Nike Inc (NKE) 2025 Q3 法說會逐字稿

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

大家下午好。歡迎參加 NIKE Incorporated 2025 財年第三季電話會議。對於那些想要參考今天的新聞稿的人來說，你可以在investors.nike.com 上找到它。主持今天電話會議的是公司財務副總裁兼財務長 Paul Trussell。

Now I'd like to turn the call over to Paul Trussell.

現在我想將電話轉給保羅·特魯塞爾 (Paul Trussell)。

Thank you, Operator. Hello, everyone, and thank you for joining us today to discuss NIKE Inc.'s fiscal 2025 third-quarter results. Joining us on today's call will be NIKE Inc.'s President and CEO, Elliott Hill; and our CFO, Matt Friend.

謝謝您，接線生。大家好，感謝您今天加入我們討論 NIKE Inc. 2025 財年第三季業績。參加今天電話會議的還有 NIKE Inc. 總裁兼執行長 Elliott Hill；以及我們的財務長馬特·弗蘭德（Matt Friend）。

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 risk and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in NIKE's reports filed with the SEC.

在我們開始之前，請允許我提醒您，本次電話會議的參與者將根據當前預期做出前瞻性陳述，而這些陳述會受到某些風險和不確定性的影響，可能導致實際結果大不相同。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. All growth comparisons on the call today are presented on a year-over-year basis and are currency neutral unless otherwise noted.

此外，參與者還可以討論非公認會計準則財務指標和非公開財務和統計資訊。請參閱 NIKE 的收益新聞稿或 NIKE 的網站 investor.nike.com，以了解可比較的 GAAP 指標和定量對帳。今天電話會議上進行的所有成長比較都是以同比計算的，除非另有說明，否則都是貨幣中性的。

We will start with prepared remarks and then open up for questions. We would like to allow as many of you to ask questions as possible in our allotted time. So we would appreciate you limiting your initial question to one. Thanks for your cooperation on this.

我們將從準備好的發言開始，然後接受提問。我們希望在規定的時間內讓盡可能多的人提出問題。因此我們希望您將最初的問題限制為一個。感謝您的合作。

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

現在我將把電話轉給 NIKE Inc. 總裁兼執行長 Elliott Hill。

Thank you, Paul. Good afternoon, everyone. I'll start by saying I'm proud of the progress we made against the key actions we committed to 90 days ago. While we met the expectations we set, we're not satisfied with our overall results. We can and will be better.

謝謝你，保羅。大家下午好。首先，我要說，我為我們在 90 天前承諾的關鍵行動方面所取得的進展感到自豪。雖然我們達到了設定的期望，但我們對整體結果並不滿意。我們能夠並且將會變得更好。

For the quarter, the big takeaway for me was clear. When we lead with sport, we create impact for NIKE. We told inspiring athletes stories, we brought more energy to sport's biggest moments, and we introduced performance product across an integrated marketplace. We delivered something new to the consumer week after week, and that's exactly the kind of sustained pace we need to strengthen our business.

就本季而言，我最大的收穫很明確。當我們引領體育運動時，我們為耐吉創造了影響力。我們講述鼓舞人心的運動員故事，為體育界最重要的時刻注入更多活力，並在綜合市場上推出高性能產品。我們每週都會向消費者推出新產品，這正是我們加強業務所需的持續步伐。

Last quarter, I shared my initial observations and where we need to focus. The last 90 days only reinforced my early assessment of the areas that are most important. Since our last call, I continue to meet with wholesale partners to discuss the distinct role each can play with NIKE. I also had an incredibly inspiring trip to visit factory partners and NIKE teammates in Asia to see how we're executing in our supply chain with a focus on production for our new innovation.

上個季度，我分享了我的初步觀察以及我們需要關注的領域。過去的 90 天只是強化了我對最重要的領域的早期評估。自從我們上次通話以來，我繼續與批發合作夥伴會面，討論每個人在 NIKE 中可以發揮的獨特作用。我還進行了一次非常鼓舞人心的旅行，拜訪了亞洲的工廠合作夥伴和 NIKE 隊友，了解我們如何執行供應鏈並專注於新創新的生產。

Most importantly, I continue to spend meaningful time with our NIKE teammates. We focused in two areas: strengthening our culture and committing to our top priorities. In fact, right after my first call with you in December, we met with our teams and shared the five priority actions we outlined on the call with a sharp focus on five fields of play, three countries, and five cities. We call these strategic priorities, Win Now.

最重要的是，我繼續與我們的 NIKE 隊友們度過有意義的時光。我們專注於兩個領域：加強我們的文化和致力於我們的首要任務。事實上，在我去年 12 月第一次與您通話後，我們就與我們的團隊會面並分享了我們在通話中概述的五項優先行動，重點關註五個比賽領域、三個國家和五個城市。我們將這些戰略重點稱為「現在就贏」。

We have a clearer picture on our path forward. And despite the global economic uncertainty, I believe our priority actions will continue to drive progress.

我們對前進的道路有了更清楚的認識。儘管全球經濟存在不確定性，但我相信我們的優先行動將繼續推動進步。

The first action is to ignite our winning culture. As I mentioned, our teams are building momentum. We're hustling and being opportunistic. The next action shaping our brand for distinction. This is about lining up storytelling power of NIKE to celebrate the passion and emotion of sport. In February, I attended the Super Bowl and the NBA All-Star Weekend to see firsthand the kind of impact we make when we line up all of our advantages towards one moment.

第一個行動是點燃我們的成功文化。正如我所提到的，我們的團隊正在積聚力量。我們正在努力並抓住機會。下一步是塑造我們的品牌，使其與眾不同。這是為了展現耐吉的敘事力量，以慶祝運動的激情和情感。今年二月，我參加了超級盃和NBA全明星週末，親眼目睹了當我們將所有優勢集中在一個時刻時會產生什麼樣的影響。

Our third action is to accelerate a complete product portfolio. We're fully committed to creating a more breadth and depth season after season. While we added innovation across our five key fields of play this quarter, it's not enough to offset the continued headwinds of our classic franchises. Elevate and grow the marketplace before that action is a balanced approach where we're supporting wholesale partners to drive healthy growth and returning NIKE Direct to a premium destination. We're in the early stages of repositioning NIKE Digital, and we're restoring our sales organization and go-to-market processes.

我們的第三個行動是加速完善產品組合。我們全心全意地致力於一季又一季地創造更具廣度和深度的作品。雖然本季我們針對五個關鍵領域增加了創新，但這還不足以抵消我們經典系列產品持續面臨的阻力。在採取行動之前，提升和發展市場是一種平衡的方法，我們支持批發合作夥伴推動健康成長，並讓 NIKE Direct 重返優質目的地。我們正處於重新定位 NIKE Digital 的早期階段，我們正在恢復我們的銷售組織和市場進入流程。

The final action, win on the ground, is where we celebrate local athletes, make cultural connections, and support grassroots communities. A big reason for our running product success this quarter was the resources we put into building energy through the ground game. Of all the priority actions, we knew we could move quickest on investing in our brand. You saw that in several defining moments this quarter.

最後的行動，即實地勝利，是我們慶祝當地運動員、建立文化聯繫和支持基層社區的地方。本季我們的運行產品成功的一個重要原因是我們透過地面遊戲投入建立能量的資源。我們知道，在所有優先行動中，對我們的品牌進行投資是可以最快的。您在本季度的幾個決定性時刻都看到了這一點。

I'll start with the Super Bowl in New Orleans. It was of course, it starts with our close partnership with the NFL and our high-performance uniforms, cleats and gloves, that everyone sees on the field. Our product visibility goes well beyond four quarters. From Jalen Hurts wearing his red and black unbannable Jordan cleats during warm ups to Kendrick’s halftime show wearing Deion Sanders' retros and Serena Williams and SZA wearing Chuck Taylors. Our three iconic brands were front and center.

我先從新奧爾良的超級盃開始。當然，這始於我們與 NFL 的密切合作，以及我們在球場上每個人都能看到的高性能製服、釘鞋和手套。我們的產品知名度遠遠超出了四個季度。從熱身賽期間傑倫·赫茨 (Jalen Hurts) 穿著紅黑色的不可禁喬丹鞋，到肯德里克 (Kendrick) 在中場秀上穿著迪昂·桑德斯 (Deion Sanders) 的復古款，再到塞雷娜·威廉姆斯 (Serena Williams) 和 SZA 穿著查克·泰勒 (Chuck Taylors)。我們的三個標誌性品牌位於最顯眼的位置。

We, of course, also debuted So Win, our first Super Bowl ad in 27 years where we celebrated the winning mindset of the top athletes in the world. We also showed up on the ground in New Orleans to support flag football with a sharp focus on girls and a commitment to increasing their participation in the game. We created pop-up retail spaces across the city with partners like Dick’s, Sneaker Politics, and Hibbett’s, and built NIKE and Jordan houses to connect with athletes, influencers, partners, and wholesale retailers.

當然，我們也推出了 So Win，這是我們 27 年來的第一個超級盃廣告，我們在其中頌揚了世界頂尖運動員的勝利心態。我們也來到​​新奧爾良，支持腰旗橄欖球運動，專注於女孩，並致力於增加她們對這項運動的參與。我們與 Dick's、Sneaker Politics 和 Hibbett's 等合作夥伴在城市各地創建了快閃零售空間，並建造了 NIKE 和 Jordan 之家，以便與運動員、有影響力的人、合作夥伴和批發零售商建立聯繫。

After the win, we followed up with strong reactive campaigns. The NIKE brand created It’s Good to Be Green for the Eagles win; and for Jalen’s MVP, the Jordan brand aired its first Super Bowl ad in history, Love, Hurts. That is how we create the impact, and that is NIKE being NIKE.

獲勝後，我們採取了強而有力的應對措施。NIKE 品牌為老鷹隊的勝利創作了「綠色好樣的」；為了紀念傑倫的 MVP，喬丹品牌播出了史上第一則超級盃廣告《愛，傷人》。這就是我們創造影響力的方式，這就是耐吉的本質。

We transitioned from one amazing weekend right into another for the NBA All-Star Weekend in the Bay Area. Our brands in, one word, dominated. On both sides of the Bay, NIKE, Jordan, Converse owned performance and the culture of the game, connecting with young athletes and fans through unique experiences. NIKE celebrated the future of basketball hosting games with top high school prep stars.

我們剛剛度過了一個美妙的周末，接著又迎來了灣區 NBA 全明星週末。用一個字來概括，我們的品牌佔據主導地位。在海灣的兩岸，耐吉、喬丹、匡威都擁有運動表現和比賽文化，透過獨特的體驗與年輕運動員和球迷建立聯繫。耐吉與頂尖高中預科明星舉辦比賽，慶祝籃球的未來。

At the Alameda Navy Yard, the Jordan Fam Fest celebrated the brand’s biggest moments for its 40th anniversary with thousands of fans. And Converse unveiled the first signature shoe for Shai Gilgeous-Alexander, the SHAI 001, designed by Shai himself as the new Creative Director for Converse Basketball. His shoe will launch this fall.

在阿拉米達海軍造船廠，喬丹家庭節與數千名球迷一起慶祝該品牌 40 週年的重要時刻。而匡威也為謝伊·吉爾傑斯·亞歷山大推出了首款簽名鞋——SHAI 001，這款鞋是由謝伊作為匡威籃球新任創意總監親自設計的。他的鞋子將於今年秋季推出。

All told, NIKE Inc., Lit up the marketplace on the ground. Our NIKE San Francisco flagship store had its best commercial day in 10 years. And just down the street, we created energy and buzz with our wholesale partners, Foot Locker and Shoe Palace.

總而言之，耐吉公司（NIKE Inc.）點亮了地面市場。我們的NIKE舊金山旗艦店迎來了10年來最好的商業日。就在街上，我們與批發合作夥伴 Foot Locker 和 Shoe Palace 一起創造了活力和熱鬧。

One thing it was great to see for the right product drops like the NIKE Black Label collection, the Kobe Protros, Jordan Red 1s, and Jordan 4 Cements, the passion of sneaker culture is alive. I saw lines down the block all weekend. An important part of our strategy moving forward will be to harness the full power of our portfolio of brands. We made significant progress in elevating the voices and distinct position of our brands at the Super Bowl and All-Star Weekend.

很高興看到 NIKE Black Label 系列、Kobe Protros、Jordan Red 1s 和 Jordan 4 Cements 等優質產品的推出，運動鞋文化的熱情仍然活躍。我整個週末都看到街道上排起了長隊。我們未來策略的一個重要部分是充分利用我們品牌組合的力量。我們在提升我們品牌在超級盃和全明星週末的聲音和獨特地位方面取得了重大進展。

Shifting to products, we’re beginning to drive a more diversified portfolio. It will take time to reach the volume to replace the handful of classic franchises we overindexed on. But our approach is simple, help consumers fall in love with something new from NIKE.

轉向產品，我們開始推動更多樣化的產品組合。要達到取代我們過度關注的少數經典系列的數量還需要一些時間。但我們的方法很簡單，幫助消費者愛上NIKE的新產品。

And that something is not replacing one icon for another. It’s about building a supporting cast of multiple styles, some that are gaining interaction with men and others with women’s; segmenting and differentiating our wholesale partners across the integrated marketplace, investing in the presentation of our products at point of sale, digital and physical and having an intentional ground game in influential cities.

而那個東西不會用一個圖示取代另一個圖示。它是關於建立一個多種風格的配角陣容，其中一些與男性互動，另一些與女性互動；在綜合市場中對我們的批發合作夥伴進行細分和差異化，投資於我們產品在銷售點（數位和實體）的展示，並在有影響力的城市進行有針對性的地面推廣。

And we will lead with performance with a disciplined approach that balances product that's seeding with product that's scaling. Running was a standout field of play for the quarter, growing mid-single digits. The Peg 41 is continuing to drive healthy volume in all geos, and two innovations that have just begun to see are the Pegasus Premium and the Vomero 18.

我們將以績效為先導，採取嚴謹的方法，平衡種子產品和擴展產品。在本季中，跑步運動表現突出，成長率達到個位數中段。Peg 41 繼續在所有地區保持健康的銷售量，而剛開始出現的兩項創新是 Pegasus Premium 和 Vomero 18。

The Peg premium is NIKE bringing something totally unique to the market, a full visible Air Zoom unit that, for the first time, we sculpted to the foot, so it springs back for better energy return. It's a great ride and a beautiful looking shoe. Early seed pairs nearly sold out across the North American marketplace and the Peg Premium will scale through fall '25.

Peg premium 是 NIKE 為市場帶來的絕對獨特的產品，這是一種完全可見的 Air Zoom 裝置，我們首次將它設計到腳部，使其能夠回彈，從而實現更好的能量回報。這是一次很棒的騎乘體驗，鞋子看起來也很漂亮。早期的種子在北美市場幾乎銷售一空，並且 Peg Premium 將持續到25年秋季。

This quarter, we launched the Vomero 18, created for the everyday runner. We aligned the storytelling of the Vomero 18's big foam and maximum cushioning. Across over 1,800 doors in the integrated marketplace, RSG, sporting goods, NIKE Direct, the results have been outstanding. We plan to build on the momentum and double the distribution of Vomero 18 by mid-April, supported by a large-scale running campaign. You can expect new additions to the franchise to release in our next fiscal year.

本季度，我們推出了專為日常跑者打造的 Vomero 18。我們將 Vomero 18 的大泡沫和最大緩衝功能的故事情節結合在一起。在綜合市場 RSG、運動用品、NIKE Direct 的 1,800 多家門市中，業績十分出色。我們計劃趁勢而上，透過大規模跑步活動，到 4 月中旬將 Vomero 18 的分發量增加一倍。您可以期待我們在下一個財政年度推出該系列的新產品。

In running, we're on the path to meeting our high standards of execution end to end.

在運行過程中，我們正努力實現端到端的高執行標準。

Turning to sportswear. Our largest icons, NIKEand Jordan Streetwear, are in different states of transition. With Air Force 1, Dunk and Air Jordan 1, it's about rightsizing not sunsetting. Each franchise will always have a place in our stable of products. They're timeless staples with loyal fans.

轉向運動服。我們最大的標誌，NIKE 和 Jordan Streetwear，正處於不同的轉型狀態。對於 Air Force 1、Dunk 和 Air Jordan 1 來說，這意味著合適規模，而不是淘汰。每個特許經營權在我們的產品系列中始終佔有一席之地。它們是永恆的主打產品，擁有忠實的粉絲。

Our best example of healthy diversification in sportswear, footwear right now is our look of running. The Vomero 5 doubled its revenue this quarter. NIKE Shox has grown its revenue by over 10 times in the last three quarters. And while in the seeding stage recently released shoes like the Air Super fly and the LD-1000 are getting a lot of positive interest in the media and on social channels.

目前，我們在運動服裝和鞋類領域健康多樣化的最佳例子就是我們的跑步裝扮。Vomero 5 本季的營收翻了一番。NIKE Shox 的營收在過去三個季度成長了 10 倍以上。在種子階段，最近發布的 Air Super fly 和 LD-1000 等鞋款在媒體和社交管道上引起了廣泛關注。

Air Max, a brand in itself, is a platform that consumers expect us to reinvent. This quarter, we brought fresh energy with a new DNA, which is resonating well with consumers in Japan and Korea, and women's silhouette and the Air Max Muse look for another new innovation platform with Air Max and FY26.

Air Max 本身就是一個品牌，是消費者期望我們重新改造的一個平台。本季度，我們以新的 DNA 注入了新的活力，引起了日本和韓國消費者的共鳴，而女款輪廓和 Air Max Muse 則透過 Air Max 和 FY26 尋求另一個新的創新平台。

Diversifying our sportswear apparel offense is equally important. We want to minimize our reliance on fleece and push the edges to build new businesses. And that doesn't have to fit neatly into the sportswear category either.

實現運動服飾進攻的多元性也同樣重要。我們希望盡量減少對羊毛的依賴，並突破界限，開拓新業務。而且它也不一定完全適合運動服類別。

This quarter's new 24/7 collection brings performance materials to high-style training apparel. The new impossibly soft and perfect stretch fabrics gave us the opportunity to tell a deep, technical apparel story. The first month of sales in 24/7 have exceeded our expectations, and we're ramping up capacity to meet the demand.

本季的全新 24/7 系列將高性能材料融入高風格的訓練服裝中。新的極其柔軟且具有完美彈性的面料讓我們有機會講述一個深刻的技術服裝故事。24/7 第一個月的銷售額已經超出了我們的預期，我們正在提高產能以滿足需求。

We also made some noise with the announcement of a new brand this quarter, NIKESKIMS. Together, we identified a consumer need and are creating a new market of style-led product that sculpts and performs. Our first comprehensive collection launches next quarter in North America through both NIKE and SKIMS direct channels, and we will scale globally over multiple seasons.

本季度，我們也宣布推出新品牌 NIKESKIMS，引起轟動。我們共同確定了消費者的需求，並正在創造一個以造型和性能為主導的時尚產品新市場。我們的首個綜合系列將於下季度透過 NIKE 和 SKIMS 直銷管道在北美推出，並且我們將在多個季度內在全球推廣。

The apparel space is right for fresh thinking, and I've asked our team to keep innovating across the spectrum of performance and style and to seek out white space in the market to complement our brands and product portfolio.

服裝領域適合新思維，我要求我們的團隊在性能和風格領域不斷創新，尋找市場空白，以補充我們的品牌和產品組合。

Our responsibility is to grow the overall market. And one of the most powerful ways we do that is through a relentless flow of coveted and innovative products through our powerful brands in both performance and sportswear for men, women, and kids across footwear, apparel, and accessories and up and down price points. We're moving with focus and urgency to get back into a rhythm of delivering across all dimensions.

我們的責任是發展整個市場。我們實現這一目標的最有力方法之一是透過我們強大的品牌不斷推出令人垂涎的創新產品，涵蓋男士、女士和兒童的高性能和運動服裝，涵蓋鞋類、服裝和配飾，價格高低不一。我們正在集中精力、迅速行動，重新回到全方位交付的步調。

The final topic I'd like to discuss in detail is the integrated marketplace, where we create consumer-led experiences across NIKE Direct or our wholesale partners, physical or digital. In the almost 190 countries in which we do business, we have over 40,000 points of distribution and a digital business with massive reach. Our footprint is an unbeatable competitive advantage. That means that a lot of change is in motion because we want to be great at all touch points, and I'm playing an active role in this one, leveraging my years of experience and relationships in the marketplace.

我想詳細討論的最後一個主題是綜合市場，我們透過 NIKE Direct 或我們的批發合作夥伴（無論是實體的還是數位的）創造以消費者為主導的體驗。在我們開展業務的近 190 個國家/地區，我們擁有超過 40,000 個分銷點和覆蓋廣泛的數位業務。我們的足跡是無與倫比的競爭優勢。這意味著很多變化正在進行中，因為我們希望在所有接觸點上都表現出色，而我在這方面發揮著積極的作用，利用我在市場上的多年經驗和關係。

Here's what we're going to prioritize. First, I mentioned we're restoring our sales organization and go-to-market processes. Partnering with NIKE must feel like a world-class experience. That means building growth plans together; creating distinct consumer positions and consumer right assortments, engaging way earlier in the process asking for product feedback; delivering our assortments at the right time, right place, and at the right depth; educating their teams on new innovations, providing marketing support, and making certain their NIKE presentation is premium so we capitalize on every sale opportunity.

以下是我們要優先考慮的事項。首先，我提到我們正在恢復我們的銷售組織和市場進入流程。與 NIKE 合作一定是世界級的體驗。這意味著共同製定增長計劃；創造獨特的消費者立場和消費者權利組合，並在流程早期就參與並徵求產品回饋；在正確的時間、正確的地點、以正確的深度提供我們的產品；向他們的團隊介紹新的創新，提供行銷支持，並確保他們的 NIKE 展示是一流的，以便我們利用每一個銷售機會。

In NIKE Direct, digital will feel the changes more quickly. We're already reducing the promotional days and discounting at lower rates. In fact, comparing last year's January and February to this year's, NIKE Digital in North America went from over 30 promotional days to zero. In our ecosystem, the consumers are already seeing a more elevated content and storytelling with a greater focus on our performance fields of play.

在NIKE Direct，數位化將會更快感受到改變。我們已開始減少促銷天數，並降低折扣幅度。事實上，與去年 1 月和 2 月相比，北美地區的 NIKE Digital 促銷活動從超過 30 天驟降至零。在我們的生態系統中，消費者已經看到了更高品質的內容和故事，並且更加關注我們的表現領域。

Now that I've had the opportunity to visit each geography, we're clear where we will focus to make an immediate impact. Through our Win Now strategic priorities, we'll start with three key countries: the United States, China, and the United Kingdom; and five key cities: New York, Los Angeles, London, Beijing, and Shanghai. We'll invest to make sure each has innovative and coveted product, a loud and proud locally relevant brand voice, a consumer-led and balanced integrated marketplace, and passionate NIKE teammates on the ground.

現在我有機會訪問每個地區，我們很清楚應該把重點放在哪裡才能產生即時的影響。透過我們的「贏在當下」戰略重點，我們將從三個重點國家開始：美國、中國和英國；以及五個重點城市：紐約、洛杉磯、倫敦、北京、上海。我們將進行投資，以確保每家公司都擁有創新且令人垂涎的產品、響亮且自豪的本地相關品牌聲音、以消費者為主導且均衡的綜合市場、以及充滿熱情的 NIKE 隊友。

Each country has unique dynamics and is in different states of development. China specifically is where we're being the most proactive and cleaning up the marketplace, and we'll get back to inspiring the Chinese consumer in a more meaningful way.

每個國家都有獨特的動態，處於不同的發展狀態。具體來說，在中國，我們正在採取最積極主動的方式淨化市場，並將以更有意義的方式激勵中國消費者。

To close, our consumers and partners felt a different pace for NIKE this quarter. We're off to a solid start. And where we are making progress in our five priority actions, it's mostly through serving athletes through the lens of sport and performance. That's exactly where we want to be.

最後，我們的消費者和合作夥伴本季感受到了 NIKE 的不同步伐。我們已經有了一個好的開始。我們在五項優先行動中取得的進展主要是透過從運動和表現的角度為運動員提供服務。這正是我們想要的。

The bottom line is we are looking for opportunity on all fronts. Now it's up to us to be consistent. Some of the bigger shifts I have covered will take multiple seasons of excellent execution. Our teams are moving with focus and urgency and are up to the challenge of writing the next great chapter for NIKE.

底線是我們正在各方面尋找機會。現在我們要堅持一致。我所報道的一些較大的轉變將需要多個季節的出色執行。我們的團隊正集中精力、緊迫感地行動，迎接為耐吉譜寫下一個偉大篇章的挑戰。

I'll pass it to Matt to provide initial thoughts on the building blocks to return to sustainable and profitable growth, and I'll be back to close out the call.

我將把它交給馬特，讓他就恢復可持續盈利增長的基礎提出初步想法，然後我會回來結束通話。

Thanks, Elliot, and hello to everyone on the call. The team is moving aggressively to reignite brand momentum through sport and stabilize our business. Our third-quarter financial results reflect the headwinds from the Win Now actions we identified for you last quarter.

謝謝，艾略特，向通話中的各位問好。團隊正在積極採取行動，透過運動重新點燃品牌勢頭並穩定我們的業務。我們的第三季財務表現反映了我們上個季度為您確定的「贏在當下」行動所帶來的阻力。

Today, I will review our third-quarter results and provide context on the progress we have made. Then I will share additional insight for how we expect our Win Now actions to shape our business performance over the near term.

今天，我將回顧我們的第三季業績並提供我們所取得的進展的背景。然後，我將分享更多見解，說明我們預期「贏在當下」行動將在短期內如何影響我們的業務績效。

This quarter, revenues were down 9% on a reported basis and down 7% on a currency-neutral basis. The quarter benefited from strong holiday results in December, including a non-comp benefit from Cyber Monday, followed by double-digit declines in January and February. NIKE Direct was down 10%, with NIKE Digital declining 15% and NIKE stores declining 2%. Wholesale was down 4%, largely due to declines in Greater China.

本季度，報告營收下降 9%，不計匯率因素則下降 7%。本季受益於 12 月份強勁的假期業績，包括網絡星期一帶來的非同公司利潤，隨後 1 月和 2 月出現了兩數的下滑。NIKE Direct 下跌 10%，NIKE Digital 下跌 15%，NIKE 店面下跌 2%。批發業務下降 ​​4%，主要由於大中華區的下滑。

Gross margins declined 330 basis points to 41.5% on a reported basis, due to higher markdowns on NIKE Direct, higher wholesale discounts, inventory obsolescence, and product costs and channel mix headwinds. SG&A was down 8% on a reported basis as increased investments in brand marketing and sports marketing were more than offset by declines in operating overhead.

報告顯示，毛利率下降 330 個基點至 41.5%，原因是 NIKE Direct 降價幅度加大、批發折扣增加、庫存過時、產品成本和通路組合逆風。報告顯示，銷售、一般及行政開支下降了 8%，因為品牌行銷和體育行銷方面的投資增加被營業費用的下降所抵消。

Our effective tax rate was 5.9% compared to 16.5% for the same period last year, primarily due to a one-time tax benefit from US tax regulations related to foreign currency gains and losses. Earnings per share was $0.54.

我們的有效稅率為 5.9%，而去年同期為 16.5%，這主要歸因於與外幣收益和損失相關的美國稅收法規的一次性稅收優惠。每股收益為0.54美元。

Now, let me provide additional insight into our progress against our Win Now actions this quarter. Let's begin with our product portfolio.

現在，讓我進一步介紹一下我們本季在「贏在當下」行動中取得的進展。讓我們從我們的產品組合開始。

Our performance business grew in the third quarter, led by improving brand and business momentum in training and running, with new product launches, strong sell-through rotation, and a more complete offense across price points in footwear and apparel. This momentum is encouraging since these two sports represent our largest performance businesses.

我們的運動用品業務在第三季度實現成長，這得益於訓練和跑步領域品牌和業務勢頭的提升、新產品的推出、強勁的銷售輪換以及鞋類和服裝各個價格點的更全面進攻。這一勢頭令人鼓舞，因為這兩項運動代表了我們最大的表演業務。

For Q3, this momentum was more than offset by declines in NIKE Sportswear and the Jordan brand, led by a double-digit decline in our classic footwear franchises. These franchises, again, decelerated faster than the overall business with a more pronounced impact on NIKE Digital.

就第三季而言，這一勢頭被耐吉運動服和喬丹品牌的下滑所抵消，其中，經典鞋類特許經營權的下滑最為明顯，出現了兩位數的下滑。這些特許經營業務的減速速度再次快於整體業務，對 NIKE Digital 的影響更為明顯。

Turning to our marketplace, our teams have taken the initial steps to reposition NIKE Digital as a full-price business. We remained competitive and promotional in December, finishing with strong holiday results. However, in January and February, we significantly reduced days of promotion in North America and EMEA. This resulted in a several-percentage-point improvement in demand at full price.

談到我們的市場，我們的團隊已採取初步措施將 NIKE Digital 重新定位為全價業務。12 月份，我們依然保持競爭力和促銷力度，並取得了強勁的節日業績。然而，一月和二月，我們大幅減少了北美、歐洲、中東和非洲地區的促銷天數。這導致全價需求提高了幾個百分點。

With regards to wholesale, since Elliott has returned, we are working as closely with our partners as ever. We are creating confidence through the investments we are making in product engagement, commercial terms, and rebuilding the scale, talent, and capabilities of our sales organization. Within our fall order book in North America, EMEA, and APLA, we see the declines in classic footwear franchises almost being offset by growth in performance dimensions of our portfolio such as running training and basketball as well as newness in sportswear.

關於批發，自從艾利歐特回歸以來，我們一直與合作​​夥伴保持密切合作。我們正在透過在產品參與、商業條款方面的投資以及重建銷售組織的規模、人才和能力來創造信心。在我們北美、歐洲、中東和非洲地區以及亞太地區（APLA）的秋季訂單中，我們看到經典鞋類特許經營的下滑幾乎被我們產品組合在性能維度（如跑步訓練和籃球以及運動服的新穎性）上的增長所抵消。

Now let's talk about the health of our brands. Elliott mobilized our teams this quarter to go bigger and bolder in sport's biggest moments. As a result, we supported several new product launches across all three brands and also delivered outsized brand impact with emotional storytelling in the air and on the ground in key cities, and you felt it. To support this action, demand creation expenses grew high single digits versus the prior year.

現在讓我們來談談我們品牌的健康狀況。本季度，艾利奧特動員我們的團隊在體育界最重要的時刻表現得更大、更大膽。因此，我們支持了三個品牌的幾款新產品的發布，並透過在主要城市的空中和地面上講述情感故事，產生了巨大的品牌影響力，您感受到了這一點。為了支持這項行動，需求創造費用比去年增加了個位數。

Last, let's discuss inventory. Inventory declined 2% versus the prior year. But as I said last quarter, inventory remains elevated across all geographies as we implemented our Win Now actions after inventory was purchased and in transit. While we are seeing some increases in customer cancellations, the larger driver of our inventory is the bias for NIKE Direct. In addition, across the marketplace, we are beginning to see Air Force 1 inventory stabilize with current retail sales, while Air Jordan 1 and Dunk remain elevated with continued actions planned ahead.

最後，我們來討論一下庫存。庫存較前一年下降了2%。但正如我上個季度所說的那樣，由於我們在庫存購買和運輸後實施了「Win Now」行動，因此所有地區的庫存仍然很高。雖然我們發現客戶取消訂單的數量有所增加，但我們庫存的更大驅動因素是對 NIKE Direct 的偏向。此外，在整個市場上，我們開始看到 Air Force 1 庫存隨著當前零售額的增加而趨於穩定，而 Air Jordan 1 和 Dunk 的庫存仍然保持較高水平，並且計劃繼續採取行動。

With that, let me turn to our operating segments. I will focus my commentary on the progress we have made in each of our geographies on our Win Now actions. In North America, Q3 revenue declined 4%, NIKE Direct declined 10%, with NIKE Digital down 12% and NIKE stores down 6%. Wholesale increased 3% due primarily to favorable shipment timing and increased shipments to our value partners in the third quarter. EBIT declined 21% on a reported basis.

接下來，讓我來談談我們的經營分部。我將重點放在我們在各個地區開展「立即制勝」行動所取得的進展。在北美，第三季營收下降 4%，NIKE Direct 下降 10%，其中 NIKE Digital 下降 12%，NIKE 商店下降 6%。批發額成長 3%，主要由於有利的出貨時機和第三季對我們價值夥伴的出貨量增加。報告顯示，息稅前利潤下降了 21%。

Throughout the quarter, we delivered bold and inspiring storytelling in key sports moments, as Elliott mentioned, which drove heat and energy for our brand. Training led performance growth this quarter and running grew high single digits. In Q3, we hosted dozens of key partners for product engagement and future growth planning, including a summit for partners serving core price points. We have taken initial steps to expand distribution to support our expanded core product offering, which is a meaningful market opportunity for NIKE.

正如艾利歐特所說，在整個季度中，我們在關鍵的運動時刻講述了大膽而鼓舞人心的故事，這為我們的品牌注入了熱度和活力。本季度，訓練引領了業績成長，跑步則實現了高個位數的成長。第三季度，我們接待了數十位重要合作夥伴，討論產品參與和未來成長規劃，其中包括為服務核心價格點的合作夥伴舉辦的峰會。我們已經採取初步措施擴大分銷，以支持我們擴大的核心產品供應，這對耐吉來說是一個有意義的市場機會。

In EMEA, Q3 revenue declined 6%, NIKE Direct declined 12%, with NIKE Digital down 25% and NIKEStores up 9%. Wholesale declined 3%, EBIT declined 35% on a reported basis. In Q3, performance dimensions continue to build momentum, fueled by the Mercurial and Global Football and new product launches in running.

在 EMEA 地區，第三季營收下降 6%，NIKE Direct 下降 12%，NIKE Digital 下降 25%，NIKEStores 成長 9%。批發額下降 3%，息稅前利潤下降 35%。在第三季度，受 Mercurial、Global Football 和跑步新品發布的推動，性能維度繼續增強勢頭。

We celebrated Vini Jr.'s best FIFA Men's Player award with a short video, Can't Stop the Dance, featuring the chrome Mercurial, and we amplified the Peg Premium launch with a unique activation at the London Eye, featuring NIKE Athletes.

我們製作了一部以鍍鉻 Mercurial 為特色的短片《Can't Stop the Dance》來慶祝 Vini Jr. 獲得 FIFA 最佳男足球員獎，並且我們在倫敦眼舉辦了一場以耐吉運動員為特色的獨特活動，以擴大 Peg Premium 的發布會。

In the marketplace, in addition to taking steps to reposition NIKE Digital, we also started a journey with JD Sports, Sports Direct, and SNIPES to elevate our brand physical retail with improved product positioning and visual merchandising.

在市場上，除了採取措施重新定位 NIKE Digital 之外，我們還與 JD Sports、Sports Direct 和 SNIPES 合作，透過改善產品定位和視覺行銷來提升我們品牌的實體零售。

In Greater China, Q3 revenue declined 15%. NIKE Direct declined 11%, with NIKEDigital down 20% and NIKE stores down 6%. Wholesale declined 18%. EBIT declined 42% on a reported basis. In Q3, traffic declined double digits and retail sales underperformed our plan. While the macroenvironment is challenging, sport is growing in China, and we must accelerate our pace.

大中華區第三季營收下降15%。NIKE Direct 下跌 11%，NIKEDigital 下跌 20%，NIKE 店下跌 6%。批發業下降了18%。報告顯示，息稅前利潤下降了 42%。第三季度，客流量下降了兩位數，零售額表現不如我們的計畫。儘管宏觀環境充滿挑戰，但中國體育事業正在蓬勃發展，我們必須加快步伐。

The market continues to be promotional, especially in consumer moments and in the digital channel. And we are taking aggressive steps to clean up the marketplace with the priority being the health of our partners. These steps had a negative impact on our revenue and gross margin this quarter. At the same time, our team is focused on creating brand distinction through sport and serving consumers with new innovation and hyper local product.

市場持續進行促銷，尤其是在消費者時刻和數位管道。我們正在採取積極措施淨化市場，首要考慮的是合作夥伴的健康。這些舉措對我們本季的營收和毛利率產生了負面影響。同時，我們的團隊致力於透過運動創造品牌特色，並透過新的創新和超本地化產品服務消費者。

We saw strong consumer response to the Peg Premium and Vomero 18 and running. And in basketball, we launched the Year of the Mamba with strong growth in Kobe Protro. We continue to see locally designed Express Lane product resonate with strong sell-through of our Chinese New Year product. The opportunity in Greater China continues to be significant for NIKE, notwithstanding the highly competitive and fast-moving dynamics in this marketplace. Our brand remains strong, but our actions to energize the marketplace will take some time.

我們看到消費者對 Peg Premium 和 Vomero 18 以及跑步的強烈反應。在籃球方面，我們透過科比 Protro 的強勁成長，開啟了曼巴年。我們繼續看到本地設計的 Express Lane 產品與我們的農曆新年產品的強勁銷售產生共鳴。儘管大中華區市場競爭激烈、瞬息萬變，但對耐吉來說，大中華區的發展機會仍然十分重要。我們的品牌依然強勁，但我們為市場注入活力的行動還需要一些時間。

In APLA, Q3 revenue declined 4%. NIKE Direct declined 4%, with NIKE Digital down 8% and NIKE stores up 1%. Wholesale was down 4%. EBIT declined 27% on a reported basis. While we saw mixed performance across territories in APLA, Japan and Latin America each returned to growth this quarter.

在APLA，第三季收入下降了4％。NIKE Direct 下跌 4%，NIKE Digital 下跌 8%，NIKE 商店上漲 1%。批發業下降了4%。報告顯示，息稅前利潤下降了 27%。雖然我們看到亞太地區（LA）各地區表現不一，但日本和拉丁美洲本季均恢復了成長。

In Q3, we created energy on the ground in running communities. We launched the After Dark Tour with incredible response from female runners and executed disruptive race takeovers at the Hakone Ekiden in Japan, the Mumbai Marathon, and the Thailand Marathon. This fueled continued momentum in running with growth across footwear and apparel.

第三季度，我們在營運社區中創造了實地活力。我們推出了“夜幕降臨之旅”，獲得了女性跑步者的熱烈響應，並在日本箱根驛傳、孟買馬拉松和泰國馬拉鬆上進行了顛覆性的賽事接管。這推動了跑步運動以及鞋類和服裝業務的持續成長。

Now let's look forward. Elliott said earlier that we are even more confident that the five Win Now actions are the right moves to create better balance in our business and reignite brand momentum. So as we begin to have greater clarity and confidence in the steps that we are taking, I will provide some additional thoughts on our path forward over the next several quarters.

現在我們一起期待吧。艾略特先前表示，我們更加相信，這五項「Win Now」行動是正確的舉措，能夠讓我們的業務更加平衡，重燃品牌動力。因此，當我們開始對所採取的措施更加清晰和有信心時，我將對我們未來幾季的前進道路提供一些額外的想法。

First, we are accelerating our product portfolio transition. We expect Sport Performance dimensions to lead our growth with a relentless flow of newness across each field of play. We are focused on increasing the contribution of newness as a percentage of our overall seasonal assortment, including new models, new colors, and new materials.

首先，我們正在加速產品組合轉型。我們期望運動表現維度能引領我們的成長，並在各個運動領域不斷推出新事物。我們專注於提高新品在我們整體季節性產品中的佔比，包括新款式、新顏色和新材質。

At the same time, we are moving fast to rightsize the contribution of our classic footwear franchises. In regards to this transition, we are making progress. In the last quarter of this fiscal year, we expect our classic footwear franchises will be down by more than 10 points as a percent of our total footwear mix. We intend to drive this mix lower in fiscal '26, with total units planned down double digits with the most aggressive actions on the Dunk.

同時，我們正在迅速採取行動，適當擴大經典鞋類特許經營的貢獻。關於這一轉變，我們正在取得進展。在本財年的最後一個季度，我們預計經典鞋類特許經營權在我們整體鞋類產品中的佔比將下降 10 個百分點以上。我們打算在 26 財年進一步降低這一組合，計劃總銷量將下降兩位數，其中最積極的舉措是 Dunk。

Second, we are repositioning NIKE Digital within an integrated marketplace. To do this, we are reducing promotional days, reducing markdown rates, and shifting closeout liquidation to our NIKE factory stores. Due to these actions, and as we continue to reduce investment in paid media, we expect digital traffic to be down double digits in fiscal '26. Gradually, we expect organic traffic to stabilize and grow with new product launches and our increased brand marketing investments.

其次，我們正在綜合市場內重新定位 NIKE Digital。為了實現這一目標，我們減少了促銷天數、降低了降價率，並將清倉清算轉移到我們的 NIKE 工廠商店。由於這些舉措，並且隨著我們繼續減少對付費媒體的投資，我們預計26財年數位流量將下降兩位數。隨著新產品的推出和品牌行銷投資的增加，我們預期有機流量將逐漸穩定並成長。

Third, we are cleaning up the marketplace. For NIKE Digital, we are tightening our bias to support a full-price business model. For NIKE factory stores, we are increasing markdowns to drive velocity of higher volumes of closeout inventory. And for our wholesale partners, we are making investments in sales-related returns, reducing forward supply, and providing higher wholesale discounts to liquidate aged inventory. We expect these actions will continue through the first half of fiscal '26.

第三，我們正在淨化市場。對於 NIKE Digital，我們正在加強我們的傾向以支持全價商業模式。對於 NIKE 工廠店，我們正在增加降價幅度，以提高清倉庫存的速度。對於我們的批發合作夥伴，我們正在對銷售相關的退貨進行投資，減少遠期供應，並提供更高的批發折扣以清算陳舊庫存。我們預計這些行動將持續到26財年上半年。

Last, when we get back to a steady flow of new product at scale, improve brand engagement, reposition our NIKE Digital business to complement our wholesale partners, and return to a healthy and clean marketplace, we expect our wholesale business to return to growth. Each of our geographies have made varying levels of progress on each of these actions and as a result, are working against different timelines. But when taken all together, these are the building blocks for NIKE to return to sustainable, profitable growth.

最後，當我們恢復大規模新產品的穩定流動、提高品牌參與度、重新定位我們的 NIKE 數位業務以補充我們的批發合作夥伴並恢復到健康和清潔的市場時，我們預計我們的批發業務將恢復成長。我們各個地區在每項行動上都取得了不同程度的進展，因此，各個地區的時間表也有所不同。但綜合起來看，這些都是耐吉恢復可持續獲利成長的基石。

Now I'll turn to our fourth-quarter guidance. Our second-half plan is in line with what we communicated last quarter with some shifts occurring between Q3 and Q4. Looking ahead, we believe that the fourth quarter will reflect the largest impact from our Win Now actions and that the headwinds to revenue and gross margin will begin to moderate from there.

現在我來談談我們第四季的指引。我們的下半年計畫與上個季度傳達的計畫一致，只是第三季和第四季之間發生了一些變化。展望未來，我們相信第四季將體現我們「Win Now」行動的最大影響，而收入和毛利率面臨的阻力將從那時起開始減弱。

We are also navigating through several external factors that create uncertainty in the current operating environment, including geopolitical dynamics, new tariffs, volatile foreign exchange rates and tax regulations, as well as the impact of this uncertainty and other macro factors on consumer confidence. Our fourth-quarter guidance includes our best assessment of these factors based on the data we have available to us today.

我們也正在研究當前營運環境中造成不確定性的幾個外部因素，包括地緣政治動態、新的關稅、波動的外匯匯率和稅收法規，以及這種不確定性和其他宏觀因素對消費者信心的影響。我們的第四季指引包括根據我們今天掌握的數據對這些因素的最佳評估。

We expect Q4 revenues to be down in the mid-teens range, albeit at the low end. This includes several points of unfavorable shipment timing in North America as well as 2 points of negative impact from foreign exchange headwinds. We expect Q4 gross margins to be down approximately 400 to 500 basis points, including restructuring charges during the same period last year. We have included the estimated impact from newly implemented tariffs on imports from China and Mexico.

我們預計第四季的營收將下降至十五個百分點左右，儘管處於較低水準。其中包括北美幾個不利的出貨時機以及兩點外匯逆風帶來的負面影響。我們預計第四季毛利率將下降約 400 至 500 個基點，其中包括去年同期的重組費用。我們已將新實施的關稅對中國和墨西哥進口產品的影響估算納入。

We expect Q4 SG&A dollars to be up low- to mid-single digits, including restructuring charges in the prior year. We will continue to tightly manage expenses while we increase investment to fuel our Win Now priorities, most notably demand creation. We expect other income and expense, including net interest income, to be $45 million to $55 million for Q4, and we expect the tax rate for the full year to be in the mid-teens range.

我們預計第四季度的銷售、一般及行政開支將出現低至中等個位數的成長，其中包括去年同期的重組費用。我們將繼續嚴格管理開支，同時增加投資以支持我們的「贏在當下」優先事項，其中最顯著的是創造需求。我們預計第四季的其他收入和支出（包括淨利息收入）將達到 4,500 萬至 5,500 萬美元，並且我們預計全年稅率將在 15% 左右。

We are focused on what we can control. And for NIKE at this moment, serving athletes with new product innovation and reigniting brand momentum is what matters most. Our collective experience as well as the early signals we are seeing with consumers gives us confidence in the path ahead.

我們專注於我們能夠控制的事情。而對於此刻的NIKE來說，以新品創新服務運動員、重燃品牌動能才是最重要的。我們的集體經驗以及我們從消費者身上看到的早期訊號讓我們對未來的道路充滿信心。

With that, I'll turn it back over to Elliot.

說完這些，我會把話題轉回給艾略特。

Thank you, Matt. I'll close by taking a minute to talk about my teammates at NIKE. Look, it's been a tough couple of years. We've been through a lot of change, but what's encouraging is that in the 150 days since I've been back, we've reclaimed our identity.

謝謝你，馬特。最後，我想花一點時間談談我在 NIKE 的隊友。瞧，這幾年過得真艱難。我們經歷了許多變化，但令人鼓舞的是，在我回來後的 150 天裡，我們重新找到了自己的身份。

We know who we are. NIKE, Inc. is a sports company. We inspire through iconic brands and create innovative products for all athletes. It may seem like an obvious direction, but we needed to say that loud to reawaken the fire in our teams, and I have been unrelenting in that message.

我們知道我們是誰。NIKE, Inc.是一家運動公司。我們透過標誌性品牌激發靈感，為所有運動員創造創新產品。這似乎是一個顯而易見的方向，但我們需要大聲說出來以重新喚醒我們團隊的熱情，而我一直在堅持不懈地傳達這一訊息。

One of the things that makes it special to work at NIKE is we invite athletes, coaches, and teams to our business meetings to spend time with our teammates. One conversation that served something up in me this quarter was with coach Ryan Day, coach of the national champions, the Ohio State Buckeyes. He had an answer to the question that really connected with how I'm thinking about our team right now and the tone we're setting.

在耐吉工作的一個特別之處是，我們邀請運動員、教練和團隊參加我們的商務會議，與我們的隊友共度時光。本季度，與全國冠軍俄亥俄州立大學七葉樹隊的教練瑞安戴 (Ryan Day) 的一次談話令我印象深刻。他對這個問題的回答確實與我現在對我們團隊的看法以及我們所設定的基調有關。

The question to him was, how do you stay on the offense and what's the key to keep your program moving forward? His answer was that Ohio State applies pressure constantly in all three phases of the game, no matter who he's playing, get vertical down the field on offense, play suffocating man coverage so no one -- no throw is easy, go after punts, and have his best athletes returning kicks.

他問的問題是，你如何保持進攻，以及讓你的計畫繼續向前發展的關鍵是什麼？他的回答是，無論對手是誰，俄亥俄州立大學都會在比賽的三個階段不斷施加壓力，在進攻時垂直下場，進行令人窒息的人盯人防守，這樣沒有人——沒有一個投球是容易的，追逐棄踢，並讓他最好的運動員回球。

He just painted this picture of a team that is relentlessly pushing and challenging, being aggressive and making it uncomfortable to play against. I love that attitude, and that's how I think about NIKE when we're at our best. Success for NIKE has never been about protecting our turf. We force others to play our game. We drive trends, grow markets we lead.

他只是描繪了一支不斷前進、不斷挑戰、充滿侵略性、讓對手感到不舒服的球隊。我喜歡這種態度，這也是我對 NIKE 處於最佳狀態時的看法。對耐吉來說，成功從來不是為了保住自己的地盤。我們強迫別人玩我們的遊戲。我們推動趨勢，發展我們引領的市場。

Coach Day made it clear that it takes complete buy-in to be a championship team. That's exactly what we're asking of our team is right now, to keep up the intensity, to move with focus and urgency, to have passion and take pride in all that we do, and to win as a team.

戴教練明確表示，要成為冠軍球隊，需要全隊上下全力投入。這正是我們現在對團隊的要求，保持強度，集中精力，緊迫感十足，對我們所做的一切充滿熱情並感到自豪，並作為一個團隊取得勝利。

With that, I'll turn it over for questions.

說完這些，我會把它轉交給大家提問。

(Operator Instructions) Lorraine Hutchinson, Bank of America.

（操作員指示）美國銀行洛林·哈欽森（Lorraine Hutchinson）。

Elliott, can you provide a timeline on when you think classic shoe inventories will be clean in the wholesale channel? And then same question for the direct channel as well.

艾利歐特，你能否提供一個時間表，說明你​​認為經典鞋庫存何時會在批發渠道中清理乾淨？對於直接管道也存在同樣的問題。

Thanks for the question, Lorraine. Before I dive too deeply into the specific question, I do want to start really quickly, because I think it's important to set the tone here on the call for these types of questions that 90 days ago, we declared five actions to return to growth. And what we'll say 90 days later, I'm even more convinced that these are the right actions to move our brand and business forward.

謝謝你的提問，洛林。在深入探討具體問題之前，我想先快速開始，因為我認為在這裡為這類問題定下基調很重要，90 天前，我們宣布了五項行動來恢復成長。90 天後我們會說，我更加確信，這些是推動我們的品牌和業務向前發展的正確行動。

And these Win Now actions really start with our culture, our product portfolio, which is a question that you're asking here, and I'll dive into that here in just a second, shaping our brand for distinction, elevating and growing the marketplace, and winning on the ground. And what we did add to our teams after coming off the call was providing them a sharp focus on which sports. We have five sports running, basketball, football, training and sportswear; three key countries I outlined for you; and then the five cities. So the teams are really rallying around this Win Now priorities, even calling it the 5/5/3/5.

這些「立即取勝」行動實際上始於我們的文化、我們的產品組合，這是您在這裡提出的問題，我將在稍後深入探討這個問題，塑造我們的品牌以彰顯特色，提升和發展市場，並在實地取得勝利。在結束通話後，我們為我們的團隊所做的就是讓他們專注於哪些運動項目。我們有跑步、籃球、足球、訓練和運動服五種運動；我為您概述的三個主要國家；接下來是五個城市。所以各隊都真正團結起來，共同爭取這個「現在就贏」的優先事項，甚至稱之為 5/5/3/5。

So now let me jump more specifically in the product for you. And I will also start a little higher level before I dive into the specific question around the key franchises. We are going to run a balanced and complete portfolio. That's why I want to make sure everybody on the call hears that. We're going to run that through all three brands, Nike, Jordan, Converse; across performance in sportswear, men's, women's, kids', footwear, workout accessories and up and down price points.

現在讓我為您更具體地介紹一下該產品。在深入探討關鍵特許經營權的具體問題之前，我將從更高層次開始。我們將經營一個平衡且完整的投資組合。這就是為什麼我要確保通話中的每個人都聽到這一點。我們將透過這三個品牌來運行它，Nike、Jordan、Converse；涵蓋運動服、男裝、女裝、童裝、鞋類、健身配件等各方面，價格高低不一。

And we're going to be sharp on specific sports. I touched on those already, so I won't dive too deeply on those five sports. But we have set teams up against each of those sport times gender. And we have small teams, cross-functional teams, taking the insights from those sports and those consumers and driving innovative products. So I feel good about where the team is heading on the performance side of the business. And we're starting to see some great success, and I'm sure we'll hit on that here in a moment.

我們將重點放在特定運動項目上。我已經談過這些了，所以我不會過多深入地討論這五項運動。但我們已經根據每個運動項目的性別設定了不同的隊伍。我們擁有小團隊、跨職能團隊，從這些運動和消費者中獲得見解並推動創新產品。因此，我對團隊在業務績效方面的進展感到很滿意。我們開始看到一些巨大的成功，我相信我們馬上就會實現這一點。

What I'd say around franchise management and to answer your question specifically, is that we have decade-long experience of managing franchises. And I will also say this, we had the three, Air Force 1, Dunk, AJ1. They are still beloved silhouettes.

關於特許經營管理，我想說的是，為了具體回答您的問題，我們在特許經營管理方面擁有十年的經驗。我還要說的是，我們有三款：Air Force 1、Dunk、AJ1。它們依然是受人喜愛的輪廓。

So it's not about some setting needs. It's about rightsizing them. And we asked our teams to accelerate our actions, as Matt spoke to in his prepared remarks of rightsizing that inventory so that we can get back to running that complete and balanced portfolio.

所以這與某些設定需求無關。這關乎對它們進行適當調整。我們要求我們的團隊加快行動，正如馬特在他準備好的演講中所說的那樣，調整庫存規模，以便我們能夠重新運行完整、均衡的投資組合。

And so we're confident that we're making the right moves from a performance perspective, and we're seeing some wins there running training that Matt touched on. And we're rightsizing to three key franchises, and at the same time, starting to plant some newness in the sportswear side of our business with Vomero 5, P-6000, Shox. We touched on some of these Superfly, Air Max Muse, and Air Max 95.

因此，我們相信，從績效角度來看，我們做出了正確的舉措，而且我們在運行訓練中看到了馬特提到的一些勝利。我們正在對三個主要特許經營權進行適當調整，同時開始透過 Vomero 5、P-6000、Shox 為我們業務的運動服裝方面注入一些新鮮元素。我們討論了其中一些 Superfly、Air Max Muse 和 Air Max 95。

So feel like the teams are taking all the right actions against those key footwear franchises, rightsizing the inventory, and getting back to running a relentless flow of innovative and coveted products.

因此，感覺團隊正在針對這些關鍵的鞋類特許經營採取一切正確的行動，調整庫存規模，並重新開始源源不斷地供應創新和令人垂涎的產品。

Hey, Lorraine. I'll just add that what I said in my prepared remarks was that we intend to drive -- we've made really good progress over the past year. And as Elliot came in, he challenged the teams to increase the pace at which we reduce the supply of those three franchises in the marketplace. And as a result of that, it had some impact on our Q4 headwinds that we talked about, but it's going to -- it will continue to be a headwind in fiscal year '26.

嘿，洛林。我只想補充一點，我在準備好的發言中說過，我們打算推動——我們在過去的一年裡取得了非常好的進展。艾利歐特上任後，他向各隊提出挑戰，要求他們加快減少市場上這三支球隊的供應量。因此，這對我們談到的第四季度的不利因素產生了一定影響，但它將繼續成為 26 財年的不利因素。

By the time we exit Q4, we expect that we will have reduced the contribution of those franchises by 10 percentage points as a percent of our overall footwear mix, and we intend to drive that down more in fiscal year '26. When I think about it through the lens of channels, what I would say to you is that on the NIKE Direct side and the Digital side in particular, we're already taking action, as Elliott and I both outlined, to reduce the number of promotional days and to reducing the discounts that we see in the marketplace.

在第四季結束時，我們預計這些特許經營權的貢獻將占我們整體鞋類產品組合的 10 個百分點，並且我們打算在 26 財年進一步降低這一比例。當我從管道的角度考慮這個問題時，我想說的是，正如艾略特和我所概述的那樣，在 NIKE 直銷方面，特別是在數字方面，我們已經採取了行動，減少促銷天數並減少我們在市場上看到的折扣。

The challenge we have in the near term is that we were buying against a different plan. And so we've tightened the buys against NIKE Digital, but we really did that towards the end of summer and heading into fall. That inventory will not end up in the digital channel. We will directly transition it to our factory stores, and we will clean it in a value channel like we typically do as we clean up the season.

我們近期面臨的挑戰是我們是根據不同的計劃進行購買的。因此，我們收緊了針對 NIKE Digital 的購買力度，但我們實際上是在夏末秋初才這麼做的。這些庫存最終不會進入數位管道。我們會直接將其轉移到我們的工廠店，並像我們通常在清潔季節時所做的那樣，在價值管道中對其進行清潔。

On the wholesale side, we're making investments. And I talked about us needing to use the first half of fiscal year '26 in order to be able to clean up the marketplace. And what I would tell you there is that the combination of the actions that we're taking in digital plus the actions that we've communicated and worked through with our partners were already starting to see fruit.

在批發方面，我們正在進行投資。我說過，我們需要利用 26 財年上半年來清理市場。我想告訴你們的是，我們在數位領域採取的行動加上我們與合作夥伴溝通和合作的行動已經開始取得成果。

And what I mean by that is, one, inventory of Air Force 1 is beginning to stabilize with retail sales for Air Force 1. But secondly, when you look at the order book in wholesale for our partners, in North America and APLA, we're seeing growth in the performance dimensions of our business plus newness in sportswear almost offset the declines we're managing in the classic footwear franchises. And that gives us a lot of confidence that our partners are coming behind us and that we are moving down the right path to affect the cleanup.

我的意思是，首先，Air Force 1 的庫存隨著 Air Force 1 的零售量開始穩定下來。其次，當您查看我們在北美和 APLA 的合作夥伴的批發訂單時，我們看到我們業務績效維度的增長，加上運動服裝的新穎性幾乎抵消了我們在經典鞋類特許經營中管理的下滑。這給了我們很大的信心，我們的合作夥伴正在支持我們，我們正在沿著正確的道路前進，進行清理工作。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Elliott, I was hoping to get your latest thoughts on innovation within NIKE. How do you feel about the strength of your innovation team and the pipeline ahead? And how are you thinking about innovating into some of the sportswear franchises as we look into fiscal '26? Thank you.

艾利歐特，我希望能了解你對 NIKE 內部創新的最新想法。您如何看待自己創新團隊的實力以及未來的發展前景？展望26財年，您如何考慮對一些運動服裝特許經營進行創新？謝謝。

Yeah, thank you, Brooke. Let me first start on innovation. When we think about innovation, we think about it really in two forms. We have long-term, let's call it, three to plus five years, and we have a dedicated team against that over at our LeBron James Nike Sports Research lab.

是的，謝謝你，布魯克。我首先要談創新。當我們思考創新時，我們其實是從兩種形式來思考的。我們有長期計劃，可以稱之為三到五年以上的計劃，我們在勒布朗詹姆斯耐吉體育研究實驗室有一個專門的團隊來負責這個計劃。

And what I would say, I'm really confident in the team that we have there, and not only the team, but the work that they are doing long term, creating new innovation for our team. So that's a little longer term. I spent a lot of time with John Hoke and his team over there and excited about some of the products that are coming through the Nike Sports Research lab.

我想說的是，我對我們的團隊非常有信心，不僅是團隊，還有他們長期從事的工作，為我們的團隊創造新的創新。所以這是一個比較長期的事情。我花了很多時間與約翰霍克和他的團隊在那裡相處，並對耐吉體育研究實驗室推出的一些產品感到興奮。

Shorter term and more near term, again, I touched on it in my first answer. It's really coming back to driving newness and freshness against performance and sportswear men's, women's, kids, footwear, apparel and accessories, not just footwear. We've got some really interesting innovation coming from apparel. I touched on it briefly in my prepared remarks around 24/7. And that is, it comes out of our training line, but it is also viewed as sportswear. And there's some innovation there. And I'm really pleased with the sell-through on 24/7 and the reorders that are coming on that from an apparel perspective.

短期和近期，我再次在第一個回答中提到了這一點。它真正地回歸了推動男裝和運動裝的新穎性和新鮮度，包括男裝、女裝、童裝、鞋類、服飾和配飾，而不僅僅是鞋類。我們在服裝領域取得了一些非常有趣的創新。我在 24/7 左右的準備好的發言中簡要地談到了這一點。也就是說，它來自我們的訓練系列，但它也被視為運動服。其中也有一些創新。從服裝的角度來看，我對全天候銷售以及後續的重新訂購感到非常滿意。

And then on a footwear perspective, we'll continue to rightsize the three franchise that I touched on. We still believe all three of them are meaningful products. And then you'll see us continue to invest in innovation around sportswear. And I touched on some of those products, the Vomero 5, P-6000, Shox. Shox is having a really building its momentum, AirMAX 95, et cetera.

從鞋類的角度來看，我們將繼續調整我提到的三個特許經營權的規模。我們依然相信這三款產品都是有意義的產品。然後你會看到我們繼續對運動服裝的創新進行投資。我談到了其中的一些產品，Vomero 5、P-6000、Shox。Shox 確實正在積聚力量，AirMAX 95 等等。

And I'll just close out here, Brooke. This week, we had our Spring '26 product review where we bring all of our partners here to the campus to go through our Spring '26 line. And what I'll tell you is we are all excited about the products that are coming for Spring '26.

布魯克，我就到此結束了。本週，我們進行了 2026 年春季產品評審，我們將所有合作夥伴帶到校園體驗我們的 2026 年春季產品線。我要告訴你們的是，我們都對即將於2026年春季推出的產品感到興奮。

We're starting to see our Win Now focused on accelerating our product portfolio against these five sports running, basketball, football, training and sportswear paying dividends. I'm really excited about the work I saw there.

我們開始看到我們的 Win Now 專注於加速我們針對這五項運動（跑步、籃球、足球、訓練和運動服）的產品組合併帶來紅利。我對在那裡看到的作品感到非常興奮。

And while I have you, I'll just add one other thing that I saw that I was excited about. We are also working on elevating the marketplace, and the retail team has done some phenomenal work around elevating our presentation at both wholesale and physical retail and so excited about some of that work. So overall, I'm confident that our innovation pipeline is there. We just now have to flow through it to get back to building the brand of the business.

趁著有你陪伴，我只想補充一件我看到的讓我興奮的事。我們也致力於提升市場，零售團隊在提升我們在批發和實體零售方面的展示方面做了一些非凡的工作，並對其中一些工作感到非常興奮。總的來說，我相信我們的創新管道是存在的。我們現在只需順應這股趨勢，重新開始打造企業品牌。

Aneesha Sherman, Bernstein.

安妮莎·謝爾曼（Aneesha Sherman）、伯恩斯坦。

Elliott, I just want to follow up on the comments that you just made about the Spring '26 product review. Based on some of the comments earlier from Matt around performance growth almost offsetting Classics declines, do you expect that inflection point to be in Spring '26? I know you don't have the orders yet, but is that when you expect performance growth to more than offset Classics in your wholesale order book to grow?

艾利歐特，我只是想跟進一下你剛才對 26 年春季產品評論的評論。根據 Matt 先前關於業績成長幾乎抵消了 Classics 下滑的一些評論，您是否預計拐點會出現在 26 年春季？我知道您還沒有收到訂單，但是您是否預計業績成長將超過批發訂單中 Classics 的成長？

And then, Matt, a follow up on your comments on gross margins. You talked about wholesale liquidations in H1. I know you're not giving margin guidance for next year, but are you generally expecting a gradual progression of gross margins through the year as some of those liquidations roll off and then you get a stronger order book in the second half? Thank you.

然後，馬特，關於你對毛利率的評論，我們再談一下。您談到了上半年的批發清算。我知道您沒有給出明年的利潤率指引，但您是否預計，隨著部分清算的結束以及下半年訂單量的增加，全年毛利率會逐漸提高？謝謝。

We're absolutely gaining confidence in the product pipeline. In the fall, Matt, you touched on some of the order book on fall in North America APLA and EMEA. So definitely gaining confidence around the order book fall holiday. And then like I said, the sneak peak into '26. The key here though is how quickly we can clean up the marketplace. That's why you see some of the results that we have in Q4 and then resetting both the digital and physical marketplaces to receive this innovation, making certain that we present it in the way that we believe we need to present the product at point of sale, digital physical so that we drive the sell-through.

我們對於產品線的信心正在增強。馬特，秋季的時候，你談到了北美 APLA 和 EMEA 地區秋季的一些訂單。因此，秋季假期訂單方面肯定會增強信心。然後就像我說的，先睹為快‘26’。但這裡的關鍵是我們能多快清理市場。這就是為什麼您會看到我們在第四季度取得的一些成果，然後重置數位和實體市場以接收這項創新，確保我們以我們認為需要在銷售點展示產品的方式呈現它，數位實體以便我們推動銷售。

And so that's where we have the team's focus right now. The brand, I believe we've already started to invest in. We did that early. I see product coming now and that excites me. And so I feel good about that. Now we've got to reset the marketplace and make sure that we get the sell-through. And it's that sell-through that's going to continue to drive the order book and get us back to profitable sustainable growth.

這就是我們團隊現在關注的重點。我相信我們已經開始對這個品牌進行投資了。我們很早就這麼做了。我現在看到產品正在推出，這讓我很興奮。我對此感覺很好。現在我們必須重新設定市場並確保實現銷售。正是這種銷售量將繼續推動訂單量並使我們恢復盈利的可持續增長。

Yeah. And I just would add that last quarter, we said that the fourth quarter was going to have the largest -- the greatest impact from the Win Now actions that Elliott outlined, and we continue to believe this is true and it's on our plan. But what we can also tell you is that we now expect Q4 to reflect the largest impact from these Win Now actions. And that the headwinds to revenue and margin, we expect to moderate from there.

是的。我只想補充一點，上個季度，我們說過第四季度將受到 Elliott 概述的 Win Now 行動的最大影響，我們仍然相信這是真的，而且它也在我們的計劃中。但我們也可以告訴您的是，我們現在預計第四季將體現出這些「Win Now」行動的最大影響。我們預期收入和利潤面臨的阻力將會逐漸減弱。

And so, how I think you translate that, Aneesha, as you start to look forward is, we've tried to lay out each of these actions and the implications that they have as we start to think about heading into '26. And we expect that these headwinds will continue in '26.

所以，安妮莎，我認為當你開始展望未來時，你如何翻譯這一點，我們已經嘗試列出每一項行動及其在我們開始考慮進入26年時所產生的影響。我們預計這些不利因素還將持續到2026年。

And as Elliott referenced, while we're going to have positive things beginning vis-a-vis greater full price selling and digital and we're going to have a clean and full-price order book with our wholesale partners, we are going to continue to be liquidating inventory. And we expect that that's going to take us several quarters to work through. But the reason why we're confident is because we know we'll be liquidating it through the channels where we're used to liquidating that inventory.

正如艾利奧特所提到的，雖然我們將在全價銷售和數位化方面取得積極進展，並且我們將與批發合作夥伴簽訂乾淨的全價訂單，但我們將繼續清理庫存。我們預計這將需要幾個季度的時間來完成。但我們之所以有信心，是因為我們知道我們將透過我們習慣清算庫存的管道來清算它。

So we will continue to be transparent as we've got greater visibility as we get into fiscal, but we're still in the early days of executing against these partnerships. And -- sorry, we're still in the early days of executing against these priorities and we remain committed to providing guidance and financial updates every 90 days.

因此，我們將繼續保持透明度，因為我們在財務方面擁有更大的透明度，但我們仍處於執行這些合作夥伴關係的早期階段。並且 - 抱歉，我們仍處於執行這些優先事項的早期階段，我們仍致力於每 90 天提供指導和財務更新。

Simeon Siegel, BMO.

西緬·西格爾（Simeon Siegel），BMO。

Elliot, I'm curious how are you going to balance the promotional? Just like as you think about the presentation and bring out promotions at the same time that it's clear we can hear your excitement around the new product and you're amplifying storytelling. Just from a consumer's perspective, how do you tell them this exciting story while still clearing the product? So how are you going to protect that and maybe segment that?

艾略特，我很好奇你將如何平衡促銷？就像您考慮演示並同時推出促銷活動一樣，我們可以清楚地聽到您對新產品的興奮之情，並且您正在擴大故事情節。僅從消費者的角度來看，如何在清理產品的同時向他們講述這個激動人心的故事？那麼您將如何保護它並將其分割？

And then, Matt, it seems operating overhead versus demand creation trajectory flipped in recent years. So as you're reembracing wholesale, as you reembracing elevating, any thoughts as to just the right level long term of overhead versus demand creation as a rate of sales. Thanks, guys.

然後，馬特，似乎近年來營運開銷與需求創造軌跡發生了逆轉。因此，當您重新接受批發，當您重新接受提升時，對於長期間接費用與需求創造作為銷售率的適當水平，您有何想法？謝謝大家。

Yeah. Simeon, I think I'd be fairly brief here. Matt touched on some of the headwinds to the P&L. And one of them is us taking products, we returning product from our wholesale partners. So we're bringing the product that's not selling out of the market and then we will liquidate that through our value stores, NIKE value stores to make room for the new innovation. And it's already started.

是的。西緬，我想我在這裡可以講得比較簡短。馬特談到了損益表面臨的一些阻力。其中之一就是我們從批發合作夥伴處收回產品。因此，我們會將那些賣不出去的產品撤出市場，然後透過我們的平價商店、NIKE 平價商店將其變現，為新的創新產品騰出空間。而且它已經開始了。

And by the way, we're doing the same thing, not only in the physical space, but we're also doing it -- or excuse me, we're doing it in the digital space as well. We touched on how we've already moved Nike Direct, Digital to a full-price presentation, really elevating the assortment, the presentation, the user experience. And so we're moving both digital and physical owned and partner retail floor sets to full price as quickly as possible, and then we'll use the value channels to move through the excess inventory.

順便說一句，我們不僅在實體空間中做同樣的事情，而且我們也在做——或者對不起，我們也在數位空間中做同樣的事情。我們談到如何將 Nike Direct, Digital 轉變為全價展示，真正提升了產品分類、展示和使用者體驗。因此，我們正在盡快將數位和實體自有以及合作零售店的商品轉為全價，然後我們將使用價值管道來處理過剩庫存。

I think the last, I'll just kind of finish here. The best example of that is how we're going to reset running. We've had some great examples of Peg Premium this quarter, Vomero 18 this quarter, both new innovations with great storytelling, great presentation, and we've had wonderful sell-throughs on those.

我想最後我就會在這裡結束。最好的例子就是我們如何重置跑步。本季度，我們推出了一些出色的 Peg Premium 和 Vomero 18 產品，這兩項創新都具有精彩的故事敘述和出色的展示效果，並且取得了出色的銷售業績。

And then you'll see that, Simeon, continue to flow into fall and holiday of Q1, Q2 of '26 with a full range of product and running across three different silos of running, Vomero, Peg Structure, three different price points. trail running and then, of course, our racing flats. And that was one of the forces that I saw over at Spring '26, and again, it looks amazing. So we're trying to get our marketplace to full price as quickly as possible and feel like the teams are moving with a sense of urgency.

然後你會看到，Simeon 繼續流入 26 年第一季和第二季的秋季和假期，提供全系列產品，並跨越三個不同的運行模式，即 Vomero、Peg Structure 和三個不同的價格點。越野跑，然後，當然還有我們的賽車平底鞋。這是我在 26 年春季看到的力量之一，而且它看起來令人驚嘆。因此，我們正嘗試盡快讓市場恢復到全價，並且感覺團隊正在帶著一種緊迫感採取行動。

Yeah. And on the SG&A side, I've said for a couple of quarters that we continue to manage our expenses. And what I meant by that specifically was overhead tightly while we accelerate investment in demand creation. And so our demand creation being up high single digits, 8% this quarter, is truly a reflection of Elliott coming in and challenging the team to elevate our storytelling with impact. And it's the easiest lever for us to pull and the team mobilized around the Super Bowl and the All-Star Weekend and the product launches for Peg and Vomero, but also the way that they executed on the ground, those activities in the cities in which we were focused.

是的。在銷售、一般及行政費用方面，我已經說過幾個季度了，我們會繼續管理我們的費用。我這樣說的具體意思是，我們在加速對需求創造的投資的同時，嚴格控制管理費用。因此，本季我們的需求創造成長了 8%，這確實反映了 Elliott 的到來以及對團隊的挑戰，即提升我們的故事敘述的影響力。對我們來說，這是最容易拉動的槓桿，團隊圍繞著超級盃和全明星週末以及 Peg 和 Vomero 的產品發布會進行了動員，而且他們在實地執行的方式，以及我們在所關注的城市開展的那些活動。

As we look forward, I think we're going to continue to manage expenses tightly. I think that part of what you're seeing this quarter in the double-digit decline in operating overhead is some of the variable expense from Direct coming down flowing through the P&L. You're also seeing the great work our teams have done from a productivity perspective in managing against some of the productivity goals that we had set several quarters ago.

展望未來，我認為我們將繼續嚴格管理開支。我認為本季營業費用出現兩位數下降的部分原因是直接業務的部分變動費用流入了損益表。您還會看到，從生產力角度來看，我們的團隊在實現幾個季度前設定的一些生產力目標方面做出了巨大貢獻。

If you look at our operating overhead growth, excluding the restructuring impact in the prior year, it was down 3%. And we are focused on ensuring that we invest behind our sales organizations, our key city teams on the one end, and on the other end, making sure that we've got the right resources in product and in innovation. And so we'll continue to do that, and we'll continue to try to do it while we manage expenses tightly as we look forward to returning to growth.

如果你看看我們的營業費用成長，除去上一年重組的影響，它下降了 3%。我們專注於確保我們一方面投資於我們的銷售組織、我們的關鍵城市團隊，另一方面確保我們在產品和創新方面擁有正確的資源。因此，我們將繼續這樣做，並將繼續努力這樣做，同時嚴格管理開支，我們期待恢復成長。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

I just wanted to focus on wholesale here. And maybe for Elliott, as you've kind of returned to that channel gotten back in the mix, I'm just curious, your biggest learnings there, any surprises to the upside or downside versus how you've historically operated there with all your knowledge?

我只是想專注於批發。也許對於 Elliott 來說，當您回到那個管道並重新加入其中時，我只是很好奇，您在那裡學到了什麼，與您過去在那裡運用所有知識的方式相比，有什麼好的或壞的驚喜嗎？

And maybe then for Matt, you just mentioned wholesale discounts as a headwind, which should continue. Are historical wholesale margins still in view? Or are those structurally lower? Just curious for your latest thoughts there. Thanks a lot.

也許對馬特來說，你剛才提到批發折扣是一種阻力，這種阻力應該會持續下去。歷史批發利潤率還能被考慮嗎？或者從結構上來說，它們較低？只是好奇你最近的想法。多謝。

Yeah. Thank you, Alex. It may be a surprise. We were probably working probably too siloed, direct versus wholesale. And again, I think to really drive the potential of our brand and our revenue and to meet consumers' needs, it's got to be integrated. It's got to be an aligned approach to both direct and wholesale, digital and physical. It all has to work together in a consistent ecosystem.

是的。謝謝你，亞歷克斯。這可能是個驚喜。我們的工作可能過於孤立，直接而非批發。而且我認為，要真正發揮我們品牌和收入的潛力並滿足消費者的需求，就必須整合。它必須採取直接和批發、數字和實體一致的方法。所有這些都必須在一致的生態系統中協同運作。

And so I'm really driving hard this idea of an integrated, consumer-led marketplace, let the consumer decide where they want to choose to shop. Made two moves, Craig Williams and I, we have put in place two new leaders, one in NIKE Direct, Shannon Glass; and then the other one in sales, Erica Bullard, both long-term industry veterans and NIKE veterans.

因此，我真的在大力推動這個綜合的、消費者主導的市場理念，讓消費者決定他們想選擇在哪裡購物。採取了兩項舉措，克雷格威廉斯 (Craig Williams) 和我，我們任命了兩位新領導者，一位是 NIKE Direct 的香農格拉斯 (Shannon Glass)；另外一位是銷售部的 Erica Bullard，他們都是該行業的資深人士，也是 NIKE 的老將。

In fact, we even put them sitting next to -- up on our floor together. They have offices right outside of one another, and they walk hand-in-hand and make it certain, like literally almost physically. I told them those two have got to walk together everywhere they go and make certain that we stay aligned. And I think they're doing a tremendous job of really making certain that we have an integrated approach to the overall marketplace. So I'd say that's probably number one.

事實上，我們甚至把它們放在一起——放在我們的地板上。他們的辦公室就在彼此的辦公室外面，他們手牽手走著，確保一切如字面意思，幾乎是身體上的。我告訴他們，他們兩個無論走到哪裡都必須同行，並確保我們保持一致。我認為他們做了大量的工作，確保我們採取全面的方法來應對整個市場。因此我認為這可能是第一點。

Number two, we just got out of a rhythm of working closely with our wholesale partners. That was a bit of a surprise, and we are quickly getting back to -- we've got cross-functional teams. We're having key account planning meetings now with our wholesale partners. We're working through unaligned growth plans.

第二，我們剛剛擺脫了與批發夥伴緊密合作的節奏。這有點令人驚訝，我們很快就回到——我們有跨職能團隊。我們目前正在與批發合作夥伴舉行重要客戶計畫會議。我們正在製定不一致的成長計劃。

We're working on consumer right assortments in the right depth. We're working now to elevate the presentation of our brands. And you know all too well when we have beautiful innovative product and we elevate the presentation, it really helps sell through the product and marketing support.

我們正在進行適當深度的消費者權益產品組合研究。我們正在努力提升品牌的展示效果。你們都很清楚，當我們擁有精美的創新產品並提升其展示效果時，它確實有助於透過產品和行銷支援來銷售。

So again, I'm confident in the progress we're making. It's going to take time to build back all of the teams around the world. And that's why we have the three key countries where we're trying to focus: United States, China, and the UK, so that our teams know where we're going to focus our investments and resources. So all in all, the wholesale partners, they want and need us to get back to be a NIKE.

因此，我再次對我們所取得的進展充滿信心。重建世界各地的所有球隊需要時間。這就是為什麼我們將重點放在三個國家：美國、中國和英國，這樣我們的團隊就知道我們將把投資和資源集中在哪裡。總而言之，批發合作夥伴希望並且需要我們重新成為耐吉。

And from a margin perspective, what I would say is that over the past several years, Alex, the the profit pool in wholesale has been relatively volatile. There's been a lot of things that have happened with supply chain disruption, ocean freight rates moving, the supply/demand imbalances. And as a result of that, we've all navigated through many things in order to be able to manage the profitability of the channel.

從利潤率的角度來看，我想說的是，過去幾年來，亞歷克斯，批發業務的利潤池一直相對不穩定。發生了很多事情，如供應鏈中斷、海運運費變動、供需失衡。因此，為了能夠管理通路的獲利能力，我們已經嘗試了很多方法。

I think one of the things that we did a couple of years ago is we were seeing a significant demand versus supply imbalance, meeting an incredible amount of demand and less supply is we actually lowered our wholesale discount rates in order to offset other headwinds that we were dealing with from a freight and transportation perspective.

我認為我們幾年前所做的事情之一是，我們看到了嚴重的供需不平衡，為了滿足大量需求而供應減少，我們實際上降低了批發折扣率，以抵消從貨運和運輸角度面臨的其他不利因素。

And so we are investing in commercial terms, but we're putting them back to historical levels. And so -- and we believe that by doing that, we'll be competitive. It will enable us and our partners to have mutually profitable businesses and also have the capacity that we need in order to be able to invest in the presentation of our brand at retail, which is ultimately what wins at the end of the day.

因此，我們正在從商業角度進行投資，但我們正在將其恢復到歷史水平。所以——我們相信，透過這樣做，我們將具有競爭力。它將使我們和我們的合作夥伴實現互利互惠，同時也具備我們所需的能力，以便能夠投資於我們品牌在零售中的展示，這才是最終的成功。

Randal Konik, Jefferies.

蘭德爾‧科尼克 (Randal Konik)，傑富瑞 (Jefferies)。

I guess, Elliott, maybe give us some perspective. I think you spoke about a lot of things you're doing with urgency in China. But maybe give us a progress report on where you see the different geos from all these strategies you're undertaking. Give us some perspective where you're furthest along -- leap furthest along. That would be very helpful. Thanks.

我想，艾利歐特也許能給我們一些看法。我想您談到了很多你在中國正在緊急做的事情。但也許您可以向我們提供一份進度報告，說明您所採取的所有這些策略在不同地理位置的不同表現。請向我們介紹一下您目前取得的最進展—最顯著的進步。那將會非常有幫助。謝謝。

Yeah. I think the key here, Randy, is as we think about our overall portfolio is that we have 190 countries that all roll up to four different geographies. And we're working closely with the leaders of each of the geos and countries to implement the Win Now strategy, because, again, the strategy works no matter if you're in the United States or in Japan. It all goes back to putting the consumer at the center, right products, storytelling, marketplace.

是的。蘭迪，我認為這裡的關鍵是，當我們考慮我們的整體投資組合時，我們擁有 190 個國家，它們全部分佈在四個不同的地區。我們正在與各個地區和國家的領導人密切合作，實施「立即制勝」策略，因為無論你在美國還是在日本，該戰略都有效。一切都回歸到以消費者為中心、正確的產品、故事、市場。

And so, Matt in his prepared remarks, touched on APLA, EMEA, and North America being where they are in almost -- in terms of futures in performance and looks of sportswear offsetting. And so we're, I think, making progress in each of those three geos.

因此，馬特在他準備好的演講中談到了亞太地區（APLA）、歐洲、中東和非洲（EMEA）以及北美地區，這些地區在運動服的性能和外觀方面的未來發展幾乎與北美地區相當。所以我認為我們在這三個地區都取得了進展。

In terms of China, here's what I'd say about China. We remain committed to China. We see the long-term opportunity there. There's 1.3 billion consumers, and it's our opportunity. And what we've always done there is to invite and inspire those 1.3 billion consumers into sport, fitness, and lifestyle sport, and our team is doing a good job there.

關於中國，我想說的是以下。我們依然致力於中國市場。我們看到了其中的長期機會。我們有13億消費者，這是我們的機會。我們一直在做的事情就是邀請和激勵 13 億消費者參與運動、健身和生活方式運動，我們的團隊在這方面做得很好。

We've also made some significant investments in China, whether it's around some of the big teams like the National Basketball team, the track and field team, and the football team. So we've made big investments there. We've got now a product creation arm that we call Geo Express Lane in China. So overall, I think we've made the right investments.

我們也在中國進行了一些重大投資，包括對國家籃球隊、田徑隊和足球隊等一些大型球隊的投資。因此我們在那裡進行了大量投資。我們在中國現在有一個產品研發部門，稱為 Geo Express Lane。所以總的來說，我認為我們做了正確的投資。

What I will say, I spent some time over there in December. I hadn't been over there in a while. The competition is a bit more aggressive than I had -- when I remembered it 4.5 years ago. And so we've just got to accelerate our pace.

我要說的是，我 12 月在那裡待了一段時間。我已經有一段時間沒去過那裡了。現在的競爭比我 4.5 年前記憶中激烈一些。因此我們必須加快步伐。

Good news is we're starting still as the number one brand there. We're working closely with Angela and her team to implement these Win Now strategies. We're cleaning up the promotional marketplace just like we're doing everywhere to make room for new innovation.

好消息是，我們仍然是那裡的第一品牌。我們正在與 Angela 和她的團隊密切合作，實施這些 Win Now 策略。我們正在清理促銷市場，就像我們在其他地方所做的那樣，為新的創新騰出空間。

We're getting back to elevating NIKE Direct and Digital and then working closely with our two big partners to make certain that we're investing in consumer-led concepts with a focus on performance, running, training, basketball, Jordan, ACG for the right assortments, depth, presentation, all the things that I've talked a lot about. But in the end, I believe we're taking all the right actions, and we're confident in the long-term opportunity in China.

我們正在重新提升 NIKE Direct 和 Digital，然後與我們的兩大合作夥伴密切合作，以確保我們投資於以消費者為主導的概念，重點關注表演、跑步、訓練、籃球、Jordan、ACG 等正確的分類、深度、展示，以及我經常談論的所有方面。但最終，我相信我們採取的一切都是正確的，我們對中國的長期機會充滿信心。

And when you look at the financial performance for China in the quarter, what I tried to highlight was the amount of actions that we took in the quarter between marketplace returns, rebates, and also some investments that we're making to liquidate inventory. And given that it's a monobrand market, as Elliott mentioned, it's going to take us time to execute the Win Now in China.

當您查看本季中國區的財務表現時，我試圖強調的是我們在本季採取的行動包括市場退貨、回扣以及為清理庫存而進行的一些投資。正如艾利歐特所提到的，鑑於這是一個單一品牌市場，我們需要一些時間在中國實施 Win Now 計畫。

So we went aggressive, because the faster we can clean up the marketplace and create the capacity in the space to present the new product stories, the new product assortments that we're excited about that are coming, the quicker we're going to create energy with consumers. That's when we should see traffic start to improve, and we should start to build more momentum in that marketplace. So as we look at that, we just expect it's going to take us some time to be able to execute this.

因此我們採取了積極的行動，因為我們越快清理市場、創造空間來展示新產品的故事和讓我們興奮的即將推出的新產品組合，我們就能越快為消費者創造能量。那時我們會看到流量開始改善，我們應該開始在該市場上建立更多的動力。因此，當我們考慮這一點時，我們只是預計這將需要一些時間才能實現。

And ladies and gentlemen, that concludes our question-and-answer session as well as today's conference call. We thank you for your participation, and you may now disconnect.

女士們、先生們，我們的問答環節和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了。