Nike Inc (NKE) 2025 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE Inc's fiscal 2025 first quarter conference call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, Vice President of Corporate Finance and Treasurer.

大家下午好。歡迎參加耐吉公司 2025 財年第一季電話會議。對於想要參考今天的新聞稿的人，您可以在 Investors.nike.com 上找到它。今天的電話會議由公司財務副總裁兼財務主管 Paul Trussel 主持。

Now, I would like to turn the call over to Paul Trussell.

現在，我想將電話轉給保羅·特魯塞爾。

Thank you, operator. Hello, everyone and thank you for joining us today to discuss NIKE Inc's fiscal 2025 first quarter results. 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 material. These risks and uncertainties are detailed in NIKE's reports filed with the SEC.

謝謝你，接線生。大家好，感謝您今天加入我們討論耐吉公司 2025 財年第一季的業績。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，可能導致實際結果與實際結果存在重大差異。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 reconciliations.

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 衡量標準和定量調節表。

All growth comparisons on the call today are presented on a year-over-year basis and are currency neutral unless otherwise noted. Joining us on today's call is one speaker, NIKE Inc's Executive Vice President and Chief Financial Officer, Matt Friend. We will start with prepared remarks and then open up for questions.

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。參加今天電話會議的發言者是耐吉公司執行副總裁兼財務長馬特‧弗蘭德 (Matt Friend)。我們將從準備好的發言開始，然後開始提問。

Today's call will be abbreviated as compared to past earnings calls. In order to allow as many of you to ask questions as possible in our allotted time, we would appreciate you limiting yourself to one question.

與過去的財報電話會議相比，今天的電話會議將會縮短。為了讓盡可能多的人在我們規定的時間內提出問題，我們希望您將自己限制在一個問題上。

I'll now turn the call over to Matt.

我現在將電話轉給馬特。

Thanks, Paul, and hello to everyone on the call. Before we get into a review of the first quarter, let me acknowledge that we are reporting our results in a transitional moment as John retires as President and CEO and Elliott Hill joins us as our new president and CEO on October 14.

謝謝保羅，並向通話中的每個人問好。在我們回顧第一季之前，請允許我承認，我們正在一個過渡時期報告我們的業績，約翰將擔任總裁兼首席執行官，埃利奧特·希爾將於10 月14 日加入我們，擔任新任總裁兼執行長。

First, we deeply appreciate John's contributions to NIKE. He has served on our board, led our company through a global pandemic and meaningful supply chain disruption, accelerated our digital transformation and initiated new NIKE community investments around the world. We thank him for all he has done to move NIKE forward.

首先，我們深深感謝約翰對耐吉的貢獻。他曾在我們的董事會任職，帶領我們公司度過了全球大流行和有意義的供應鏈中斷，加速了我們的數位轉型，並在世界各地啟動了新的耐吉社區投資。我們感謝他為推動耐吉前進所做的一切。

As we look ahead, we're excited to welcome Elliott back to NIKE. Elliott is a beloved NIKE veteran who brings a powerful connection to our employees and culture, a deep love for our brands and a passion for sport. Over his 32 years with the company, he built a proven track record of leading our global teams, brands and businesses with significant expertise in delivering growth by bringing product and storytelling with impact into an integrated marketplace.

展望未來，我們很高興歡迎艾利歐特重返耐吉。艾略特 (Elliott) 是一位深受喜愛的耐吉資深人士，他為我們的員工和文化帶來了強大的聯繫、對我們品牌的熱愛以及對運動的熱情。在為公司工作的32 年裡，他在領導我們的全球團隊、品牌和業務方面取得了良好的業績記錄，在通過將具有影響力的產品和故事帶入一體化市場來實現增長方面擁有豐富的專業知識。

Our board believes that Elliott is the right leader to drive NIKE's next stage of growth. Having had the opportunity to work closely with Elliott for many years, he leads with a passion that inspires the best from the team. Our employee's response to this announcement has been tremendous.

我們的董事會相信艾利奧特是推動耐吉下一階段成長的正確領導者。多年來他有機會與 Elliott 密切合作，他的領導熱情激發了團隊的最佳表現。我們的員工對此公告的反應非常熱烈。

You can feel the energy and the enthusiasm walking around campus and we've heard nothing but excitement from our teammates around the world, including our alumni network, as well as our partners. We all look forward to working with Elliott as he leads NIKE's next chapter.

走在校園裡，你可以感受到活力和熱情，我們從世界各地的隊友那裡聽到的只有興奮，包括我們的校友網絡以及我們的合作夥伴。我們都期待與艾利奧特合作，帶領耐吉開啟新篇章。

Given our CEO transition and with three quarters left in the fiscal year, we are withdrawing our full year guidance. We intend to provide quarterly guidance for the balance of the fiscal year. This provides Elliott with the flexibility to reconnect with our employees and teams, evaluate the current strategies and business trends and develop our plans to best position the business for fiscal '26 and beyond. To that end, we have also decided to postpone our investor day.

鑑於我們的執行長換屆以及本財年還剩三個季度，我們將撤回全年指引。我們打算為本財年的剩餘時間提供季度指引。這使 Elliott 能夠靈活地與我們的員工和團隊重新建立聯繫、評估當前策略和業務趨勢並製定計劃，以便在 26 財年及以後為業務提供最佳定位。為此，我們也決定延後投資者日。

Now, let me turn the discussion towards our current business. NIKE's first quarter results largely met our expectations set last quarter. We are moving aggressively to shift our product portfolio, create better balance in our business and reenergize brand momentum through sport.

現在，讓我把討論轉向我們目前的業務。耐吉第一季業績基本上符合我們上季設定的預期。我們正在積極改變我們的產品組合，在我們的業務中創造更好的平衡，並透過運動重新激發品牌動力。

That said, a comeback at this scale takes time and while there are some early wins, we have yet to turn the corner. Today, I want to provide a deeper insight into the trends we saw in our first quarter. Then I will speak to the portfolio shifts that we're driving and the implications for our near-term performance.

也就是說，如此規模的捲土重來需要時間，雖然早期取得了一些勝利，但我們尚未扭轉局面。今天，我想更深入地了解我們在第一季看到的趨勢。然後我將談談我們正在推動的投資組合轉變以及對我們近期業績的影響。

I will also touch on some of those early wins including indicators to track our progress. And last, I will review our financial performance and Q2 outlook.

我還將談到一些早期的成果，包括追蹤我們進展的指標。最後，我將回顧我們的財務表現和第二季前景。

Let's start with a deeper look into the first quarter. While Q1 revenue was largely in line with our plan 90 days ago. We delivered lower unit sales than we expected, partially offset by a higher ASP. Traffic declines across NIKE Direct were more significant than we anticipated. We saw particular softness in traffic on NIKE Digital as well as in our partnered stores in greater China.

讓我們先深入了解第一季。而第一季的營收基本上符合我們 90 天前的計畫。我們的銷售量低於預期，但被較高的平均售價部分抵銷。 NIKE Direct 的流量下降幅度比我們預期的還要嚴重。我們發現 NIKE Digital 以及我們在大中華區的合作商店的流量特別疲軟。

As a result, retail sales underperformed our plan including our wholesale partners with slightly elevating marketplace inventories requiring higher levels of promotional activity in Q1 to drive conversion. This included the back-to-school period as our results underperformed the market.

因此，零售銷售未達到我們的計劃，包括我們的批發合作夥伴，其市場庫存略有增加，需要在第一季進行更高水準的促銷活動以推動轉換。這包括返校期間，因為我們的業績表現遜於市場。

We saw store traffic improved in August and growth in factory stores in Q1, but the overall period fell short of our expectations. However, Q1 showed that we took an important step forward as we shift our portfolio to create better balance in our business.

我們看到 8 月商店客流量有所改善，第一季工廠店有所成長，但整體情況未達到我們的預期。然而，第一季表明，我們在轉變投資組合以在業務中創造更好的平衡方面向前邁出了重要的一步。

We have been intentionally reducing the proportion of our business driven by our classic footwear franchises, Air Force 1, Air Jordan 1 and Dunk. And as expected NIKE revenue in Q1 from these franchises decelerated, declining more than the total business as we tighten marketplace supply.

我們一直在有意減少經典鞋履系列 Air Force 1、Air Jordan 1 和 Dunk 驅動的業務比例。正如預期的那樣，隨著我們收緊市場供應，耐吉第一季來自這些特許經營權的收入減速，下降幅度超過了總業務。

We expect this trend to continue tempering our reported revenue over the coming seasons. Our timelines differ across each franchise, each geography and each channel. Overall, we have taken the most aggressive actions in NIKE Direct and especially digital.

我們預計這一趨勢將在未來幾季繼續影響我們報告的收入。我們的時間表因每個特許經營權、每個地區和每個管道而異。總體而言，我們在 NIKE Direct 尤其是數位領域採取了最積極的行動。

In Q1, these franchises were down nearly 50% versus the prior year on NIKE Digital. While we saw much better sales trends in wholesale. So we are actively rebalancing product allocations through our highest traffic channel in order to maximize franchise health and full price realization.

第一季度，NIKE Digital 上的這些特許經營權與前一年相比下降了近 50%。雖然我們看到批發銷售趨勢要好得多。因此，我們正在透過最高流量的管道積極重新平衡產品分配，以最大限度地提高特許經營健康度和全價實現。

In the near-term, this will have implications for certain dimensions of our business. Our men's and women's lifestyle business was planned down double-digits in Q1 and we expect these declines to continue through the year.

在短期內，這將對我們業務的某些方面產生影響。我們的男士和女士生活方式業務計劃在第一季下降兩位數，我們預計這種下降趨勢將持續到今年。

The Jordan brand was planned down double-digits this quarter and we expect Jordan to be down at the same rate for fiscal '25. And we expect NIKE Digital to decline double-digits in fiscal '25 versus the prior year. All taken together, these trends drove a mid-single-digit headwind on Q1 revenue.

Jordan 品牌計畫本季實現兩位數的降價，我們預期 Jordan 25 財年的降價幅度也將相同。我們預計 NIKE Digital 在 25 財年將比前一年下降兩位數。總而言之，這些趨勢為第一季的收入帶來了中個位數的逆風。

As we look ahead, we are working to position new products in the path of the consumer, create scale for new ideas and drive more balanced marketplace growth. Partner feedback on our future product pipeline has been very positive. I had the chance to meet with many of them at our partner summit in Paris during the summer Olympics and directly hear their response to the products and stories that we have coming in our second half.

展望未來，我們正在努力將新產品定位在消費者的道路上，為新創意創造規模並推動更平衡的市場成長。合作夥伴對我們未來產品線的回饋非常正面。在夏季奧運會期間，我有機會在巴黎合作夥伴峰會上與他們中的許多人會面，並直接聽到他們對我們下半年推出的產品和故事的反應。

We also gave them a sneak peek to what is coming in fall '25, deepening confidence in our accelerated pace of innovation to build a more compelling future product pipeline. Progress with partners will be accelerated through new brand momentum and new energy with consumers.

我們也讓他們先睹為快，了解了 25 年秋季即將推出的產品，加深了我們對加快創新步伐以打造更具吸引力的未來產品線的信心。透過新的品牌動力和與消費者的新能量，將加速與合作夥伴的進步。

But the multi brand environment is very competitive today, and it will take time to expand market share. This was reflected in our spring '25 order books which came in roughly flat versus the prior year, a little lighter than we had planned. Our teams are now hustling to close out the upcoming summer season, closely engaging our partners as we finalize bookings.

但如今多品牌環境競爭非常激烈，擴大市佔率需要時間。這反映在我們 25 年春季的訂單簿中，訂單簿與去年基本持平，比我們計劃的要少一些。我們的團隊現在正忙著結束即將到來的夏季，在完成預訂時與我們的合作夥伴密切合作。

Now let's turn to some of the early wins that we are seeing especially as our teams get back on the offense in sport with consumers. This quarter, we saw growth in multiple sport dimensions, an indicator that we are gaining traction.

現在讓我們來看看我們所看到的一些早期勝利，特別是當我們的團隊在與消費者的運動中重新發動攻擊時。本季度，我們看到了多個運動維度的成長，這表明我們正在獲得吸引力。

This was led by men's fitness, men's global football and men's and women's running footwear. In addition, two of our largest performance franchises, Mercurial and Global Football and the GT Series in basketball delivered double-digit growth across all channels.

其中以男子健身、男子全球足球、男女跑鞋領銜。此外，我們最大的兩個性能專營權 Mercurial 和 Global Football 以及籃球 GT 系列在所有頻道上都實現了兩位數的成長。

We are especially encouraged by the momentum building in our running offence. This has been one of our toughest fights over the past few years and it is one of our biggest opportunities. Our team's focused here first in driving our comeback and more recently, men's and women's running footwear delivered positive growth in Q1, a meaningful improvement versus the prior quarter.

我們對跑動進攻的勢頭感到特別鼓舞。這是我們過去幾年來最艱難的戰鬥之一，也是我們最大的機會之一。我們團隊首先關注的是推動我們的復甦，最近，男士和女士跑鞋在第一季實現了正增長，與上一季相比有了顯著的改善。

The order book looking forward is strong with spring '25 footwear units set to grow double-digits versus the prior year. In North America, we were up double digits this quarter with running specialty partners and our holiday and spring order books will build on that strength.

預計 25 年春季鞋類訂單量將比去年增長兩位數，預計訂單量將強勁。在北美，本季我們與營運專業合作夥伴的業務成長了兩位數，我們的假期和春季訂單量將在此基礎上再接再厲。

We also just launched a new campaign, one of our biggest running brand investments in years which will carry into fall and holiday. So far, consumer engagement has been very strong. Meanwhile, our ground game activations are creating energy and running communities around the world.

我們也剛推出了一項新活動，這是我們多年來最大的跑步品牌投資之一，將持續到秋季和假期。到目前為止，消費者的參與度非常高。同時，我們的地面遊戲活動正在世界各地創造能量並運行社區。

In addition, our Pegasus 41 launch showed the impact that we create when we launch new ideas at scale, delivering [mid-teens] growth above last year's Pegasus model. And this is just the start. As we scale the franchise through multiple dimensions, Peg Trail, Peg Plus and coming in spring Peg Premium which introduces visible full length NIKE Air with more energy return than ever.

此外，我們的 Pegasus 41 的發布展示了我們在大規模推出新想法時所產生的影響，實現了比去年 Pegasus 模型更高的 [中位數] 增長。而這只是開始。隨著我們透過多個維度擴展特許經營權，Peg Trail、Peg Plus 以及春季推出的 Peg Premium 引入了可見的全長 NIKE Air，具有比以往更多的能量回報。

Most importantly, we are most optimistic regarding the full product pipeline and running across footwear and apparel that we will bring over the coming seasons. This includes a new maximum cushioning system in an iconic line, blending comfort and style for our softest, smoothest ride yet, a premium model that combines high stack ZoomX foam and Zoom Air for a new sensation that's had test runners raving, a refreshed line up of performance running apparel including new women's lead designs.

最重要的是，我們對未來幾季將推出的完整產品線以及鞋類和服裝的運作持最樂觀的態度。其中包括標誌性系列中全新的最大緩衝系統，融合了舒適性和風格，為我們提供迄今為止最柔軟、最平穩的騎行體驗；高級型號，結合了高疊層ZoomX 泡沫和Zoom Air，帶來了讓測試跑者讚歎不已的新感覺；全新的系列高性能跑步服裝，包括新的女性主導設計。

The latest NIKE Trail models updated for even better traction and durability and new franchises below $100 that scale innovation to more accessible price points. Looking more broadly across our product portfolio, particularly in footwear, we see clear indications of progress in accelerating newness and innovation.

最新的 NIKE Trail 型號經過更新，具有更好的牽引力和耐用性，而 100 美元以下的新特許經營產品將創新擴展到更容易接受的價格點。更廣泛地審視我們的產品組合，特別是鞋類產品，我們看到了在加速新穎性和創新方面取得進展的明顯跡象。

Q1 revenue from new footwear products was up strong double digits versus the prior year. This includes multiple franchises that have scaled quickly based on unit growth over the past 12 months. For example, in performance footwear, Sabrina has grown roughly 5 times, Kobe has nearly quadrupled and Alphafly has almost tripled.

第一季新鞋類產品的營收比去年同期成長了兩位數。這包括在過去 12 個月內根據單位增長迅速擴大規模的多個特許經營店。例如，在高性能鞋類領域，Sabrina 成長了大約 5 倍，Kobe 成長了近四倍，Alphafly 成長了近三倍。

Meanwhile, in lifestyle, what we call our look of running business led by Vomero 5, V2K and P-6000 has grown more than 4 times over the past year. Well, this is not yet large enough to offset the declines elsewhere in our portfolio, we are gaining ground.

同時，在生活方式方面，我們所說的以Vomero 5、V2K和P-6000為主導的跑步業務在過去一年中成長了4倍多。好吧，這還不足以抵消我們投資組合中其他地方的下降，我們正在取得進展。

As we look to the spring season, contribution from newness and innovation will take a significant step forward with growth and footwear units of mid to high single-digits versus the prior year. And over the coming seasons, we expect to see sequential gains in the percentage of newness and innovation as a mix of our total footwear business.

當我們展望春季時，新鮮感和創新的貢獻將向前邁出重要一步，與前一年相比，鞋類銷售將達到中高個位數。在接下來的幾個季度中，我們預計鞋類業務整體的新穎性和創新性所佔的比例將持續成長。

As we move forward, we are continuing to invest to grow while staying disciplined on costs. For our teams, this means tightly managing operating overhead and reallocating resources to maximize consumer impact and growth. You saw that this summer with our Paris Olympics campaign winning isn't for everyone.

隨著我們的前進，我們將繼續投資以實現成長，同時保持成本控制。對於我們的團隊來說，這意味著嚴格管理營運費用並重新分配資源，以最大限度地提高對消費者的影響和成長。你看，今年夏天我們在巴黎奧運會上獲勝並不適合所有人。

We led with the voice of the athlete on sports biggest stage backed by one of our biggest brand investments in years. As NIKE athletes dominated the metal count. NIKE owned over 60% of total share of voice during the games, resonating especially deeply with our athletes and Gen Z consumers.

在我們多年來最大的品牌投資之一的支持下，我們在體育最大的舞台上以運動員的聲音為主導。由於耐吉運動員在金屬數量上佔據主導地位。耐吉在比賽期間擁有超過 60% 的總話語權，與我們的運動員和 Z 世代消費者產生了特別深刻的共鳴。

Most importantly, this summer was just the start with the investment lined up behind a steady cadence of bigger, bolder brand storytelling to come. In addition, we are investing with our partners to elevate and differentiate our brand and retail.

最重要的是，今年夏天只是一個開始，投資將在更大、更大膽的品牌故事背後穩步推進。此外，我們也與合作夥伴一起投資，以提升我們的品牌和零售並使其脫穎而出。

For example, last year, we partnered with DICK'S Sporting Goods to introduce an elevated women's fitness concept, which is generating impressive year-over-year comparisons in pilot doors. We also teamed up with Foot Locker to introduce a new concept, HomeCourt in their doors with a shared vision to deliver a fresh new multi brand basketball experience.

例如，去年，我們與 DICK'S Sporting Goods 合作推出了提升女性健身概念的產品，在飛行員門中產生了令人印象深刻的逐年比較。我們也與 Foot Locker 合作推出了一個新概念：HomeCourt in 他們的家，我們的共同願景是提供全新的多品牌籃球體驗。

By bringing the best of NIKE, we create sport inspired distinction for consumers and deliver attractive returns for both NIKE and our partners. Together, we shape the kind of retail environments that drive competitive separation and segment the marketplace for growth, enabling us to serve consumers through strong assortments with full expression across each dimension of our portfolio.

透過提供耐吉的最佳產品，我們為消費者創造了以運動為靈感的獨特之處，並為耐吉和我們的合作夥伴帶來了有吸引力的回報。我們共同塑造了一種零售環境，推動競爭分離並細分市場以實現成長，使我們能夠透過在我們產品組合的每個維度上充分錶達的強大品種來服務消費者。

All told, we expect that the return to strong growth will take time, but we believe that we have all the right building blocks, especially with Elliott now leading us forward.

總而言之，我們預計恢復強勁成長需要時間，但我們相信我們擁有所有正確的基石，特別是在艾利奧特現在帶領我們前進的情況下。

Now let me turn to our first quarter financial results in Q1. NIKE Inc revenue declined 10% on a reported basis and 9% on a currency neutral basis. NIKE Direct was down 12% with NIKE stores up 1% and NIKE Digital is down 20%, wholesale was down 7%.

現在讓我談談我們第一季的財務表現。耐吉公司 (NIKE Inc) 的收入按報告計算下降 10%，以貨幣中性計算下降 9%。 NIKE Direct 下降 12%，NIKE 商店上升 1%，NIKE Digital 下降 20%，批發下降 7%。

Gross margins expanded 120 basis points to 45.4% on a reported basis, primarily due to lower NIKE brand product costs, lower warehousing and logistics costs and benefits from strategic pricing actions in the prior year.

根據報告，毛利率增加了 120 個基點，達到 45.4%，這主要是由於耐吉品牌產品成本下降、倉儲和物流成本下降以及上一年策略定價行動帶來的好處。

SG&A declined 2% on a reported basis with accelerated investment in demand creation more than offset by a reduction in overhead expenses, primarily driven by wage related savings. Our effective tax rate was 19.6% compared to 12% for the same period. Last year, diluted earnings per share was $0.70.

據報告，SG&A 下降了 2%，需求創造投資的加速被主要由薪資相關儲蓄推動的管理費用減少所抵消。我們的有效稅率為 19.6%，而同期為 12%。去年，稀釋後每股收益為 0.70 美元。

Next, let me turn to our operating segments. Given similar themes across many of our geographies, I will keep my comments here briefer than usual. In North America, Q1 revenue was down 11%. NIKE Direct declined 11% with NIKE Digital down 15% and NIKE stores down 1%.

接下來，讓我談談我們的營運部門。鑑於我們許多地區都有類似的主題，我將在這裡比平常更簡短地發表評論。在北美，第一季營收下降了 11%。 NIKE Direct 下降 11%，NIKE Digital 下降 15%，NIKE store 下降 1%。

Wholesale declined 11%, reflecting unfavorable shipping timing. EBIT declined 15% on a reported basis with gross margin expansion offset by higher investment in demand creation. This quarter's highlights included brand activations around a full summer of hoops. We engage players and fans with our New York versus New York series. Our WNBA All Star celebration, [Jordan grassroots basketball] in Chicago and LA and our Mamba League invitational.

批發量下降 11%，反映出運輸時機不利。據報告，息稅前利潤下降了 15%，毛利率的成長被需求創造投資的增加所抵消。本季度的亮點包括圍繞整個夏天的籃球活動進行的品牌活動。我們透過紐約對紐約系列賽吸引球員和球迷。我們的 WNBA 全明星慶祝活動、在芝加哥和洛杉磯舉行的[喬丹草根籃球] 以及我們的曼巴聯賽邀請賽。

In EMEA, Q1 revenue is down 12%. NIKE Direct declined 12% with NIKE Digital down 24% and NIKE stores up 3%. Wholesale declined 11%. EBIT declined 15% on a reported basis. This summer in Paris, both NIKE and Jordan were unmissable with our Olympics campaign just about everywhere you could look, on billboards, big screens, on the side of buildings and most importantly across all of our retail touch points.

在 EMEA，第一季營收下降 12%。 NIKE Direct 下降 12%，NIKE Digital 下降 24%，NIKE store 成長 3%。批發下降 11%。據報道，息稅前利潤下降了 15%。今年夏天，在巴黎，耐吉和喬丹的奧運宣傳活動幾乎無所不在，廣告看板、大螢幕、建築物側面，最重要的是我們所有的零售接觸點，都是不容錯過的。

In addition, Jordan introduced its new campaign with a six-week District 23 takeover in the city, a global one on one basketball tournament and the brand's first ever Twitch live stream which drove over 10 million views, the biggest ever activation for any brand on the platform.

此外，Jordan 還推出了新的行銷活動，包括在該市進行為期六週的第23 區接管活動、全球一對一籃球錦標賽以及該品牌有史以來首次Twitch 直播，觀看次數超過1000 萬次，這是有史以來品牌在該網站上最大的一次活動。

In APLA, Q1 revenue was down 2%. NIKE Direct declined 4% with NIKE Digital down 15% and NIKE stores up [9%]. Wholesale declined 1%. EBIT declined 3% on a reported basis. This quarter, we celebrated the opening of our new NIKE and Jordan World of Flight in Mexico City, our largest retail space in Latin America and first dual brand shopping experience.

APLA 第一季營收下降 2%。 NIKE Direct 下跌 4%，NIKE Digital 下跌 15%，NIKE store 上漲 [9%]。批發下降1%。據報道，息稅前利潤下降了 3%。本季度，我們慶祝了在墨西哥城開設的全新 NIKE 和 Jordan World of Flight 店的開業，這是我們在拉丁美洲最大的零售空間，也是首個雙品牌購物體驗。

Q1 traffic and sales for this concept far exceeded our plan with consumers seeking out exclusive products, member only experiences and our latest women's and Jordan assortments. For Greater China, let me go a little deeper into this quarter's performance.

這個概念的第一季流量和銷售額遠遠超出了我們的計劃，消費者尋求獨家產品、會員專屬體驗以及我們最新的女裝和喬丹系列。對於大中華區，讓我更深入了解本季的表現。

Q1 revenue was down 3%. NIKE Direct declined 16% with NIKE Digital down 34% and NIKE stores down 4%. Wholesale grew 10%. EBIT declined 4% on a reported basis. This summer retail sales moderated across the industry and NIKE was not immune as traffic decelerated in our channels with lower sell through rates.

第一季營收下降 3%。 NIKE Direct 下降 16%，NIKE Digital 下降 34%，NIKE store 下降 4%。批發增長10%。據報道，息稅前利潤下降了 4%。今年夏季，整個產業的零售銷售放緩，耐吉也未能倖免，因為我們的通路流量減少，銷售率較低。

This has resulted in elevated inventory in the marketplace in an already promotional environment. That being said, NIKE continues to be the number one sports brand in China. And we continue to create brand distinction when we bring our best stories and products to local consumers.

這導致在促銷環境下市場庫存增加。儘管如此，耐吉仍然是中國第一的運動品牌。當我們將最好的故事和產品帶給當地消費者時，我們將繼續創造品牌特色。

Over the summer, we drove incredible social buzz with storytelling around NIKE athlete, Zheng Qinwen, who took home gold as China's first Olympic tennis champion. Jordan's first athlete tour in China since the pandemic was also a big success as Luca, Tatum, Paulo and Zion connected with young fans in Shanghai and Beijing.

整個夏天，我們透過講述耐吉運動員鄭勤文的故事，引起了難以置信的社會熱議，鄭勤文是中國第一位奧運網球冠軍，奪得了金牌。喬丹自疫情以來的首次運動員中國之旅也取得了巨大成功，盧卡、塔圖姆、保羅和錫安與上海和北京的年輕球迷建立了聯繫。

Top innovation and sport performance continues to resonate. This quarter standouts included Peg 41, Alphafly and Sabrina 2. In addition, consumer response to our latest pro release proved that Kobe remains one of the most beloved athletes in China. While our outlook for the near term has moderated, we remain optimistic about the long-term opportunities for sport and for NIKE in China.

頂尖創新與運動表現持續產生共鳴。本季的佼佼者包括 Peg 41、Alphafly 和 Sabrina 2。儘管我們對近期前景的看法有所緩和，但我們對體育運動和耐吉在中國的長期機會仍然持樂觀態度。

Now, let me provide specific guidance for the second quarter. We expect Q2 revenues to be down in the 8% to 10% range. We expect Q2 gross margins to be down approximately 150 basis points with higher promotions, channel mix headwinds and supply chain deleverage more than offsetting lower product costs and a decreasing benefit from strategic pricing actions.

現在，讓我為第二季度提供具體指導。我們預計第二季營收將下降 8% 至 10%。我們預計第二季毛利率將下降約 150 個基點，促銷活動增加、通路組合逆風和供應鏈去槓桿化足以抵消產品成本下降和策略定價行動帶來的收益下降。

We expect SG&A to be roughly flat versus the prior year with increased demand creation investment largely offset by tighter operating overhead. We expect other income and expense including that interest income to be $30 million to $40 million, reflecting lower interest rates and we expect our effective tax rate to be in the high-teens range.

我們預計 SG&A 與上年基本持平，需求創造投資的增加在很大程度上被營運管理費用收緊所抵消。我們預計包括利息收入在內的其他收入和支出將為 3000 萬至 4000 萬美元，反映出較低的利率，我們預計我們的有效稅率將在高雙位數範圍內。

Although, we will not be providing full year guidance for the remainder of this fiscal year, we do want to provide additional color to help you understand our latest read of NIKE's business trajectory as we see it today prior to our leadership transition.

儘管我們不會為本財年剩餘時間提供全年指引，但我們確實希望提供額外的信息，以幫助您了解我們今天在領導層換屆之前所看到的耐克業務軌蹟的最新解讀。

Looking forward, our revenue expectations have moderated since the start of the year. Given traffic trends on NIKE Digital, retail sales trends across the marketplace and final order books for spring. Franchise management actions will continue throughout the year, and we expect a similar impact in scale to what we experienced in Q1.

展望未來，我們的收入預期自年初以來有所放緩。鑑於 NIKE Digital 的流量趨勢、整個市場的零售銷售趨勢以及春季的最終訂單。特許經營管理行動將持續一整年，我們預計其影響規模將與第一季類似。

However, we continue to see indications of slight second half improvement in revenue trends versus our first half as we plan to introduce and scale newness and innovation across the marketplace. We now expect gross margins to decline versus the prior year due to incremental headwinds based on the previously mentioned factors. We intend to remain disciplined on cost, especially operating overhead while we invest the fuel brand momentum.

然而，我們繼續看到下半年收入趨勢與上半年相比略有改善的跡象，因為我們計劃在整個市場上引入和擴大新穎性和創新性。我們現在預計，由於上述因素帶來的不利因素，毛利率將較上年下降。我們打算在投資燃料品牌動能的同時，繼續控製成本，尤其是營運費用。

Before I wrap, I'd like to finish with this. Throughout our history, NIKE has always faced pressure. NIKE was born through adversity. Every obstacle, every setback was an opportunity to learn, to adjust and to improve.

在結束之前，我想先結束這一切。縱觀我們的歷史，耐吉始終面臨壓力。耐吉是在逆境中誕生的。每一個障礙、每一次挫折都是學習、調適、改進的機會。

This is the foundational mindset at NIKE inspired by athletes and competition and today is no different. Adversity creates sharper focus leading to innovation and new growth. We will continue to address the challenges head on and we look forward to doing so with Elliott's leadership.

這是耐吉受運動員和競爭啟發的基本理念，今天也不例外。逆境創造更清晰的焦點，從而帶來創新和新的成長。我們將繼續直面挑戰，並期待在艾利歐特的領導下做到這一點。

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

接下來，讓我們開始提問。

(Operator Instructions)

（操作員說明）

Bob Drbul.

鮑勃·德布爾.

Hey, Matt. Good afternoon.

嘿，馬特。午安.

Hey, Bob.

嘿，鮑伯。

I was just wondering if on the inventory situation, I think you talked about specifically China being elevated. Can you sort of break down some more regional, your perspective on where we are with inventories regionally with some of the -- I don't know if I'd use the word dislocation with some of the classics, North America specifically?

我只是想知道關於庫存情況，我認為您具體談到了中國的庫存狀況是否有所提高。您能否分解一些更多的區域性問題，您對我們在區域性庫存方面的看法 - 我不知道我是否會在一些經典作品中使用“錯位”這個詞，特別是北美？

Sure, Bob. I'd start by saying that as we look at the performance of our business over the last couple of seasons, retail sales have underperformed plan. And that's a statement about the overall portfolio. It doesn't specifically relate to just the classics.

當然，鮑伯。我首先要說的是，當我們審視過去幾季的業務表現時，零售銷售的表現低於計畫。這是關於整體投資組合的聲明。它不僅僅與經典相關。

While we saw growth in retail sales in North America and China in Q1, we are seeing slightly elevated inventory as a result of the retail sales plans falling behind. And so, as we've looked at our outlook for the remainder of the year and the commentary around trends moderating, we've taken into consideration a more muted point of view on retail sales trends and also the gross margin implications of needing to not only be more promotional to work through some of this elevated inventory but also acknowledging the fact that the outlook for the balance of the year is going to require us to be more promotional as we're scaling new ideas and concepts while working through the rest of the product portfolio.

雖然我們看到第一季北美和中國的零售額有所增長，但由於零售銷售計劃落後，庫存略有上升。因此，當我們審視今年剩餘時間的前景以及有關趨勢放緩的評論時，我們考慮了對零售銷售趨勢的更為溫和的觀點，以及不需要不這樣做對毛利率的影響。力度來解決部分庫存增加的問題，但也要承認這一事實，即今年剩餘時間的前景將要求我們加大促銷力度，因為我們在處理剩餘時間的同時正在推廣新的想法和概念。

Alex Stratton, Morgan Stanley.

亞歷克斯‧斯特拉頓，摩根士丹利。

Perfect. Thanks a lot. Matt, I just wanted to drill down on this kind of unit disappointment in the quarter. Have you guys identified what exactly like the biggest challenges or, I guess, problem areas are that you didn't expect a few months ago?

完美的。多謝。馬特，我只是想深入研究本季這種令人失望的單位。你們是否已經確定了最大的挑戰是什麼，或者我猜，問題領域是你們幾個月前沒有預料到的？

And then just zooming out, as you look forward, have you guys identified the key metrics that you're monitoring just to gauge comeback progress throughout the year?

然後，當你們展望未來時，你們是否已經確定了你們正在監控的關鍵指標，以衡量全年的回歸進度？

Yeah, Alex. I mean, overall, when we look at the business in its total, we are encouraged by the performance that we've seen on the new products that we brought to market. And I mentioned, we delivered double-digit growth in our new products. And it continues to give us encouraging signs as we see the team's focus on sport and performance and the way that those products are landing in the marketplace and the growth that we're driving.

是的，亞歷克斯。我的意思是，總的來說，當我們審視整個業務時，我們對推向市場的新產品的表現感到鼓舞。我提到，我們的新產品實現了兩位數的成長。當我們看到團隊對運動和性能的關注以及這些產品登陸市場的方式以及我們正在推動的成長時，它繼續為我們帶來令人鼓舞的跡象。

As it relates to our performance in the quarter and the unit misses, I would start by saying that in Greater China, we did see performance in the quarter underperform our plan. And so, that was one factor that impacted our unit decline. What I would say more broadly than that is just general macro across the different geographies. We just saw more softness for another season.

由於這與我們本季的業績和部門的失誤有關，我首先要說的是，在大中華區，我們確實看到本季的表現低於我們的計畫。因此，這是影響我們單位數量下降的因素之一。我想說的更廣泛的只是不同地區的一般宏觀情況。我們剛剛看到另一個季節更加柔軟。

And so, our teams are on it. They are focused on moving through these slightly elevated inventories. They're not in a place that cause us significant concern at this point in time, but they do require us to be proactive and to take action. And that's what we're focused on doing while we bring newness and innovation at a greater scale with greater impact in the second half of this year.

因此，我們的團隊正在努力。他們專注於處理這些略有增加的庫存。目前，它們並未引起我們的嚴重關注，但它們確實要求我們採取積極主動並採取行動。這就是我們在今年下半年更大規模地帶來新意和創新、產生更大影響時專注於做的事情。

On Digital, we did see -- we were down 20% in the quarter in digital. And that was largely driven by the three classic franchises being down nearly 50% versus the prior year. And the sales trends for those franchises in our -- in the wholesale channel was substantially better. And so, that also had an impact on our Q1 results.

在數字方面，我們確實看到——本季數位業務下降了 20%。這主要是由於三部經典系列的銷量較前一年下降了近 50%。我們的批發管道中這些特許經營店的銷售趨勢要好得多。因此，這也對我們第一季的業績產生了影響。

But as I said, we planned for the declines on those big three franchises, and we're continuing to manage the inventory of those franchises carefully, beginning with NIKE Digital so that we can put the product where the traffic is, and we can drive high full price realization on that product in the right channels in the marketplace in order to continue to manage the long-term health of those franchises.

但正如我所說，我們計劃應對三大特許經營權的下降，並且我們將繼續仔細管理這些特許經營權的庫存，從NIKE Digital 開始，以便我們可以將產品放在流量所在的地方，並且我們可以推動在市場上的正確管道中對該產品實現高全價，以便繼續管理這些特許經營權的長期健康發展。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hey, guys, thanks for all the help here. Matt, I guess just one thing in the near term. You said that the spring order books actualized a little lower than you were expecting. But you did mention some elements of the second-half revenue outlook that are maybe a few bright spots versus what you thought 90 days ago. Could you just help me reconcile those two comments, I guess?

嘿，夥計們，謝謝你們在這裡的所有幫助。馬特，我想近期只會發生一件事。您說春季訂單實際情況比您的預期要低一些。但您確實提到了下半年收入前景的一些因素，與您 90 天前的想法相比，這些因素可能是一些亮點。我想你能幫我協調這兩個評論嗎？

And then thinking a little bit more long term, I think the plan previously was sort of direct-to-consumer to rise in mix and pull the margins of the company up as the margins in the DTC segment rise above wholesale after some pretty heavy investing you guys did to stage the DTC business for scale. Are those investments in place and do they become leverageable over time? Or are there elements of the -- in the DTC business that need to keep growing as you do look ahead to getting back to growth of that business?

然後從更長遠的角度考慮，我認為之前的計劃是一種直接面向消費者的計劃，目的是增加產品組合併提高公司的利潤率，因為在進行了一些相當大的投資之後，DTC 領域的利潤率上升到批發水平之上。這些投資是否到位？或者，當您確實希望恢復該業務的成長時，DTC 業務中是否有一些要素需要保持成長？

Sure, Michael. Well, starting with the spring order books, what I mentioned is that our order books came in on -- with our partners at flat versus the prior year. And it was a little light relative to what we expected. What we're seeing in there that we're encouraged by, very excited by is the fact that we're seeing newness and innovation scaling in the second half.

當然，邁克爾。好吧，從春季訂單開始，我提到的是我們的訂單與去年持平，我們的合作夥伴。相對於我們的預期，它有點輕。我們所看到的令我們感到鼓舞和興奮的是，我們在下半年看到了新事物和創新的擴展。

And so, I mentioned that footwear units related to newness and innovation, and we define that as products that have been introduced. They're either new or have been introduced within the last eight seasons, are growing mid- to high single digits in the second half and, in particular, in that spring season.

因此，我提到鞋類產品與新穎性和創新有關，我們將其定義為已推出的產品。它們要么是新的，要么是在過去八個賽季中引入的，在下半年，特別是在春季，增長幅度為中高個位數。

Underneath that, where we look with the most optimism and where we've been focused first is Running. I talked about the momentum that is building in Running. And this is where our team started focusing first more than a year ago. This quarter, men's and women's Running footwear was up and it was the first time we've got positive growth in several quarters.

在這之下，我們最樂觀、最先專注的就是跑步。我談到了跑步運動中正在形成的勢頭。這是我們團隊一年多前首先開始關注的地方。本季度，男士和女士跑步鞋均有所增長，這是我們幾個季度以來首次實現正增長。

When we look at the order book for spring footwear, men's and women's Running footwear is growing double digits. Our North America Running specialty partners were up double digits in Q1, and the order books for holiday and for spring are giving us indications that we're going to sustain that momentum.

當我們查看春季鞋類的訂單時，男士和女士跑步鞋的訂單量呈現兩位數增長。我們的北美跑步專業合作夥伴在第一季實現了兩位數成長，假期和春季的訂單表明我們將維持這一勢頭。

And when you look at the way we're investing behind the brand, the ground game that we're operating, if you visited any Running events around the world, I recently ran a half marathon and saw NIKE quite present, but I know they were -- we were very present over the Berlin Marathon and multiple activations around the world.

當你看看我們在品牌背後的投資方式，我們正在運營的地面遊戲，如果你參觀了世界各地的任何跑步活動，我最近跑了一個半程馬拉松，看到耐吉在場，但我知道他們我們非常活躍地參與了柏林馬拉松賽以及世界各地的多項活動。

We're focused on being present with runners in their communities in order to truly land the impact of our product portfolio. And then I talked about the pipeline of what's coming. And we're really excited about a number of things that are coming in our product pipeline, including new cushioning innovation, new premium models that are blending foams and Zoom Air for a new Running sensation.

我們專注於與社群中的跑步者互動，以真正發揮我們產品組合的影響力。然後我談到了即將發生的事情。我們對產品線中即將推出的許多產品感到非常興奮，包括新的緩衝創新、混合泡棉和 Zoom Air 的新高級型號，帶來新的跑步感。

We've completely refreshed the lineup of our performance Running apparel, which has always been a strength for NIKE, and so we're excited about the product that we're bringing there. The Trail models that we've got are continuing to perform well in the marketplace. And we're excited about the growth that we see in the running segment around Trail.

我們徹底更新了高性能跑步服裝的陣容，這一直是耐吉的優勢，因此我們對我們帶來的產品感到興奮。我們擁有的 Trail 型號在市場上繼續表現良好。我們對 Trail 跑步領域的成長感到興奮。

And then lastly, we've talked about the core opportunity, which we define as below $100. And our teams have been focused leveraging our speed lane to be able to get product to market faster at below $100. And this represents several billion dollars' worth of revenue that we walked away from over the last couple of years. And our partners are very excited about the new product that's coming in this dimension.

最後，我們討論了核心機會，我們將其定義為低於 100 美元。我們的團隊一直致力於利用我們的快速通道，以低於 100 美元的價格更快地將產品推向市場。這意味著我們在過去幾年中失去了價值數十億美元的收入。我們的合作夥伴對這個維度的新產品感到非常興奮。

So, Running and core are the two areas where we're most optimistic that we see momentum building from an innovation and a newness perspective.

因此，跑步和核心是我們最樂觀的兩個領域，我們從創新和新穎的角度看到了勢頭的增強。

As far as your question about DTC and the investments that we've made in DTC, we continue to see opportunities to more profitably run our direct business. We talked about the investments that we were making against expectations for further growth, and we were largely meeting the demand that the consumer was driving toward those channels.

至於您關於 DTC 以及我們在 DTC 中進行的投資的問題，我們繼續看到經營我們的直接業務更有利可圖的機會。我們討論了我們針對進一步成長的預期而進行的投資，我們在很大程度上滿足了消費者對這些管道的需求。

We continue to see opportunities to drive efficiencies in the profitability of our direct business. And that includes a higher mix of full-price product in our direct channels but also leveraging supply chain capabilities against the capacity that we've, in effect, built to serve our DTC business.

我們繼續看到提高直接業務獲利效率的機會。這包括在我們的直接管道中提供更多的全價產品組合，而且還利用供應鏈能力來對抗我們實際上為服務 DTC 業務而建立的能力。

As we've talked about for the last couple of quarters, our focus is on driving growth across the entire marketplace, balanced growth across the entire marketplace. And that is where our teams have been focused, and that's where you'll continue to see us trying to drive growth and improve profitability across both dimensions of the marketplace.

正如我們在過去幾個季度所討論的，我們的重點是推動整個市場的成長，整個市場的平衡成長。這就是我們團隊一直關注的領域，也是您將繼續看到我們努力推動市場兩個維度的成長和提高獲利能力的領域。

Simeon Siegel, BMO.

西蒙·西格爾，BMO。

Thanks. Hey, good afternoon, guys. Matt, thank you for all this. Any color you'd be willing to provide or just order of magnitude on how large each of the core franchises that you are resetting are at this point and just maybe where you'd like to take them?

謝謝。嘿，下午好，夥計們。馬特，謝謝你所做的一切。您願意提供任何顏色，或者只是您正在重置的每個核心特許經營權的數量級，以及您想將它們帶到哪裡？

And then just revenues were down double digits, but the gross margin still grew nicely this quarter. So, any context on the margins of those franchises that are being reset versus the rest of the product? Thank you.

然後只是收入下降了兩位數，但本季毛利率仍然增長良好。那麼，那些正在重置的特許經營權與產品的其他部分相比，有什麼背景嗎？謝謝。

Well, Simeon, what we've been talking about for a couple of quarters is trying to create better balance in our business. And over the last couple of years, one of the things that we've talked about but especially this last year, is that we've -- our portfolio has gotten too concentrated, particularly against these classic -- the classic dimensions. Our teams have tried to bring new dimension to these classics. And as a result of that, we've created an incredibly large amount of consumer demand.

好吧，西蒙，我們幾個季度以來一直在談論的是努力在我們的業務中創造更好的平衡。在過去的幾年裡，我們談論的一件事，特別是去年，是我們的投資組合變得過於集中，特別是針對這些經典的經典維度。我們的團隊試圖為這些經典作品帶來新的維度。因此，我們創造了令人難以置信的大量消費者需求。

But at the same time, the portfolio was largely too concentrated against these styles. Classics footwear is an important dimension of our overall portfolio. Internally at NIKE, we refer to these products as icons. They're incredibly culturally relevant and they will continue to be an important part of our portfolio overall.

但同時，該投資組合在很大程度上過於集中於這些風格。經典鞋履是我們整體產品組合的重要組成部分。在耐吉內部，我們將這些產品稱為圖示。它們與文化有著令人難以置信的相關性，並將繼續成為我們整體產品組合的重要組成部分。

But this quarter, in particular, we took a big step forward in the reduction of these products, causing them to decline more than the typical overall business so that we could start to shift the portfolio back in order. And we're going to continue to take those steps over the coming quarters.

但特別是在本季度，我們在減少這些產品方面向前邁出了一大步，導致它們的下降幅度超過了典型的整體業務，以便我們可以開始調整投資組合。我們將在未來幾季繼續採取這些步驟。

And what I can tell you is that the continued actions results in us expecting to see a headwind similar to what we experienced in the first quarter. In other words, a mid-single-digit headwind on revenue for the balance of this year as a result of more proactively managing these franchises back into a proper place within the overall portfolio.

我可以告訴你的是，持續的行動導致我們預期會遇到類似第一季經歷的逆風。換句話說，由於更積極主動地管理這些特許經營權，使其在整體投資組合中處於適當位置，今年剩餘時間的收入將出現中位數的逆風。

They are long-tenured products. They do drive attractive margins for the company, especially when we sell them through digital. And so, part of the pressure on margins and the additional color that we provided on the balance of the year is that by driving the dimensionality more particularly in the NIKE direct channels and particularly in the digital channels, it does create a transitory headwind on margin as we rightsize the portfolio largely focused on the digital side or the direct side of the business.

它們是長期產品。它們確實為公司帶來了可觀的利潤，尤其是當我們透過數位方式銷售它們時。因此，利潤率的部分壓力以及我們在今年剩餘時間中提供的額外色彩是，透過推動維度，特別是在耐吉直接管道，特別是在數位管道中，它確實在利潤率方面造成了短暫的逆風因為我們調整了投資組合，主要集中在數位方面或業務的直接方面。

But looking forward, like I said, these products will continue to remain an important part of the portfolio. We just are focused on trying to accelerate newness and innovation in order to create more momentum with consumers and more energy with consumers.

但展望未來，正如我所說，這些產品將繼續成為產品組合的重要組成部分。我們只是專注於努力加速新鮮感和創新，以便為消費者創造更多動力和更多能量。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

Thank you. Good afternoon. How would you characterize the receptivity of your wholesale partners to get behind some of the new launches? And how are your partners feeling about the level of inventory in the wholesale channel now and for the spring season?

謝謝。午安.您如何評估您的批發合作夥伴對支援某些新產品發布的接受程度？您的合作夥伴對現在和春季批發通路的庫存水準有何看法？

Yeah. It's a great question, Lorraine. We've been working -- our teams have been closely engaging with our partners since we acknowledged some of the missteps related to over-centering on direct. And I think the momentum that we're building with our partners is very encouraging.

是的。這是一個很好的問題，洛林。自從我們承認一些與過度集中於直接相關的失誤以來，我們一直在努力——我們的團隊一直與我們的合作夥伴密切合作。我認為我們與合作夥伴建立的勢頭非常令人鼓舞。

I referenced specifically the interactions that we had that I was personally a part of in Paris during the Summer Olympics. But our geography teams, Tom Petty, our partners are leaning in, in order to be able to reignite growth and momentum for NIKE on the wholesale side.

我特別提到了夏季奧運期間我個人在巴黎參與的互動。但我們的地理團隊、湯姆佩蒂（Tom Petty）和我們的合作夥伴正在全力以赴，以便能夠重新點燃耐吉在批發方面的成長和動力。

And I wouldn't drive past the fact that what's most important in wholesale is we've got to have a breadth of distribution segmented to create and demonstrate the full dimension of the NIKE portfolio across men's, women's, and kids, across sport dimensions, and the Jordan brand. And one of the ways that we do that is we invest with our partners to elevate and differentiate our brand at retail.

我不會忽視這樣一個事實：批發中最重要的是我們必須擁有廣泛的細分分銷，以創建和展示耐吉產品組合的完整維度，涵蓋男裝、女裝、兒童、運動領域，和喬丹品牌。我們實現這一目標的方法之一是與合作夥伴一起投資，以提升我們的零售品牌並使其脫穎而出。

That isn't a new playbook for NIKE but it's one that enables us to play to our strengths. And we've got a couple of proof points that we're already working on with partners on the sporting goods side. We're excited about the women's pad and concept, the women's fitness concept that we've been testing with DICK'S in their House of Sport.

這對耐吉來說並不是一本新的策略，但它使我們能夠發揮我們的優勢。我們已經與體育用品方面的合作夥伴合作，並獲得了一些證據。我們對女性護墊和概念感到興奮，我們一直在 DICK'S 的 House of Sport 中測試女性健身概念。

It's set to be ready to pilot, given the returns that it's driving for both us and for DICK'S. We're excited about bringing new energy to basketball with Foot Locker and you remember the House and Hoops concept, coming forward now with this new HomeCourt concept.

考慮到它為我們和 DICK'S 帶來的回報，它已準備好進行試點。我們很高興能夠透過 Foot Locker 為籃球帶來新的活力，您還記得 House and Hoops 的概念，現在帶著這個新的 HomeCourt 概念向前邁進。

And to be honest with you, maybe I'll take an opportunity to tie this a little bit back to Elliott because this is a similar approach that we took when we ignited growth in North America back in 2010. When we say things like we need to sharpen our focus on sport, it doesn't just mean that we need to sell more performance products. What it means is that we have to create deeper connections with consumers through sport.

說實話，也許我會藉此機會將這一點與埃利奧特聯繫起來，因為這與我們在 2010 年推動北美增長時所採取的方法類似。的關注，這不僅意味著我們需要銷售更多高性能產品。這意味著我們必須透過體育與消費者建立更深層的連結。

And that's where our relationship starts. And when we create deep connections with consumers through sport, that enables us to extend into sportswear and lifestyle. And one of the things that we did in North America back in 2010 when our business was stagnating from a growth perspective, and Elliott was a new general manager at that time, was we reprofiled the marketplace around sport to ignite growth in the marketplace. And the net result of that was double-digit growth over the next four years and really set the foundation for NIKE to grow throughout the decades of 2010.

這就是我們關係的開始。當我們透過運動與消費者建立深厚的聯繫時，這使我們能夠擴展到運動服裝和生活方式。 2010 年，我們在北美所做的一件事是，當時我們的業務從增長的角度來看停滯不前，埃利奧特當時是新任總經理，我們圍繞體育重新定位了市場，以激發市場的增長。最終的結果是在接下來的四年裡實現了兩位數的成長，並真正為耐吉在 2010 年幾十年的成長奠定了基礎。

And so, that is where our focus and our attention has been. Digital is still and direct is still an important part of our overall marketplace strategy. Having direct connections with consumers is strategically important. But our consumers want to connect directly with NIKE, whether it's in our own channel or with a partner.

因此，這就是我們的焦點和注意力所在。數位化和直接化仍然是我們整體市場策略的重要組成部分。與消費者建立直接聯繫具有重要的策略意義。但我們的消費者希望直接與耐吉建立聯繫，無論是透過我們自己的管道還是透過合作夥伴。

And so, we're going to continue to focus to elevate and to raise the marketplace and bring the best of NIKE to the market.

因此，我們將繼續專注於提升和拓展市場，並將耐吉最好的產品帶入市場。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hey, thanks, guys. You mentioned Running up double digits in North America, and your Running specialty partners. Can you talk about how far that business has fallen from peak to trough? How much do you think you have to regain in that channel within North America?

嘿，謝謝，夥計們。您提到了北美地區跑步業務的兩位數成長，以及您的跑步專業合作夥伴。能談談該業務從高峰跌落到低谷的程度嗎？您認為您必須在北美的該通路中重新獲得多少收益？

And also, the second quarter gross margin decline that you mentioned, can you just dimensionalize that by region, where your bigger pressure points are? Is it across the board? Where are the larger declines versus smaller declines? Thanks.

另外，您提到的第二季毛利率下降，您能否以地區來衡量，您更大的壓力點在哪裡？是全面的嗎？較大的跌幅與較小的跌幅在哪裡？謝謝。

Well, on your first question, Paul, what I would say is that we've acknowledged that we've lost market share in the Running specialty channel. More than four years ago, we pulled back on our engagement with that channel. And as a result of that, we saw market share losses.

好吧，關於你的第一個問題，保羅，我想說的是，我們已經承認我們已經失去了跑步專業頻道的市場份額。四年前，我們取消了與該頻道的合作。結果，我們看到了市場份額的損失。

But what I would also say is that the importance of investing and connecting in the Running specialty channel extends way beyond the business impact of driving revenue there. It's about the community of Running. It's about connecting directly with runners. And while we've seen tremendous success at the top of the pyramid with innovation with marathons and on the track, we haven't made as much progress with everyday runners. And that's where our team's focus and attention has been over the last year.

但我還要說的是，投資和連結跑步專業管道的重要性遠遠超出了推動收入的業務影響。這是關於跑步社群的。這是關於直接與跑步者聯繫。雖然我們在馬拉松和賽道上的創新在金字塔頂端看到了巨大的成功，但我們在日常跑者方面還沒有那麼大的進步。這就是我們團隊去年的重點和關注。

And what I can tell you is that some of the statistics that I highlighted are there as indicators for us and for you to see the momentum that's building for us in that dimension of the business. And it is incredibly important to NIKE. NIKE's a Running company. NIKE is a Running brand, and it's incredibly important for NIKE to win with runners.

我可以告訴你的是，我強調的一些統計數據可以作為我們的指標，也可以讓你看到我們在這個業務領域正在建立的勢頭。這對耐吉來說非常重要。耐吉是一家跑步公司。耐吉是個跑步品牌，贏得跑者的青睞對耐吉來說非常重要。

And so, our commitment to reinvesting in those channels with those partners on the ground every day is how we're going to change the trajectory of this business. And the proof points and the indicators that I provided are our early signals of confidence that this momentum is building. And then the pipeline of product that we've got coming behind it, we're incredibly excited about.

因此，我們承諾每天與當地合作夥伴一起對這些管道進行再投資，這就是我們將如何改變這項業務的軌跡。我提供的證據和指標是我們對這種勢頭正在形成的信心的早期信號。然後我們對其背後的產品線感到非常興奮。

And you'll see it extend from Running specialty into sporting goods. You'll see some of these innovations cross the line into lifestyle based on the ways that we bring the product to market. And so, we're deeply encouraged by that momentum that's coming in Running.

您會看到它從跑步專業延伸到體育用品。根據我們將產品推向市場的方式，您將看到其中一些創新跨越界限進入生活方式。因此，我們對《跑步》中出現的勢頭深感鼓舞。

As it relates to the second quarter margin question, I guess what I would tell you is this. There are a number of puts and takes between Q1 and Q2 on margin. And the higher promotions that we referenced, some of the channel mix headwinds, the supply chain deleverage as well as the actions to manage the marketplace, they're largely across the portfolio.

由於它涉及第二季的利潤率問題，我想我要告訴你的是這個。 Q1 和 Q2 之間存在大量保證金看跌期權和賣出期權。我們提到的更高的促銷活動、一些通路組合的逆風、供應鏈去槓桿化以及管理市場的行動，它們很大程度上涉及整個投資組合。

There's not -- it's -- I wouldn't point out one particular geography more so than the other in terms of where a particular challenge lies. We are seeing a lessening benefit from product costs in Q2 and from strategic pricing actions in the prior year, which we still saw in Q1 of this year. And so, that's also playing an impact on the year-over-year comparisons.

就特定挑戰所在而言，我不會比其他地區更指出一個特定的地理位置。我們看到第二季的產品成本和前一年的策略定價行動帶來的好處正在減少，今年第一季我們仍然看到了這一點。因此，這也對同比比較產生了影響。

And then I guess what I would also highlight is we're watching the East Coast port strike really closely. We haven't baked anything in for a timeline on the East Coast port strike, but that's a possibility of a risk related to what we're talking about right now.

然後我想我還要強調的是我們正在密切關注東海岸港口罷工。我們還沒有確定東海岸港口罷工的時間表，但這可能存在與我們現在正在討論的風險相關的風險。

We have time for one more question.

我們還有時間再問一個問題。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good afternoon, and thank you for taking our question. I was hoping we could dig in a little bit more on the China business, and what you're seeing between the read on the macro and what's specific to NIKE? How should we be thinking about your inventory levels by channel in China? And what types of engagement are you seeing on some of your franchise product versus your new innovation with the Chinese consumer today? Thank you.

下午好，感謝您提出我們的問題。我希望我們能更深入地了解中國業務，以及您在宏觀解讀和耐吉具體情況之間看到了什麼？我們該如何考慮你們在中國各通路的庫存水準？與當今的中國消費者相比，您的一些特許經營產品與您的新創新有何類型的互動？謝謝。

Well, as I mentioned in my prepared remarks, our traffic was soft across all channels in the quarter. And when we look at the performance in our business, we look at our industry and we look across industry, from what we can see, NIKE is not immune to the challenges with the consumer in Greater China today.

嗯，正如我在準備好的發言中提到的，本季我們所有管道的流量都很疲軟。當我們審視我們的業務表現、我們的行業以及整個行業時，我們可以看到，耐吉也未能倖免於當今大中華區消費者的挑戰。

The marketplace has been promotional, and we've actually been seeing improvements in full-price realization over the past few seasons as we've managed our inventory very, very carefully. But this quarter, we did -- we were more aggressive in promotional activity, given the traffic trends and given what we were more broadly seeing across the industry.

市場一直在促銷，而且我們實際上已經看到過去幾季全價實現的改善，因為我們非常非常仔細地管理我們的庫存。但本季度，我們做到了——考慮到流量趨勢以及我們在整個行業中更廣泛地看到的情況，我們在促銷活動方面更加積極。

I think that you can probably most notably see where we're focused on inventory on the wholesale side, where our revenue was up 10% in Q1. This was partly impacted by shipping timing, but retail sales grew in the quarter, but they didn't grow at that rate. And so, we're focused on proactively managing forward-looking order books with our partners but also margin assistance in order to move through excess inventory so that we can ensure that we stay healthy and that our partners are getting behind the newness and the innovation that's coming in the second half of the year.

我認為您可能最明顯地看到我們專注於批發方面的庫存，第一季我們的收入成長了 10%。這在一定程度上受到了發貨時間的影響，但零售額在本季度有所增長，但並未以這一速度增長。因此，我們專注於與合作夥伴一起主動管理前瞻性訂單，同時也提供保證金援助，以消除過剩庫存，從而確保我們保持健康，並確保我們的合作夥伴支持新鮮事物和創新這將在今年下半年實現。

In the first quarter, our top innovations for performance stories actually resonated quite well. Peg 41, Pegasus 41 performed really strongly. Alphafly 3 and Running is growing in China. Sabrina 2, KD resonated with consumers, and I mentioned Kobe. Kobe's a beloved athlete in China, and it was one of the biggest opportunities we saw to bring Kobe back into the product family, and we're incredibly excited about the energy that's building in China for Kobe.

在第一季度，我們針對績效故事的頂級創新實際上引起了很好的共鳴。 Peg 41、Pegasus 41 表現非常強勁。 Alphafly 3 和 Running 在中國不斷發展。 Sabrina 2、KD引起了消費者的共鳴，我提到了Kobe。科比是中國深受喜愛的運動員，這是我們看到的將科比帶回產品家族的最大機會之一，我們對科比在中國建立的能量感到非常興奮。

And so, we believe that when we create distinction in the marketplace, whether it's against our global competitors or local competitors when we bring our best stories and our best products to the marketplace. And I think we continue to see that. As it relates to the largest -- the classics franchises, there was definitely strong demand for the classic franchises in China.

因此，我們相信，當我們在市場上創造差異時，無論是與我們的全球競爭對手還是當地競爭對手相比，當我們將最好的故事和最好的產品推向市場時。我認為我們會繼續看到這一點。由於涉及最大的經典系列，中國對經典系列的需求肯定很強勁。

Jordan is a big business in Greater China, and we're watching and managing that business carefully. But our focus and attention is really on performance and innovation. And you heard me say before that innovation has the highest mix of business in China relative to some of our other geographies.

喬丹是大中華區的一家大企業，我們正在仔細觀察和管理這項業務。但我們的重點和注意力實際上是在性能和​​創新上。你之前聽我說過，相對於我們其他一些地區，創新在中國擁有最高的業務組合。

Now, as we look long term, even though we've moderated our near-term expectations for China for the remainder of this year, sport is a growth industry in China. Sport participation is on the rise, and we believe that we're optimistic about the long-term possibilities for NIKE in Greater China.

現在，從長遠來看，儘管我們降低了對中國今年剩餘時間的近期預期，但體育在中國是一個成長產業。運動參與度不斷上升，我們相信我們對耐吉在大中華區的長期前景持樂觀態度。

We're going to keep playing our strengths around innovation and newness. We think that the investments that we have in the marketplace from a retail point of view and the way that we present our products to consumers through our partner stores gives us an opportunity to present our brand in a way that we can't do anywhere else in the world.

我們將繼續發揮我們在創新和新穎方面的優勢。我們認為，從零售的角度來看，我們在市場上的投資以及我們透過合作夥伴商店向消費者展示產品的方式使我們有機會以其他地方無法做到的方式展示我們的品牌在世界上。

And we're focused on capabilities that we've been building, specifically China for China, around product, around our Digital platforms and supply chain in order to be able to continue to serve the local consumer at the speed that that marketplace is moving. So, we're optimistic about the long-term opportunity for NIKE in China and the long-term opportunity for sport in China.

我們專注於我們一直在圍繞產品、數位平台和供應鏈構建的能力，特別是為中國打造的能力，以便能夠繼續以市場發展的速度為當地消費者提供服務。因此，我們對耐吉在中國的長期機會以及體育在中國的長期機會持樂觀態度。

And ladies and gentlemen, that does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。