Nike Inc (NKE) 2025 Q4 法說會逐字稿

Good afternoon, everyone, and welcome to NIKE Inc.'s fiscal 2025 fourth-quarter conference call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, VP of Corporate Finance and Treasurer. I would now like to turn the call over to Paul Trussell.

大家下午好，歡迎參加耐吉公司2025財年第四季電話會議。想要參考今天新聞稿的朋友，可以造訪 investors.nike.com。今天的電話會議由公司財務副總裁兼財務主管保羅·特魯塞爾 (Paul Trussell) 主持。現在我想把電話轉給保羅·特魯塞爾。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2025 fourth-quarter results. Joining us on today's call will be NIKE Inc., 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 財年第四季業績。參加今天電話會議的有耐吉公司總裁兼執行長艾利歐特希爾 (Elliott Hill) 和財務長馬特弗蘭德 (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 risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in NIKE's reports filed with the SEC. In addition, participants may discuss non-GAAP financial measures and nonpublic financial and statistical information.

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，而這些陳述受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有詳細說明。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。

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. We will start with prepared remarks and then open up for questions.

請參閱 NIKE 的收益新聞稿或 NIKE 的網站 investors.nike.com，以了解可比較的 GAAP 指標和定量對帳。今天電話會議上的所有成長比較都是按同比計算的，除非另有說明，否則都是貨幣中性的。我們將從準備好的演講開始，然後開放提問。

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. Thank you for your cooperation on this.

我們希望在規定的時間內允許盡可能多的人提問，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., President and CEO, Elliott Hill.

現在我將電話轉給 NIKE 公司總裁兼執行長艾利奧特希爾。

Thank you, Paul, and hello, everyone. I'll kick it off with a reflection on Faith Kipyegon's attempt to run the mile in under four minutes today called Breaking4. While she crossed the line at a personal best of 4:06, today's attempt will always represent more than the pursuit of a specific singular time. We're super proud of Faith, our teams and everyone who supported her, and we were all inspired by her effort. The Breaking4 journey will live on as a symbol of courage and ambition. You have to dare to try, and I deeply admire the monumental effort.

謝謝你，保羅，大家好。我將首先回顧 Faith Kipyegon 今天嘗試在四分鐘內跑完一英里的比賽，名為 Breaking4。雖然她以 4:06 的個人最佳成績衝過終點線，但今天的嘗試永遠不只是追求特定的單一時間。我們為 Faith、我們的團隊以及所有支持她的人感到非常自豪，她的努力激勵了我們所有人。Breaking4之旅將作為勇氣與野心的象徵永垂不朽。你必須敢於嘗試，我深深敬佩你們不朽的努力。

What it showed is that no other brand offers athletes the depth of expertise that we can. No other brand dreams as big as we can, and more than anything, no other brand inspires eight billion potential athletes to believe. Faith's historic attempt comes at a unique moment for NIKE and our consumers as the sportswear industry continues to operate under geopolitical volatility and tariff uncertainty. Specifically to our business, the results we're reporting today in Q4 and in FY25 are not up to the NIKE standard.

這表明，沒有其他品牌能夠像我們一樣為運動員提供如此深厚的專業知識。沒有其他品牌能像我們一樣擁有如此大的夢想，最重要的是，沒有其他品牌能激勵 80 億潛在運動員的信念。在運動服裝產業持續受到地緣政治動盪和關稅不確定性影響的當下，Faith 的歷史性嘗試對耐吉和我們的消費者來說正值一個特殊時刻。具體到我們的業務，我們今天報告的第四季和25財年業績不符合耐吉標準。

But as we said 90 days ago, the work we're doing to reposition the business through our Win Now actions is having an impact. From here, we expect our business results to improve. It's time to turn the page.

但正如我們 90 天前所說的那樣，我們透過「立即贏」行動重新定位業務所做的工作正在產生影響。從現在開始，我們預計我們的業務業績將會改善。是時候翻開新的一頁了。

Just look at the pace of change we've embraced and the progress we made over the last eight months. It all started on October 14, my first day back at NIKE, with an all-employee meeting and a declaration to our teammates that we are a sport and a growth company and that we will put the athlete at the center of everything that we do and every decision that we make.

看看我們在過去八個月中接受的改變的速度和所取得的進步。這一切始於 10 月 14 日，那是我回到耐吉的第一天，我們召開了一次全體員工會議，並向隊友們宣布，我們是一家運動型公司，也是一家成長型公司，我們將把運動員放在我們所做的每件事和所做的每一個決定的中心。

In December, we aligned our teams against the five Win Now actions: culture, product, marketing, marketplace, and our ground game with a sharp focus on five key sports, three key countries and five key cities. We also set out to aggressively rightsize three very important franchises: Air Force 1, Dunk, and the AJ1 and to return NIKE Digital to a premium destination.

12 月，我們針對五項 Win Now 行動調整了我們的團隊：文化、產品、行銷、市場和地面比賽，重點是五項主要運動、三個主要國家和五個主要城市。我們也著手積極調整三個非常重要的系列的規模：Air Force 1、Dunk 和 AJ1，並將 NIKE Digital 重新定位為高階目的地。

With our teams executing against our actions, I flattened my leadership structure and made changes to 11 of my 15 direct reports. We pulled the lever we could pull the fastest, investing heavily in big sport moments and key product launches to win back our brand voice. That energy has ignited NIKE performance products with consumers, which is helping us to better balance our portfolio.

隨著我們的團隊按照我們的行動執行，我簡化了領導結構，並對 15 名直接下屬中的 11 名進行了調整。我們以最快的速度拉動槓桿，在重大體育賽事和關鍵產品發布上投入巨資，以贏回我們的品牌聲音。這種能量激發了消費者對耐吉高性能產品的熱情，幫助我們更好地平衡產品組合。

Reclaiming our voice in sports has turned out to be the jumpstart we needed for our team culture, too. I see the fight in our teams. We believe and we're competing. A sharp sport point of view and a less promotional NIKE marketplace is helping us gain the confidence of wholesale partners. I'm personally meeting with our partners to reaffirm that we're prioritizing and investing in their businesses.

重新在運動中發出自己的聲音也成為我們團隊文化所需的動力。我看到了我們隊伍中的戰鬥力。我們相信並且我們正在競爭。敏銳的運動視角和較少促銷的 NIKE 市場正在幫助我們贏得批發合作夥伴的信任。我正在親自與我們的合作夥伴會面，重申我們優先考慮並投資於他們的業務。

We're also strategically adding more points of distribution to be in the path of a wider range of consumers. NIKE Direct is showing early signs of being a more premium destination, especially when tied to a sport moment, a key product launch or a NIKE-created on-the-ground activation. To accelerate our Win Now actions, the next step is to realign into dedicated cross-functional teams by sport.

我們也策略性地增加了更多的分銷點，以覆蓋更廣泛的消費者。NIKE Direct 已顯示出成為更高端目的地的早期跡象，尤其是與體育賽事、關鍵產品發布或 NIKE 創建的實地活動相結合時。為了加速我們的「立即取勝」行動，下一步是按運動項目重新調整為專門的跨職能團隊。

We're organizing into a sport offense to have deeper relationships with the athletes we serve, to gain better insights, to drive sports-specific innovation, telling inspiring stories and differentiating ourselves in the marketplace. Instead of a men's, women's and kids' construct, NIKE, Jordan, and Converse teams will now come to work every day with a mission to create the most innovative and coveted product, footwear, apparel, and accessories for the specific athletes they serve.

我們正在組織一場體育進攻，以便與我們服務的運動員建立更深的關係，獲得更好的見解，推動體育特定的創新，講述鼓舞人心的故事，並在市場中脫穎而出。NIKE、Jordan 和 Converse 團隊不再局限於男鞋、女鞋和童鞋，而是每天帶著一個使命工作，為他們服務的特定運動員打造最具創新性和最受歡迎的產品、鞋類、服裝和配件。

These sports-obsessed teams will create greater dimension and distinction for our three brands, will make us more competitive and will accelerate our growth. We'll pay it off in an integrated marketplace of our own design. We'll invest in NIKE Direct digitally and physically and thoughtfully segment wholesale partners to serve sport-specific consumers across channels and up and down price points. Strategically, sharper marketplace segmentation in a sport offense allows us to deliver unique assortments and storytelling opportunities across different channels and partners to better serve our consumers and to help drive profitable, sustainable growth for our partners.

這些熱愛運動的團隊將為我們的三個品牌創造更大的維度和特色，使我們更具競爭力，並加速我們的成長。我們將透過我們自己設計的綜合市場來償還債務。我們將在數位和實體層級投資 NIKE Direct，並精心細分批發合作夥伴，以服務不同通路、不同價位的特定運動消費者。從策略上講，在體育領域進行更精準的市場細分，使我們能夠在不同管道和合作夥伴之間提供獨特的產品組合和故事講述機會，從而更好地服務消費者，並幫助合作夥伴實現盈利且可持續的增長。

We're already moving on a number of these fronts. To better serve wholesale partners, we're in the process of hiring retail marketing, visual merchandising, and account management teammates. And in NIKE Direct, we're getting into the rhythm of lining up against sport moments and key product launches. Two wholesale partnership examples this quarter were through with DICK's through our 24/7 Training Collection, and with JD through the Air Max 95. The result: elevated presentations, better consumer connections and increased sell-throughs.

我們已經在多個方面展開行動。為了更好地服務批發合作夥伴，我們正在招募零售行銷、視覺行銷和客戶管理方面的團隊成員。在 NIKE Direct，我們正進入與體育賽事和關鍵產品發布同步的節奏。本季的兩個批發合作夥伴包括透過我們的 24/7 Training Collection 與 DICK 合作，以及透過 Air Max 95 與 JD 合作。結果是：提升了演示效果、改善了消費者聯繫並增加了銷售量。

Earlier this month, our NIKE L.A. door at The Grove was homebase for a highly successful global After Dark run series. Hosting thousands of women runners in LA created energy throughout the week. The day before the race, we captured our best sales day at The Grove in three years. And at the conclusion of the inspiring French Open finals, NIKE Digital posted the pre-, during and post-game looks of Carlos Alcaraz and Jannik Sinner with a 30% bump in day-to-day sell-through.

本月初，我們位於 The Grove 的 NIKE L.A. 門市成為全球 After Dark 跑步系列活動大獲成功的大本營。洛杉磯接待了數千名女性跑步者，為整個星期注入了活力。比賽前一天，我們在 The Grove 創下了三年來最高的單日銷售記錄。在激動人心的法網決賽結束後，耐吉數位平台發布了卡洛斯·阿爾卡拉斯和揚尼克·辛納的賽前、賽中和賽後造型，當天的銷售量環比增長了 30%。

Consumer-right, sport-led assortments, in-the-moment storytelling, and elevated presentations in a segmented and differentiated marketplace, these are some of the many we will compete brand by brand. sport-by-sport, geo by geo. The truth is we're in a fight in every sport we're in and each sport has different competitors. As we began to align our iconic brands by sport, we'll have a closer line of sight so we can develop targeted plans to match up against each one of them. We're approaching every opportunity with an athlete mindset, passion, commitment, and determination.

消費者權益、以運動為主導的商品組合、即時故事敘述以及在細分和差異化市場中的高級展示，這些只是我們將逐個品牌、逐個運動、逐個地區地進行競爭的眾多優勢中的一部分。事實上，我們在參與的每項運動中都存在著競爭，而且每項運動都有不同的競爭對手。當我們開始根據運動項目調整我們的標誌性品牌時，我們將有更近的視野，從而可以製定有針對性的計劃來匹配每個品牌。我們以運動員的心態、熱情、承諾和決心來對待每一個機會。

Our teams are also making strong progress in expanding our distribution with strategic partners. I'll focus briefly on North America, who in this quarter, led a Gen Z-targeted experience with Urban Outfitters, becoming the number one brand in select doors on the opening weekend. We entered over 200 women's-led doors, including boutiques like Aritzia.

我們的團隊在擴大與策略合作夥伴的分銷方面也取得了長足的進步。我將簡要介紹北美市場，本季度，北美市場與 Urban Outfitters 合作，推出了針對 Z 世代的體驗，並成為首周末精選門市中排名第一的品牌。我們走進了 200 多家女性主導的商店，其中包括 Aritzia 等精品店。

We hosted 30 running specialty accounts from around the world at the NIKE Campus for a four-day immersion and our upcoming running innovations. We leveraged two of our iconic brands, NIKE and Jordan, to create meaningful product activation with key city specialty partners along the I-95 corridor.

我們在 NIKE 園區接待了來自世界各地的 30 位跑步專業客戶，進行了為期四天的沉浸式體驗並介紹了我們即將推出的跑步創新技術。我們利用我們的兩個標誌性品牌 NIKE 和 Jordan，與 I-95 走廊沿線的主要城市專業合作夥伴一起創造有意義的產品活化。

And finally, we announced a new partnership with Amazon. This fall, they'll carry a select assortment of footwear, apparel and accessories, and NIKE will have a featured brand store on the platform focused on running, training, basketball, and sportswear. The NIKE integrated marketplace is beginning to take shape. Along with NIKE Direct, these partners will play an important role in serving a wider range of consumers.

最後，我們宣布與亞馬遜建立新的合作關係。今年秋天，他們將推出一系列精選鞋類、服裝和配飾，Nike還將在該平台上開設一家專注於跑步、訓練、籃球和運動服的特色品牌商店。NIKE綜合市場已初步成形。這些合作夥伴將與 NIKE Direct 一起在服務更廣泛的消費者方面發揮重要作用。

This is NIKE at its best, leveraging our portfolio of brands and sport-led product offerings across multiple channels and up-and-down price points. Q4 was also filled with a number of sport moments for NIKE, Jordan, and Converse.

這是耐吉的最佳表現，利用我們的品牌組合和運動主導的產品，跨越多個管道和上下波動的價格點。對於耐吉、喬丹和匡威來說，第四季也充滿了許多運動時刻。

All three brands showed up with louder brand statements to leverage the emotion of epic story lines. At the golf majors with Rory and Scotty; with Asia to kick off a new WNBA season; at the Champions League final with PSG and Inter Milan; with Shai for both his MVP and the Thunders NBA Championship; and at Roland Garros with Alcaraz and Sinner. All of that is in 90 days. It's a reminder of the strength of NIKE's athlete relationship and our brand's far-reaching influence across all sports.

這三個品牌都發表了更響亮的品牌宣言，以利用史詩故事情節的情感。與羅里和斯科蒂一起徵戰高爾夫大滿貫賽事；與亞洲隊一起開啟WNBA新賽季；與巴黎聖日耳曼和國際米蘭一起徵戰法網。所有這一切都發生在90天內。它提醒我們耐吉與運動員之間關係的強度以及我們品牌對所有運動項目的深遠影響力。

Shifting to our product portfolio. We made progress this quarter in rebalancing sportswear and performance. We're getting back to executing our formula more consistently, to create innovative and coveted product, accelerate demand through a more emotional storytelling, and then scale at an unmatched level to meet the growing demand in the marketplace.

轉向我們的產品組合。本季度，我們在重新平衡運動服飾和性能方面取得了進展。我們正在更一致地執行我們的模式，打造創新且令人垂涎的產品，透過更具情感色彩的故事來加速需求，並以無與倫比的速度擴張，以滿足市場日益增長的需求。

Take NIKE running as an example, which grew high single digits overall for the quarter. The energy was led by Vomero 18, which in just over 90 days has already become a $100 million-plus franchise with strong sell-through.

以耐吉跑步產品為例，本季其整體銷售量實現了高個位數的成長。其中，Vomero 18 佔據主導地位，在短短 90 多天內，該系列電影的銷售額就已超過 1 億美元，並且銷售業績強勁。

In basketball, our women's business expanded more than 50% this fiscal year, proving that product demand is catching up to the spike in energy surrounding the women's game. The biggest basketball headline this quarter was the retail release of Asia Wilson's Signature Collection and her first shoe, the A1. It showed how effective we are when we line everything up for a thoughtful journey, closely plan with the athlete. The first launch sold out in three minutes on NIKE Digital in North America and we'll double the amount of Asia pairs in coming seasons.

在籃球方面，我們的女子業務本財年增長了 50% 以上，證明產品需求正在趕上女子比賽周圍的活力高峰。本季籃球界最大的新聞是艾莎威爾森 (Asia Wilson) 簽名系列和她的第一雙鞋 A1 的零售發行。這證明了我們為周到的旅程做好一切安排，並與運動員密切合作，是多麼有效率。北美耐吉數位平台的先發三分鐘內就銷售一空，未來幾季，我們將把亞洲地區的銷量翻倍。

In sportswear, the look of running footwear saw continued strength through products like P-6000, Vomero 5, and Shox, and we're reintroducing the Air Max 95 to a new generation of consumers through a more thoughtful seeding journey of high energy driving models through different channels, account by account and through early adopters like athletes and creative partners in our key cities.

在運動服飾方面，跑步鞋的外觀透過 P-6000、Vomero 5 和 Shox 等產品繼續保持強勁勢頭，而且我們透過不同管道、逐個帳戶以及透過主要城市的運動員和創意合作夥伴等早期採用者，以更周到的方式向新一代消費者推出 Air Max 95。

While we have a ways to go to return to a truly diversified sportswear lineup at scale, I'm pleased with the progress the team is making. I'll close by saying a few words on fiscal year '26. As we put the sport offense in place, we're building a full pipeline of innovative products and driving momentum in the marketplace. I see a clear path to recovery ahead. A strong signal of our progress is the momentum we're seeing in NIKE performance product, which we expect to continue throughout fiscal year '26.

雖然我們還有很長的路要走才能恢復真正多元化的運動服陣容，但我對團隊的進展感到滿意。最後，我想就 26 財年講幾句話。隨著我們實施體育進攻，我們正在建立全系列創新產品並推動市場發展。我看到了未來復甦的清晰道路。我們取得進展的一個強烈訊號是耐吉高性能產品的強勁發展勢頭，我們預計這種勢頭將持續到26財年。

In running, our 9 box footwear lineup will continue to deliver new innovation. We'll approach basketball through multiple dimensions, and we'll build on apparel opportunities in training, golf and tennis that span the spectrum of sport and style. In global football, the stage is set for an intense World Cup battle. We're prepared with an upgrade of all three football boot silos in a 12-month window. Our kits look phenomenal and we'll debut an exciting apparel innovation that will scale across multiple sports.

在跑步方面，我們的 9 款鞋類產品線將繼續帶來新的創新。我們將從多個維度來看待籃球，並將在訓練、高爾夫和網球領域擴展涵蓋各種運動和風格的服裝機會。全球足壇，世界盃之戰正酣。我們準備在 12 個月內對所有三個足球鞋倉庫進行升級。我們的裝備看起來非常棒，我們將推出一項令人興奮的服裝創新，該創新將擴展到多種運動項目。

The early feedback to the product pipeline from our wholesale partners at our engagement meetings has been positive. For example, our order book is improving sequentially with our holiday orders up. We're finding a better balance with our portfolio of sport performance and new dimensions of sportswear, expected to offset the declines in our classic franchise with wholesale partners.

在我們的合作會議上，批發合作夥伴對產品線的早期回饋是正面的。例如，隨著假期訂單的增加，我們的訂單量正在逐漸改善。我們正在運動表現產品組合和運動服新維度之間尋找更好的平衡，預計這將抵消我們與批發合作夥伴的經典特許經營權的下滑。

As I step back and look at the overall progress against our Win Now actions by geography, momentum and confidence are building in North America and EMEA, APLA's progress varies by individual country, and China will take longer due to the unique characteristics of the marketplace. We've been operating in China for over four decades and our teams know what is required to return to growth. We're executing our plans and trending in the right direction, but a full recovery will take time.

當我回顧並按地域審視我們的「立即贏」行動的整體進展時，我發現北美和歐洲、中東和非洲地區的勢頭和信心正在增強，而 APLA 的進展則因國家而異，而中國由於市場的獨特性將需要更長的時間。我們在中國營運超過四十年，我們的團隊深知如何才能恢復成長。我們正在執行計劃，並朝著正確的方向發展，但全面復甦仍需時日。

I believe we have everything we need to win and we are ready for the new fiscal year. We're laser focused on what we can control, inspiring and innovating for the eight billion consumers we have the privilege to serve. We know what it will take to set off the next wave of growth for NIKE. From here, it's on us to get back to executing at the level we expect. And like Faith Kipyegon, our entire team is ready to run towards something bigger and is committed to writing the next great chapter for our beloved company.

我相信我們擁有贏得勝利所需的一切，我們已經為新的財政年度做好了準備。我們專注於我們能夠控制的事情，為我們有幸服務的 80 億消費者提供啟發和創新。我們知道如何才能掀起耐吉的下一波成長浪潮。從現在開始，我們要重回預期的執行水準。和費思·基皮貢一樣，我們整個團隊已準備好奔向更遠大的目標，並致力於為我們摯愛的公司譜寫下一個輝煌篇章。

From here, I'll pass it to Matt.

從這裡，我將把它傳遞給馬特。

Thanks, Elliott, and hello to everyone on the call. In fiscal '25, we reclaimed our identity through sport and implemented the Win Now actions to reposition our brands and business for future growth. While in line with our expectations, we are not pleased with our financial performance. However, as I said last quarter, the fourth quarter reflected the largest financial impact from our Win Now actions. We expect the headwinds to revenue and gross margin to begin to moderate from here.

謝謝，艾利歐特，向電話裡的各位問好。在 2025 財年，我們透過運動重塑了我們的身份，並實施了「立即贏得」行動，重新定位我們的品牌和業務，以促進未來成長。雖然符合我們的預期，但我們對我們的財務表現並不滿意。然而，正如我上個季度所說，第四季度反映了我們的「贏現在」行動帶來的最大財務影響。我們預計收入和毛利率面臨的阻力將從現在開始減弱。

Today, I will review our financial results, highlighting progress made against our Win Now actions. Then I will explain our approach to the newly issued tariffs. Last, I will provide guidance for the first quarter of fiscal '26 as well as additional insight for how we expect Win Now to shape our financial performance over the next fiscal year.

今天，我將回顧我們的財務業績，重點介紹我們「立即贏得」行動所取得的進展。然後我將解釋我們對新發布的關稅的態度。最後，我將提供 26 財年第一季的指導，以及我們預期 Win Now 將如何影響我們下一財年的財務表現的更多見解。

I'll begin with our financial results. For the fourth quarter, revenues were down 12% on a reported basis and down 11% on a currency-neutral basis. NIKE Direct was down 14% with NIKE Digital declining 26% and NIKE stores increasing 2%. Wholesale was down 9%.

我先介紹一下我們的財務表現。第四季度，營收依報告基礎下降 12%，依貨幣中性基礎下降 11%。NIKE Direct 銷售額下降 14%，NIKE Digital 銷售額下降 26%，NIKE 商店銷售額成長 2%。批發額下降了9%。

Gross margins declined 440 basis points to 40.3% on a reported basis due to higher wholesale discounts, higher discounts in our NIKE Factory stores, supply chain cost deleverage, and channel mix headwinds. SG&A was up 1% on a reported basis. This was driven by increased investment in demand creation, up 15%, partially offset by a 3% decline in operating overhead.

由於批發折扣增加、耐吉工廠店折扣增加、供應鏈成本去槓桿以及通路組合不利因素，毛利率下降 440 個基點至 40.3%。據報道，銷售、一般及行政費用上漲了 1%。這是由於需求創造投資增加（成長 15%）所致，但營運費用下降 3% 則部分抵銷了這一成長。

Our effective tax rate was 33.6% compared to 13.1% for the same period last year due primarily to decreased benefits from stock-based compensation and onetime items. Earnings per share was $0.14. For the full year, revenue was down 10% on a reported basis and 9% on a currency-neutral basis. Diluted earnings per share was $2.16. Inventory was flat versus the prior year and down 1% versus the prior quarter.

我們的有效稅率為 33.6%，而去年同期為 13.1%，主要原因是股票薪酬和一次性項目帶來的福利減少。每股收益為0.14美元。全年營收依報告基礎下降10%，依匯率中立基礎下降9%。稀釋每股收益為2.16美元。庫存與上年持平，季減1%。

Inventory remains elevated but we are making progress. We closed the year in line with our plans and remain on track to exit the first half of fiscal '26 in a healthy and clean position.

庫存仍然很高，但我們正在取得進展。我們按照計畫結束了這一財年，並預計在 2026 財年上半年以健康和乾淨的狀態結束。

Now let me go deeper into our performance over the last 90 days. As I shared last quarter, our geographies are at different stages of progress against our Win Now actions, and as a result, business recovery is trending on different timelines. Today, I will focus my geography remarks on the specific context and insights of our Win Now progress.

現在讓我更深入地談談我們過去 90 天的表現。正如我上個季度所分享的，我們各個地區的「立即贏」行動進展情況不同，因此，業務復甦的趨勢也不同。今天，我將就地理問題重點談談我們「立即贏」進程的具體背景和見解。

In North America, Q4 revenue declined 11%, NIKE Direct declined 14% with NIKE Digital down 25% and NIKE stores up 3%. Wholesale declined 8%, EBIT declined 29% on a reported basis. North America made meaningful progress cleaning up the marketplace and repositioning NIKE Digital as a full price model. Momentum is building in wholesale with newness in the product portfolio. Sportswear declined in the quarter, driven by a near 40% reduction in our classic footwear franchises.

在北美，第四季營收下降 11%，其中 NIKE Direct 下降 14%，NIKE Digital 下降 25%，NIKE 商店成長 3%。批發額下降 8%，息稅前利潤下降 29%。北美在清理市場和將 NIKE Digital 重新定位為全價模式方面取得了重大進展。隨著產品組合的不斷創新，批發業務的勢頭正在增強。本季運動服銷量下滑，主要原因是經典鞋類特許經營權銷量減少近 40%。

Performance also declined. However, we saw strong sell-through for new products offered in running and training. North America inventory actions continued with higher sales-related returns and higher discounts to liquidate aged inventory. Inventory dollars and units increased due partially to investment to support new distribution, unfavorable shipment timing, and new tariffs. On Digital, we saw a meaningful improvement in markdown rates as well as a higher share of demand at full price in the quarter.

業績也出現下滑。然而，我們看到跑步和訓練領域新產品的銷售強勁。北美庫存行動持續進行，與銷售相關的退貨率上升，且為清算陳舊庫存而提供更高的折扣。庫存金額和單位增加，部分原因是支持新分銷、不利的裝運時機和新關稅的投資。在數位領域，我們看到本季降價率顯著提高，全價需求份額也有所上升。

In EMEA, Q4 revenue declined 10%, NIKE Direct declined 19% with NIKE Digital down 36% and NIKE stores up 5%. Wholesale declined 4%. EBIT declined 41% on a reported basis. EMEA is furthest along in cleaning up the marketplace and repositioning NIKE Digital within an integrated marketplace. The team has demonstrated progress by delivering growth in key performance dimensions of our portfolio and diversifying sportswear with new product journeys.

在歐洲、中東和非洲地區，第四季營收下降 10%，NIKE Direct 下降 19%，NIKE Digital 下降 36%，NIKE 商店成長 5%。批發下降了4%。息稅前利潤（EBIT）據報告下降了41%。EMEA 在清理市場和在綜合市場中重新定位 NIKE Digital 方面走得最遠。該團隊透過實現產品組合關鍵性能維度的成長以及透過新的產品旅程實現運動服的多樣化，證明了其取得的進步。

In Q4, Running and Training delivered growth, offset by declines in our Sportswear business. Within Sportswear, we have taken meaningful steps forward to diversify our portfolio. In fact, Sportswear grew overall in wholesale in Q4, and women's sportswear, footwear returned to growth in the quarter.

第四季度，跑步和訓練業務成長，但運動服業務的下滑抵消了這一成長。在運動服裝領域，我們已採取有意義的措施來實現產品組合多元化。事實上，第四季運動服批發整體呈現成長態勢，女士運動服、鞋類也在本季恢復成長。

As it relates to inventory in EMEA, we ended the quarter slightly ahead of our target, with inventory dollars flat and units down mid-single digits versus the prior year. NIKE Digital also delivered improvements in markdown rates as well as a double-digit increase in the share of demand at full price.

就歐洲、中東和非洲地區的庫存而言，我們在本季結束時略微超出了目標，庫存金額與上年相比持平，而庫存數量下降了中個位數。NIKE Digital 的降價率也得到了提升，全價需求份額也實現了兩位數的成長。

In Greater China, Q4 revenue declined 20%, largely in line with our plan. NIKE Direct declined 15% with NIKE Digital down 31% and NIKE stores down 6%. Wholesale declined 24%. EBIT declined 45% on a reported basis. Greater China executed a deeper reset of inventory relative to our other geographies with higher sales-related reserves, higher discounts, and supply reductions.

在大中華區，第四季營收下降了 20%，基本上符合我們的計畫。NIKE Direct 銷售額下降 15%，NIKE Digital 銷售額下降 31%，NIKE 專賣店銷售額下降 6%。批發額下降了24%。息稅前利潤（EBIT）據報告下降了45%。與我們其他地區相比，大中華區對庫存進行了更深層的調整，包括更高的銷售相關儲備、更高的折扣和供應減少。

Traffic remains challenged, and our priority is to refresh local monobrand store concepts and elevate brand presentation through sport. On product, we saw bright spots this quarter when we launched sport-led innovation like Vomero 18 or utilized our geography Express Lane to tell hyperlocal stories. Consumers continue to have strong reaction to brand activations in the marketplace. Running returned to growth in the quarter, offset by declines in Sportswear and Jordan. Inventory was down 11% versus the prior year, driven by aggressive actions to clean and reset the marketplace.

交通仍面臨挑戰，我們的首要任務是更新當地單一品牌店的概念，並透過運動提升品牌展示。在產品方面，本季我們看到了亮點，我們推出了 Vomero 18 等以體育為主導的創新產品，或利用我們的地理快速通道講述超本地化故事。消費者對市場上的品牌活化持續表現出強烈反應。本季度，跑步業務恢復成長，但運動服和喬丹業務的下滑抵消了這一增長。由於採取了積極的清理和重置市場措施，庫存比去年下降了 11%。

Digital remains highly promotional across the marketplace, and we have taken initial steps to reposition our own platform with plans to extend our efforts to the broader ecosystem in fiscal '26. Our priority in Greater China is to refresh the monobrand marketplace, creating greater brand distinction through sport-led consumer concepts and full price growth.

數位化在整個市場中仍然具有很強的推廣性，我們已採取初步措施重新定位我們自己的平台，並計劃在 26 財年將我們的努力擴展到更廣泛的生態系統。我們在大中華區的首要任務是刷新單一品牌市場，透過運動主導的消費者理念和全面的價格成長來創造更大的品牌特色。

We have launched a pilot across select doors. However, our actions to energize and reset this marketplace will take time. In APLA, Q4 revenue declined 3%, NIKE Direct declined 1% with NIKE Digital down 6% and NIKE stores up 4%.

我們已經在部分門市啟動了試點。然而，我們為激活和重啟這個市場所採取的行動需要時間。在 APLA，第四季營收下降 3%，NIKE Direct 下降 1%，NIKE Digital 下降 6%，NIKE 商店成長 4%。

Wholesale declined 5%. EBIT declined 33% on a reported basis. APLA delivered mixed results across countries with further work required to clean up inventory. The team has also taken initial steps to reposition NIKE Digital. In the fourth quarter, our performance business returned to growth, driven by running and training.

批發下降了5%。息稅前利潤（EBIT）據報告下降了33%。APLA 在各國的成果不一，需要進一步努力清理庫存。該團隊也採取初步措施重新定位 NIKE Digital。第四季度，在跑步和訓練的推動下，我們的績效業務恢復成長。

This momentum was more than offset by declines in Sportswear and Jordan. Our teams took aggressive actions to clean up the marketplace and further tighten the buys on NIKE Digital. However, inventory remains elevated.

這一勢頭被運動服和喬丹的下滑所抵消。我們的團隊採取了積極行動來清理市場並進一步收緊 NIKE Digital 的購買。然而，庫存仍然很高。

Okay, let me spend a few minutes talking through our approach to the newly issued tariffs. Over the past 50 years, NIKE has built a globally expansive supply chain that is responsive and resilient.

好的，請容許我花幾分鐘時間談談我們對新發布的關稅的態度。在過去的 50 年裡，耐吉建立了一條反應迅速、富有彈性的全球擴張供應鏈。

We have strong relationships with our factory partners, and our leadership team is experienced in managing through disruption. NIKE has consistently been a top payer of US duties, with an average duty rate on footwear imported into the United States in the mid-teens range. Therefore, these tariffs represent a new and meaningful cost headwind, and we are taking actions that balance the consumer, our partners, our Win Now actions, as well as the long-term positioning of our brands in the marketplace.

我們與工廠合作夥伴保持著牢固的關係，我們的領導團隊在應對突發事件方面經驗豐富。耐吉一直是美國關稅的最大納稅人，其進口到美國的鞋類產品平均關稅稅率約15%。因此，這些關稅代表著新的、意義重大的成本壓力，我們正在採取措施，平衡消費者、合作夥伴、「贏在當下」行動以及我們品牌在市場上的長期定位。

First, we will optimize our sourcing mix and allocate production differently across countries to mitigate the new cost headwind into the United States. Despite the current elevated tariffs for Chinese products imported into the United States, manufacturing capacity and capability in China remains important to our global source base. Currently, China represents roughly 16% of the footwear we import into the United States, and we expect this to reduce to the high single-digit range by the end of fiscal '26 with supply from China reallocated to other countries around the world.

首先，我們將優化我們的採購組合，並在各國之間分配不同的生產，以減輕美國新的成本阻力。儘管目前美國對進口自中國的產品的關稅有所提高，但中國的製造能力和產能對於我們的全球貨源基礎來說仍然十分重要。目前，中國約占我們進口到美國的鞋類的 16%，我們預計到 26 財年末，隨著來自中國的供應重新分配給世界其他國家，這一比例將降至高個位數。

Second, we are partnering with our suppliers and our retail partners to mitigate this structural cost increase in order to minimize the overall impact to the consumer. These partner arrangements will come into effect at different times throughout fiscal '26. Third, as part of our regular approach to seasonal planning, we have implemented a surgical price increase in the United States with phased implementation beginning in fall '25.

其次，我們正在與我們的供應商和零售夥伴合作，以減輕這種結構性成本的增加，從而最大限度地減少對消費者的整體影響。這些合作夥伴安排將在2026財年的不同時間生效。第三，作為我們常規季節性規劃的一部分，我們已在美國實施了手術價格上調，並將於2025年秋季分階段實施。

And last, we will evaluate corporate cost reduction as appropriate. However, our highest priority right now continues to be reigniting brand momentum through sport and stabilizing our business.

最後，我們將適當評估企業成本削減情況。然而，我們目前的首要任務仍然是透過運動重新點燃品牌勢頭並穩定我們的業務。

With the new tariff rates in place today, we estimate a gross incremental cost increase to NIKE of approximately $1 billion. We intend to fully mitigate the impact of these headwinds over time as we implement and annualize the actions I've outlined. For fiscal '26, we expect this financial impact, net of the actions described earlier to be approximately 75 basis points to gross margin, with a greater impact in the first half. We will continue to monitor developments closely, and I am confident in our ability to lean on our strengths, our experience, and our scale to navigate through this disruption.

根據今天實施的新關稅稅率，我們估計耐吉的總成本將增加約 10 億美元。隨著我們實施和年度化我所概述的行動，我們打算隨著時間的推移完全減輕這些不利因素的影響。對於2026財年，我們預計扣除上述措施後，此次疫情對毛利率的影響約為75個基點，且上半年的影響將更大。我們將持續密切關注疫情發展，並堅信我們能夠憑藉自身優勢、經驗和規模渡過難關。

Looking forward, we intend to continue to provide specific quarterly guidance during this period of transition. Today, I will also share some additional insights for how we expect our Win Now actions to shape elements of our financial performance throughout fiscal '26.

展望未來，我們計劃在此過渡期內繼續提供具體的季度業績指引。今天，我還將分享一些額外的見解，闡述我們預期「贏在當下」行動將如何影響我們整個26財年的財務表現。

Momentum is building in our new product franchises. And with the holiday order book in hand, we are beginning to see more clearly around the corner of our product portfolio transition. In fiscal '25, we made significant progress managing down our classic footwear franchises, with year-over-year declines of more than 20%.

我們的新產品系列正在蓬勃發展。隨著節日訂單的到來，我們開始更清楚地看到產品組合轉型的曙光。 2025財年，我們在經典鞋類特許經營的管理方面取得了顯著進展，年減超過20%。

In Q4, these declines accelerated to more than 30%, representing almost a $1 billion headwind to revenue. We also finished Q4 down approximately 10 points from the peak as a percent of our total footwear mix. We expect these headwinds to continue through the first half of fiscal '26, with signals that the Air Force 1 is stabilizing while we plan for larger reductions for the Dunk. We remain on track for a healthy and clean market by the end of the first half of fiscal '26.

在第四季度，這些下降幅度加速至 30% 以上，對收入造成近 10 億美元的不利影響。我們在第四季結束時的鞋類產品總組合百分比也比高峰下降了約 10 個百分點。我們預計這些不利因素將持續到 26 財年上半年，有跡象表明 Air Force 1 正在趨於穩定，而我們計劃對 Dunk 進行更大幅度的減價。我們仍有望在 2026 財年上半年末實現一個健康、乾淨的市場。

Over the next two quarters, NIKE will continue liquidating excess inventory through our value stores and select value partners. In the second half, we then expect to see a modest headwind to revenue as we lap aggressive clearance activity in the prior year.

在接下來的兩個季度中，耐吉將繼續透過我們的廉價商店和精選的廉價合作夥伴清理多餘的庫存。由於上一年大力展開清倉活動，我們預計下半年收入將遭遇溫和阻力。

We continue to expect Digital traffic to be down double digits in fiscal '26 as we reposition NIKE Digital as a full-price model and reduce the mix of our classic footwear franchises. At the same time, we see encouraging signals of progress in the marketplace with our wholesale partners. As Elliott said, our holiday order book is up versus the prior year with growth in North America, EMEA, and APLA partially offset by Greater China.

由於我們將 NIKE Digital 重新定位為全價模式並減少經典鞋類特許經營的混合，我們繼續預計 26 財年的數位流量將下降兩位數。同時，我們看到批發合作夥伴在市場上取得了令人鼓舞的進展。正如艾利奧特所說，我們的假日訂單量比上年有所增加，但北美、歐洲、中東和非洲地區以及亞太地區（APLA）的成長被大中華區部分抵消。

We expect SG&A to grow low single digits in fiscal '26. We are investing to reignite growth in the business, particularly demand creation and (technical difficulty) sports and commercial offense. At the same time, we recognize that SG&A has deleveraged relative to historical sales growth with improving gross margins and disciplined expense management over time.

我們預計 26 財年的銷售、一般及行政費用 (SG&A) 將達到低個位數成長。我們正在投資以重新激發業務成長，特別是需求創造和（技術難度）體育和商業進攻。同時，我們也意識到，相對於歷史銷售成長而言，銷售、一般及行政費用已隨著時間的推移而去槓桿化，毛利率不斷提高，費用管理也越來越規範。

We have moderated our share repurchases in the near term due to a more dynamic and uncertain environment as well as the impact of the Win Now actions on our financial results. We have a strong balance sheet, and it remains a competitive advantage for our business. Overall, we are pleased with the progress our teams are making against our Win Now actions. As I said last quarter, these are the building blocks for NIKE to return to sustainable profitable growth.

由於環境更加動態和不確定，以及「立即贏」行動對我們財務表現的影響，我們近期已放緩股票回購。我們擁有強大的資產負債表，這仍然是我們業務的競爭優勢。總體而言，我們對團隊在「贏在當下」行動中所取得的進展感到滿意。正如我上個季度所說，這些是耐吉恢復可持續獲利成長的基石。

Last, I'll finish with our first-quarter guidance. We will continue navigating through several factors that create uncertainty in this operating environment, including for the consumer, and so our outlook reflects our best assessment of these factors based on the data we have available today. We expect Q1 revenues to be down mid-single digits. We expect Q1 gross margins to be down approximately 350 to 425 basis points.

最後，我將以第一季的指導結束。我們將繼續研究造成這個經營環境不確定性的若干因素，包括對消費者而言的不確定性，因此，我們的展望反映了我們根據今天掌握的數據對這些因素的最佳評估。我們預計第一季營收將下降中個位數。我們預計第一季毛利率將下降約 350 至 425 個基點。

This includes approximately 100 basis points negative impact due to the new tariffs based on the rates that are in place today. We expect Q1 SG&A dollars to be up low single digits. We expect other income and expense, including net interest income, to be zero to $10 million in the first quarter, and we expect the tax rate for the full year to be 19% to 20% due primarily to anticipated changes in earnings mix.

這包括基於目前現行稅率的新關稅造成的約 100 個基點的負面影響。我們預計第一季銷售、一般及行政開支將出現低個位數成長。我們預計第一季其他收入和支出（包括淨利息收入）將為 0 至 1000 萬美元，並且我們預計全年稅率將為 19% 至 20%，這主要歸因於預期的盈利結構變化。

With that, I'll pass it back to Elliott.

說完這些，我就會把它交還給艾利歐特。

Before taking questions, I want to share some final thoughts on another historic sports moment this past quarter, Rory McIlroy's Masters win. I was lucky enough to be at Augusta earlier that week, and I couldn't help but relate Rory's experience to NIKE's recent journey. To me, his final round performance was a master class on the power of the athlete mindset. And I've been asking my NIKE teammates to hold on to some of the lessons he taught us. For those of you that don't know, Rory has been chasing a Masters victory for 14 years.

在回答問題之前，我想分享一些關於上個季度另一個歷史性體育時刻的想法，那就是羅裡·麥克羅伊 (Rory McIlroy) 的大師賽勝利。我很幸運那週早些時候來到奧古斯塔，我不禁將羅裡的經歷與耐吉最近的歷程聯繫起來。對我來說，他在最後一輪比賽中的表現是運動員心態力量的大師級體現。我一直要求我的耐吉隊友牢記他教給我們的一些經驗教訓。對於那些不知道的人來說，羅裡已經追逐大師賽勝利 14 年了。

It would complete his career Grand Slam, the Holy Grail of golf, something only five others have ever accomplished. He was also battling a decade-long drought of winning a major. He's had his share of close calls and heartbreaks and more than enough doubters.

這將使他的職業生涯完成“大滿貫”，這是高爾夫界的聖杯，只有另外五人完成過這一成就。他還曾與長達十年未贏得大滿貫賽事的記錄作鬥爭。他經歷過無數驚險刺激、令人心碎的經歷，也遭受太多的質疑。

Sunday's final round at Augusta was no different. What made it so fun to watch was how aggressive Rory was playing. He was taking the shots that others wouldn't, putting the pressure on the rest of the field. But one time he did play it safe, he laid it up on the 13 and rolled it into raise creek for a double bogey.

週日在奧古斯塔舉行的決賽也不例外。羅裡打球的侵略性讓比賽賞心悅目。他打出了別人不敢打的球，給其他選手壓力。但有一次他打得比較穩，把球放在了13號洞，結果球滾進了小溪，吞下了雙柏忌。

Lesson learned. He played better when he was attacking. Despite another up and down round, the win was still in his grasp. All he needed to do was seek a 5-foot plot on the 18. He stepped up and missed, wide left. He was heading to a playoff. His caddie, Harry Diamond, his lifelong friend, and biggest supporter, knew just what to say. You would have given your right arm to be in the playoff at the start of the week.

吸取教訓。當他進攻時，他發揮得更好。儘管又一輪比賽起伏不定，但他仍然能夠獲得勝利。他所需要做的就是在 18 碼線處尋找一個 5 英尺的地塊。他向前邁進，但射門偏出左側。他正準備進入季後賽。他的球童哈里·戴蒙德 (Harry Diamond) 是他一生的朋友和最大的支持者，他知道該說些什麼。在本周初，你願意付出一切來進入季後賽。

And that was it, the mindset shift Rory needed. He didn't have to play a playoff. He got to play a playoff. It was his for the taking, an amazing reminder for NIKE that no matter the situation we face, we're the leader in an exciting industry. It's a privilege to get to compete every day. And with all of our advantages we have, we're in control of our own destiny here.

這就是羅裡所需要的思維轉變。他不必參加季後賽。他必須參加季後賽。這是他可以得到的，這對耐吉來說是一個驚人的提醒：無論我們面臨什麼情況，我們都是這個令人興奮的行業的領導者。能夠每天參賽是我的榮幸。憑藉著我們擁有的一切優勢，我們能夠掌控自己的命運。

Rory went back to the 18, stuck to second shot 4 feet for the pen. And this time, he sank the putt, dead center. Rory finally had his green jacket and his career Grand Slam. And we were all treated to one of the most memorable Sundays in golf. For over a decade, his patience was tested but he stayed the course.

羅裡回到 18 碼線，堅持第二次擊球，距離球洞 4 英尺。這一次，他一桿推入正中央。羅裡終於贏得了綠夾克，也贏得了職業生涯的大滿貫。我們共同度過了高爾夫界最難忘的周日之一。十多年來，他的耐心受到了考驗，但他堅持了下來。

Whether it was Rory, Alcaraz, Shai or Faith these past 90 days, we worked alongside some of the most mentally tough human beings on the planet. And lately, I've been talking a lot about the athlete mindset, that special ability to keep believing, to keep competing.

無論是羅裡、阿爾卡拉斯、謝伊還是費絲，在過去的 90 天裡，我們都與地球上一些意志最堅強的人一起工作。最近，我一直在談論運動員的心態，也就是保持信念、持續競爭的特殊能力。

I'm asking my teammates at NIKE to do just that, to show up with passion, commitment, and determination and to compete every day. I think we're on our way.

我要求耐吉的隊友也這麼做，以熱情、承諾和決心投入每一天的競爭。我想我們已經上路了。

We're ready for questions.

我們已準備好回答問題。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

So Elliott, could you maybe elaborate on the accelerated actions under your sport offense realignment and maybe speak to the phasing of innovation into the back half of the year in FY26? And then, Matt, if you could just speak to the cadence of revenues this year or puts and takes to consider in terms of items impacting the first-quarter revenues relative to the back half of the year?

那麼艾利奧特，您能否詳細說明您在體育進攻重組下採取的加速行動，並談談在 2026 財年下半年分階段實施創新？然後，馬特，您能否談談今年的收入節奏，或者相對於下半年，影響第一季收入的項目有哪些？

I'll take the first part of this around product. And what I will say, we will lead with a sharp focus on sport. That's why we're moving to the sport offense. But before I dive deeply on products, I just want to make certain that we hit on the unmatched portfolio that we have with depth and dimension, three brands: NIKE, Jordan and Converse.

我將圍繞產品來討論第一部分。我想說的是，我們將重點放在體育運動上。這就是我們轉向運動進攻的原因。但在深入介紹產品之前，我只想確保我們擁有深度和維度無與倫比的產品組合，即三個品牌：Nike、喬丹和匡威。

And what we're doing, Matthew, is we're organizing into sport-obsessed teams through our sport offense, which will drive a relentless flow of innovative product across all three of the brands -- performance, sportswear, men's, women's, kids, footwear, apparel, accessories, and up and down price points.

馬修，我們正在做的是，透過我們的運動進攻組織一群熱愛運動的團隊，這將推動三大品牌——性能、運動服、男裝、女裝、童裝、鞋類、服飾、配件以及高低價點——不斷湧現創新產品。

We will differentiate each brand by sport and create a -- which we believe will create sharper distinction and dimension. And we do know, Matthew, when we focus on sport, we win. The best example that we have right now from a product perspective is our running, which is up high single digits. We have innovative and coveted products across our 9 box matrix that we've been talking a lot about, three silos, Pegasus, Vomero, Structure, times three price points. We also have trail and race.

我們將透過運動項目來區分每個品牌，並創造一個——我們相信這將創造出更鮮明的區別和維度。馬修，我們確實知道，當我們專注於運動時，我們就會勝利。從產品角度來看，我們目前最好的例子就是我們的跑步，它已經上升了個位數。我們在 9 個盒子矩陣中擁有創新和令人垂涎的產品，我們已經討論了很多，三個筒倉，Pegasus、Vomero、Structure，乘以三個價格點。我們還有越野賽和比賽。

In terms of performance, Peg Premium, Vomero 18, our Swift and Stride apparel, they're all selling well at retail and we're getting positive feedback from our partners. I mentioned it in my script that the Vomero has already become a $100 million business with growth in all geos.

就性能而言，Peg Premium、Vomero 18、我們的 Swift 和 Stride 服裝在零售店的銷量都很好，我們也得到了合作夥伴的正面回饋。我在腳本中提到過，Vomero 已經成為價值 1 億美元的企業，並且在所有地區都有成長。

And so in addition to what I just touched on, we have Vomero Plus and Vomero Premium common, which both those shoes are beautiful shoes and incredibly innovative and distinctive. So best example is running, continuing on in our focused sports. Training would be next in line with momentum and sell-through in Metcon and 24/7 Apparel Collection.

除了我剛才提到的之外，我們還有 Vomero Plus 和 Vomero Premium 兩款鞋，這兩款鞋都很漂亮，而且極具創新性和獨特性。最好的例子就是跑步，繼續我們專注的運動。接下來，培訓將與 Metcon 和 24/7 Apparel Collection 的動能和銷售情況保持一致。

In basketball, we've got signature athletes, Shai for Converse. I'm sure you guys saw Shai at the NBA finals with his gold shoe around his neck. Adding dimension to the men's -- to the NIKE basketball with Sabrina and Asia, Tatum and Luka in Jordan. Best example in terms of performance this quarter, it was Asia 1, and I hit that in the prepared remarks. Lined up beautiful products to retail and it sold through at retail.

在籃球方面，我們有簽約運動員，例如 Converse 的 Shai。我確信你們在 NBA 總決賽上看到了謝伊，他脖子上掛著金鞋。為男子籃球增添更多維度——耐吉籃球隊有薩布麗娜和艾莎、塔圖姆和盧卡代表喬丹參賽。就本季表現而言，最好的例子是亞洲 1，我在準備好的發言中提到了這一點。排列精美的產品進行零售，並在零售店銷售一空。

Global football. Two weeks ago, we had a summit with over 200 of our partners from around the world to share with them of our World Cup offering, and we have exciting innovation coming to the game across our three football silos, Mercurial, Tiempo, and Phantom, and we have some really interesting innovation coming in our national team kits that we'll be able to leverage across other sports as we move forward. So feeling really good with our sport performance and with each season, it continues to get stronger.

全球足球。兩週前，我們與來自世界各地的200多位合作夥伴舉行了高峰會，分享了我們世界盃系列的精彩產品。我們的三大足球系列——Mercurial、Tiempo和Phantom——都帶來了令人興奮的創新，國家隊球衣也迎來了一些非常有趣的創新，未來我們將把這些創新推廣到其他運動項目中。我們對自己的運動表現感到非常滿意，而且每個賽季都在不斷進步。

As it relates to Sportswear, we continue, as you heard throughout the prepared remarks, to right size Air Force 1, the AJ1 and the Dunk, but we do know that we've got to have a portfolio that extends beyond those large franchises in sportswear.

至於運動服，正如您在整個準備好的演講中所聽到的，我們繼續討論合適尺寸的 Air Force 1、AJ1 和 Dunk，但我們確實知道，我們必須擁有超越運動服大型特許經營權的產品組合。

We've got in Air and we will continue to leverage Air because it's a proprietary technology that we have. Muse, Air Max Muse for women and Air Max 95 are really good examples this quarter and then we see those continuing throughout FY26. Look of Running, Vomero 5, P-6000, Shox doing well, and we will take the consumer somewhere new in '26 with the Ava Rover and family.

我們已經擁有 Air，我們將繼續利用 Air，因為這是我們擁有的專有技術。Muse、女款 Air Max Muse 和 Air Max 95 是本季的很好的例子，我們將看到它們在整個 26 財年持續流行。看起來 Running、Vomero 5、P-6000、Shox 表現不錯，26 年我們將帶著 Ava Rover 和系列產品帶領消費者走向新的地方。

So in the end, it's going to take time to flow into the market, but we're confident in the product pipeline. It's getting stronger with each season.

所以最終，它需要時間才能進入市場，但我們對產品線充滿信心。隨著每個季節的到來，它變得越來越強大。

And Matt, I would just add that, as Elliott said, we're pleased with the progress we're making on the Win Now actions in the fourth quarter, reflected the largest financial impact of our Win Now actions. And so our guidance for Q1 in revenue down mid-single digits. It's really reflective of a continuation of some of the trends that we see in Q4, such as the classics, our classic footwear franchises.

馬特，我想補充一點，正如艾利歐特所說，我們對第四季度「贏在當下」行動所取得的進展感到滿意，這反映了「贏在當下」行動帶來的最大財務影響。因此，我們對第一季營收的預期是下降中個位數。這確實反映了我們在第四季度看到的一些趨勢的延續，例如經典、我們的經典鞋類特許經營。

We expect to continue to see headwinds from the franchise management actions that we're taking there. We expect to continue to be liquidating excess inventory through our factory stores and through some value partners on the wholesale side. And we expect digital traffic to be down as we spend less money on performance media and also manage our classic franchises.

我們預計我們在那裡採取的特許經營管理行動將繼續面臨阻力。我們希望繼續透過我們的工廠店和批發方面的一些價值合作夥伴清理多餘的庫存。由於我們在績效媒體上花費的資金減少以及對經典特許經營權的管理減少，我們預計數位流量將會下降。

That's being offset in the first quarter by what I highlighted last quarter, which was our fall order book. We said last quarter that our fall order book almost offset the decline that we were managing in our classic footwear franchises. And now with our holiday order book being up with North America, EMEA and APLA only partially being offset by Greater China, and newness across performance and sportswear that Elliott just referenced offsetting our classic franchises, we're seeing improvement in the revenue trend.

這在第一季被我上個季度強調的秋季訂單所抵消。我們上個季度表示，秋季訂單幾乎抵消了我們經典鞋類特許經營業務的下滑。現在，我們的假日訂單在北美、歐洲、中東和非洲地區以及亞太地區（APLA）有所增加，但大中華區僅部分抵消了這一增長，而埃利奧特剛才提到的性能和運動服裝的新品抵消了我們經典特許經營權的銷售額，我們看到收入趨勢有所改善。

As we look to the back half, I highlighted that we expect that the franchise management headwinds will heavily be focused on the first half, but we do expect our actions on the Dunk to continue throughout the full year. We expect Digital to continue to be a headwind for the full year as we reposition the channel.

展望下半年，我強調，我們預計特許經營管理的逆風將主要集中在上半年，但我們確實預期我們在 Dunk 上的行動將持續全年。隨著我們重新定位管道，我們預計數位化將繼續成為全年的阻力。

And I highlighted that we expect a modest headwind to revenue as we lap aggressive clearance activity in the second half of the prior year. But we do expect to see continued momentum building with our wholesale partners. And our wholesale partners -- momentum with our wholesale partners is indicative of us cleaning the channel and confidence in our product portfolio. And it's two important elements of the building blocks of us returning to growth.

我強調，由於我們在去年下半年大力展開清倉活動，我們預期收入將面臨適度阻力。但我們確實希望看到我們的批發合作夥伴繼續保持強勁發展勢頭。我們的批發合作夥伴－與批發合作夥伴的良好勢頭表明我們清理了渠道並對我們的產品組合充滿信心。這是我們恢復成長的兩個重要基石。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

So I'm just going to put two questions together, if I could. They're, I guess, relatively short. I mean, first off, with respect to the continued, sort of say, cleanup of the marketplace that you're telegraphing now through the first half of fiscal '26, the question I have is that consistent with your prior plans? Or have you found something new as you've continued to work on the business?

所以如果可以的話，我只想把兩個問題放在一起。我猜它們相對較短。我的意思是，首先，關於您現在所說的在 26 財年上半年持續進行的市場清理，我的問題是，這是否與您之前的計劃一致？或者您在繼續從事這項業務的過程中發現了一些新的東西嗎？

Then the second question I have, with regard to tariffs, the way that you described it, this could be an impact here in Q1. But then over time, you'll be able to mitigate that, I think was $1 billion you said. Is that as simply saying that it takes time for these mitigation efforts to take hold? Is that why we're expecting this -- the Q1 impact? Thanks.

那麼我的第二個問題是關於關稅的，正如您所描述的，這可能會對第一季產生影響。但隨著時間的推移，你將能夠減輕這種影響，我想你說的是 10 億美元。這是否只是說這些緩解措施需要時間才能見效？這就是我們預期第一季影響的原因嗎？謝謝。

Yeah, Brian. So as it relates to inventory, we remain on track. No change relative to what we communicated 90 days ago. We remain on track for a healthy and clean marketplace by the end of the first half of '26. And as I highlighted, North America and EMEA have made more progress.

是的，布萊恩。因此，就庫存而言，我們仍在按計劃進行。與我們 90 天前溝通的內容相比沒有變化。我們仍有望在 2026 年上半年前實現市場健康、清潔的目標。正如我所強調的，北美和歐洲、中東和非洲地區取得了更大的進展。

We've made significant progress managing down our classic footwear franchises as I highlighted. And so all I'm trying to say is that we are -- we will continue to be liquidating that extra inventory, but it's consistent with the plan that we had before.

正如我所強調的，我們在管理經典鞋類特許經營權方面取得了重大進展。所以我想說的是，我們將繼續清理多餘的庫存，但這與我們之前的計劃一致。

The quality of the inventory in the marketplace has improved relative to where we were 90 days ago. And just to reiterate something I said to Matt, the fact that our holiday order book is up, I think, in wholesale, also shows that the channel is getting clean and our partners are investing behind the newness that we're bringing into the market.

與 90 天前相比，市場庫存品質有所提高。我只是想重申我對馬特說的話，事實上我們的假期訂單在批發方面有所增加，我認為，這也表明渠道正在變得清晰，我們的合作夥伴正在投資我們帶入市場的新產品。

As far as your second question goes on tariffs, yeah, I think you summarized it well. Larger impact in the first quarter primarily because as I laid out the four different actions that we're going to take to offset the $1 billion headwind, we're implementing those at different points in time throughout the fiscal year based on taking into consideration the consumer, the back-to-school holiday season, the conversations we're having with both our suppliers and our retail partners.

關於你的第二個問題，關於關稅，是的，我認為你總結得很好。第一季的影響更大，主要是因為正如我之前列出的，我們將採取四項不同的措施來抵消10億美元的不利影響。我們會在整個財年的不同時間點實施這些措施，同時會綜合考慮消費者的感受、返校假期以及我們與供應商和零售合作夥伴的溝通情況。

And so we're confident in our ability to fully mitigate these over time as these actions that we're talking about are fully implemented and annualized. But just within the confines of the fiscal year, it will be a 75-basis-point impact on our gross margin.

因此，隨著我們所討論的這些行動得到全面實施和年度化，我們有信心隨著時間的推移，我們有能力完全緩解這些問題。但僅在財政年度內，它就會對我們的毛利率產生 75 個基點的影響。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

I wanted to focus on gross margin for a minute. Are you expecting the pressures to abate sequentially as the year progresses? And can you talk about the back half if there's an opportunity to return the gross margins to growth?

我想集中討論一下毛利率。您是否預期隨著時間的推移壓力會逐漸減輕？您能否談談下半年是否有機會讓毛利率恢復成長？

Yeah, Lorraine. Taking all of the comments that we've made into consideration, we do expect our margins to remain under pressure in the first half of '26 as we finish executing our Win Now actions. We expect that our first half to be impacted from the strategic actions we've outlined but also the timing of the tariff implementation relative to the actions that we're implementing. But we do expect that to moderate in the second half of the fiscal year.

是的，洛林。考慮到我們提出的所有意見，我們確實預計，隨著我們完成「立即贏」行動，我們的利潤率在 26 年上半年仍將面臨壓力。我們預計，上半年我們的業績將受到我們所概述的策略行動以及關稅實施時間相對於我們正在實施的行動的影響。但我們確實預計，這一趨勢在本財年下半年將會緩和。

When I think about our '26 margins, I sort of step back and think of three dynamics that we have. One, we've got short-term product and channel mix headwinds that we're going to navigate through the year as we manage our product portfolio and shift our marketplace portfolio towards our wholesale partners. We've got the transitory impact of the Win Now actions which are largely impacting the first half of fiscal '26 and then we've got the newly implemented tariffs. And I said that's a 75-basis-point impact on the year. It's a 100 basis point impact in the first quarter. And we expect to see those headwinds begin to moderate from there.

當我思考我們2026年的利潤率時，我會退一步思考我們面臨的三個動態。首先，我們面臨短期產品和通路組合方面的不利因素，我們將在今年管理產品組合，並將市場組合轉向批發合作夥伴，以應對這些不利因素。「立即贏」行動為我們帶來了暫時性影響，它主要影響了26財年上半年，之後我們又迎來了新實施的關稅。我說這對今年的影響是 75 個基點。第一季的影響為 100 個基點。我們預計這些不利因素將從那時起開始減弱。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

I want to follow up. There's obviously too many dynamics to think about guiding past Q1. But just given that wholesale is the largest driver of your business today and you are seeing the inflection in order growth, are there any scenarios where you could get back to total growth at any point in this year? Just trying to get a sense of how you're looking out on the horizon here.

我想跟進。顯然，有太多動態因素需要考慮，以引導第一季的後續發展。但是，鑑於批發是目前您業務的最大驅動力，並且您看到訂單增長出現拐點，是否存在可以在今年的任何時候恢復整體增長的情景？只是想了解一下你在這裡是如何眺望地平線的。

I'll take that, Jonathan. Let me start with -- what I would start with is, I've been here now eight months and I'm even more convinced that the path back to sustainable profitable growth is through our Win Now actions and now implementing our sport offense. We're seeing signals that the actions are working. Our teams are energized, inspired and competing. The actions are resonating with our partners.

我接受，喬納森。首先，我要說的是，我來這裡已經八個月了，我更加確信，回到可持續盈利增長的道路是通過我們的“贏在當下”行動和現在實施的體育進攻。我們看到了這些行動正在發揮作用的信號。我們的團隊充滿活力、充滿靈感、充滿競爭精神。這些行動引起了我們合作夥伴的共鳴。

Matt already touched on the order book and the reaction we're getting from our partners. And it's with our consumers. We're having good sell-through as well. We've walked through some signals. Inventory actions are back on track.

馬特已經談到了訂單簿以及我們從合作夥伴那裡得到的反應。這也與我們的消費者有關。我們的銷售情況也很好。我們已經了解了一些訊號。庫存行動已重回正軌。

We're elevating NIKE Digital, the user experience, less promotional, et cetera. We're having good brand impact and sport moments and product launches. The product pipeline, which I already hit on, we're feeling good about that and it gets better with each season, and we're having an improvement in our order book.

我們正在提升 NIKE Digital、用戶體驗、減少促銷等等。我們的品牌影響力、體育賽事和產品發布都很好。我已經談到了產品線，我們對此感覺很好，而且每個季度都會變得更好，我們的訂單也在增加。

So overall, what I would tell you is that each geo is in a bit different stage of executing those actions. North America and EMEA began executing them the earliest, and they are demonstrating the clearest progress and Matt hit on some of those financials. We're making good progress in APLA. It does, Jonathan, vary a little bit by country.

所以總的來說，我想告訴你的是，每個地區執行這些操作的階段都略有不同。北美和歐洲、中東和非洲地區最早開始執行這些計劃，並且取得了最明顯的進展，Matt 也提到了其中一些財務數據。我們在亞太地區（APLA）也取得了良好的進展。喬納森，確實，不同國家的情況略有不同。

And then in Greater China, we're still cleaning up the marketplace with the nuance of it being a monobrand marketplace, but we continue to work closely with the team to drive progress there. So we're seeing momentum. Matt's already hit it and our holiday order book is up. And right now, just because of everything that's going on, we're going to take it 90 days at a time because we believe full recovery will take time.

在大中華區，我們仍在清理市場，將其視為單一品牌市場，但我們將繼續與團隊密切合作，推動那裡的進步。所以我們看到了勢頭。馬特已經下班了，我們的假期訂單也排滿了。現在，考慮到目前的情況，我們每次休假都會安排在90天，因為我們相信完全恢復需要時間。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

It's nice to see the progress at wholesale. Elliott, I guess I'm going to start on that topic. Can you talk about the marketplace at a high level, kind of where DKS-Foot Locker JV kind of sit in that specialty retail and then the segmentation with the newly added Amazon expansion of distribution? And then Matt, along the same line, when did you start shipping or recognizing wholesale revenue? I know you're going to be on board there in late July.

很高興看到批發業務取得進展。艾利歐特，我想我要開始討論這個主題了。您能否從高層次談談市場，DKS-Foot Locker JV 在專業零售領域的地位，以及隨著新增加的亞馬遜分銷擴張而進行的細分？然後馬特，同樣的，你什麼時候開始發貨或確認批發收入？我知道你七月底就會到那裡。

So just wondering how that revenue -- is that part of the revenue wholesale order book being kind of having more visibility as we go into the back half, the addition of Amazon? Thank you very much.

所以我只是想問一下，隨著我們進入下半年，加上亞馬遜，批發訂單收入的這一部分是否會變得更加透明？非常感謝。

Okay. Adrienne, our biggest competitive advantage is our ability to elevate and grow an entire marketplace. And again, we are challenging our teams to make certain that we're serving consumers wherever and however they choose to shop for our brands.

好的。艾德麗安，我們最大的競爭優勢是我們提升和發展整個市場的能力。我們再次向我們的團隊提出挑戰，確保無論消費者在哪裡、以何種方式購買我們的品牌，我們都能為他們提供服務。

I will say this. We do have an unbeatable footprint, 40,000 points of distribution, nearly 190 countries, digital, physical, wholesale, and direct. What we are doing, we are making certain we are moving across multiple channels, our own NIKE Direct channels, specialty, sporting goods, athletic specialty, department store, family footwear.

我要說的是，我們確實擁有無與倫比的覆蓋範圍，4萬個分銷點，覆蓋近190個國家，涵蓋數位、實體、批發和直銷。我們正在做的事情是確保我們能夠跨越多個管道，包括我們自己的 NIKE 直銷管道、專賣店、運動用品、運動專賣店、百貨公司、家庭鞋類。

As you know, each one of those channels and the partners that sit in each of those channels, they all serve different consumers. And so we -- with this new flow of innovative product, we're segmenting and we're differentiating in the marketplace. When we do that across wholesale partners to serve different consumers, that's how we drive growth and profitability.

如您所知，每個管道以及每個管道中的合作夥伴都服務於不同的消費者。因此，我們透過這種創新產品的新流程，在市場上進行細分和差異化。當我們透過批發合作夥伴為不同的消費者提供服務時，這就是我們推動成長和獲利的方式。

And again, it does start with our own NIKE Direct and elevating that, making it less promotional. But we are working closely with our partners across the entire marketplace, our three-year growth plans, translating that into annual plans and quarterly plans.

再次強調，它確實是從我們自己的 NIKE Direct 開始，並對其進行了提升，使其不再僅限於促銷。但我們正在與整個市場的合作夥伴密切合作，將我們的三年成長計畫轉化為年度計畫和季度計畫。

And we continue to invest in elevating the presentation of our assortment. So I'm feeling good about where -- how the teams now are embracing, looking across the entire marketplace to serve different consumers at different points of distribution.

我們將繼續投資以提升我們的產品系列的展示效果。因此，我對團隊現在如何擁抱整個市場、如何為不同分銷點的不同消費者提供服務感到滿意。

In terms of Amazon, they serve a very focused consumer, and we're using them as part of and partnering with them as part of to grow the overall integrated marketplace. And we're excited about the partnership. You heard it in my script, we're working on the right assortments that will go in there. We'll have a featured brand store on the platform. We'll be offering footwear, apparel and accessories through running, training, basketball, and sportswear.

就亞馬遜而言，他們服務於非常專注的消費者，我們將他們作為其中的一部分並與他們合作，以發展整體綜合市場。我們對此次合作感到非常興奮。你在我的腳本裡也看到了，我們正在研究合適的商品組合。我們會在平台上開設一家特色品牌店。我們將提供跑步、訓練、籃球和運動服等鞋類、服裝和配件。

And I would just add, Adrienne, that as Elliott said, as we're serving consumers across the (technical difficulty) of the examples that he gave in terms of how we've expanded distribution, we typically start small. So we will go live on Amazon in Q1, but it's not a material needle mover. What I would say is that wholesale overall and the commentary around our order book, I think, is an important leading indicator of the progress our teams are making to transition our product portfolio and also get our business back to growth.

我想補充一點，艾德麗安，正如艾略特所說，當我們為跨越（技術難度）的消費者提供服務時，正如他在如何擴大分銷方面所舉的例子一樣，我們通常從小處著手。因此，我們將在第一季在亞馬遜上線，但這不會帶來實質的推動。我想說的是，我認為，整體批發情況和圍繞我們訂單的評論是我們團隊在轉變產品組合和恢復業務成長方面取得進展的重要領先指標。

There's obviously going to be some non-comp items, like I've highlighted, the liquidation in the first half, the work we're doing in order to continue to work through our classic footwear franchises. But wholesale and the progress that we're making in wholesale, I think, is a strong indicator of the progress we're making in our Win Now actions.

顯然會有一些非可比項目，就像我強調的那樣，上半年的清算，以及我們為了繼續經營經典鞋類特許經營業務而開展的工作。但我認為，批發以及我們在批發方面取得的進展有力地表明了我們在「立即贏得」行動中取得的進展。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Matt, you just talked about a modest headwind to the second half of '26 revenues as you lap promotions. Can you just talk about maybe what modest means? Can you talk about the trade-off between boosting gross margin as you get back to full-price promotions versus what it means for unit volumes as you try to run a more full-price business? Thank you.

馬特，您剛才談到，由於促銷活動，26 年下半年的收入會遭遇輕微的阻力。能簡單談談「謙虛」的意思嗎？您能否談談，在恢復全價促銷的同時提高毛利率，以及在嘗試以全價模式運營時對銷量的影響之間，應該如何權衡？謝謝。

Sure, Jay. What I was specifically referring to there is we started our Win Now actions as Elliott came back eight months ago. And we highlighted them on our Q2 call, and it set us on an accelerated path to change the trajectory that the company is on. And one of the things that that required us to do is to move quickly to shift our product portfolio and address some of the aged inventory that was sitting in the marketplace.

當然，傑伊。我特別指的是，八個月前艾利歐特回歸後，我們就開始了「立即贏」行動。我們在第二季電話會議上強調了這一點，這讓我們加速改變公司的發展軌跡。其中一項要求我們做的事情就是迅速轉變我們的產品組合，解決市場上一些積壓的庫存問題。

And so we started to move more aggressively with that through sales-related returns, through more discounts to our retail partners so that they could mark down that inventory and move it through, and as well as selling off-price product to our value partners.

因此，我們開始採取更積極的措施，透過與銷售相關的退貨、向我們的零售合作夥伴提供更多折扣以便他們能夠降低庫存並將其轉出，以及向我們的價值合作夥伴出售折扣產品。

When we get into the second half of fiscal year '26, we expect to be in a clean marketplace, a healthy marketplace. And so that business in the second half will be more full price, it will be more profitable, but there will be a revenue headwind from the compare to the higher level of off-price liquidation in the prior year.

當我們進入 26 財年下半年時，我們預計市場將會變得乾淨、健康。因此，下半年的業務將更加全價，利潤也會更高，但與前一年更高的折扣清算水平相比，收入將面臨阻力。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Elliott, I'm curious on your thoughts on the China marketplace and the opportunity to drive full recovery there over time. Understand there's some unique characteristics of the marketplace that are making it a little bit more difficult to clean it up as quickly as the other geos. Can you talk about the timeline and the cadence of what we should see over the course of the next fiscal year as you look to return that to growth? And how are you thinking about the competitive and operating environment for the brand there today? Thank you.

埃利奧特，我很好奇您對中國市場的看法以及推動中國經濟全面復甦的機會。了解市場的一些獨特特徵，這些特徵使得像其他地區一樣快速清理市場變得更加困難。您能否談談下一財年恢復成長的時間表和節奏？您如何看待該品牌目前在當地的競爭和營運環境？謝謝。

Thanks, Brooke. Let me start with making certain that you hear this, that we do believe in the long-term opportunity in China. There are some structural tailwinds which will continue to unlock further opportunity. And I think our biggest opportunity is, from a brand perspective, to inspire and invite the 1.3 billion consumers into the world of sport, lifestyle sport and to fitness.

謝謝，布魯克。首先我要確認的是，我們確實相信中國市場的長期機會。一些結構性順風將繼續釋放更多機會。我認為，從品牌角度來看，我們最大的機會是激勵和邀請 13 億消費者進入運動、生活方式運動和健身的世界。

That said, we're not happy with where we are. And Matt went through the results. They are in line with what we planned. I want to make sure you guys hear that as well. We're confident in the Win Now actions. But as you've already pointed out, Brooke, China is on a bit of a different timeline. And part of it is because of the structural differences in the marketplace. It's monobrand.

話雖如此，我們對目前的狀況並不滿意。馬特也仔細分析了結果。它們符合我們的計劃。我想確保你們也聽到了這一點。我們對「立即行動」充滿信心。但正如布魯克你已經指出的，中國的情況略有不同。部分原因是由於市場的結構差異，即單一品牌。

The good news is we've been operating in China for more than 40 years. We have deep relationships there. Matt and I have both been involved in turnarounds in China, and we're working closely with the team there. The team's focus on taking the right actions to clean up the marketplace, similar to what you've already seen in North America and EMEA and now is taking place in APLA, clean enough the big three, elevating digital.

好消息是我們已經在中國經營了40多年。我們在那裡有著深厚的關係。我和馬特都參與過中國市場的轉型，目前正與那裡的團隊密切合作。該團隊專注於採取正確的行動來淨化市場，這與北美、歐洲、中東和非洲地區以及亞太地區（APLA）的情況類似，旨在淨化三大巨頭，提升數位化水準。

The key here is we're investing in testing some new retail concepts. At the same time, we are resetting and -- resetting some of our consumer-led concepts in existing doors, but we have work to do. The key to winning, and I am confident key to winning is that we need to connect locally. We've got to elevate the consumer-led product concepts. Performance running, we touched on, is working there, but we also have some China-specific product through outdoor basketball, the ST Flare and that we're leveraging our geo Express Lane to create China-specific product. And you will see more of that from us as we move forward.

關鍵在於，我們正在投資測試一些新的零售概念。同時，我們也不斷調整現有門市中一些以消費者為主導的理念，但我們還有很多工作要做。獲勝的關鍵，我相信獲勝的關鍵是我們需要在當地建立聯繫。我們必須提升以消費者為主導的產品理念。我們提到，性能跑步正在那裡發揮作用，但我們也透過戶外籃球、ST Flare 推出了一些針對中國市場的產品，並且我們正在利用我們的地理快速通道來創造針對中國市場的產品。隨著我們不斷前進，你會看到我們做出更多這樣的努力。

And then it is getting the right consumer-led retail concepts in place. We've got a plan around renovating and upgrading throughout '26, launching new concepts and getting the right assortments, consumer-right assortments and the right depth, presentation, and storytelling. That's how you return to drive revenue and profits there. It's through driving productivity.

然後就是建立正確的以消費者為主導的零售理念。我們制定了在 26 年進行翻新和升級的計劃，推出新概念並獲得正確的分類、消費者權利分類以及正確的深度、展示和故事敘述。這就是您返回那裡推動收入和利潤的方式。這是透過提高生產力來實現的。

And so we're doing it. The team's hustling. But here's what I'd say, the changes are going to take time, but we're focused on pulling the right levers to return to growth.

所以我們就這麼做了。團隊正在努力。但我想說的是，改變需要時間，但我們專注於採取正確的措施來恢復成長。

Alex Straton, Morgan Stanley.

摩根士丹利的亞歷克斯·斯特拉頓。

Perfect, thanks so much. Maybe for Elliott or Matt, as you think about kind of once the smoke clears through this year, just structurally, is there any reason why this business like should not be a double-digit margin business? Or maybe just high level, can you walk us through perhaps what's changed in as you think about clearing these actions and those all getting behind you, if anything has really changed in like the structural margin of the business longer term?

非常好，非常感謝。也許對於 Elliott 或 Matt 來說，正如您所想，一旦今年的煙霧散去，從結構上講，有什麼理由不讓這項業務成為兩位數的利潤業務？或者也許只是高層，您能否向我們介紹一下，當您考慮清除這些行動以及所有支持您的行動時，可能發生了什麼變化，如果在長期業務結構利潤率方面真的發生了變化？

Well, Alex, we've consistently been a double-digit margin company over our history, regardless of the size of our business or the composition of our portfolio. And so I think we believe that that is still a goal that's worthy of pursuing.

嗯，亞歷克斯，在我們的歷史上，無論我們的業務規模或投資組合的組成如何，我們的利潤率一直都是兩位數。因此我認為我們相信這仍然是一個值得追求的目標。

I highlighted the actions that we've got -- that we've taken in '26 associated with Win Now and the timing of them between the first half and the second half. And we believe the Win Now actions are the right actions to reposition NIKE as a full-price brand in a healthy pool market. And they're the right actions to reignite brand momentum and growth.

我強調了我們在 2026 年為「立即贏」計畫所採取的行動，以及這些行動在上半年和下半年之間的時間表。我們相信，「Win Now」行動是將耐吉重新定位為健康泳池市場中的全價品牌的正確舉措。這些都是重新激發品牌發展動能與成長的正確舉措。

And so when I think about the longer term, our goal is to return to sustainable organic revenue growth and to see the recovery of these transitory impacts that we've been talking about as we've been repositioning the business. And with disciplined expense management, it should yield operating leverage as we return to growth, and so that's where we're focused.

因此，當我考慮長期目標時，我們的目標是恢復可持續的有機收入成長，並看到我們在重新定位業務時一直在談論的這些暫時性影響的恢復。透過嚴格的費用管理，當我們恢復成長時，它應該會產生營運槓桿，所以這就是我們關注的重點。

I think the only thing that I would add to it is our team's leadership team and teams around the world have embraced the Win Now actions. We believe by lining up against the sport offense, that will further accelerate those actions. And over time, we absolutely have the ambition to get back to double-digit operating margins.

我認為我唯一要補充的是，我們團隊的領導團隊和世界各地的團隊都接受了「立即贏」行動。我們相信，透過抵制體育進攻，這將進一步加速這些行動。隨著時間的推移，我們絕對有志於將營業利潤率恢復到兩位數。

And that will conclude our question-and-answer session and our call today. Thank you all for joining. You may now disconnect.

我們今天的問答環節和電話會議就到此結束了。感謝大家的加入。您現在可以斷開連線。