Nike Inc (NKE) 2025 Q2 法說會逐字稿

Good afternoon, everyone.

大家下午好。

Welcome to NIKE, Inc.'s fiscal 2025 second-quarter conference call.

歡迎參加 NIKE, Inc. 的 2025 財年第二季電話會議。

For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, VP of Corporate Finance and Treasurer.

對於想要參考今天的新聞稿的人，您可以在 Investors.nike.com 上找到它。今天的電話會議由企業財務副總裁兼財務主管 Paul Trussel 主持。

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

現在我想把電話轉給保羅·特魯塞爾先生。

Please go ahead, sir.

請繼續，先生。

Thank you, operator.

謝謝你，接線生。

Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2025 second-quarter results.

大家好，感謝您今天加入我們討論 NIKE, Inc. 2025 財年第二季業績。

Joining us on today's call will be NIKE, Inc.'s President and CEO, Elliott Hill; and our CFO, Matt Friend.

耐吉公司總裁兼執行長埃利奧特希爾 (Elliott Hill) 將參加今天的電話會議。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.

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。

These risks and uncertainties are detailed in NIKE's reports filed with the SEC.

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.

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。

Please refer to NIKE's earnings press release or NIKE's website, investors.nike.com, for comparable GAAP measures and quantitative reconciliations.

請參閱耐吉的收益新聞稿或耐吉的網站 Investors.nike.com，以了解可比較的 GAAP 衡量標準和定量調整表。

All growth comparisons on the call today are presented on a year-over-year basis and are currency-neutral unless otherwise noted.

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.

我們將從準備好的發言開始，然後開始提問。

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 question to one.

我們希望讓盡可能多的人在我們分配的時間內提出問題，因此我們希望您將第一個問題限制為一個。

Thanks for your cooperation on this.

感謝您對此的合作。

I'll now turn the call over to NIKE, Inc. President and CEO, Elliott Hill.

我現在將電話轉給耐吉公司總裁兼執行長艾利歐特希爾 (Elliott Hill)。

Thank you, Paul.

謝謝你，保羅。

Hello, everyone, and happy holidays.

大家好，祝大家節日快樂。

In my first call, I want to start by saying how energized I am to be back at NIKE, working alongside my teammates.

在我的第一次電話會議中，我首先想說的是，回到耐吉並與我的隊友一起工作，我感到多麼充滿活力。

I look forward to the journey that lies ahead for all of us.

我期待著我們所有人即將踏上的旅程。

When I retired in 2020 after 32 years, I continue to stay in touch with many of my teammates and cheered them on from the sidelines.

當我在 32 年後於 2020 年退休時，我仍然與許多隊友保持聯繫，並在場邊為他們加油。

Why?

為什麼？

Because I have an irrational love for this company.

因為我對這個公司有一種非理性的熱愛。

I know NIKE inside and out, take pride in what the brand stands for, and want to see the company succeed.

我對耐吉瞭如指掌，對這個品牌所代表的意義感到自豪，並希望看到該公司取得成功。

And in a moment where our team, brand, and business are being challenged, my singular focus is to help get us back on track to get back to winning.

在我們的團隊、品牌和業務都面臨挑戰的時刻，我唯一的關注點就是幫助我們重回正軌，重新贏得勝利。

Today, I'm going to share what I've seen and heard in my first two months.

今天就來分享我這兩個月的所見所聞。

I will then outline some of the immediate moves we're making to reposition the business.

然後我將概述我們為重新定位業務而立即採取的一些舉措。

I'll tell you this.

我會告訴你這一點。

We, the entire NIKE team, feels the sense of urgency here.

我們整個耐吉團隊都感受到了緊迫感。

My full leadership team and I went on the road the past few weeks to meet our teammates, partners, and consumers to get a first-hand view of our brand and business.

在過去的幾周里，我和我的整個領導團隊出差去見我們的隊友、合作夥伴和消費者，以獲得有關我們品牌和業務的第一手資料。

We went to LA, New York, Amsterdam, London, Paris, Shanghai, Beijing.

我們去了洛杉磯、紐約、阿姆斯特丹、倫敦、巴黎、上海、北京。

Together, we walked the high streets and shopping malls of those cities to see how consumers are experiencing our brand at retail.

我們一起走遍了這些城市的大街和購物中心，了解消費者如何在零售中體驗我們的品牌。

I met with key wholesale partners in each geography, all of which I already know and have developed deep relationships with over the years.

我會見了每個地區的主要批發合作夥伴，多年來我已經認識所有這些合作夥伴並與之建立了深厚的關係。

I met with the commissioners of the NFL, NBA and WNBA, MLB and NWSL, the heads of the top NCAA conferences and teams like PSG, and pass and present athletes like MJ and Ronaldo to Sabrina, Asia, and Erling.

我會見了 NFL、NBA 和 WNBA、MLB 和 NWSL 的委員、NCAA 頂級會議和 PSG 等球隊的負責人，並將 MJ 和 Ronaldo 等運動員傳遞給 Sabrina、Asia 和 Erling。

I visited our distribution centers in Memphis and Laakdal and had calls with our top 5 manufacturing partners to understand the evolution of our supply chain as we've grown the business.

我參觀了我們位於孟菲斯和拉克達爾的配送中心，並與我們排名前 5 的製造合作夥伴通了電話，以了解隨著我們業務的發展，我們供應鏈的演變。

It was important to me that I spent my first 60 days personally collecting these deep and direct insights.

對我來說很重要的是，我在前 60 天親自收集了這些深刻而直接的見解。

Across the Board, our partners are energized.

我們的合作夥伴全體都充滿活力。

The people I talked with are rooting for a strong NIKE, because when NIKE is at its best, we bring excitement.

與我交談的人們都支持強大的耐吉，因為當耐吉處於最佳狀態時，我們會帶來興奮。

We invite consumers into the world of sport and sport culture.

我們邀請消費者進入體育和體育文化的世界。

And when we do that, we help grow the overall marketplace.

當我們這樣做時，我們就幫助發展了整個市場。

That's good for consumers, that's good for our partners, and that's good for NIKE.

這對消費者有好處，對我們的合作夥伴有好處，對耐吉也有好處。

The consistent feedback we've heard is pretty simple.

我們聽到的一致回饋非常簡單。

Let's see more of NIKE being NIKE, and that starts with leveraging all the advantages that make us great.

讓我們更看到耐吉是耐吉，而這首先是利用所有使我們偉大的優勢。

Three of the world's most iconic brands, a dominant roster of athletes, teams and leagues, unmatched patented innovation, a deep catalog of products at every price point, teams positioned to serve consumers across 190 countries.

三個世界上最具代表性的品牌，佔據主導地位的運動員、球隊和聯盟名單，無與倫比的專利創新，各個價位的豐富產品目錄，以及為 190 個國家/地區的消費者提供服務的團隊。

A full integrated marketplace across multiple channels, strong, long-standing relationships with leading suppliers and manufacturing partners and most importantly, passionate, highly talented and committed teammates.

跨多個管道的完全整合市場，與領先供應商和製造合作夥伴以及最重要的是充滿熱情、才華橫溢和忠誠的團隊成員的牢固、長期的關係。

Lately, we haven't been maximizing these strengths.

最近，我們並沒有最大限度地發揮這些優勢。

From everything I heard and observed, there are clear themes about the recent state of our business and where we need to go.

從我聽到和觀察到的一切來看，我們的業務近期狀況以及我們需要走向何方都有明確的主題。

I'll start with a high-level observation.

我將從高層次的觀察開始。

We lost our obsession with sport.

我們失去了對運動的執著。

Moving forward, we will lead with sport and put the athlete at the center of every decision.

展望未來，我們將以運動為主導，並將運動員置於每一個決定的中心。

The sharpness in each sport is what differentiates our brand and our business and fuels our culture.

每項運動的銳利性使我們的品牌和業務脫穎而出，並推動了我們的文化。

Another observation is that the reliance on a handful of sportswear silhouette is not who we are.

另一個觀察結果是，對少數運動服輪廓的依賴並不是我們的本質。

We will get back to leveraging deep athlete insights to accelerate innovation, design, product creation, and storytelling.

我們將重新利用運動員的深刻見解來加速創新、設計、產品創造和故事敘述。

Sport is what authenticates our brand.

運動是我們品牌的證明。

I also see that we've shifted investments away from creating demand for our brand to capturing demand through performance marketing for our digital business.

我還看到，我們已經將投資從為我們的品牌創造需求轉向透過數位業務的效果行銷來捕獲需求。

We will reinvest in our brands to create stories that inspire and emotionally connect with our consumers important sports moments and critical product launches.

我們將對我們的品牌進行再投資，創造故事，激發消費者的靈感並在重要的體育時刻和重要的產品發布中與消費者建立情感聯繫。

When visiting our teams around the world, it was clear. centralization has impacted the resources we have in key countries and key cities.

當訪問我們世界各地的團隊時，這一點很清楚。集中化影響了我們在主要國家和主要城市擁有的資源。

We will rebalance resourcing and empowering our teams on the ground to win with the everyday athletes and influencers.

我們將重新平衡資源並賦予我們的實地團隊權力，以便與日常運動員和有影響力的人一起獲勝。

My last observation, prioritizing NIKE Digital revenue has impacted the health of our marketplaces.

我最後的觀察結果是，優先考慮耐吉數位收入已經影響了我們市場的健康發展。

We will build back an integrated marketplace across NIKE Direct and wholesale, our marketplace will be consumer-led.

我們將重建一個橫跨 NIKE Direct 和批發的綜合市場，我們的市場將以消費者為主導。

Putting our best product and presentation and the path to the consumer wherever they choose to shop.

無論消費者選擇在哪裡購物，都將我們最好的產品和展示以及路徑提供給他們。

And ultimately, with sport as our North Star, we will reenergize our culture and identity.

最終，以體育為北極星，我們將重振我們的文化和認同。

We believe we have one of the strongest mission statements of any one and that is to bring inspiration and innovation to every athlete in the world.

我們相信，我們擁有最強大的使命宣言之一，那就是為世界上每位運動員帶來靈感和創新。

To me, inviting 8 billion athletes into sport is a pretty powerful purpose.

對我來說，邀請 80 億運動員參與運動是一個非常強大的目標。

One question I know you want to ask me is if we have the talent at NIKE, and are they motivated?

我知道您想問我的一個問題是，耐吉是否擁有人才，他們是否有動力？

The short answer to both is yes.

兩者的簡短答案都是肯定的。

I've grown more and more confident as I've traveled around the world and saw our teams engaging with each other, with our consumers and with our partners.

當我環遊世界並看到我們的團隊彼此、與我們的消費者和我們的合作夥伴互動時，我變得越來越自信。

It's also been great to see how much expertise we've added since I've been away in spaces like supply chain, product creation, technology, materials, sports science, you name it, our talent is world-class.

自從我離開以來，我們在供應鏈、產品創造、技術、材料、體育科學等領域增加了多少專業知識，我們的人才是世界一流的，這也很令人高興。

Everywhere I've been, the teams are inspired and ready to go.

我所到過的每一個地方，團隊都受到鼓舞並做好了出發的準備。

I feel the optimism.

我感受到了樂觀。

We will win, and we will do it as a team.

我們會贏，我們會作為一個團隊來做到這一點。

What our teams need right now is clear direction and focus.

我們的團隊現在需要的是明確的方向和重點。

We built this company on the guiding principles of world-class management of product, brand and marketplace.

我們以世界一流的產品、品牌和市場管理指導原則建立了這家公司。

We create innovative and coveted products, tell emotional inspiring stories through our brand and execute in a way that grows the entire marketplace, digital and physical, wholesale and NIKE Direct.

我們創造令人垂涎的創新產品，透過我們的品牌講述鼓舞人心的故事，並以發展整個市場（數位和實體、批發和 NIKE Direct）的方式執行。

My leadership team and I have already identified key near-term actions in each area, and we've got to move fast.

我和我的領導團隊已經確定了每個領域的近期關鍵行動，我們必須迅速採取行動。

First, in product.

首先，在產品上。

We're getting sharper on specific sports.

我們在特定的運動項目上變得更加敏銳。

We're shifting into sport-led teams segmented by men's, women's and kids, and we call each of them Fields of Play.

我們正在轉變為以運動為主導的團隊，分為男子隊、女子隊和兒童隊，我們將每個團隊稱為「比賽場地」。

And it is a segment to grow approach.

這是一個細分市場的成長方法。

Throughout our history, we've utilized inflection points to further segment our businesses to unlock the next wave of growth.

縱觀我們的歷史，我們利用拐點進一步細分我們的業務，以開啟下一波成長。

We will do this by empowering more nimble cross-functional teams to assess the needs of sports-specific athletes by gender, the approach enables the team to identify new opportunities, fuel innovation and drive incremental growth by sport and by gender.

我們將透過授權更靈活的跨職能團隊來評估特定運動項目運動員的性別需求來實現這一目標，該方法使團隊能夠發現新的機會，推動創新並推動體育項目和性別的增量成長。

Breadth and depth and how we orchestrate our complete product portfolio have always been strengths of NIKE.

廣度和深度以及我們如何協調完整的產品組合一直是耐吉的優勢。

We will return to the discipline of franchise management that I was a part of for so many years.

我們將回到我多年來參與的特許經營管理學科。

We've already started managing the inventory in our marketplaces and will move faster to return to a pull market for our largest classic footwear franchises.

我們已經開始管理市場中的庫存，並將更快地恢復我們最大的經典鞋類特許經營店的拉動市場。

At the same time, the team has been planting the seeds of the next franchises that will fuel growth.

與此同時，該團隊一直在為下一個特許經營項目播下種子，以推動成長。

In the quarter, some of our most sought-after products are franchises that are distinctly NIKE, the Pegasus 41, NIKE Shox, and the Kobe lineup.

本季度，我們最受歡迎的一些產品是 NIKE 的特許經營產品、Pegasus 41、NIKE Shox 和 Kobe 系列。

And we're building in anticipation for what's ahead, unveiling the Vomero 18 and Pegasus Premium to passionate runners at the running event in my hometown a few weeks ago.

我們正在展望未來，幾週前在我家鄉的跑步活動中向熱情的跑步者推出了 Vomero 18 和 Pegasus Premium。

There's still work to do in rounding out the portfolio, but I'm really encouraged by the innovation coming from our field to play in the next several seasons, especially in the high-volume areas like running, training, sportswear, and core product and the Jordan Brand lineup.

完善產品組合仍有工作要做，但我對我們領域在未來幾個賽季中發揮的創新感到非常鼓舞，特別是在跑步、訓練、運動服和核心產品等大批量領域。

Turning to the NIKE Brand.

轉向耐吉品牌。

There are moments when we need to create impact that's felt around the world, and day-to-day work that connects emotionally with local communities.

有時我們需要創造世界各地都能感受到的影響，以及與當地社區建立情感連結的日常工作。

We will deliver bold, creative marketing that leverages our athletes in sport moments, and drive the ground name authentically in neighborhoods.

我們將提供大膽、富有創意的行銷活動，充分利用我們的運動員在運動時刻的影響力，並在社區中真正提升球場知名度。

To do that, we're going to be much more intentional about investing to move the brand forward.

為此，我們將更有意識地進行投資以推動品牌向前發展。

We're already moving in that direction.

我們已經在朝這個方向前進。

The marketing team delivered moments this quarter that got us back to owning the conversation in Sport.

行銷團隊本季的精彩時刻讓我們重新掌控了體育領域的話題。

From the Liberty's first WNBA championship to the Dodgers World Series win to Saquon Barkley's reverse hurdle, to city takeovers at the Berlin, Shanghai, New York City and Chicago marathons.

從自由隊的第一個 WNBA 冠軍到道奇隊世界大賽的勝利，到薩昆·巴克利的反向跨欄，再到柏林、上海、紐約和芝加哥馬拉松賽上的城市接管。

We're also going to continue to be aggressive in sports marketing.

我們也將繼續積極進取體育行銷。

In just the last 60 days, we've announced the re-signing of the NBA and the WNBA, the Brazil Football Confederation, FC Barcelona, and last week, the NFL.

在過去的 60 天裡，我們宣布了 NBA 和 WNBA、巴西足球協會、巴塞隆納足球俱樂部以及上週的 NFL 的重新簽約。

We drive growth through sports most iconic partners.

我們透過最具代表性的體育合作夥伴推動成長。

Their athletes are the creative fuel for our brand.

他們的運動員是我們品牌的創意燃料。

They power our innovation agenda, our brand voice and our revenue.

它們為我們的創新議程、我們的品牌聲音和我們的收入提供動力。

Inspiring the consumer includes being part of the active communities who run, train and compete locally, it's about showing up and building relationships every day with athletes and influencers.

激勵消費者包括成為當地跑步、訓練和比賽的活躍社區的一部分，每天與運動員和有影響力的人見面並建立關係。

My visits to the geos the past few weeks only reinforced my conviction that we need to get back to empowering our teams in key countries and key cities.

過去幾週我對地理中心的訪問更加堅定了我的信念，即我們需要重新賦予我們在主要國家和主要城市的團隊權力。

I know for my years of working in our geographies, they're the ones creating emotional consumer connections in their neighborhood.

我知道，根據我在我們地區工作的多年經驗，他們是在社區中建立消費者情感連結的人。

They're the ones identifying the insights that inform our offense.

他們是那些為我們的進攻提供見解的人。

We will resource our key country and key city teams to create stronger consumer connections build relationships with athletes, influencers and partners and unlock incremental growth for our brand and business.

我們將為我們的主要國家和主要城市團隊提供資源，以建立更牢固的消費者聯繫，與運動員、影響者和合作夥伴建立關係，並為我們的品牌和業務帶來增量成長。

We're optimistic about the actions that are already underway in product and brand but we're still in the early innings of elevating the marketplace, both in NIKE Direct and with our wholesale partners.

我們對產品和品牌方面已經採取的行動感到樂觀，但我們仍處於提升市場的早期階段，無論是在 NIKE Direct 還是與我們的批發合作夥伴。

What I've seen is traffic in NIKE Direct, digital and physical, have softened because we lack newness in product and we're not delivering inspiring stories.

我所看到的是，NIKE Direct 的數位和實體流量已經疲軟，因為我們的產品缺乏新穎性，而且我們沒有提供鼓舞人心的故事。

The result is we become far too promotional.

結果是我們變得過於宣傳。

We've moved to a push model.

我們已經轉向推送模型。

Entering the year, our digital platforms were delivering roughly a 50-50 split of full price to promotional sales.

進入今年，我們的數位平台以全價約 50-50 的比例進行促銷銷售。

The level of markdowns not only impacts our brand, but it also disrupts the overall marketplace and the profitability of our partners.

降價水準不僅會影響我們的品牌，還會擾亂整個市場和我們合作夥伴的獲利能力。

We will return NIKE Direct digital and physical to premium destinations that lead the sports industry. they'll elevate the consumer experience and be the ultimate representation of the NIKE brand.

我們將 NIKE Direct 數位化和實體化回歸引領運動產業的優質目的地。它們將提升消費者體驗並成為耐吉品牌的終極代表。

It's where we'll offer our most complete assortments, tell deep product stories, and share our passion for sports.

在這裡，我們將提供最齊全的產品系列，講述深刻的產品故事，並分享我們對運動的熱情。

Being premium also means full price.

優質也意味著全價。

We'll focus promotions during traditional retail moments, not at the consistent levels we are today, and we will leverage NIKE value stores to profitably move through any excess inventory.

我們將在傳統零售時刻重點開展促銷活動，而不是像今天那樣保持一貫的水平，並且我們將利用耐吉價值商店透過多餘庫存進行盈利。

The final action we prioritize is building back and earning the trust of our key wholesale partners.

我們優先考慮的最後一項行動是重建並贏得我們主要批發合作夥伴的信任。

Some partners and channels feel we've turned our back on them, and we stopped engaging consistently.

一些合作夥伴和管道認為我們已經背棄​​了他們，並且我們不再持續參與。

I've connected with many of them directly.

我直接與他們中的許多人建立了聯繫。

Ed and Lauren at DICK'S, Regis and Mike at JD Sports, Mary at Foot Locker, Heinrich at the Dyckman Group, Michael at Sports Direct; Mr. Yu with Topsports, Mr. Yue and Mr. Wang from Pou Sheng, and Juan Carlos at Innovasport.

Ed 和 Lauren 在 DICK'S、Regis 和 Mike 在 JD Sports、Mary 在 Foot Locker、Heinrich 在 Dyckman Group、Michael 在 Sports Direct； Topsports的於先生、寶勝的岳先生和王先生以及Innovasport的Juan Carlos。

They're all encouraged by our commitment to delivering new innovative products, telling emotional and inspiring stories and elevating NIKE Direct.

他們都對我們致力於提供新的創新產品、講述情感和鼓舞人心的故事以及提升 NIKE Direct 的承諾感到鼓舞。

Their confidence is building in our product pipeline, and they welcome the closer collaboration as we invest more in their business.

他們對我們的產品線充滿信心，隨著我們對他們業務的投資增加，他們歡迎更密切的合作。

We know our sales teams will have to earn every open-to-buy dollar, but we're investing to make sure our partners feel supported.

我們知道我們的銷售團隊必須賺取每一美元，但我們正在投資以確保我們的合作夥伴感受到支持。

We'll give them access to our best products and the breadth and depth they need, educate their teams on the latest NIKE innovation and provide them with the marketing support, both in-store and out of home.

我們將為他們提供我們最好的產品以及他們所需的廣度和深度，向他們的團隊介紹最新的耐吉創新，並為他們提供店內和店外的行銷支援。

We'll do more than just sell in our products will actively support mutually profitable sell-through.

我們所做的不僅僅是銷售我們的產品，還將積極支持互惠互利的銷售。

Simply, we will win when our partners win.

簡而言之，當我們的合作夥伴獲勝時，我們就會獲勝。

Before I hand it off to Matt, I just want to say it's been an incredibly rewarding first two months.

在我把它交給馬特之前，我只想說前兩個月是非常有意義的。

It feels great to be back with my NIKE teammates.

與我的耐吉隊友一起回歸感覺很棒。

This isn't going to be easy, but we're ready for the challenge.

這並不容易，但我們已準備好迎接挑戰。

After spending so much time with my team in the past few weeks, I'm confident we are all aligned and focused on the areas that will make the most immediate impact.

在過去幾週與我的團隊一起度過了很多時間之後，我相信我們都一致並專注於將產生最直接影響的領域。

I'll list the near-term priority actions again.

我將再次列出近期優先行動。

Ignite our culture through a focus on obsessing sport and getting back to winning.

透過專注於運動並重新獲得勝利來點燃我們的文化。

Accelerate complete product portfolio driven by athlete insights through sport-led fields of play.

透過運動主導的比賽領域，加速由運動員洞察力驅動的完整產品組合。

Increased investment in our brand to deliver big, bold marketing statements.

增加對我們品牌的投資，以發表大膽的行銷聲明。

Invest in and empower our teams in key countries, in key cities to win the ground game.

投資並授權我們在主要國家、主要城市的團隊贏得地面比賽。

Elevate the marketplace through a more premium NIKE Direct and an unwitting commitment to our wholesale partners.

透過更優質的 NIKE Direct 以及對我們批發合作夥伴的無意承諾來提升市場。

Some of these actions are already underway and some need to move faster, and I will continue to evaluate and assess what is needed.

其中一些行動已經在進行，有些需要更快採取行動，我將繼續評估和評估需要採取的行動。

I recognize that some of these actions will have a negative impact on our near-term results.

我認識到其中一些行動將對我們的近期業績產生負面影響。

But we're taking a long-term view here.

但我們在這裡著眼長遠。

We're making the decisions that are best for the health of our brand and business decisions that will drive shareholder value.

我們正在做出最有利於我們品牌健康的決策和能夠推動股東價值的業務決策。

I strongly believe NIKE's path to sustainable, profitable growth will be through sport.

我堅信耐吉的可持續獲利成長之路將透過體育運動。

And with that, I'll turn it over to Matt to cover some of the specific quarter results and our financial outlook before we take some questions.

在我們回答一些問題之前，我將把它交給馬特，介紹一些具體的季度業績和我們的財務前景。

Thank you, Elliott, and hello to everyone on the call.

謝謝你，艾利奧特，並向通話中的每個人問好。

To start, our Q2 financial performance largely met our expectations as we continue to make progress repositioning our business.

首先，隨著我們繼續在業務重新定位方面取得進展，我們第二季度的財務業績基本上達到了我們的預期。

Today, I will focus my remarks on our recent performance and outlook.

今天，我將重點談談我們最近的業績和展望。

First, I will start by reviewing our Q2 financial results.

首先，我將先回顧我們第二季的財務表現。

Then I will go deeper into our performance in the quarter, including marketplace trends, portfolio highlights, and operating segments.

然後我將更深入地介紹我們本季的業績，包括市場趨勢、投資組合亮點和營運部門。

And last, I will review our near-term outlook, including strategic actions introduced by Elliott to accelerate our pace in stabilizing the business and reigniting brand momentum.

最後，我將回顧我們的近期前景，包括 Elliott 為加快我們穩定業務和重振品牌動能所採取的策略行動。

This quarter, revenues were down 8% on a reported basis and down 9% on a currency-neutral basis, reflecting ongoing headwinds from our franchise management actions.

本季的營收按報告計算下降 8%，以貨幣中性計算下降 9%，反映出我們的特許經營管理行動持續帶來的阻力。

We continue to drive the biggest reductions to our classic footwear franchises on NIKE Direct, which was down 14%, with NIKE Digital declining 21% and NIKE stores declining 2%.

我們繼續推動 NIKE Direct 上經典鞋類專營店的最大降價，下降了 14%，其中 NIKE Digital 下降了 21%，NIKE 商店下降了 2%。

Wholesale was down 4%.

批發下降 4%。

Gross margins declined 100 basis points to 43.6% on a reported basis due to higher markdowns on NIKE Direct, wholesale discounts to liquidate inventory and channel mix headwinds, partially offset by lower product costs and strategic pricing actions.

根據報告，毛利率下降100 個基點至43.6%，原因是NIKE Direct 降價幅度較大、為清理庫存而進行的批發折扣以及渠道組合的不利因素，但產品成本下降和戰略定價行動部分抵消了這一影響。

SG&A was down 3% on a reported basis.

據報導，SG&A 下降了 3%。

While we increased investment in areas such as sports marketing, this was more than offset by lower wage-related expenses and timing shifts and other demand creation expenses.

雖然我們增加了在體育行銷等領域的投資，但這被薪資相關費用、時間調整和其他需求創造費用的降低所抵消。

Earnings per share was $0.78.

每股收益為 0.78 美元。

Now let me go deeper into the quarter's performance.

現在讓我更深入地了解本季的表現。

Q2 marketplace trends largely reflected the challenges that Elliott outlined, with traffic and retail sales across the marketplace falling below our expectations, especially in September and October.

第二季的市場趨勢在很大程度上反映了 Elliott 概述的挑戰，整個市場的流量和零售額低於我們的預期，尤其是在 9 月和 10 月。

In November, we saw momentum build with digital and physical traffic inflecting positive, especially around the quarter's biggest consumer moments.

11 月，我們看到數位和實體流量呈現正面勢頭，尤其是在本季最大的消費時刻。

In North America, Black Friday week was our largest demand week ever on NIKE Digital with sales up double digits.

在北美，黑色星期五周是 NIKE Digital 有史以來需求量最大的一周，銷售額增長了兩位數。

In Greater China, our 11/11 performance exceeded plan.

在大中華區，我們11/11的業績超出了計劃。

However, on NIKE Digital, our off-price mix was up high single digits versus the prior year, with performance marketing increasing over the same period.

然而，在 NIKE Digital 上，我們的折扣組合比去年增長了高個位數，同期效果行銷也有所增加。

As Elliott said, NIKE Digital has become a platform where we have been capturing demand and competing with our wholesale partners rather than creating and growing demand for our brands.

正如艾利奧特所說，NIKE Digital 已經成為一個平台，我們一直在這個平台上捕捉需求並與我們的批發合作夥伴競爭，而不是為我們的品牌創造和成長需求。

This is why we must elevate the consumer experience, grow organic traffic and drive full demand.

這就是為什麼我們必須提升消費者體驗、增加自然流量並推動全面需求。

Next, inventory was flat versus the prior year. as elevated supply in North America and Greater China was offset by declines in EMEA and APLA.

接下來，庫存與上年持平。北美和大中華區供應量的增加被歐洲、中東和非洲 (EMEA) 和 APLA 供應量的下降所抵消。

Footwear inventory declined, while apparel and accessories inventory increased to support marketplace growth.

鞋類庫存下降，而服裝和配件庫存增加以支持市場成長。

On a year-over-year basis, these trends were partly driven by timing-related factors.

與去年同期相比，這些趨勢部分是由時間相關因素所驅動的。

That said, inventory levels are higher than we would like, especially given recent sales trends on NIKE Direct.

也就是說，庫存水準高於我們的預期，特別是考慮到 NIKE Direct 最近的銷售趨勢。

Partner-owned inventory declined versus the prior year.

合作夥伴擁有的庫存較前一年下降。

We took some steps this quarter, and we plan to accelerate inventory actions in our second half to drive a return to a healthy marketplace.

我們本季採取了一些措施，並計劃在下半年加快庫存行動，以推動市場恢復健康。

In particular, we are moving aggressively to reduce aged inventory, adjust supply with demand on NIKE Digital and ensure we have marketplace capacity for our newest product assortments.

特別是，我們正在積極採取行動，減少老化庫存，根據 NIKE Digital 的需求調整供應，並確保我們擁有最新產品種類的市場容量。

Turning to our portfolio.

轉向我們的投資組合。

This quarter showed progress in key areas, especially as our teams get back on the offense and support with consumers.

本季在關鍵領域取得了進展，特別是當我們的團隊重新發動攻擊並獲得消費者支援時。

Overall, our sport performance field of play grew year-over-year, offset by a double-digit decline in sportswear.

總體而言，我們的運動表現領域同比增長，但被運動服裝兩位數的下降所抵消。

In training, men's was up high teens, women's up high single digits and kids up high single digits.

在訓練中，男子的成績提高了十幾歲，女子的成績提高了個位數，兒童的成績提高了個位數。

In Global Football, men's grew low single digits and kids grew high teens.

在全球足球中，男子的成長為低個位數，而兒童則成長為十幾歲。

In basketball, women's grew strong double digits and kids grew low teens.

在籃球方面，女子籃球的成績成長到了兩位數，而孩子們的成績成長到了十幾歲。

And in running, men's was flat and women's up low to mid-single digits.

在跑步方面，男子成績持平，女子成績則上升至中個位數。

In addition, we took another step forward shifting our product portfolio by reducing the proportion of our business driven by our classic footwear franchises.

此外，我們又向前邁出了一步，透過減少經典鞋類特許經營業務驅動的業務比例，改變我們的產品組合。

For Q2, these franchises again decelerated faster than the overall business and at a rate greater than the first quarter.

第二季度，這些特許經營業務的減速速度再次快於整體業務，且成長率高於第一季。

As I said last call, we expect the impact of these shifts to continue for the next few quarters.

正如我在上次電話會議中所說，我們預計這些轉變的影響將在未來幾季持續存在。

With that, let me turn to our operating segments.

接下來，讓我談談我們的營運部門。

In North America, Q2 revenue was down 8%.

在北美，第二季營收下降了 8%。

NIKE Direct declined 15%, with NIKE Digital down 22% and NIKE stores down 3%.

NIKE Direct 下降 15%，NIKE Digital 下降 22%，NIKE store 下降 3%。

Wholesale declined 1%.

批發下降1%。

EBIT declined 10% on a reported basis.

據報道，息稅前利潤下降了 10%。

Highlights in the quarter included growth in kids with strong momentum in apparel and performance footwear.

本季度的亮點包括兒童服裝和高性能鞋類的成長勢頭強勁。

Men's and women's training drove strong growth.

男子和女子訓練帶動強勁成長。

And in basketball, Ja grew double digits, Kobe became the market's largest signature franchise, with demand far exceeding available supply.

在籃球領域，賈實現了兩位數的成長，科比成為市場上最大的簽名球隊，需求遠遠超過了供應。

And Sabrina 2 made a statement as the NBA's second most worn sneaker this season, behind only the Kobe 6.

Sabrina 2 成為本賽季 NBA 磨損次數第二多的運動鞋，僅次於Kobe 6。

Throughout Q2, we positioned NIKE as the branded athletes around key sports moments.

在整個第二季度，我們將耐吉定位為圍繞關鍵運動時刻的品牌運動員。

Our Winning Isn't Comfortable running campaign won Ad Age's Best Ad of 2024, as our ground game built momentum at the Chicago and New York Marathon.

我們的「Winning Is not Comfortable」跑步活動贏得了《廣告時代》2024 年最佳廣告獎，因為我們的地面比賽在芝加哥和紐約馬拉鬆比賽中勢頭強勁。

As the NFL season got underway, our Kobe release drove our largest cleat shock drop in NIKE history.

隨著 NFL 賽季的開始，Kobe 鞋款帶來了 NIKE 史上最大的球鞋衝擊力下降。

And when the New York Liberty clinched the WNBA championship and my LA Dodgers won the World Series, our brand storytelling owns the moment.

當紐約自由人隊贏得 WNBA 冠軍、我的洛杉磯道奇隊贏得世界職業棒球大賽冠軍時，我們的品牌故事佔據了這一時刻。

In EMEA, Q2 revenue declined 10%.

在歐洲、中東和非洲地區，第二季營收下降了 10%。

NIKE Direct declined 20%, with NIKE Digital down 32% and NIKE stores up 3%.

NIKE Direct 下降 20%，NIKE Digital 下降 32%，NIKE store 成長 3%。

Wholesale declined 4% and EBIT declined 10% on a reported basis.

據報告，批發業務下降 ​​4%，息稅前利潤下降 10%。

We continue to build momentum in sport performance led by strong growth in men's and kids global football.

在全球男子和兒童足球的強勁增長的帶動下，我們繼續增強體育表現的勢頭。

Men's and women's running return to growth, and all 3 of our top performance franchises in EMEA, Mercurial, Pegasus, and Phantom grew double digits.

男子和女子跑步項目恢復成長，我們在歐洲、中東和非洲地區表現最好的 3 個系列（Mercurial、Pegasus 和 Phantom）均實現了兩位數成長。

In sportswear, we are seeing momentum from newer franchises, including shocks, Vomero 5, LD-1000 and P-6000.

在運動服裝領域，我們看到了新系列的勢頭，包括 Shocks、Vomero 5、LD-1000 和 P-6000。

In addition, we moved first in EMEA to reposition NIKE Digital as a premium platform.

此外，我們首先在歐洲、中東和非洲地區將 NIKE Digital 重新定位為高端平台。

This quarter, full price realization improved with a strong double-digit decline in off-price sales.

本季，全價實現有所改善，折扣銷售出現兩位數的強勁下降。

While we are seeing near-term traffic impact as we reduce promotional activity in paid media, we believe these shifts will elevate the total marketplace over time.

雖然我們看到由於我們減少付費媒體的促銷活動而對近期流量產生影響，但我們相信這些轉變將隨著時間的推移而提升整個市場。

In Greater China, Q2 revenue declined 11%.

在大中華區，第二季營收下降 11%。

NIKE Direct declined 7%, with NIKE Digital down 4% and NIKE stores down 8%.

NIKE Direct 下降 7%，NIKE Digital 下降 4%，NIKE store 下降 8%。

Wholesale was down 15%.

批發量下降 15%。

EBIT declined 27% on a reported basis.

據報道，息稅前利潤下降了 27%。

In Q2, we experienced another quarter of retail traffic declines in a difficult macro environment.

第二季度，在困難的宏觀環境下，我們的零售流量又出現了四分之一的下降。

This quarter also required higher markdown activity to drive sell-through and inventory velocity, which negatively affected gross margins.

本季還需要更高的降價活動來推動銷售和庫存速度，這對毛利率產生了負面影響。

In a competitive environment, NIKE's focus is on serving consumers with product innovation and brand inflation and fueling the growth of sport in China.

在競爭激烈的環境中，耐吉的重點是透過產品創新和品牌擴張來服務消費者，並推動中國體育運動的發展。

This quarter, Ja 2 launched with strong sell-through.

本季度，Ja 2 推出，銷量強勁。

Pegasus 41 top sales in women's running and new ACG apparel releases created social bus.

Pegasus 41 女子跑步銷量最高，新 ACG 服裝發布創造了社交巴士。

We also continue to see strong full price demand with lower markdowns and higher margins for our locally designed Express Lane products.

我們也持續看到，我們本地設計的 Express Lane 產品的全價需求強勁，降價幅度較低，利潤率較高。

This fall, more than 250,000 runners joined us for the Shanghai marathon.

今年秋天，超過25萬名跑者參加了上海馬拉松。

In addition, we hosted marathoner Eliud Kipchoge for community events, school visits, and a run along the Great Wall to inspire the next generation of runners in China.

此外，我們還邀請馬拉松運動員 Eliud Kipchoge 參加社區活動、參觀學校以及沿著長城跑步，以激勵中國的下一代跑步者。

While near-term conditions are challenging, sport continues to grow in China, and we are addressing our current headwinds to reignite brand momentum and a healthy pull marketplace.

儘管近期情況充滿挑戰，但體育運動在中國持續發展，我們正在解決當前的不利因素，以重新點燃品牌動力和健康的拉動市場。

In APLA, Q2 revenue was down 2%.

APLA 第二季度營收下降 2%。

NIKE Direct declined 4%, with NIKE Digital down 8% and NIKE stores up 2%.

NIKE Direct 下跌 4%，NIKE Digital 下跌 8%，NIKE store 上漲 2%。

Wholesale declined 1%.

批發下降1%。

EBIT declined 12% on a reported basis.

據報道，息稅前利潤下降了 12%。

Earlier on, we read consumer trends in Korea and Japan and moved quickly to diversify our sportswear footwear portfolio.

早些時候，我們了解了韓國和日本的消費趨勢，並迅速採取行動，使我們的運動鞋產品組合多樣化。

Our mix of classic footwear franchises in APLA is below our global business. and new styles are resonating with consumers.

我們在 APLA 的經典鞋類特許經營組合低於我們的全球業務。新的款式正在引起消費者的共鳴。

Our look of running franchises are up triple digits and new releases like City and Air Max Muse drove positive consumer response.

我們經營特許經營的形象成長了三位數，City 和 Air Max Muse 等新產品引起了消費者的正面回應。

In addition, we drove strong growth in men's and women's training and kids global football as men's and women's running return to growth in the geography.

此外，隨著男女跑步在地域上的恢復成長，我們推動了男女訓練和兒童全球足球的強勁成長。

Now let me turn to our financial outlook.

現在讓我談談我們的財務前景。

As I said last quarter, we intend to continue providing quarterly guidance during this period of transition.

正如我上季度所說，我們打算在此過渡期間繼續提供季度指引。

Let me start first by providing some additional color and context.

讓我先提供一些額外的顏色和背景。

Elliott has now outlined certain strategic actions to reposition our business and reenergize NIKE brand momentum through sport.

埃利奧特現已概述了一些戰略行動，以重新定位我們的業務並透過運動重新激發耐吉品牌的動力。

Some of these actions have been in motion, and we are accelerating the pace.

其中一些行動已經開始，我們正在加快步伐。

Others are new.

其他都是新的。

More specifically, we are shifting NIKE Digital to a full-price model and reducing the percentage of our business driven by promotional activity.

更具體地說，我們正在將 NIKE Digital 轉變為全價模式，並減少促銷活動驅動的業務比例。

We are also reducing investment in performance marketing, which will reduce paid traffic.

我們也減少了效果行銷的投資，這將減少付費流量。

This will require short-term liquidation of excess inventory through less profitable channels.

這將需要透過利潤較低的管道短期清算過剩庫存。

We are creating capacity in the marketplace to sell in seasonal newness and innovation for fall and holiday '25.

我們正在市場上創造能力，銷售 25 年秋季和假期的季節性新品和創新產品。

This requires additional investment in marketplace returns, higher wholesale discounts to liquidate excess inventory and to win back shelf space as well as higher promotions to accelerate volume through our NIKE factory stores.

這需要對市場回報進行額外投資、提高批發折扣以清理多餘庫存並贏回貨架空間，以及加大促銷力度以加快耐吉工廠店的銷量。

We are targeting a significant reduction in weeks of supply of our classic footwear franchises over the next few seasons, with timelines varying by franchise, channel, market and geography.

我們的目標是在接下來的幾季中大幅減少經典鞋履專營店的供應週數，具體時間因專營店、通路、市場和地理位置而異。

As a result, summer order books will be down versus the prior year.

因此，夏季訂單量將比去年下降。

We are increasing brand marketing activity to support key product launches and upcoming sports moments.

我們正在增加品牌行銷活動，以支持關鍵產品的發布和即將到來的體育賽事。

Investment in sports marketing is also increasing with our recent long-term partnership extensions.

隨著我們最近延長長期合作夥伴關係，對體育行銷的投資也在增加。

And we are investing to rebuild our key city offense, our sport by consumer field of play and our commercial teams to serve our retail partners.

我們正在投資重建我們的主要城市進攻、我們的消費者運動領域以及我們的商業團隊來為我們的零售合作夥伴提供服務。

We believe the strategic actions that Elliott has outlined are the right moves for NIKE to create better balance in our business and to reignite growth with our wholesale partners in an integrated marketplace.

我們相信，艾利奧特概述的策略行動對於耐吉來說是正確的舉措，可以在我們的業務中創造更好的平衡，並在綜合市場中與我們的批發合作夥伴重振成長。

But over the near term, the net effect of these actions will result in lower revenue, additional gross margin pressure and higher demand creation expenses, with a greater headwind to the fourth quarter compared to the third quarter.

但在短期內，這些行動的淨效應將導致收入下降、額外的毛利率壓力和更高的需求創造費用，與第三季相比，第四季的阻力更大。

Turning to our third-quarter outlook.

轉向我們的第三季展望。

We expect Q3 revenues to be down low double digits.

我們預計第三季營收將下降兩位數。

This reflects initial steps on the actions outlined above as well as worsening foreign exchange headwinds, partially offset by a timing benefit from Cyber Week shifting into our third quarter.

這反映了上述行動的初步步驟以及不斷惡化的外匯逆風，部分被網路週轉移到第三季的時間優勢所抵消。

We expect Q3 gross margins to be down approximately 300 to 350 basis points including restructuring charges during the same period in the prior year.

我們預計第三季毛利率將下降約 300 至 350 個基點，其中包括去年同期的重組費用。

This reflects the actions described earlier to clean and to reset the marketplace.

這反映了前面所描述的清理和重置市場的行動。

We expect Q3 SG&A dollars to be slightly down year-over-year, including restructuring charges in the prior year.

我們預計第三季的銷售、管理及行政費用將年比小幅下降，其中包括前一年的重組費用。

We will continue to tightly manage expenses while we strategically increased investment, as mentioned earlier.

如同前面所提到的，我們將繼續嚴格管理開支，同時策略性地增加投資。

We expect other income and expense including net interest income to be $30 million to $40 million for Q3.

我們預計第三季的其他收入和支出（包括淨利息收入）將為 3,000 萬至 4,000 萬美元。

With that, let me turn it back over to Elliott.

說到這裡，讓我把它轉回埃利奧特。

Thanks, Matt.

謝謝，馬特。

Before taking questions, I wanted to share some additional thoughts.

在回答問題之前，我想先分享一些額外的想法。

Matt and I have made it clear that we're repositioning the business to get back to driving a pull market for NIKE.

馬特和我已經明確表示，我們正在重新定位業務，以重新推動耐吉的拉動市場。

Over the coming quarters, we'll provide more details on our plans and I commit to being transparent on our progress.

在接下來的幾個季度中，我們將提供有關我們計劃的更多細節，我承諾對我們的進展保持透明。

We'll also share more specifics about the marketplace moves, stories and products.

我們還將分享更多有關市場動向、故事和產品的細節。

They give us optimism.

他們給我們樂觀。

But I want you to know my bigger purpose for being here.

但我想讓你知道我來這裡的更大目的。

I rejoined NIKE to take our consumers, our amazing athletes and this great company to someplace new.

我重新加入耐吉，帶領我們的消費者、我們優秀的運動員和這家偉大的公司走向新的境界。

I want to be a part of a team that celebrates the biggest sports moments in unexpected ways, supports record-breaking athletes, create innovation that people couldn't even imagine, build new markets for sport from the ground up, and most of all, a team that changes people's lives, a team that helps athletes at all levels all around the world to reach the full potential.

我想成為一個團隊的一員，以意想不到的方式慶祝最重要的體育時刻，支持破紀錄的運動員，創造人們無法想像的創新，從頭開始建立新的體育市場，最重要的是，一支改變人們生活的團隊，一支幫助世界各地各級運動員充分發揮潛力的團隊。

It's an ambitious vision but one that I truly believe only NIKE can deliver.

這是一個雄心勃勃的願景，但我堅信只有耐吉才能實現這個願景。

Thank you, and let's open it up for questions.

謝謝，讓我們開始提問吧。

(Operator Instructions) Bob Drbul, Guggenheim.

（操作員說明）Bob Drbul，古根漢。

Elliott, welcome back.

艾略特，歡迎回來。

Congratulations and best of luck.

恭喜並祝你好運。

Thank you, Bob.

謝謝你，鮑伯。

I appreciate it.

我很感激。

It's good to be back.

回來真好。

I guess, I appreciate all the commentary.

我想，我很欣賞所有的評論。

The one question I'd love for you to elaborate a bit more on is the relationships and the reception by your retail partners, especially around earning back the shelf space that you've given up as a company over the last few years.

我希望您詳細說明的一個問題是您的零售合作夥伴的關係和接待，特別是在贏回您作為一家公司在過去幾年中放棄的貨架空間方面。

Yes.

是的。

Thank you, Bob.

謝謝你，鮑伯。

Here's what I'd say.

這就是我要說的。

We are absolutely committed to getting back to leading and growing a consumer-led marketplace.

我們絕對致力於重新引領和發展由消費者主導的市場。

And I think there's a couple of keywords there, obviously, key being consumer-led.

我認為顯然有幾個關鍵字，關鍵是消費者主導。

The bottom line is there are consumers that want to shop NIKE Direct, consumers that want to shop wholesale, and there are consumers that want to shop digital and physical, and we have to show up with the best representation of the NIKE brand wherever that is.

最重要的是，有些消費者想要直接購買 NIKE，有些消費者想要批發，有些消費者想要數位和實體購物，無論在哪裡，我們都必須以最好的方式展示 NIKE 品牌。

And we will do exactly that.

我們也會這麼做。

In terms of our key wholesale partners, I've got a long history there, as you know, Bob, and I have deep relationships with all of them.

就我們的主要批發合作夥伴而言，我在那裡有著悠久的歷史，正如你所知，鮑勃，我與他們所有人都有深厚的關係。

I listed a number of them.

我列出了其中的一些。

And so we have work to do.

所以我們還有工作要做。

And I would say, especially in the specialty channels bond, running and football specialty, and we're committed to investing in there.

我想說，特別是在債券、跑步和足球專業領域，我們致力於在那裡投資。

We've already started to invest in those areas.

我們已經開始在這些領域進行投資。

We started to engage with our wholesale partners, bringing them out here for what we call key account planning meetings or bringing them out to have product engagement meetings for fall and the response has been very positive.

我們開始與我們的批發合作夥伴合作，帶他們來這裡參加我們所謂的大客戶規劃會議，或帶他們參加秋季的產品參與會議，反應非常正面。

If I had to sort of frame it up for you, they want us to get back to being NIKE, and they want us to have the unrelenting flow of innovative products that we bring across all sports and against all price points and they want us to get back to delivering bold brand statements that help drive traffic.

如果我必須為你概括一下的話，他們希望我們回歸耐克，他們希望我們源源不斷地推出創新產品，涵蓋所有運動項目和所有價位，他們希望我們能夠重新發布有助於增加流量的大膽品牌聲明。

When it's all said and done, they want and need from us is to drive mutually profitable growth for them and for us, and that's exactly what we're going to get back to.

總而言之，他們對我們的期望和需求是為他們和我們推動互惠互利的成長，而這正是我們將要討論的問題。

And we will -- the only way we're going to get back open to buying shelf space is to do the things that we've already laid out, clean up the marketplace, bring innovative coveted product every single quarter, bring the brand heat that drives traffic and drive sell-through.

我們將——我們重新開放購買貨架空間的唯一方法是做我們已經安排好的事情，清理市場，每個季度帶來令人垂涎的創新產品，帶來品牌熱度從而推動流量並推動銷售。

They're open, they're receptive, and we're excited and looking forward to getting back in business with them.

他們開放、樂於接受，我們很興奮並期待與他們重新開展業務。

Great.

偉大的。

And I guess one of the other meetings, I think you said you had was with the NCAA.

我想你說的其他會議之一是與 NCAA 的會議。

Just curious if you think this is the year for the Ducks, are they going to win the college football playoff?

只是好奇如果你認為今年是鴨隊的一年，他們會贏得大學橄欖球季後賽嗎？

Bob, that's a trick question.

鮑勃，這是一個棘手的問題。

My guess is I might have the founder on this call, I don't know.

我的猜測是創辦人可能會參加這次電話會議，我不知道。

But I think where I sit today in the role, I it, I better say I better go with the NIKE team.

但我認為我今天所擔任的角色，我最好說我最好與耐吉團隊一起工作。

And by the way, with the number of NIKE teams we have in the playoffs, I like my

順便說一句，考慮到進入季後賽的耐吉球隊數量，我喜歡我的球隊

[chances].

[機會]。

I'd like a few more of those calls -- or questions.

我想再打幾次這樣的電話，或是提出一些問題。

Michael Binetti, Evercore.

邁克爾·比內蒂，Evercore。

Elliott, welcome back, it's great to hear your voice.

艾利歐特，歡迎回來，很高興聽到你的聲音。

Elliott, do you think -- you gave us some commentary around how you're planning the near-term investments in the business.

艾略特（Elliott），您認為您向我們提供了一些有關您如何規劃近期業務投資的評論嗎？

And Matt, you made some allusions to some of those investments continuing into the fall.

馬特，你提到了一些持續到秋天的投資。

As you look at your first 60 days and think about the path to getting this brand back to growth longer term that it deserves.

當您回顧前 60 天時，請思考如何讓品牌恢復應有的長期成長。

What do you think are some of the most important things about how you phase the cost in bringing investments back into the business along the way and the pace of those investments along the way as you look to, I guess, returning to growth as we look past fiscal '25.

您認為關於如何分階段將投資帶回業務的成本以及這些投資的步伐（我想，正如我們所期望的那樣恢復增長），最重要的事情是什麼過去的財政'25。

Thank you, Michael.

謝謝你，麥可。

We touched on in our prepared remarks, what we saw out in the market as we travel around.

我們在準備好的演講中談到了我們在各地旅行時在市場上看到的情況。

And first and foremost, we've got to get back to putting sport at the center of everything that we do.

首先也是最重要的是，我們必須重新將體育置於我們所做的一切的中心。

Our product management, we're starting to clean up what we have out in the marketplace.

我們的產品管理，我們開始清理市場上的產品。

We're starting to shift dollars from performance marketing to brand marketing.

我們開始將資金從績效行銷轉向品牌行銷。

We will invest our fields of play because that's where we drive our product innovation, our newness, our distinction, and we will also invest in the brand.

我們將投資我們的業務領域，因為這是我們推動產品創新、新穎、獨特的地方，我們也將投資品牌。

And then finally, which is demand creation, both from sports marketing and then just big, bold brand marketing efforts.

最後，這是需求的創造，既來自運動行銷，也來自大規模、大膽的品牌行銷努力。

And then we touched on what we call our ground game in key countries, in key cities.

然後我們談到了我們在主要國家、主要城市的地面遊戲。

We'll speak later today with our teammates.

今天晚些時候我們將與我們的隊友交談。

But I think the easiest way to think about it, we can't do all of them everywhere.

但我認為最簡單的思考方式是，我們不能在所有地方做所有這些事情。

So we're going to focus in on five sports to start with, running, basketball, training, football, and sportswear.

因此，我們將首先專注於五項運動：跑步、籃球、訓練、足球和運動服。

And while we have 10 key countries and 12 key cities, we're going to focus our efforts on 3 key countries in 5 key cities.

雖然我們有 10 個主要國家和 12 個主要城市，但我們將把工作重點放在 3 個主要國家和 5 個主要城市。

So we're really going to narrow down and we'll pace and phase as we go throughout the next 18, 24 months or so.

因此，我們確實會縮小範圍，並在接下來的 18、24 個月左右的時間內確定節奏和階段。

So I'm excited about the actions we're taking and the clarity we have about where we need to invest.

因此，我對我們正在採取的行動以及我們對需要投資的領域的明確性感到興奮。

And Michael, what I would add to that is you've seen us for a couple of quarters now tightly managing expenses as we have been prioritizing our investments in the brand and demand creation.

邁克爾，我要補充的是，您已經看到我們在幾個季度中嚴格管理支出，因為我們一直優先考慮對品牌和需求創造的投資。

The long-term sport partnerships, these assets like the NFL, the NBA, the WNBA, Brazil.

長期的運動夥伴關係，這些資產例如 NFL、NBA、WNBA、巴西。

These are long-term partnerships deep into the next decade.

這些都是未來十年的長期合作關係。

And I think that's a great example for you of our commitment to sport and to invest behind Sport not only now but for the long term.

我認為這對你們來說是一個很好的例子，體現了我們對體育的承諾以及對體育的投資，不僅是現在，而且是長期的。

And so over the next couple of quarters, you will see our demand creation investment continue to go up.

因此，在接下來的幾個季度中，您將看到我們的需求創造投資繼續增加。

That's going to be a combination of sports marketing and our investment behind the brand.

這將是體育行銷和我們對品牌背後的投資的結合。

This quarter, our SG&A was down 3%, but our demand creation was up 1%, and we expect demand creation to continue to lead our SG&A growth over the next few quarters.

本季度，我們的 SG&A 下降了 3%，但我們的需求創造成長了 1%，我們預計需求創造將在未來幾季繼續引領我們的 SG&A 成長。

The other thing I would just add is when I think of investment, I'm thinking up and down the P&L, and we are making meaningful investments beginning in the third quarter to clean up the marketplace.

我要補充的另一件事是，當我想到投資時，我會上下考慮損益表，我們將從第三季開始進行有意義的投資以清理市場。

That means liquidating inventory.

這意味著清算庫存。

That means our sales return reserves in order to be able to clear aged inventory, so we can create space to sell in our new assortments and the innovation that we're excited about in fall and holiday '25.

這意味著我們要保留銷售退貨儲備，以便能夠清理陳舊庫存，這樣我們就可以創造空間來銷售我們的新品種和我們在 25 年秋季和假期感到興奮的創新。

And it also means planning for markdowns in our factory stores.

這也意味著我們工廠店的降價計畫。

And so that's reflected in the guidance that we provided for Q3, and we do expect that to continue for the near term until we can get ourselves back to a balanced and repositioned business to drive growth looking forward.

因此，這反映在我們為第三季提供的指導中，我們確實預計這種情況將在短期內持續下去，直到我們能夠恢復平衡和重新定位業務，以推動未來的成長。

Bank of America, Lorraine Hutchinson.

美國銀行，洛林‧哈欽森。

You're accelerating a lot of the work around lifestyle in fiscal '25.

在 25 財年，您將加快圍繞生活方式的大量工作。

But how much incremental pressure do you expect on 2026 sales?

但您預期 2026 年的銷售增量壓力有多大？

And based on your analysis of the pipeline, when will newness gain sufficient scale to offset that pressure?

根據您對管道的分析，新事物何時會獲得足夠的規模來抵消這種壓力？

Thank you, Lorraine.

謝謝你，洛林。

Again, as we look at where we are today, we touched on it for a number of times already and the concentration that we have in a few key franchise styles.

再次，當我們審視我們今天所處的位置時，我們已經多次觸及它以及我們對幾種關鍵特許經營風格的關注。

And one of the core competencies that we have in NIKE's franchise management and it's foundational to this company and what we will -- as we talked about, we're taking actions to reduce the amount of inventory in the marketplace, which then it opens up shelf space open to buy for a new innovative product.

我們在耐吉特許經營管理方面擁有的核心能力之一，它是這家公司的基礎，也是我們將要做的事情——正如我們所說，我們正在採取行動減少市場上的庫存量，然後它就會開放開放的貨架空間可供購買新的創新產品。

And I am excited about the product that is coming.

我對即將推出的產品感到興奮。

We have three brands that we can drive from NIKE, Jordan, and Converse.

我們可以駕駛的品牌有NIKE、Jordan、Converse這三個。

From performance to sportswear with over 10 different sports, men's, women's kids, footwear, apparel equipment, accessories and up and down price points.

從性能到運動服裝，涵蓋 10 多種不同的運動、男裝、女裝、童裝、鞋類、服裝裝備、配件以及上下價位。

And I've seen now the product that's coming from our fields of play.

我現在已經看到了來自我們領域的產品。

I was able to sit through a fall '25 -- a few of the presentations with our key retailers, and they're excited about the product that's coming and it will be led with running, training and sportswear.

我能夠坐下來觀看 25 年秋季的一些與我們的主要零售商的演示，他們對即將推出的產品感到興奮，它將以跑步、訓練和運動服裝為主。

And again, I think the small cross-functional teams are doing a really nice job of now starting to flow innovative product into the marketplace.

再說一次，我認為小型跨職能團隊做得非常好，現在開始將創新產品推向市場。

And that's the quickest way to return to health.

這是恢復健康的最快方法。

Lorraine, we took another step forward this quarter and those three franchises decelerated at a rate that was faster than the overall business for the second straight quarter, and the rate this quarter was greater than we drove in the first quarter.

洛林，我們本季又向前邁出了一步，這三個特許經營業務的減速速度連續第二個季度快於整體業務，並且本季度的速度比我們第一季的速度還要快。

And so as I mentioned last quarter, that has had a disproportionate effect on the NIKE Digital business results because of the concentration of those franchises on digital.

正如我上個季度提到的，這對耐吉數位業務業績產生了不成比例的影響，因為這些特許經營權集中在數位領域。

And so what we had highlighted was that these actions would result in a mid-single-digit headwind on our financials for the balance of this year.

因此，我們強調的是，這些行動將導致我們今年剩餘時間的財務狀況出現中個位數的逆風。

And with Elliott being 60 days in and looking at the current plans and where he wants to take our product portfolio, we have accelerated those actions.

Elliott 在 60 天的時間裡審視了目前的計劃以及他希望我們的產品組合的方向，我們加快了這些行動的速度。

And so I expect the impact to be bigger for the balance of this year.

因此，我預計今年剩餘時間的影響會更大。

And getting very sharp and specific on reducing the weeks of supply over the next few seasons to ensure that across the entire marketplace, these franchises are back at a healthy full price level.

並非常明確地減少未來幾個賽季的供應週數，以確保在整個市場上，這些特許經營權恢復到健康的全價水平。

I made a comment in my prepared remarks that summer '25 is down slightly versus the prior year, and that reflects this accelerated level of actions that Elliott outlined.

我在準備好的演講中評論說，25 年夏季比前一年略有下降，這反映了艾利奧特概述的這種加速行動水準。

I'd note that even with these actions, we almost offset it by the contribution of newness and innovation.

我要指出的是，即使採取了這些行動，我們也幾乎透過新穎和創新的貢獻來抵消它。

And so even that as a signal for me gives me confidence that the work we started over a year ago to build the pipeline is taking root with our partners.

因此，即使這對我來說是一個信號，也讓我相信我們一年多前開始建造管道的工作正在與我們的合作夥伴紮根。

Adrienne Yih, Barclays.

艾德麗安‧易 (Adrienne Yih)，巴克萊銀行。

Elliott, welcome.

艾略特，歡迎。

Look forward to meeting you.

期待與您見面。

Thank you, Adrienne.

謝謝你，艾德麗安。

I apologize if my phone is crackly, sorry about that.

如果我的手機壞了，我深表歉意，對此深表歉意。

I appreciate the notion of margins before sales.

我很欣賞銷售前利潤的概念。

And so when we look at kind of what you're doing, you accelerate sort of the reset actions.

因此，當我們查看您正在做的事情時，您會加速某種重置操作。

When you get to the fall of next year, do you have the proven innovation at scale to replace what you are liquidating now?

當你到明年秋天時，你是否擁有經過驗證的大規模創新來取代你現在正在清算的東西？

And then, Matt, is there a reset inventory provision that's happening right now in the gross margin -- excuse me, and kind to wrap that all up, it would very much seem that you are going for those margins before sales.

然後，馬特，現在毛利率中是否有重置庫存準備金——對不起，總而言之，你似乎在爭取銷售前的利潤。

So when we think about FY26, I think it would be rightfully the right thought to think that sales would be down again if you're going for margins as you say, healthy bedrock margins before you drive the top line growth?

因此，當我們考慮2026 財年時，我認為，如果您像您所說的那樣追求利潤率，在推動營收成長之前獲得健康的基礎利潤率，那麼認為銷售額會再次下降是正確的想法嗎？

Hey, Matt, how about I take the first part of it, I'll hit product and then, okay.

嘿，馬特，我先講第一部分怎麼樣，我先講產品，然後，好吧。

So we outlined the idea of fields of play and taking each of our sports and further segmenting them by men's, women's, kids, and putting tight small teams against each one of those segments of business.

因此，我們概述了比賽場地的想法，並把我們的每一項運動進一步按男子、女子、兒童進行細分，並針對每項業務細分組建了緊密的小團隊。

That fortunately has already started.

幸運的是，這已經開始了。

That started over 12 months ago.

這一切始於 12 個多月前。

And because of that, we're starting to see those teams deliver the innovation.

正因為如此，我們開始看到這些團隊提供創新。

They're taking the insights from the consumers that they serve in each of those fields of play.

他們從他們在每個領域所服務的消費者那裡獲取見解。

And we're starting to see the product come through the marketplace and started in spring and summer.

我們開始看到該產品在春季和夏季開始進入市場。

As it relates to fall, as you referenced, great confidence around running, especially on the footwear side of our business, structure Peg, Vomero, three different price points, a lineup that includes a really structural lineup, and we have a leading business in racing, both flats and spikes.

正如您所提到的，與秋季相關，對跑步充滿信心，特別是在我們業務的鞋類方面，結構Peg、Vomero、三個不同的價格點、一個包含真正結構性陣容的產品線，並且我們在以下領域擁有領先的業務：賽車，平底鞋和釘鞋。

Our training, of course, is led with Metcon and continues to be a strength of ours in training along with our apparel that's coming along with that.

當然，我們的培訓是由 Metcon 領導的，與我們隨之而來的服裝一樣，仍然是我們在培訓方面的優勢。

We have some new concepts around comfort, style and performance.

我們在舒適性、風格和性能方面有一些新概念。

Basketball is another one that excites me, and it's maybe the best example of this field of play working.

籃球是另一個讓我興奮的運動，它可能是這一領域發揮作用的最佳例子。

Let me start with men's and our portfolio.

讓我從男裝和我們的產品組合開始。

You have Jordan with Tatum and Luka coming and then the NIKE brand, of course, the LeBron, Kobe, Ja, Booker and a new GT series.

有喬丹、塔圖姆和盧卡，還有耐吉品牌，當然還有勒布朗、科比、賈、布克和新的 GT 系列。

So I'm really excited about the basketball lineup.

所以我對籃球陣容感到非常興奮。

What is really fun for me to see coming back now to see us running this tender offense.

對我來說，現在回來看到我們進行這種溫柔的進攻真的很有趣。

We've launched a women's basketball program, which I didn't think we'd ever do.

我們啟動了女子籃球計劃，我認為我們從來沒有這樣做過。

Sabrina, Matt already touched on it, number 2 shoe in the NBA and then we have Asia and Caitlin coming back from behind -- and behind that.

薩布麗娜（Sabrina）、馬特（Matt）已經談到了這一點，NBA 的 2 號球鞋，然後亞洲和凱特琳（Caitlin）從後面回來了——然後是後面。

Sportswear, a new lineup around -- look at court, look at basketball, look at football, including the Field General.

運動服、新陣容－看看球場、看看籃球、看看足球，包括球場將軍。

So net-net is the products coming, and we're gaining confidence with each season.

因此，net-net 是即將推出的產品，我們對每個季節都充滿信心。

Yes.

是的。

And from a financial implication perspective, Adrienne, I guess, a couple of thoughts.

從財務影響的角度來看，我想艾德麗安有一些想法。

First, as I said, a number of these actions we had underway and Elliott has provided a perspective that we accelerate them.

首先，正如我所說，我們已經採取了一些行動，而艾利奧特為我們提供了加速這些行動的視角。

And some of these actions are new actions, like moving more aggressively to reposition NIKE Direct and NIKE Digital, in particular, as a premium channel.

其中一些行動是新行動，例如更積極地重新定位 NIKE Direct 和 NIKE Digital，特別是作為優質管道。

And so with him being 60 days in, we are continuing to take time to understand the impact of those actions.

因此，在他上任 60 天后，我們將繼續花時間了解這些行動的影響。

But we remain committed to being transparent and provide guidance on a 90-day basis.

但我們仍然致力於保持透明並提供 90 天指導。

As it relates to kind of what's in the third quarter outlook and how quickly are we moving with revenues being down low double digits and our margins being down 300 to 350 basis points, we are certainly accelerating some of these actions.

由於它關係到第三季度的前景，以及我們在收入下降兩位數和利潤率下降 300 至 350 個基點的情況下行動的速度有多快，因此我們肯定會加速其中一些行動。

But some of these actions are going to take time to carry all the way through.

但其中一些行動需要時間才能完全實施。

And so our focus is on getting back to a healthy marketplace and getting back to a full-price business, both in our partners and importantly, in NIKE Direct because we believe that will elevate the entire marketplace and create a foundation for growth.

因此，我們的重點是恢復健康的市場並恢復全價業務，無論是在我們的合作夥伴中還是在 NIKE Direct 中，因為我們相信這將提升整個市場並為成長奠定基礎。

We're very focused on our inventory because we know that a healthy inventory is absolutely critical for us in order to be able to present the right assortment for consumers and to give our new innovation and our new seasonal product, the best presentation across the entire marketplace.

我們非常關注我們的庫存，因為我們知道，健康的庫存對我們來說絕對至關重要，這樣我們才能向消費者展示正確的產品組合，並為我們的新創新和新季節性產品提供最好的展示。

And so that's what's been reflected in our third-quarter financials.

這就是我們第三季財務數據所反映的情況。

And I'll just reiterate a point I made in my prepared remarks, which is I said that we expect a greater headwind in the fourth quarter as compared to the third.

我只想重申我在準備好的發言中提出的一點，那就是我們預計第四季的阻力將比第三季更大。

And that's because the timing of implementing these actions are different across different geographies and different time lines.

這是因為在不同的地理位置和不同的時間線上實施這些行動的時機是不同的。

You heard me talk about the product portfolio rebalancing being ahead in APLA or are repositioning the digital business being ahead in Europe.

您聽到我談論過 APLA 中領先的產品組合再平衡，或是歐洲領先的數位業務的重新定位。

And so as we look ahead from what we can see to date in the fourth quarter, we expect the headwinds to be larger in the fourth quarter than the third quarter guide that we provided.

因此，當我們從第四季度迄今為止所看到的情況展望未來時，我們預計第四季度的阻力將比我們提供的第三季指南更大。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Terrific.

了不起。

Elliott, you mentioned in your prepared remarks that you're willing to take some actions in the near term that will hurt in order to do what's best for the brand and the company over the long term.

艾利奧特，您在準備好的發言中提到，您願意在短期內採取一些可能會造成傷害的行動，以便從長遠來看對品牌和公司最有利。

The history of NIKE is that the top companies always try to balance short-term earnings with sort of long-term investment.

耐吉的歷史表明，頂級公司總是試圖在短期收益與長期投資之間取得平衡。

The question is how far are you going to take the actions in the short term to really put the business on that sustainable path you're talking about to drive?

問題是，您將在短期內採取多遠的行動，真正讓業務走上您所說的永續發展道路？

In other words, how long are you willing to sort of take the actions in terms of resetting the marketplace, making investments in key cities, rebuilding brand marketing.

換句話說，你願意在多長時間內採取重置市場、在重點城市進行投資、重建品牌行銷等行動。

Is there a limit?

有限制嗎？

And is there a sort of a balance you're thinking to strike, or you want to go 100 percentage, do the right thing, whatever it costs to put the company back on the path to winning.

你是否想要達到某種平衡，或者你想要百分之百做正確的事，無論付出什麼代價，讓公司重新走上成功之路。

Sorry, that's a long question, but hopefully that make sense.

抱歉，這是一個很長的問題，但希望這是有道理的。

Sorry.

對不起。

No worries.

不用擔心。

So here's -- I'd love for all of you to think about it.

所以，我希望你們所有人都考慮一下。

I wanted you to know we're acting with a sense of urgency.

我想讓你知道我們正在帶著緊迫感採取行動。

And you've heard Matt talk about the different moves that we're making around inventory, et cetera.

您已經聽過馬特談論我們圍繞庫存等採取的不同舉措。

And I think the biggest takeaway hopefully is that we're putting sport back at the center of everything that we're doing.

我認為最大的收穫是我們將體育重新置於我們所做的一切的中心。

Our products offense, we are going to lead with sport.

我們的產品進攻，我們將以運動引領。

And we'll do that through our sport field to play cross-functional teams.

我們將透過我們的運動場與跨職能團隊進行比賽來做到這一點。

And you can see now already the investments that we've made there, and we'll continue to make there are starting to pay dividends as we roll it through spring and summer of '25 and end of fall and holiday '25.

現在你已經可以看到我們在那裡所做的投資，我們將繼續在那裡進行的投資，隨著我們在 25 年春季和夏季以及 25 年秋季和假期結束時開始支付股息。

From a marketing perspective, we will continue to invest in big, bold brand ideas.

從行銷角度來看，我們將繼續投資於大膽的品牌理念。

We touched on some of the activities that have already taken place and some of the -- excuse me, marketing campaigns the Winning Isn't Comfortable ad won an award at Ad Age for 2024 Ad of the Year.

我們談到了一些已經開展的活動，以及一些——對不起，行銷活動「獲勝並不舒服」廣告贏得了《廣告時代》2024 年度廣告獎。

So feeling good about where we're heading.

所以對我們的前進方向感覺良好。

We've made investments in sports marketing, and we've continued to do that.

我們已經在體育行銷方面進行了投資，並且我們將繼續這樣做。

And then, of course, through the marketplace.

然後，當然是透過市場。

And investing in the marketplace is doing the things that we've already talked about, pulling inventory out, return to vendor, but it's also investing in new product, marketing, in-store presentation, both at a strategic account level that covers an entire country and then down to the city level, which includes -- specialty accounts, which we are making some investments in running specialty, we started in North America.

投資市場就是做我們已經討論過的事情，取出庫存，返回給供應商，但它也投資於新產品、營銷、店內展示，都是在覆蓋整個市場的戰略客戶層面上進行的。城市層級，其中包括—專業帳戶，我們在營運專業帳戶方面進行了一些投資，我們從北美開始。

So I think it's going to take time, but I am confident that we are making the right moves and the right chips to drive this brand, this business forward.

所以我認為這需要時間，但我相信我們正在採取正確的舉措和正確的籌碼來推動這個品牌、這項業務向前發展。

Jay, the way I think about the implications on our financials in the near term.

傑伊，我對近期財務影響的看法。

I break these actions down between two buckets.

我將這些動作分解為兩個部分。

I would say there are near-term headwinds that we will endure as a result of the repositioning of our channel mix and our product portfolio.

我想說，由於我們的通路組合和產品組合的重新定位，我們將面臨短期的阻力。

And those will create headwinds and are creating headwinds right now.

這些將產生逆風，並且現在正在產生逆風。

But we expect that as we recalibrate the portfolio of both our channels, meaning NIKE Direct and Wholesale or our product, that those headwinds will end.

但我們預計，隨著我們重新調整兩個通路的投資組合，即耐吉直營和批發或我們的產品，這些不利因素將會結束。

And then we have transitory headwinds, which are the actions that we're taking to clean up the marketplace in inventory as well as some of the supply chain deleverage that we're experiencing as our sales decline which we would expect to recapture as our business returns to growth.

然後，我們面臨暫時的不利因素，即我們正在採取的清理市場庫存的行動，以及我們隨著銷售下降而經歷的一些供應鏈去槓桿化，我們希望隨著我們的業務的發展而重新奪回這些供應鏈去槓桿化的影響。

And so I think that hopefully, that's a helpful way to think about what we're looking at here.

所以我認為，希望這是思考我們在這裡看到的內容的一種有用的方式。

And we're definitely focused on both of those dimensions and confident that these actions will reposition Nike and also provide opportunity for us once we've completed what we've set forward to do.

我們肯定會關注這兩個方面，並相信這些行動將重新定位耐吉，並在完成我們設定的目標後為我們提供機會。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great.

偉大的。

Elliott, so maybe could you help rank the fields of play opportunities you see by category.

埃利奧特，也許你可以幫助你按類別對你看到的遊戲機會領域進行排名。

And then just on the long-term view, what's a reasonable timeline to realign inventory to pull market?

那麼從長遠來看，調整庫存以拉動市場的合理時間表是怎樣的？

And then after for the product pipeline and the marketing investments to return to sustainable profitable growth.

然後，產品線和行銷投資將恢復可持續的獲利成長。

Yes.

是的。

So let me hit the fields of play, and we have a number of fields of play, and we have a sharp focus on five.

讓我來談談比賽場地，我們有很多比賽場地，我們專注於五個。

And we see those as our biggest opportunities from running to basketball to football, that's global football or soccer, training and sportswear.

我們認為這些是我們最大的機會，從跑步到籃球到足球，即全球足球、訓練和運動服。

And we will break each one of those fields of play down by men's, women's and kids.

我們將把這些比賽領域按男子、女子和兒童劃分。

And what we're most excited about is not only the product innovation that's coming out of there, but the merchandising opportunities that we have.

我們最興奮的不僅是由此產生的產品創新，還有我們擁有的銷售機會。

So for example, there are moments when we need to show up as a running brand, footwear, apparel, accessories, men's, women's, kids, and there are moments when we need to show up as a women's brand.

例如，有時我們需要以跑步品牌、鞋類、服裝、配件、男裝、女裝、童裝品牌的形式出現，有時我們需要以女裝品牌的形式出現。

And this offense allows us to do both of those and will unlock incremental growth for both our brand and our business moving forward.

這種進攻使我們能夠做到這兩點，並將為我們的品牌和業務的發展帶來增量成長。

So in terms of the fields of play, those are our sharp focus in the near term.

因此，就競爭領域而言，這些是我們近期的重點關注點。

And we are learning and growing this offense and be able to apply it to more sports in the future, and we're excited about it.

我們正在學習和發展這種進攻方式，並能夠在未來將其應用到更多的運動中，我們對此感到興奮。

Jon Komp, Baird.

喬恩康普，貝爾德。

I want to follow up on the output sort of margin recapture potential, if you will.

如果你願意的話，我想跟進一下利潤收回潛力的輸出。

I'm just curious, Elliott, as you look at some of the moves in the past few years as the brand is focused on, where are the products being sold more in the digital channel, specifically.

我只是很好奇，艾利奧特，當你看看過去幾年該品牌所關注的一些舉措時，具體來說，在數位管道中銷售更多的產品在哪裡。

And today, if you look at the organizational structure around supply chain and distribution, are there sort of unique opportunities to become more efficient?

今天，如果你看看圍繞著供應鏈和分銷的組織結構，是否存在提高效率的獨特機會？

Or is it purely going to be getting back to growth to scale some of the investments from the past few years?

或者純粹是為了恢復成長以擴大過去幾年的一些投資？

I just want to say, no question growth certainly will help and I believe the moves and the confidence, that the moves that we're making will help set us up to for long-term sustainable and profitable growth, the product, the marketing, the clean marketplace.

我只是想說，毫無疑問，成長肯定會有所幫助，我相信我們正在採取的舉措和信心將有助於我們實現長期可持續和盈利的增長，產品、營銷、乾淨的市場。

One of the moves that I did make is -- one of the first leadership moves I made, I had [Venky], who's now our Chief Supply Chain Officer reporting directly to me, he looks everything from factory transportation all the way through to logistics to the consumer.

我確實採取的舉措之一是——我採取的第一個領導舉措之一，我有[Venky]，他現在是我們的首席供應鏈官，直接向我匯報，他負責從工廠運輸一直到物流的一切事務給消費者。

And it certainly will be -- I've only been here 60 days, but it will certainly be a focus as we move forward as an opportunity for margin expansion.

當然，我在這裡只待了 60 天，但它肯定會成為我們前進的焦點，作為利潤擴張的機會。

And Jon, if you look over history, we've consistently been a double-digit margin company.

喬恩，如果你回顧歷史，我們一直是一家利潤率達到兩位數的公司。

And when I think of the actions that we're taking in the marketplace today, there are a number of opportunities as we look forward.

當我想到我們今天在市場上採取的行動時，我們期待著許多機會。

Specifically, we talked several years ago about the profitability of selling a product through the digital channel.

具體來說，我們幾年前討論過透過數位管道銷售產品的獲利能力。

But that math is relying upon it being a full-price sale.

但這一數學計算依賴全價銷售。

And to take the point that Elliott made around the business being 50% full price and 50% off price today, the profitability of the channel has significantly been challenged over the past several quarters.

就埃利奧特今天圍繞業務 50% 全價和 50% 折扣所提出的觀點而言，該渠道的盈利能力在過去幾個季度受到了顯著挑戰。

And so in addition to cleaning up the inventory, there's certainly a margin rate benefit opportunity within NIKE Direct to run, albeit a smaller but a healthier and more profitable business.

因此，除了清理庫存之外，NIKE Direct 內部肯定還有利潤率提升的機會，儘管業務規模較小，但更健康、利潤更高。

And that includes opportunities our teams are working on to continue to drive the cost of fulfillment down as well as being less reliant upon paid media and performance marketing in order to be able to drive the top line.

這包括我們的團隊正在努力繼續降低履行成本的機會，以及減少對付費媒體和績效行銷的依賴，以便能夠推動營收。

But leveraging the investments that we're making in our brand to drive organic top of funnel traffic to us and to our partners.

但是，利用我們對品牌的投資來為我們和我們的合作夥伴帶來有機的漏斗頂部流量。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Elliott, I was hoping you could speak to any specific actions that you'll be taking either in the North America or Greater China geographies as you look to accelerate some of these actions over the course of the next 12 months?

Elliott，我希望您能談談您將在北美或大中華地區採取的任何具體行動，因為您希望在未來 12 個月內加快其中一些行動？

Yes.

是的。

So I'll take North America first.

所以我會先選擇北美。

We have a new leader.

我們有一位新領導人。

Tom Petty leading North America, has a deep, long history with Nike and a lot of experience.

湯姆佩蒂 (Tom Petty) 領導北美市場，與耐吉有著深厚、悠久的歷史和豐富的經驗。

He's led North America before, and I can tell you that he and his team are being aggressive in all of the actions that we've outlined in terms of cleaning up the marketplace, building back the relationships with our wholesale partners, investing in the brand, elevating NIKE Direct, and they'll start moving there in spring.

他以前曾領導過北美地區，我可以告訴你，他和他的團隊正在積極採取我們在清理市場、重建與批發合作夥伴的關係、投資品牌等方面概述的所有行動，提升NIKE Direct 的水平，他們將於春季開始遷往該處。

So in January, and so resetting NIKE Direct, leveraging the relationships, investing in RSG, which is running specialty.

因此，在一月份，我們重置了 NIKE Direct，利用關係，投資了專門從事跑步業務的 RSG。

We've invested in EKINs on the ground game, investing in the brand.

我們投資了 EKIN 的地面遊戲，投資了品牌。

We touched on a bunch of that Liberty, Dodgers wins.

我們談到了自由隊、道奇隊的勝利。

And so the shift is going to take time, but I'm really confident in Tom and his team's ability to execute across product brand marketplace and to get North America back to growth.

因此，這種轉變需要時間，但我對湯姆和他的團隊在整個產品品牌市場上執行任務並讓北美恢復成長的能力充滿信心。

In terms of China, hey, we are all -- we continue to be excited about China long term.

就中國而言，嘿，我們所有人——從長遠來看，我們仍然對中國感到興奮。

There's 1.3 billion consumers and our biggest opportunity is to invite those consumers into the world of sport and the lifestyle of sport and to grow the overall marketplace.

有 13 億消費者，我們最大的機會是邀請這些消費者進入體育世界和體育生活方式，並發展整個市場。

And when we do that, I like our chances of growing.

當我們這樣做時，我喜歡我們成長的機會。

We were just in China, and there's no question.

我們剛剛在中國，這是毫無疑問的。

It's also a promotional marketplace.

這也是一個促銷市場。

The competitors have both international and local increased.

國際和本土的競爭對手都有所增加。

And it's a place that I've spent a tremendous amount of time.

這是我花了大量時間的地方。

I've been in China market since 2002 and had some deep experiences in China in 2006, '08, getting ready for the '08, '08 Olympics and led a reset plan in China, and a growth plan there.

我從2002年開始進入中國市場，並在2006年、08年在中國有一些深刻的經驗，為08年、08年奧運會做準備，並領導了在中國的重置計劃和增長計劃。

But in the end, I have confidence in the teammates to help get this business back to growth.

但最終，我對隊友們有信心幫助這項業務恢復成長。

It will start as it always does.

它將像往常一樣開始。

With product innovation, and we are investing with China in product innovation, not only the product from the globe, but we have a local what we call Geo Express Lane.

透過產品創新，我們正在與中國一起投資產品創新，不僅是來自全球的產品，而且我們有一個本地的所謂的Geo Express Lane。

It's a local product creation team on their own, creating product for China.

這是一個自己的本土產品創造團隊，為中國創造產品。

We also have a sports research lab.

我們還有一個體育研究實驗室。

We call it the NSRL, NIKE Sports Research Lab, that is doing of China research, in terms of gait, foot, forearm, et cetera.

我們稱之為NSRL，耐吉運動研究實驗室，它正在中國進行步態、足部、前臂等方面的研究。

So we're making product of China for China and then big brand bold statements, Matt touched on some on the Shanghai Marathon, et cetera.

所以我們正在為中國製造中國產品，然後是大品牌的大膽聲明，馬特談到了上海馬拉松等方面的一些內容。

And then I think our biggest after product becomes the marketplace.

然後我認為我們最大的後續產品成為市場。

We have got to reset bigger bolder consumer-led NIKE concepts that represent the full expression of the NIKE brand, have the service and the experience that we expect that will drive the performance and the productivity of those doors.

我們必須重新設定更大、更大膽、以消費者為主導的耐吉概念，這些概念代表耐吉品牌的完整表達，擁有我們期望的服務和體驗，以推動這些門的性能和生產力。

And the good news is, I was over there and I met with Topsports and with Pou Sheng, our two biggest partners, and they're ready to go.

好消息是，我在那裡會見了我們最大的兩個合作夥伴 Topsports 和寶勝，他們已經準備好了。

So long-winded answer, but I think it all comes back to what we were talking to in both of these geographies.

答案很冗長，但我認為這一切都回到了我們在這兩個地區所討論的內容。

It comes down to product management.

這歸結於產品管理。

It comes down to brand management and it comes back to marketplace management.

這歸根結底是品牌管理，又回到了市場管理。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Elliott, great to hear from you.

艾利歐特，很高興收到你的來信。

Actually two questions, I think, for Matt.

我認為，實際上有兩個問題要問馬特。

Just a follow-up on the guide.

只是指南的後續行動。

When you talked about the expense guide for the third quarter, I just want to make sure I understand.

當您談到第三季的費用指南時，我只是想確保我理解。

Is that relative to the $4.2 billion in expenses of last year because I know there was the restructuring charge that some of us took out.

這是否與去年 42 億美元的支出有關，因為我知道我們中的一些人扣除了重組費用。

So just trying to understand the growth up slightly or down slightly is relative to what dollar number.

因此，只是想了解成長的小幅上升或下降是相對於多少美元的數字而言的。

And then just a follow-up to that is when you talked about greater headwinds relative to 3Q.

然後，當您談到相對於第三季更大的阻力時，這就是後續行動。

I think that was in the sentence of talking about revenue, gross margin, and demand gen spend, was the comment meant to absolutely all three of those line items?

我認為這是在談論收入、毛利率和需求產生支出的句子中，該評論是否絕對適用於所有這三個項目？

Or was it really meant for revenue or gross margin or something more specific?

或者它真的是為了收入或毛利率或更具體的目的嗎？

Yes.

是的。

Ike, on your first question, the SG&A guide is related to the full amount, including the restructuring charge in the prior year.

艾克，關於你的第一個問題，SG&A指南與全額相關，包括前一年的重組費用。

As it relates to your second question, the answer is yes.

因為它牽涉到你的第二個問題，所以答案是肯定的。

As I mentioned, these actions are happening on different time lines across different regions.

正如我所提到的，這些行動是在不同地區的不同時間線上發生的。

And based on what we can see today, we think the net impact of these actions across revenue, margin and demand creation will be larger in the fourth quarter than they are in the third quarter.

根據我們今天所看到的情況，我們認為這些行動對第四季營收、利潤率和需求創造的淨影響將比第三季更大。

So the year-over-year impact is another way to take it is the year-over-year impact when you compare to the prior year will be more significant in the fourth quarter.

因此，同比影響是另一種理解方式，即與前一年相比，第四季度的同比影響會更加顯著。

And everyone, that does conclude the question-and-answer session as well as today's conference.

各位，問答環節和今天的會議到此結束。

We would like to thank you all for your participation today.

我們衷心感謝大家今天的參與。

You may now disconnect.

您現在可以斷開連線。