, that impacted the change in your 2025 outlook today relative to three months ago?

偉大的。謝謝。約翰，也許只是總結和思考一下三個月前的情況，我想您如何對宏觀方面的變化以及耐吉執行方面的變化進行排名，這些變化影響了您今天相對於三個月前的2025 年展望的變化？

And then, Matt, just on the gross margin, could you just help break apart maybe the puts and takes to consider over the course of '25 and how best to model the cadence from a gross margin perspective?

然後，馬特，就毛利率而言，您能否幫忙分解一下 25 年期間要考慮的看跌期權和看跌期權，以及如何從毛利率的角度最好地對節奏進行建模？

Well, thanks, Matthew. We set out our -- what we're calling our Comeback Plan a year ago. And in the last 90 days, I would say, our execution continues to stay on pace. Matt, you can talk about macro and the franchise management impacting the numbers. But on the fundamental things we set out to do four things that we are moving aggressively on: one, put sport back at the center of everything we do, serving the athlete.

嗯，謝謝，馬修。一年前，我們制定了我們所謂的「回歸計畫」。我想說的是，在過去 90 天裡，我們的執行工作持續保持正常步伐。馬特，你可以談談宏觀和特許經營管理對數位的影響。但在基本的事情上，我們著手做四件事，我們正在積極推進：第一，將體育重新置於我們所做的一切的中心，為運動員服務。

And over the last 90 days, we completed -- completely aligning our organization along the lines of sport, are co-locating those teams, and now end-to-end have clear what we call field to play -- sport-based field to play teams end-to-end, which is accelerating our pace and also improving our execution.

在過去的 90 天裡，我們完成了——按照體育運動的方式完全調整我們的組織，將這些團隊放在同一地點，現在端到端已經明確了我們所說的比賽場地——基於體育的場地端到端的團隊合作，這加快了我們的步伐，也提高了我們的執行力。

As we've talked about the last couple of quarters, we've reignited our innovation pipeline, including pulling several innovations forward. So in addition to launching Dn and Peg 41 during the quarter or early this quarter, we'll also pull forward key innovations like the Peg Premium and Vomero 18, which are just two examples of what's coming in spring '25. And as I mentioned earlier, speed is a capability we're building, which we feel increasingly strong about.

正如我們在過去幾季所討論的那樣，我們重新啟動了我們的創新管道，包括推動多項創新向前發展。因此，除了在本季或本季初推出 Dn 和 Peg 41 之外，我們還將推出 Peg Premium 和 Vomero 18 等關鍵創新，這只是 25 年春季推出的兩個例子。正如我之前提到的，速度是我們正在建立的一種能力，我們對此感到越來越強大。

And brand is getting strong. With Euro Champs, you see our Awaken Your Madness campaign, which is really the first of the bigger, bolder brand voice you're going to hear, and then we're very excited about the Olympics coming. A lot of the work that went into the Olympics happened in Q4, but you're going to get to see it in a few weeks.

而且品牌越來越強大。在歐洲冠軍賽中，您會看到我們的「喚醒您的瘋狂」活動，這確實是您將聽到的第一個更大、更大膽的品牌聲音，然後我們對奧運會的到來感到非常興奮。奧運會的許多工作都發生在第四季度，但幾週後您就會看到它。

And then in marketplace, we've spent a lot of time leaning in with our wholesale partners. We've had several wholesale partner summits. We've had RSG groups, neighborhood, partners and authenticators to campus. We're exposing our three-year product innovation pipeline to them, and feedback has been very strong. Our order book for holiday -- spring '25 -- holiday '24, spring '25 is strong. And so our confidence is building. So on the fundamentals that we are executing against this proven playbook on a comeback that will take time. We feel like we've made strong progress.

然後在市場上，我們花了很多時間與批發合作夥伴合作。我們舉辦過幾次批發合作夥伴高峰會。我們的校園裡有 RSG 團體、社區、合作夥伴和驗證者。我們向他們展示了我們三年的產品創新管道，反饋非常強烈。我們的假期 - 25 年春季 - 24 年假期、25 年春季假期訂單量強勁。我們的信心正在增強。因此，根據我們正在根據這個經過驗證的劇本執行的基本原則，捲土重來需要時間。我們感覺我們已經取得了巨大的進步。

And just hitting the financial implications relative to 90 days ago, last quarter, we said that we thought revenue was going to be down low single digits in the first half, and that included a more pronounced impact in the first quarter. We also said that we expected revenue to grow. And what we saw in the fourth quarter were really two things: one, lifestyle, our lifestyle business declining more pronounced on NIKE Digital, specifically in April and in May and those trends continuing into June.

在談到相對於 90 天前（上季度）的財務影響時，我們表示，我們認為上半年收入將下降個位數，其中包括第一季更明顯的影響。我們也表示，我們預計收入會成長。我們在第四季度看到的實際上是兩件事：一是生活方式，我們的生活方式業務在NIKE Digital 上下降得更加明顯，特別是在4 月和5 月，這些趨勢一直持續到6 月。

And what I highlighted in my prepared remarks is that those specific classic franchises that we were talking about, underperformed our overall digital business results in the fourth quarter. And so when we look at our updated guidance of down mid-single digits for the full year, there's really three things that are driving the change: one, I'll start with FX. Our outlook on foreign exchange and the strength of the US dollar had a 1 point impact relative to 90 days ago.

我在準備好的演講中強調的是，我們正在談論的那些特定的經典特許經營權在第四季度的表現遜色於我們的整體數位業務業績。因此，當我們看到全年中個位數下降的最新指導時，確實有三件事推動了這一變化：第一，我將從外匯開始。我們對外匯的展望和美元的強勢相對於 90 天前產生了 1 個點的影響。

We've softened our outlook for Greater China and that also similarly had a level of impact for the full-year guidance. And then the majority of the remainder of the change is related to the more aggressive actions that we're taking on our key franchises across the total marketplace but really with the compounded impact on total digital.

我們軟化了對大中華區的前景，這也同樣對全年指引產生了一定程度的影響。其餘的變化大部分與我們在整個市場上對關鍵特許經營權採取的更積極的行動有關，但實際上與對整體數位化的複合影響有關。

And the bigger impact of this will be in the first half of this year, but we are planning for meaningful sequential improvement in the second half of the year. And that's how I think about the revenue differences relative to what we said 90 days ago.

更大的影響將出現在今年上半年，但我們計劃在下半年進行有意義的連續改進。這就是我對收入與 90 天前所說的差異的看法。

On the first quarter, the other impact was timing. And we saw the 618 period come earlier into May than we had in the prior year, and that had an impact on Q4's results but also an impact on Q1's results. And we saw some favorable shipment timing in North America, as we prepare to go live with our ERP and also just better general product availability. So that also had an impact on the first-quarter numbers.

第一季的另一個影響是時機。我們看到 618 期間比去年更早進入 5 月份，這對第四季度的業績產生了影響，但也對第一季的業績產生了影響。我們在北美看到了一些有利的發貨時間，因為我們準備好啟用我們的 ERP 以及更好的一般產品可用性。這也對第一季的數據產生了影響。

I just want to add one more thing that -- Matthew, you've heard Matt and I both talk about it. It's an intangible thing, but I think it's just so important, which is the heart and hustle of our team, which has just been extraordinary over the last year, but also in the last 90 days, just accelerating, both Heide's and Craig's teams, the teamwork of how they're working together end-to-end.

我只想補充一件事——馬修，你已經聽過馬特和我都談論過它。這是一個無形的東西，但我認為它是如此重要，這是我們團隊的核心和忙碌，在過去的一年裡，而且在過去的 90 天裡，海德和克雷格的團隊都在加速，他們如何端到端地協同工作。

The focus and -- focus on the consumer, the increasing speed, pulling things forward. It's -- there's a palpable shift in the confidence and forward-looking nature of our team. So I want to give huge credit to them, but also just recognize that is so important in NIKE and our teams are, I think, feeling more confident as each day comes along.

焦點和－關註消費者，提高速度，推動事情向前發展。我們團隊的信心和前瞻性有了明顯的轉變。因此，我想對他們給予極大的信任，但也認識到這對耐吉來說非常重要，我認為我們的團隊隨著每一天的到來而感到更加自信。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thank you. Good afternoon. Can you provide some numbers that might help us to confidence in the meaningful second half improvement how much less of a headwind is there from sunsetting some of these franchises? How do total order books look? And anything you can provide numerically that helped you to get to that back half improvement?

謝謝。午安.您能否提供一些數據來幫助我們對下半年有意義的改善充滿信心，因為終止其中一些特許經營權所帶來的阻力會減少多少？總訂單簿看起來如何？你能提供什麼數字來幫助你實現後半場的進步嗎？

Well, Lorraine, as I mentioned, we've looked at a number of different factors and scenarios as we've updated our guidance for the year, and that ranges from looking at different slopes of different curves and different products over time and developing a perspective on what -- how we think the trends are going to play out as it relates to some of our largest franchises. But those franchises continue to drive retail sales growth and high levels of full price realization in the marketplace.

好吧，洛林，正如我所提到的，在更新今年的指導時，我們研究了許多不同的因素和情景，其中包括隨著時間的推移研究不同曲線和不同產品的不同斜率，並製定一個我們認為趨勢將如何發展，因為它與我們一些最大的特許經營權有關。但這些特許經營權繼續推動零售額成長和市場上全額實現的高水準。

And so the bigger impact on the first half are the adjustments that we're taking to manage the health of those franchises starting first with NIKE Digital. And that has a pronounced impact on revenue, which is creating a more meaningful first half impact.

因此，對上半年影響更大的是我們為管理這些特許經營權的健康狀況而採取的調整，首先從 NIKE Digital 開始。這對收入產生了顯著影響，從而對上半年產生了更有意義的影響。

We want to continue to let those franchises in the multi-brand environment continue to have the impact that they're having for our partners. And one of the ways that we maintained the health of those is by reducing what we're offering to consumers through our digital channel.

我們希望繼續讓多品牌環境中的這些特許經營權繼續對我們的合作夥伴產生影響。我們保持這些健康的方法之一是減少透過數位管道向消費者提供的產品。

As it relates to the second half, we highlighted a couple of things, but we are planning for meaningful sequential improvement in the second half versus the first half. And it starts with the confidence that we have around the new products that we're bringing to market, the Peg 41, the Peg Premium, the Vomero 18, the order book for Air Max Dn, plus the next Air Max iteration, that's going to be coming to market, plus our plans to scale the innovation and the newness that we've been discussing.

由於與下半年相關，我們強調了幾件事，但我們計劃在下半年相對於上半年進行有意義的連續改進。首先是我們對即將推向市場的新產品充滿信心，包括 Peg 41、Peg Premium、Vomero 18、Air Max Dn 的訂單以及下一代 Air Max 迭代，這些都將持續下去。我們一直在討論的創新和新穎性。

And so when we look at where we are today and the ways in which we're working to drive this plan through the balance of the fiscal year, our scaling of newness is on track. And our teams are hustling to see whether there's even opportunities to accelerate the scaling of that newness in the second half.

因此，當我們看看我們今天的處境以及我們在本財年的剩餘時間裡努力推動該計劃的方式時，我們的創新規模正在步入正軌。我們的團隊正在努力看看下半年是否有機會加速這種新事物的擴展。

We are confident in the indicators that we're seeing in the marketplace right now. We gave you a couple of specific numbers as it relates to running and running specialty. But what I will tell you is that our initial read of our spring order book is in line with the guidance that we're providing. And so we feel confident that we're creating better balance across our portfolio and also building momentum with our wholesale partners.

我們對目前市場上看到的指標充滿信心。我們為您提供了一些與跑步和跑步專業相關的具體數字。但我要告訴您的是，我們對春季訂單簿的初步了解與我們提供的指導一致。因此，我們有信心在我們的產品組合中創造更好的平衡，並與我們的批發合作夥伴建立勢頭。

Bob Drbul, Guggenheim Securities.

鮑勃‧德布爾，古根漢證券公司。

Hi. Just two questions for me. I guess the first one is, when you look at the visibility of the business, I think, in some of your answers to Lorraine's questions, when you look at the visibility of the business, today with the shifts that are occurring, can you just talk about how you feel looking at that versus what you saw over the last 12 and 24 months, just in terms of your ability to predict?

你好。對我來說只有兩個問題。我想第一個是，當你審視業務的可見性時，我想，在你對洛林問題的一些回答中，當你審視業務的可見性時，今天隨著正在發生的轉變，你能不能談談您對比過去12 個月和24 個月所看到的情況有何感受，僅就您的預測能力而言？

And then I guess the second piece of this is, when you look at the channel shift that is going on wholesale to direct or bricks and mortar and the digital pieces of the business, can you just give us any more framework around how to think about the P&L impacts at a higher level?

然後我想第二個問題是，當你看到正在批發的管道轉變為直接或實體以及業務的數位部分時，你能給我們更多關於如何思考的框架嗎？

Sure. Sure, Bob. Well, as it relates to the visibility with the shifts, I mean, we were surprised at what we saw on these larger franchises as we are navigating through the fourth quarter. And that is what's caused us to revise our guidance.

當然。當然，鮑伯。好吧，因為它與轉變的可見性有關，我的意思是，當我們在第四季度進行導航時，我們對這些較大的特許經營權所看到的情況感到驚訝。這就是我們修改指導方針的原因。

I would say, in general, we've driven incredible growth in our digital business over the last four years, and we've had a lot of confidence in our ability to continue to drive those results against the consumer opportunity that's in the marketplace.

我想說，總的來說，過去四年來，我們的數位業務取得了令人難以置信的成長，並且我們對自己有能力繼續推動市場上的消費者機會推動這些成果充滿信心。

I think most recently, in the context of managing our overall franchises, the dynamic of increasing supply of these franchises in the wholesale marketplace relative to having the supply of them on digital and the relative balance between those things are -- those factors are what drove some of the volatility this quarter.

我認為最近，在管理我們整體特許經營權的背景下，批發市場中這些特許經營權供應的增加相對於數位化供應的動態以及這些因素之間的相對平衡是——這些因素是驅動因素本季的一些波動。

And looking at the trend in retail sales, but also looking at our overall plans for how we manage franchises based on our experience of doing this, we've made the adjustments in this forward-looking guidance, and we've been more aggressive with it on NIKE Digital.

考慮到零售銷售的趨勢，同時也考慮到我們根據我們的經驗來管理特許經營的總體計劃，我們在這份前瞻性指導中做出了調整，並且我們更加積極地它在 NIKE Digital 上。

And so we're continuing to improve with the capabilities that we're building in terms of demand sensing, leveraging data and insights in order to have better predictability of our own business. But I feel really good about the adjustments that we're making at this point in time and the aggressiveness through which we are -- the rest of the way that we continue to manage it.

因此，我們將繼續改進我們在需求感知、利用數據和洞察方面所建立的能力，以便更好地預測我們自己的業務。但我對我們此時所做的調整以及我們所採取的積極性感到非常滿意 - 我們將繼續管理它的其餘部分。

I'd also just say that when I look at the digital business overall, we were already planning for lower launches in Q4 because we had an extraordinary number of launches in the fourth quarter of the prior year. And if I exclude the impact of the biggest franchises on our digital business, the rest of our digital business was healthy, and we were pleased with the growth that it delivered. And so from that end, we feel comfortable in the way that we're looking at this.

我還想說，當我審視整個數位業務時，我們已經計劃在第四季度減少發布數量，因為我們在去年第四季的發布數量非常多。如果我排除最大的特許經營權對我們數位業務的影響，我們其餘的數位業務是健康的，我們對其帶來的成長感到滿意。因此，從這一點來看，我們對看待此事的方式感到滿意。

As far as the channel shift mix going forward, it certainly will have a headwind in fiscal year '25, both in terms of revenue, as I just mentioned in answering a prior question, but also on margin. And these products also have an outweighed impact on margin just given the high levels of full price realization that we've been driving across these franchises.

就未來的通路轉變組合而言，它在 25 財年肯定會遇到阻力，無論是在收入方面（正如我在回答之前的問題時提到的），還是在利潤方面。考慮到我們在這些特許經營權中推動的全價實現水準很高，這些產品對利潤率的影響也很大。

And so we are planning for channel mix to be a headwind in '25. But I'm pleased that we're still able to expand margins 10 basis points to 30 basis points in the year. And that's despite another year of about 15 basis points of foreign exchange headwinds.

因此，我們計劃讓通路組合成為 25 年的阻力。但我很高興我們今年仍能將利潤率擴大 10 個基點至 30 個基點。儘管又一年遭遇了約 15 個基點的外匯逆風。

So we are expanding margins as we look towards fiscal year '25. And we still believe, while channel mix may be less of a driver as we look forward, we have a number of other opportunities to continue to drive more profitable business over the long term. And it starts with a strong brand, and it starts with creating great products that consumers love.

因此，展望 25 財年，我們正在擴大利潤率。我們仍然相信，雖然通路組合可能不再是我們未來的推動因素，但從長遠來看，我們還有許多其他機會繼續推動利潤更高的業務。它始於強大的品牌，始於創造消費者喜愛的優質產品。

And I'd add to that a healthy marketplace where it's channel mix is driven by consumer demand. We said we want to be where the consumer is, whether that's digital or own door or wholesale. And so we're embracing a more balanced approach to growing the whole marketplace. And a couple of nice evidence points of what I think health looks like is, we've mentioned that performance grew double digits in the quarter, it grew double digits in wholesale, and it grew double digits in digital.

我還要補充一個健康的市場，其通路組合是由消費者需求所驅動的。我們說過，我們希望成為消費者所在的地方，無論是數位化的、自營的還是批發的。因此，我們正在採用更平衡的方法來發展整個市場。我認為健康狀況的幾個很好的證據點是，我們提到本季業績成長了兩位數，批發成長了兩位數，數字成長了兩位數。

The first couple of weeks of Peg 41 sold through well in wholesale and it sold well in Nike Direct, both digital and outdoors. And so over time, our channel mix should be driven by consumer being at the consumer at the right time and given shop indication. And so we think it will settle out in a consumer-friendly way.

Peg 41 的前幾週在批發市場上銷售得很好，在 Nike Direct 上（無論是數位版還是戶外版）都賣得很好。因此，隨著時間的推移，我們的管道組合應該由消費者在正確的時間出現在消費者面前並給予商店指示來驅動。因此，我們認為這將以對消費者友好的方式解決。

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Great. Thank you very much. I was wondering if you can talk about the amount of newness that is coming down the pipeline over the next 6 months to 12 months. Has there been another time when NIKE has historically launched this magnitude of newness? And how do you read the second degree of the consumer, or is it going into the wholesale channel first, how do you read the success of that at the end consumer as it goes to the wholesale pipeline? Thank you.

偉大的。非常感謝。我想知道您能否談談未來 6 個月到 12 個月內即將推出的新鮮事物數量。歷史上，耐吉也曾推出過如此新穎的產品嗎？您如何解讀第二級消費者，或者它是否首先進入批發管道，您如何解讀最終消費者在進入批發管道時的成功？謝謝。

Well, as we've said it now for a couple of quarters, we are very excited about this multi-year innovation pipeline and cycle. And it's just -- if you've seen some early examples of it in this past quarter with Dn and Peg 41, and as we are saying, as we move into the end of this second half of this fiscal year, which we talk about is spring '25 and summer '25 of the seasons, the amount and breadth and depth of the innovation is just accelerating significantly. And at our size and scale, we know we need to both innovate broadly and deeply but also provide innovations that can scale.

嗯，正如我們在幾個季度以來所說的那樣，我們對這個多年的創新管道和週期感到非常興奮。如果你在上個季度看到了 Dn 和 Peg 41 的一些早期例子，正如我們所說，當我們進入本財年下半年末時，我們正在談論這一點正值春'25和夏'25的季節，創新的數量、廣度和深度都在大幅加速。以我們的規模和規模，我們知道我們既需要廣泛而深入的創新，又需要提供可擴展的創新。

And so we've set a goal of doubling our -- the growth of our new innovations by the end of '25 versus the beginning of '24. And we're on track to achieve that. And one of the ways, when you ask how do we know that, the wholesale partner feedback on what they see both in the second half of this year and into '26, because we're showing them three-year road maps in many cases, around running around basketball, around lifestyle, the wholesale feedback has been strong. And their order books, as Matt mentioned a minute ago, are reflecting that.

因此，我們設定了一個目標，到 25 年底，新創新的成長量比 24 年初翻倍。我們正在努力實現這一目標。其中一個方法是，當您問我們如何知道這一點時，批發合作夥伴會反饋他們在今年下半年和 26 年所看到的情況，因為我們在許多情況下向他們展示了三年路線圖，圍繞著跑步，圍繞著籃球，圍繞著生活方式，批發回饋一直很強烈。正如馬特一分鐘前提到的，他們的訂單簿反映了這一點。

And so we view our job to be able to deliver season in, season out, strong innovations. Also, the ability to scale those innovations over time, both to delight consumers and also bring us to healthy and sustainable growth. So we feel very good about the track we're on and we think it will accelerate as the year goes on.

因此，我們認為我們的工作能夠逐季提供強大的創新。此外，隨著時間的推移，擴大這些創新的能力，既可以讓消費者滿意，也可以讓我們實現健康、可持續的成長。因此，我們對目前的發展方向感覺非常好，我們認為隨著時間的推移，它會加速發展。

Adrienne, I would just add that one element of newness is also in the lifestyle side of the business. Over the last four years, we have driven double-digit growth and created an extraordinary amount of energy. We've created iterations and dimensions to Air Force 1 to Air Jordan 1 to the Dunk business. And as a result of that, we've created extraordinary consumer demand.

艾德麗安，我想補充一點，新穎的元素也反映在業務的生活方式方面。在過去的四年裡，我們推動了兩位數的成長，並創造了巨大的能量。我們已經為 Air Force 1、Air Jordan 1 和 Dunk 業務創建了迭代和維度。因此，我們創造了非凡的消費者需求。

And so one element of us bringing newness to the market is actually going into NIKE's vaults, what no one else has and being able to create energy the way that we've done over the last four years to be able to move consumers on to a new place. And it's something that we can do, that we have a proven track record of doing.

因此，我們為市場帶來新鮮感的一個因素實際上是進入耐吉的金庫，這是其他人所沒有的，並且能夠像我們在過去四年中所做的那樣創造能量，從而能夠將消費者帶入一個新的領域。這是我們可以做的事情，我們有良好的記錄。

In fiscal year '19, the Dunk represented 0% of NIKE's business. And we'd scaled that dramatically with strong consumer appeal and response over the last three years. And now we're managing that franchise back to continue to ensure that demand in the marketplace is greater than the supply that we're offering. And that is how we're managing these franchises.

在 19 財年，Dunk 佔 NIKE 業務的 0%。在過去的三年裡，我們憑藉著強大的消費者吸引力和反響大幅擴大了這一規模。現在，我們正在重新管理該特許經營權，以繼續確保市場需求大於我們提供的供應。這就是我們管理這些特許經營權的方式。

And so, on the one hand, there's certainly a performance innovation side and what we showed in Paris and what John was highlighting in terms of what's coming, we feel great about, but there's also an element of NIKE taking advantage of its vault of assets and bringing new innovation, new stories, new partnerships to bring new products to market to capture an incredible amount of sneaker demand out in the marketplace.

因此，一方面，當然有性能創新的一面，我們在巴黎展示的內容以及約翰在即將推出的內容方面所強調的內容，我們對此感覺很好，但也有耐吉利用其資產庫的一個因素帶來新的創新、新的故事、新的合作關係，將新產品推向市場，以滿足市場上令人難以置信的運動鞋需求。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good afternoon and thank you for taking our question. I wanted to follow up on Adrienne's question and your comment about the franchise management that you're focused on for FY25, can you contextualize the importance of these larger classic franchises in relation to NIKE's current sales in comparison to historical averages? Do you expect to be remixed to typical franchise penetration rates by the end of the year as you scale these new innovations?

下午好，感謝您提出我們的問題。我想跟進艾德麗安的問題以及您對2025 財年關注的特許經營管理的評論，您能否將這些較大的經典特許經營權與耐克當前銷售額（與歷史平均水平相比）的重要性連結起來？當您擴展這些新創新時，您是否預計到年底會重新達到典型的特許經營滲透率？

And then perhaps a follow-up for Matt, can you provide some additional color on how you're thinking about the gross margin bridge and the tailwinds that you expect from input costs and pricing relative to some of the headwinds that you see? Thank you.

然後也許是馬特的後續行動，您能否提供一些額外的信息，說明您如何看待毛利率橋樑以及您期望從投入成本和定價中相對於您看到的一些不利因素帶來的有利因素？謝謝。

I mean, these franchises are the largest franchises in industry history. And so and they've gotten that way based on consumer demand. And so we certainly started managing these franchises a couple of years ago. And what we were most focused on was the fact that we need to restrict supplies of these franchises into the marketplace, because we didn't -- because we had a gap in innovation in our pipeline, which we've talked about over the last couple of calls.

我的意思是，這些特許經營權是該行業歷史上最大的特許經營權。因此，他們根據消費者的需求採取了這種方式。因此，我們幾年前就開始管理這些特許經營權。我們最關注的是我們需要限制這些特許經營權進入市場的事實，因為我們沒有——因為我們的管道中存在創新缺口，我們在過去討論過這一點幾次通話。

And so the intentionality around managing these franchises is that newness is what's moving the consumer and we wanted to move to more newness. And so the significance of it is the impact that it's going to take in fiscal year '25 on our financial outlook as we're pulling the amount of supply down and creating better balance in our portfolio.

因此，管理這些特許經營權的目的是，新穎性是吸引消費者的因素，我們希望轉向更多新穎性。因此，它的重要性在於它將在 25 財年對我們的財務前景產生影響，因為我們正在減少供應量並在我們的投資組合中創造更好的平衡。

And that -- and when I say that, I don't mean that lightly. I mean better balance between performance and lifestyle, better balance between high price points and lower price points, better balance between wholesale and direct, even within wholesale between sporting goods and athletic specialty or other channels. And so that is where our focus is. And I think the actions that we're taking and the guidance that we've provided is to follow through on those actions.

當我這麼說時，我的意思並不是輕率的。我的意思是性能和生活方式之間更好的平衡，高點和低價點之間更好的平衡，批發和直接之間更好的平衡，甚至在體育用品和運動專業或其他管道之間的批發中也是如此。這就是我們的重點。我認為我們正在採取的行動和我們提供的指導是為了貫徹這些行動。

And I've been at NIKE for over 15 years, and we've gone through these product cycle transitions before. And while this is challenging, and it's going to be challenging over the next couple of quarters, our history has demonstrated that when we take action and we do it aggressively and we get behind the things that are new, and we build marketing and storytelling around it, we move the consumer fairly quickly to a new place. And that's -- and what we're doing here is nothing different than that.

我在 NIKE 工作了 15 年多，我們之前也經歷過這些產品週期的轉變。雖然這具有挑戰性，並且在接下來的幾個季度中也將具有挑戰性，但我們的歷史已經證明，當我們採取行動並積極採取行動時，我們就會支持新事物，並圍繞這些內容進行行銷和講故事透過它，我們可以相當快速地將消費者轉移到一個新的地方。這就是——我們在這裡所做的與此沒有什麼不同。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Hey, guys. Thanks for taking our question here and thanks for all the details with regards to '25. I guess as we look beyond '25, you've given us a work where I hear you've got a lot of work you're going to do here, you'll have classics cleaner, you'll have the channel mix more stable, you'll have the innovation working, can you just help us think about within a historical context in the past?

大家好。感謝您在這裡提出我們的問題，並感謝您提供有關“25”的所有詳細資訊。我想當我們展望 25 年後，你給了我們一部作品，我聽說你要在這裡做很多工作，你會有更乾淨的經典，你會有更多的頻道混合穩定，你會讓創新發揮作用，你能幫助我們在過去的歷史背景下思考嗎？

I think you spoke to a NIKE that could grow high single digits. But I think in the future, wholesale plays more of a role, China maybe doesn't grow what it once did. So a few things like that, that are different than the old world. Maybe you can help us think about what you see as the longer-term opportunity for this business as channels, geos, and franchises come back into alignment?

我認為您與耐吉的談話可能會成長高個位數。但我認為未來批發會發揮更大的作用，中國可能不會像以前那樣成長。諸如此類的一些事情與舊世界有所不同。也許您可以幫助我們思考一下，隨著管道、地理區域和特許經營權重新協調一致，您認為該業務的長期機會是什麼？

And then I guess just at a bigger picture, we can see the lab is back at work bringing out new technologies on the performance side. But maybe walk us through how you can use innovation and performance and how you can create the halo for lifestyle, which is really just more cyclical product. I'm curious what -- how you guys look at the catalog and how you lean on innovation to try to drive the lifestyle stuff back to growth?

然後我想從更大的角度來看，我們可以看到實驗室重新開始在性能方面推出新技術。但也許可以引導我們了解如何利用創新和性能，以及如何為生活方式創造光環，這實際上只是更具週期性的產品。我很好奇你們如何看待目錄以及如何依靠創新來推動生活方式恢復成長？

Well, I might just start, Michael, by saying as we get to more through some of this portfolio adjustment, we still have significant tailwinds in our industry. The fact is sport is growing. The definition of sport is growing, healthy lifestyle is becoming embraced globally. I was in China a couple of weeks ago, it was very striking to focus on healthy lifestyle.

好吧，邁克爾，我首先要說的是，隨著我們透過一些投資組合調整取得更多成果，我們的產業仍然有很大的推動力。事實上，體育運動正在不斷發展。運動的定義不斷加深，健康的生活方式正在全球範圍內被接受。幾週前我在中國，對健康生活方式的關注非常引人注目。

And so I think there's a structural tailwind for the industry. I also think where sport happens, it's one of the derivatives of the post-COVID environment. You don't have to go to the gym or the field. You're working out in your backyard or working out or taking a walk or -- so sports happening in many more places, and that line between sports and lifestyle is blurring with that leisure.

因此，我認為該行業存在結構性順風。我還認為，體育運動發生的地方，它是後新冠環境的衍生品之一。您不必去健身房或運動場。你在後院鍛煉，或者鍛煉，或者散步，或者——所以體育運動在更多的地方發生，而運動和生活方式之間的界限隨著休閒而變得模糊。

And so people want to look have a great style, while they're doing sport, and they want to have sports-inspired style when they're not doing sport. And so we view all those things as tailwinds. And you ask about lifestyle innovation, we want to be sport-based in our lifestyle innovation, both in footwear and apparel. And we think there's a tremendous opportunity to do that across men's, women's and kids and Jordan. Jordan street wear being an example of it.

因此，人們希望在運動時擁有出色的風格，並且在不運動時也希望擁有受運動啟發的風格。因此，我們將所有這些事情視為順風車。如果您問及生活風格創新，我們希望在鞋類和服裝領域的生活風格創新中以運動為基礎。我們認為，在男裝、女裝、童裝以及約旦，都有巨大的機會做到這一點。喬丹街頭服飾就是一個例子。

Yeah, I'll just finish up this question, and then I'll come back to the start, Michael, where you asked. But I would also say that the lines that blur between performance and lifestyle are really as much about how consumers are using products. The one thing that's undoubtable is that the consumer wants more comfort. And you can see that across the marketplace. Our teams are absolutely focused on fit and comfort as we bring these new iterations to market.

是的，我會完成這個問題，然後我會回到開頭，邁克爾，你問的地方。但我還要說，性能和生活方式之間的模糊界限實際上與消費者如何使用產品有關。毫無疑問的一件事是消費者想要更多的舒適度。你可以在整個市場上看到這一點。當我們將這些新產品推向市場時，我們的團隊絕對專注於合身性和舒適度。

And I think that when you look at products like Peg Premium or even the Peg 41 or the Vomero 18, I think you're going to start to see consumers carrying those over into lifestyle because they're new, they're fresh, they've got a particular look.

我認為，當你看到 Peg Premium 甚至 Peg 41 或 Vomero 18 這樣的產品時，你會開始看到消費者將這些產品帶入生活方式，因為它們是新的、新鮮的、它們的有一種特別的樣子。

And so we're balancing the fact that the consumer is voting for performance and innovation and we need to make sure that we've got performance and innovation that they can wear every day in addition to leveraging the vault that, as I said before, leveraging the vault to bring classics back because there will always be a classics business. There will always be an energy business around classic lifestyle products, and we've got a great vault to be able to leverage doing that.

因此，我們正在平衡消費者投票支持性能和創新這一事實，我們需要確保我們擁有他們可以每天佩戴的性能和創新，此外還需要利用金庫，正如我之前所說，利用金庫讓經典回歸，因為經典生意永遠存在。圍繞著經典生活方式產品總是會有一個能源業務，我們有一個巨大的金庫可以利用這一點。

As it relates to your question about the long-term model, I guess, here's what I would say, we're focused on driving unit growth. And I think I said that a couple of quarters ago, and the importance of that point was that it wasn't about one particular channel or the other. It's growing the overall marketplace. And so we're focused on driving unit growth where the consumer is.

由於這與您關於長期模型的問題有關，我想，這就是我要說的，我們專注於推動單位成長。我想我在幾個季度前就說過了，這一點的重要性在於它與某個特定管道無關。它正在擴大整個市場。因此，我們專注於推動消費者所在的單位成長。

And given where we see the dynamics in the marketplace right now, we're also focused on taking back market share. And we see opportunity in the performance dimensions in particular, to come strong with a strong pipeline of innovation, to come back and to take market share. But this product transition is going to take a little bit of time for us to work through.

鑑於我們目前看到的市場動態，我們也致力於奪回市場份額。我們特別看到了績效方面的機會，透過強大的創新管道變得強大，捲土重來並佔領市場份額。但我們需要一些時間來完成這項產品轉型。

And so over the course of the next couple of quarters, we're going to execute the plan that we've laid out here for fiscal '25. And at our Investor Day in November, we will provide an updated outlook on growth and profitability, taking into consideration the marketplace dynamics that we're dealing with across the portfolio, where we are in the product transition and also some of the strategic shifts that we've put into place over the last year.

因此，在接下來的幾個季度中，我們將執行我們在此為 25 財年制定的計劃。在 11 月的投資者日，我們將提供最新的成長和獲利前景展望，同時考慮到我們整個投資組合所面臨的市場動態、我們所處的產品轉型階段以及一些策略轉變。 。

Aneesha Sherman, Bernstein.

阿尼莎謝爾曼，伯恩斯坦。

Thank you. I have a -- start with just a quick follow-up. Matt, you talked about the challenges for the next couple of quarters on product life cycle management. Can you clarify, are you expecting this reset to be done by the end of the fiscal year? So are you expecting to exit FY25 that's a normalized run rate on the top line without the headwind?

謝謝。我有一個——從快速跟進開始。馬特，您談到了未來幾季產品生命週期管理面臨的挑戰。您能否澄清一下，您是否預計重置會在本財年結束前完成？那麼，您是否期望在沒有逆風的情況下退出 25 財年，這是正常化的營收運行率？

And then second, I'm curious about where you are on the organizational reset and shifting of the cost base. How much of that $2 billion cost reallocation do you expect to be done with by the end of the fiscal year? Is it going to be front loaded? Or is it going to be spread after the next couple of years? Thank you.

其次，我很好奇你們在組織重置和成本基礎轉移方面的進展。您預計到本財年結束時將完成這 20 億美元成本重新分配的多少？它會被前置嗎？或者說它會在未來幾年後傳開？謝謝。

Yeah. No problem. So on your first question, the actions that we're taking on NIKE Direct and Digital are more aggressive. And so the adjustments that we're making to our plan, specifically as it relates to our own channels are going to be largely taken into consideration in the first half of this year.

是的。沒問題。關於你的第一個問題，我們對 NIKE Direct 和 Digital 的行動更加激進。因此，我們對計劃所做的調整，特別是與我們自己的管道相關的調整，將在今年上半年得到主要考慮。

We will continue to manage franchises because you can picture a curve that goes up and a curve that comes down. And as the curve comes down, it doesn't happen in a moment. It happens naturally over time as consumers react to supply coming out of the marketplace.

我們將繼續管理特許經營權，因為你可以想像一條上升的曲線和一條下降的曲線。當曲線下降時，這不會在一瞬間發生。隨著時間的推移，當消費者對市場上的供應做出反應時，這種情況自然會發生。

But the actions that we're taking are also causing us to look at the broader marketplace in the second half of the year and ensure that we're reducing supply there as well to maintain a healthy marketplace and also to ensure that we've got capacity in the market to bring newness in.

但我們正在採取的行動也促使我們在下半年著眼於更廣泛的市場，並確保我們也減少那裡的供應，以維持一個健康的市場，並確保我們有市場有能力引入新事物。

So I mentioned that we're planning on scaling newness -- that newness is scaling as we make our way up through the year from minus 10% in the first quarter to down high single-digits in the first half, to finishing the year at down mid-single digits. And the largest driver of that is going to be on the full-year basis, the scaling of newness that we're bringing to market.

所以我提到，我們正計劃擴大新鮮度——隨著我們今年從第一季的負 10% 上升到上半年的高個位數下降，到年底結束時，新鮮度正在擴大。位數。其中最大的推動力將是全年的基礎上，也就是我們向市場推出的新品的規模。

We expect to exit the year with momentum. And that means that we expect the new things that we're bringing to market to begin to outweigh the franchise management that we're navigating through in this year. And as we look forward to '26, we'll continue to manage these franchises in line with consumer demand. But what's going to make it -- what makes that possible is the fact that we've got more new things coming that we're driving energy around that will be more than offsetting the way that we manage those franchises.

我們預計今年將以強勁勢頭結束。這意味著我們預計我們向市場推出的新事物將開始超過我們今年正在經歷的特許經營管理。展望 26 年，我們將繼續根據消費者需求管理這些特許經營權。但真正能夠實現這一目標的是這樣一個事實：我們正在推出更多新事物，我們正在圍繞這些新事物推動能源，這將不僅僅是抵消我們管理這些特許經營權的方式。

And then, Aneesha, on your -- the second question, the way you asked that I want to just distinguish one thing, you mentioned organizational reset. That's behind us. And as I mentioned earlier, we are now completely aligned across the organization around sport, field of play.

然後，阿尼莎，關於你的第二個問題，你問我只想區分一件事的方式，你提到了組織重置。那是在我們身後。正如我之前提到的，我們現在在整個組織中圍繞著體育、比賽領域完全保持一致。

And our teams are focused, they're excited. There's just a tremendous amount of hustle throughout the organization, and you can feel it. And so that's going to continue. So the head count dimension of the save-to-invest is behind us. And now those teams are focused on driving for the consumer innovation and execution.

我們的團隊很專注，他們很興奮。整個組織充滿了忙碌，你可以感覺到。這樣的情況將會持續下去。因此，儲蓄投資的人數維度已成為過去。現在，這些團隊專注於推動消費者創新和執行。

We'll look to other areas to provide ways of savings, non-labor areas, that -- you can describe some of these, but it's -- that's -- the organization is now 100% focused on driving the growth and innovation we've been talking about through our call. And I can again just reassure you that everyone's got energy, hustle, and excitement about the future.

我們將尋求其他領域提供儲蓄方式，非勞動力領域，你可以描述其中的一些，但它是，就是，該組織現在 100% 專注於推動我們的成長和創新。我可以再次向你們保證，每個人都對未來充滿活力、忙碌和興奮。

Yeah. I mean we've been focused, as we've been talking about, about building an operating model that with greater speed and cost productivity as we grow. And so the actions that we've taken over the past year have enabled us the opportunity to make some bold swings in fiscal year '25.

是的。我的意思是，正如我們一直在談論的那樣，我們一直專注於建立一種隨著我們的發展而提高速度和成本生產力的營運模式。因此，我們過去一年採取的行動使我們有機會在 25 財年做出一些大膽的轉變。

We've reallocated $1 billion into consumer-facing activities. That includes teammates that we've invested in and product design, building out the merchandising function to jump points, we have sport focused teams now at global and in the geographies in order to be able to execute this new offense.

我們已重新分配 10 億美元用於面向消費者的活動。這包括我們投資的隊友和產品設計，建立跳躍點的營銷功能，我們現在在全球和地區擁有以體育為重點的團隊，以便能夠執行這種新的進攻。

And we're putting more of our investment dollars in demand creation while we're managing operating overhead tightly. We did that in fiscal year '24. You saw even with the restructuring charge, some significant effort to manage operating overhead so that we could reallocate resources as I've referenced.

我們將更多的投資資金用於創造需求，同時嚴格管理營運費用。我們在 24 財年做到了這一點。您看到，即使有重組費用，我們也付出了一些重大努力來管理營運費用，以便我們可以像我提到的那樣重新分配資源。

And while these investments will take some time to drive a return, they're absolutely the right thing for us to do to reignite brand momentum and to get us back on the offense with consumers. And so that's what we've done, and we will continue to manage SG&A tightly, leveraging this program and this initiative to create the capacity for us to be -- to invest, to push us forward with the consumer.

雖然這些投資需要一些時間才能帶來回報，但對我們來說，它們絕對是正確的事情，可以重新點燃品牌動力，讓我們重新贏得消費者的青睞。這就是我們所做的，我們將繼續嚴格管理 SG&A，利用該計劃和這項舉措為我們創造能力——投資，推動我們與消費者一起前進。

As we wrap up, Paul, just one -- maybe just one final comment. This is -- and this is intended for NIKE's team around the world. We -- this has been a challenging last year and so much hard work, and energy has gone into it. And I want to just thank everybody on NIKE's team globally for what -- how you've led through this and how you've operated through this.

保羅，在我們結束時，我只想說一句——也許只是最後一句評論。這是——而且是為世界各地的耐吉團隊準備的。我們——去年是充滿挑戰的一年，為此付出了很多努力和精力。我只想感謝耐吉全球團隊中的每個人，感謝你們如何領導度過這一切，以及你們如何度過這一切。

It's so clear to me, and I'm saying this on behalf of Matt and Heidi and Craig and our whole leadership team. NIKE's real competitive advantage at the end of the day is NIKE's people and NIKE's culture. And so those people and that culture is alive and well and ready to compete and hungry to drive the execution and growth we've been talking about all calls. So I just want to wrap up with thanks to everyone on NIKE's global team.

這對我來說非常清楚，我代表馬特、海蒂、克雷格以及我們整個領導團隊這麼說。歸根究底，耐吉真正的競爭優勢是耐吉的員工和耐吉的文化。因此，這些人和這種文化仍然充滿活力，並且準備好競爭，並渴望推動我們一直在談論的所有呼籲的執行和成長。最後，我想對耐吉全球團隊的每個人表示感謝。

Thank you for joining our fourth-quarter fiscal 2024 call. We look forward to hosting many of you here at the headquarters for our Investor Day in late November. More details to come. This concludes our call. Good evening.

感謝您參加我們的 2024 財年第四季電話會議。我們期待在 11 月底在總部接待你們中的許多人參加我們的投資者日。更多細節即將到來。我們的通話到此結束。晚安.

Thank you all for joining today's call. You may now disconnect.

感謝大家參加今天的電話會議。您現在可以斷開連線。