Nike Inc (NKE) 2026 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s first-quarter fiscal 2026 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.

大家下午好。歡迎參加 NIKE, Inc. 2026 財年第一季電話會議。想要參考今天新聞稿的朋友，請造訪 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。

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

現在，我想把電話轉給保羅‧特魯塞爾 (Paul Trussell)。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s first-quarter fiscal 2026 results. Joining us on today's call will be NIKE, Inc. President and CEO, Elliott Hill; and EVP and 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. 2026 財年第一季業績。參加今天電話會議的還有耐吉公司總裁兼執行長艾利歐特希爾 (Elliott Hill) 和執行副總裁兼財務長 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.

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，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。

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-over 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 investors.nike.com，以了解可比較的 GAAP 指標和定量對帳。除非另有說明，否則今天電話會議上的所有成長比較均以同比計算，且不考慮貨幣因素。

We will start with prepared remarks and then open the call 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. Thank you for your cooperation on this.

我們將從準備好的發言開始，然後開始提問。我們希望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.

現在我將把電話轉給耐吉公司總裁兼執行長艾利奧特希爾。

Thank you, Paul. It’s great to be here with everyone today.

謝謝你，保羅。很高興今天能和大家在一起。

Before we begin, I want to start with a thank you. I want to thank my NIKE Inc. teammates around the world. Because of their passion, commitment, and determination, we’ve made tangible progress from where we were 11 months ago driven by our Win Now actions that focused our team on our culture, product, brand, marketplace, and our ground game.

在我們開始之前，我想先表達感謝。我要感謝我在世界各地的 NIKE Inc. 隊友。因為他們的熱情、承諾和決心，我們在 11 個月前的基礎上取得了切實的進步，這得益於我們的「立即贏」行動，該行動使我們的團隊專注於我們的文化、產品、品牌、市場和我們的實地行動。

This quarter, our Win Now actions drove momentum in the areas we prioritized first: Running, North America, and Wholesale partners. It showed that we’re making the right choices. Consumers are responding. We’re getting some wins under our belt. What you can't see in the results is the effort that I've seen in our stores, distribution centers, and offices around the world.

本季度，我們的「Win Now」行動在我們優先考慮的領域推動了發展：跑步、北美和批發合作夥伴。這表明我們做出了正確的選擇。消費者正在做出回應。我們正在取得一些勝利。您在結果中看不到的是我所看到的我們在世界各地的商店、配送中心和辦事處所付出的努力。

Since my return, not a day has gone by that I haven't asked each of my teammates to commit themselves fully to building a better NIKE. That takes a lot of work, and this quarter in particular, we asked even more from our teams as we re-aligned approximately 8,000 teammates to our Sport Offense, which I will explain shortly. It’s a massive achievement for everyone involved.

自從我回來以來，我無時無刻不在要求我的每位隊友全力以赴，打造更好的耐吉。這需要大量的工作，特別是本季度，我們對球隊的要求更高了，因為我們將大約 8,000 名隊友重新調整到我們的運動進攻隊，我稍後會解釋這一點。對於所有參與者來說，這都是一個巨大的成就。

What I want this audience to know is that our teams also understand how much we still must do to meet our full potential. Because the truth is, NIKE’s journey back to greatness has only just begun. There is significant work ahead especially in the areas of Sportswear, Greater China, and NIKE Direct. And as I’ve said to the team, progress won’t be perfectly linear, but the direction is.

我想讓在座的各位知道的是，我們的團隊也明白，我們還需要付出多少努力才能充分發揮我們的潛能。因為事實是，耐吉重返輝煌的旅程才剛開始。未來還有許多重要工作要做，特別是在運動服裝、大中華區和 NIKE Direct 領域。正如我對團隊所說的那樣，進展不會是完全線性的，但方向是線性的。

On our last call, I said it was time to turn the page. And I believe this quarter reflects the many ways we’re doing just that. As you’ve heard me say, it’s imperative to bring our entire organization closer to the athletes we serve. That’s why the Sport Offense is going to be so critical to our success. This new formation and ways of working will align our three brands NIKE, Jordan, and Converse, into more nimble, focused teams, by sport. We’ll gain sharper insights to fuel innovation and storytelling and connect with the communities of each sport in more meaningful ways.

在我們最後一次通話中，我說是時候翻開新的一頁了。我相信本季的表現體現了我們在這方面所做的許多工作。正如你們聽到我所說的，讓我們的整個組織更貼近我們所服務的運動員是至關重要的。這就是為什麼體育進攻對我們的成功如此重要。這種新的組織形式和工作方式將使我們的三個品牌 NIKE、Jordan 和 Converse 按照運動項目組成更靈活、更專注的團隊。我們將獲得更敏銳的洞察力，以推動創新和講述故事，並以更有意義的方式與每項運動的社區建立聯繫。

Collectively, we’ll have a better-coordinated attack, with each brand forming a distinct identity and delivering a clear intention to serve different consumers.

整體而言，我們將採取更協調的攻勢，每個品牌都會形成獨特的身份，並傳達出明確的意圖來服務不同的消費者。

In the marketplace, organizing by sport gives us a much clearer point of view. The House of Innovation in New York is a great example where we redesigned a retail experience by sport. I walked the floors in early September and we’re now able to take consumers into a World of Jordan, a World of NIKE Running, or a World of NIKE Global Football. It’s an immersive sport experience and the refresh has already led to double digit revenue increases.

在市場上，按運動項目進行組織可以讓我們獲得更清晰的視角。紐約創新之家就是一個很好的例子，我們透過運動重新設計了零售體驗。我在九月初參觀過這些展廳，現在我們可以帶領消費者進入喬丹世界、耐吉跑步世界或耐吉全球足球世界。這是一種身臨其境的運動體驗，更新已經帶來了兩位數的收入成長。

That clarity works in small format doors as well. We recently redesigned our South Congress store in Austin to focus only on running and training and sales have significantly increased. Ultimately, the Sport Offense will maximize NIKE Inc.’s complete portfolio. It is as designed to drive growth across all of our dimensions. We believe the opportunity to serve so many athletes across sports with three distinct brands in retail channels at every price point is an advantage that no one else has in our industry.

這種清晰度也適用於小尺寸的門。我們最近重新設計了位於奧斯汀的南國會商店，專注於跑步和訓練，銷售額顯著增加。最終，Sport Offense 將最大化 NIKE Inc. 的完整產品組合。它旨在推動我們各個方面的成長。我們相信，透過零售通路以不同的價格為眾多運動員提供三個不同的品牌，這是我們這個行業中其他任何人都沒有的優勢。

Now, let’s take a deeper look into where we’re driving progress. Our Running business gives us an early window into the kind of impact we expect out of the Sport Offense. Our Running team moved fastest into our new formation and was the first to get sharper on the insights of their athletes.

現在，讓我們更深入地了解我們正在推動進步的地方。我們的跑步業務讓我們能夠提前了解運動進攻所預期產生的影響。我們的跑步隊以最快的速度適應了新的陣型，並且率先對運動員有了更敏銳的了解。

It turns out, runners mostly want three things from their running shoes: big cushioning, stability, or an everyday shoe that returns energy. In response, we moved with a sense of urgency and completely redesigned the Vomero, the Structure, and the Pegasus to solve for these three insights integrating our industry-leading innovation platforms, like NIKE Air, Flyknit, ZoomX , and ReactX.

事實證明，跑者對跑鞋的要求主要有三：良好的緩衝性、穩定性以及能夠回饋能量的日常跑鞋。作為回應，我們採取了緊迫感，徹底重新設計了 Vomero、Structure 和 Pegasus，以解決這三個問題，並整合了我們領先業界的創新平台，如 NIKE Air、Flyknit、ZoomX 和 ReactX。

Having a consistent structure of silos and price points allows us to introduce at least one new major running footwear style each season. Our Running business continues to be a strong proof-point of progress. We’re getting back to delivering a relentless flow of innovation that serves real athlete needs and we’re pulling it all the way through the marketplace in consumer-friendly ways.

透過一致的產品結構和價格點，我們可以每個季節推出至少一種新的主要跑步鞋款式。我們的跑步業務繼續成為進步的有力證明。我們正在重新致力於提供持續不斷的創新，以滿足運動員的真正需求，並以消費者友好的方式將其推向整個市場。

The early results have been positive, with NIKE Running growing by over 20% this quarter. Our opportunity is to quickly seize the benefits of a Sport Offense and apply them to more sports and sport culture, including global football, basketball, training, and sportswear. I will remind you that each sport is in a different stage of development.

早期的業績表現良好，NIKE Running 本季成長超過 20%。我們的機會是迅速抓住體育進攻的優勢，並將其應用於更多的體育和體育文化，包括全球足球、籃球、訓練和運動服。我要提醒大家的是，每項運動都處於不同的發展階段。

Our Global Football team is preparing for the energy of the 2026 World Cup and is ready to move forward. We will utilize the world’s biggest sports stage to debut an exciting new apparel innovation platform that will later be leveraged across other sports. And we will connect with a younger consumer by launching several football streetwear collections.

我們的全球足球隊正在為 2026 年世界盃的活力做準備，並準備繼續前進。我們將利用世界上最大的體育舞台推出一個令人興奮的全新服裝創新平台，隨後將推廣到其他運動項目。我們將透過推出多個足球街頭服飾系列來與年輕消費者建立聯繫。

As we’re doing in Running, football boots are also fueled by three silos at multiple price points, addressing the needs of three different styles of play. This quarter, we launched the revamped Phantom 6 with great sell-through. And we’ll follow that up with a new Tiempo in Q3 and a new Mercurial in Q4. And finally, we reset the NIKE Football brand identity this quarter with our Scary Good campaign.

正如我們在跑步中所做的那樣，足球鞋也由三個不同價位的筒倉提供動力，滿足三種不同比賽風格的需求。本季度，我們推出了改版的 Phantom 6，銷量非常好。我們將在第三季推出新款 Tiempo，並在第四季推出新款 Mercurial。最後，我們在本季透過「Scary Good」活動重塑了 NIKE Football 品牌形象。

From a football innovation and brand standpoint, we’re ready to go. In the marketplace, we’re moving quickly to improve our position to tell football innovation stories in more inspiring ways at point of sale.

從足球創新和品牌的角度來看，我們已經準備好了。在市場上，我們正​​在迅速採取行動，提高我們的地位，在銷售點以更鼓舞人心的方式講述足球創新故事。

The longer-term vision is for the impact of the Sport Offense to be felt far beyond the traditional sports where we currently compete. We now have dedicated teams to bring our creativity to additional market opportunities. These are spaces for us to take design risks to be innovative and to be irreverent, which is so important to our brands’ DNA.

長期願景是讓體育進攻的影響遠遠超出我們目前參與的傳統體育項目。我們現在擁有專門的團隊，將我們的創造力帶入更多的市場機會。這些空間讓我們可以承擔設計風險，進行創新和打破常規，這對我們品牌的 DNA 非常重要。

NIKE ACG, for example, has brought an athletic, youthful approach to outdoor product for nearly 30 years. As more people stay active outdoors, we will invest in NIKE ACG to address the opportunity.

例如，近 30 年來，NIKE ACG 一直為戶外產品注入運動、年輕的氣息。隨著越來越多的人積極參與戶外活動，我們將投資 NIKE ACG 來抓住這一機會。

This quarter, we launched an elite ACG Race Team, who have helped us make high-performance outdoor product. Together, we just revealed some exciting innovation, a breathable apparel innovation platform called Radical Air and a trail-tuned super shoe with the ACG Ultrafly. ACG professional racer, Caleb Olson, wore both innovations in his victory at the Western States 100 Race finishing with the second fastest time in the history of the race.

本季度，我們成立了一支精英 ACG 競賽團隊，他們幫助我們打造高性能戶外產品。我們剛剛共同發布了一些令人興奮的創新，一個名為 Radical Air 的透氣服裝創新平台和一款帶有 ACG Ultrafly 的越野超級鞋。ACG 職業賽車手 Caleb Olson 在西部 100 英里賽中佩戴了這兩款創新產品並取得了勝利，創造了該賽事歷史上第二快的成績。

Our new partnership with SKIMS is another opportunity to bring something unexpected to a new consumer. NIKE’s innovation expertise and SKIMS dedication to inclusive apparel has the potential to create performance training product with a very different look.

我們與 SKIMS 的新合作關係為我們帶來了另一個為新消費者帶來意想不到的驚喜的機會。NIKE 的創新專業知識和 SKIMS 對包容性服裝的奉獻精神有可能創造出外觀截然不同的性能訓練產品。

We debuted the product line last week with 58 silhouettes and early consumer response was very strong. The opportunity exists to create more dimension around even the most established sports as well.

我們上週推出了包含 58 種款式的產品線，早期消費者的反應非常強烈。即使是最成熟的運動也有機會創造更多的維度。

Look at this year’s US Open of Tennis as an example. Over the course of the three-week tournament, we celebrated the wins and on-court looks of Alcaraz and Sabalenka. We designed custom dresses for Naomi’s incredible comeback and for Sharapova’s induction into the Tennis Hall of Fame.

以今年的美國網球公開賽為例。在為期三週的錦標賽期間，我們慶祝了阿爾卡拉斯和薩巴倫卡的勝利和場上表現。我們為娜歐蜜的驚人復出和莎拉波娃入選網球名人堂設計了訂製禮服。

We excited sneaker fans with a retro launch of Agassi’s Tech Challenge sneakers, and we brought it all together in New York’s House of Innovation in an immersive Tennis experience. In the past 10 months alone, as part of our Win Now actions, we’ve activated 12 sport takeover moments that connected the inspiring performances of our athletes and teams, to commercial assortments in the marketplace.

我們透過復古推出阿加西科技挑戰運動鞋讓運動鞋愛好者興奮不已，並在紐約創新之家將所有這些融合在一起，帶來沉浸式的網球體驗。僅在過去的 10 個月裡，作為我們「Win Now」行動的一部分，我們啟動了 12 個體育接管時刻，將我們運動員和團隊的鼓舞人心的表現與市場上的商業產品聯繫起來。

This quarter, that included: the England Women’s National Football Team winning the European Championship, Sinner’s Wimbledon title, Scottie’s Open Championship title, and Chelsea winning the Club World Cup.

本季度，其中包括：英格蘭女子國家足球隊贏得歐洲錦標賽、辛納贏得溫布頓錦標賽冠軍、斯科蒂贏得公開賽冠軍以及切爾西贏得俱樂部世界盃。

Sport and the world’s greatest moments will always be NIKE’s runway. And only we can bring it all together across three brands, so many sports, performance and lifestyle. This is NIKE maximizing the full power of our portfolio. While the sport performance teams are finding a higher gear, our Sportswear teams have work to do to get sharper on the consumers we’re serving.

體育和世界上最偉大的時刻永遠是耐吉的舞台。只有我們能夠將三個品牌的眾多運動、性能和生活方式融為一體。這是耐吉最大程度發揮其產品組合的全部力量。當運動表現團隊正在尋找更高的裝備時，我們的運動服裝團隊仍需努力，以便更敏銳地了解我們所服務的消費者。

And we see it in our results. Our business continues to decline. Continuing to build a clear product construct in Sportswear, as we’re doing in our performance sports, remains a priority. We do have pockets of strength, especially in our deep vault of Look of Running footwear. But we are still in the process of putting our largest classic franchises into a healthier position for the NIKE, Jordan, and Converse brands.

我們在結果中看到了這一點。我們的業務持續下滑。繼續在運動服飾領域建立清晰的產品結構，就像我們在運動表現領域所做的那樣，仍然是我們的首要任務。我們確實擁有實力，尤其是在我們豐富的跑步鞋類產品方面。但我們仍在努力讓耐吉、喬丹和匡威等品牌最大的經典系列特許經營權處於更健康的地位。

Air Force 1 is stabilizing. Air Jordan 1 inventory levels are returning to health. The Dunk continues to be managed aggressively down in all geos. And the Chuck Taylor is in the early stages of a global marketplace reset. With Converse, we just put new leadership in place and we’re going to take aggressive actions to better position the brand for profitable growth in the future.

Air Force 1 正在穩定下來。Air Jordan 1 庫存水準正在恢復正常。Dunk 繼續在所有地區積極管理。Chuck Taylor 正處於全球市場重置的早期階段。對於匡威，我們剛剛任命了新的領導層，我們將採取積極行動，使品牌在未來獲得更好的獲利成長。

Of the priority, Win Now Actions elevating the full marketplace is in the early innings. The positive is that North America, where we invested first, took some big steps forward this quarter. The team continues to give more consumers access to the brand in more premium environments. We reset over 1,300 running spaces in the quarter, from DICK'S to Nordstrom to Heartbreak Hill. And we were also pleased with the launch of the NIKE Brand Store on Amazon, where we’re driving stronger engagement and sales than anticipated.

首要任務是，提升整個市場的「贏現在行動」尚處於初期階段。積極的一面是，我們首先投資的北美本季取得了一些重大進展。該團隊繼續讓更多消費者在更優質的環境中接觸該品牌。我們在本季重新設定了超過 1,300 個跑步空間，從 DICK'S 到 Nordstrom 再到 Heartbreak Hill。我們也很高興在亞馬遜上推出 NIKE 品牌商店，我們在商店中推動的參與度和銷售額超出了預期。

While our North America teams are setting the tone, we’re still far from our ultimate goal of elevating an integrated marketplace, digital and physical, wholesale and NIKE Direct in all geographies.

雖然我們的北美團隊正在定下基調，但我們距離在所有地區打造一個綜合市場（包括數位和實體、批發和 NIKE Direct）的最終目標還很遠。

Greater China, as I mentioned on the last call, is facing structural challenges in the marketplace. Our business was down 10% for the quarter. Seasonal sell-through continues to underperform our plans, requiring larger investments to keep the marketplace clean. Our leadership team and I were in China a few weeks ago.

正如我在上次電話會議上提到的，大中華區正面臨市場結構性挑戰。本季我們的業務下降了 10%。季節性銷售表現持續低於我們的計劃，需要更大的投資來保持市場清潔。幾週前，我和我的領導團隊訪問了中國。

We traveled to three cities spending time with our Greater China leadership team, consumers, and our partners. We are even more committed to the opportunity for growth in China. They are a nation that’s passionate for the games of basketball and global football, and a nation that is embracing a healthy lifestyle through running and training.

我們前往三個城市與大中華區領導團隊、消費者和合作夥伴共度時光。我們更加致力於中國的成長機會。他們是一個對籃球和世界足球充滿熱情的國家，也是一個透過跑步和訓練擁抱健康生活方式的國家。

When we lead with exciting innovations like the Vomero 18 or the Jordan Game Shoe or have athletes like Ja and LeBron visit key markets we drive traffic and demand. It is even more clear that our path to winning in China is through sport. Our team is moving with urgency to develop consistent plans across all sports and refresh some of our retail environments into distinct sport experiences. With over 5,000 mono-brand stores in China, this will take investment, and it will take time.

當我們推出 Vomero 18 或 Jordan Game Shoe 等令人興奮的創新產品，或讓 Ja 和 LeBron 等運動員訪問主要市場時，我們就會推動流量和需求。更清楚的是，我們在中國取得勝利的道路是透過體育。我們的團隊正在緊急制定涵蓋所有運動項目的一致計劃，並將我們的一些零售環境更新為獨特的運動體驗。中國有超過 5,000 家單一品牌店，需要投資，也需要時間。

Globally, NIKE Digital, is still working to find solid ground. We made the strategic decisions to become less reliant on classic franchises and pull back on our promotions for the long-term health of our brands and our marketplaces in all geographies. Organic traffic has slowed. We are working to find the right assortment and marketing mix to consistently bring consumers back to our digital eco-system. For a company of our size with three brands that serves consumers in nearly 190 countries, not all sports, channels, or countries will recover on the same timelines.

在全球範圍內，NIKE Digital 仍在努力尋找堅實的基礎。我們做出了策略決策，減少對經典特許經營的依賴，並減少促銷活動，以確保我們品牌和所有地區的市場的長期健康發展。有機流量已經放緩。我們正在努力尋找正確的產品組合和行銷組合，以持續吸引消費者回歸我們的數位生態系統。對於我們這樣一家擁有三個品牌、服務近 190 個國家消費者的公司來說，並非所有體育項目、頻道或國家都能在同一時間內復甦。

I’ve spent a lot of time reflecting on the last several months. What keeps me grounded is every time I return from a major sport event, meeting with athletes, or being in the marketplace. I’m even more convinced that the Win Now Actions are absolutely the right focus for our teams.

我花了很多時間回顧過去幾個月。讓我腳踏實地的是每次我從大型體育賽事回來、與運動員見面或逛市場。我更確信，「立即取勝」行動絕對是我們團隊的正確焦點。

With that said, we’re also realistic that we are turning our business around in the face of a cautious consumer, tariff uncertainty, and teams that are still settling into the Sport Offense. We know we have a lot left to prove. What gives me confidence is that through the Sport Offense we’re hyper-focused on the athlete, the creative ideas keep coming, and we’re covering a lot of ground in the marketplace. Like I said at the start, the NIKE team, this team, we have a lot of fight in us. I look forward to what we’re about to do together.

話雖如此，我們也意識到，面對謹慎的消費者、關稅的不確定性以及仍在適應體育進攻的球隊，我們正在扭轉業務狀況。我們知道還有很多事情需要證明。讓我充滿信心的是，透過“體育進攻”，我們高度關注運動員，創意不斷湧現，我們在市場上佔據了很大的份額。就像我在一開始說的那樣，耐吉團隊，這支團隊，我們內心充滿鬥志。我期待著我們即將一起做的事情。

Thank you, and I’ll pass it to Matt.

謝謝，我會把它轉交給馬特。

Thanks Elliott, and hello to everyone on the call. 90 days ago, I said the fourth quarter of fiscal '25 would reflect the largest financial impact from our Win Now actions, and that we expected the headwinds to revenue and gross margin to begin to moderate from there. At the end of our first quarter, we are encouraged by the progress we have made as reflected in our results, and yet we still have much work to do.

感謝 Elliott，大家好。 90 天前，我說 25 財年第四季將反映出我們的 Win Now 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那時起開始緩和。在第一季末，我們對業績所取得的進展感到鼓舞，但我們仍有許多工作要做。

Today, I will review our financial results. Then, I will highlight the progress we have made with our Win Now actions across the geographies. Last, I will provide guidance for Q2, as well as some additional insights to bring shape to our near-term financial performance. I’ll begin with our financial results.

今天，我將回顧我們的財務結果。然後，我將重點介紹我們在各個地區開展「立即贏」行動所取得的進展。最後，我將提供第二季的指導，以及一些額外的見解，以塑造我們的近期財務表現。我先從我們的財務結果開始。

This quarter, revenues were up 1% on a reported basis and down 1% on a currency-neutral basis. NIKE Direct was down 5%, with NIKE Digital declining 12% and NIKE Stores down 1%. Wholesale grew 5%. Gross margins declined 320 basis points to 42.2% on a reported basis, due to higher wholesale discounts, higher discounts in our NIKE factory stores, increased product costs including new tariffs, and channel mix headwinds.

本季度，營收以報告基礎計算成長 1%，以貨幣中性計算下降 1%。NIKE Direct 下跌 5%，NIKE Digital 下跌 12%，NIKE Stores 下跌 1%。批發增長了5%。由於批發折扣增加、耐吉工廠店折扣增加、包括新關稅在內的產品成本增加以及通路組合阻力，毛利率下降 320 個基點至 42.2%。

SG&A was down 1% on a reported basis. This was driven by lower brand marketing expense, reflecting prior year investment around key sports moments, partially offset by higher sports marketing expense. Operating overhead was flat compared to the prior year.

據報道，銷售、一般及行政費用下降了 1%。這是由於品牌行銷費用降低所致，反映了去年圍繞關鍵體育時刻的投資，但體育行銷費用增加部分抵消了這一影響。營運費用與上年相比持平。

Our effective tax rate was 21.1%, compared to 19.6% for the same period last year, primarily due to decreased benefit from stock-based compensation. Earnings per share was $0.49. Inventory decreased 2% versus the prior year, as we have made steady progress on our plans for a healthy marketplace by the end of the first half of fiscal '26.

我們的有效稅率為 21.1%，而去年同期為 19.6%，這主要是由於股票薪酬收益減少。每股收益為0.49美元。庫存較前一年下降2%，因為我們在2026財年上半年末建立健康市場的計畫取得了穩步進展。

As I shared last quarter, and as you just heard from Elliott, our geographies are at different stages of progress against our Win Now actions. And business recovery is trending on different timelines. Therefore, I will focus my geography remarks on the specific context and insights of our Win Now progress.

正如我上個季度所分享的，以及您剛從 Elliott 那裡聽到的，我們各個地區的「立即贏」行動正處於不同的進展階段。業務復甦在不同的時間線上呈現不同的趨勢。因此，我將把我的地理評論重點放在我們「立即贏得勝利」進程的具體背景和見解上。

In North America, Q1 revenue grew 4%. NIKE Direct declined 3%, with NIKE Digital down 10%, and NIKE Stores flat. Wholesale grew 11%. EBIT declined 7% on a reported basis. North America is building momentum through sustained brand activity across sport, leveraging our leading portfolio of sports marketing assets. North America is furthest ahead in taking steps to elevate and transform the marketplace for future growth.

在北美，第一季營收成長了 4%。NIKE Direct 下跌 3%，NIKE Digital 下跌 10%，NIKE Stores 持平。批發增長11%。息稅前利潤（EBIT）據報告下降了 7%。北美正在透過持續進行體育品牌活動累積發展勢頭，利用我們領先的體育行銷資產組合。北美在採取措施提升和轉變市場以實現未來成長方面走在了最前面。

Running, training, and basketball, each delivered double-digit growth. Sportswear grew in the quarter but there is still work to do, with momentum in apparel and looks of running footwear, while managing a 30% decline in our classic footwear franchises. As it relates to the North America marketplace, wholesale returned to growth in the quarter, partially due to shipment timing in the prior year, as well as higher liquidation volume to value channels.

跑步、訓練和籃球均達到了兩位數的成長。本季運動服飾銷量有所成長，但仍有工作要做，服裝和跑步鞋外觀成長勢頭強勁，而經典鞋類特許經營銷量則下降了 30%。就北美市場而言，批發業務在本季恢復成長，部分原因是去年的出貨時間，以及價值管道的清算量增加。

Additionally, the strategic actions taken to expand distribution and reach new consumer segments contributed to growth and are showing initial promise. Headway was also made in repositioning NIKE Digital, reducing the number of days of sitewide promotion by more than 50, and lowering markdown rates as well as increasing share of demand at full price.

此外，為擴大分銷和接觸新的消費者群體而採取的策略行動促進了成長，並顯示出初步的希望。NIKE Digital 的重新定位也取得了進展，將全站促銷天數減少了 50 多天，降低了降價率，並增加了全價需求的份額。

On inventory, North America drove continued progress through the first quarter. Units declined versus the prior year, while dollars were flat, primarily due to new US tariffs. Closeout mix is approaching normalized levels.

在庫存方面，北美在第一季繼續推動成長。與上年相比，銷量有所下降，但銷售額持平，這主要是由於美國實施了新的關稅。清倉組合正在接近正常水平。

In EMEA, Q1 revenue grew 1%. NIKE Direct declined 6%, with NIKE Digital down 13%, and NIKE Stores up 1%. Wholesale grew 4%. EBIT declined 7% on a reported basis. EMEA has largely cleaned the marketplace, even as promotional activity has increased across the industry. NIKE’s momentum is building in sport and with our wholesale partners. EMEA is furthest ahead in repositioning NIKE Digital to a full-price business.

在歐洲、中東和非洲地區，第一季營收成長了 1%。NIKE Direct 下跌 6%，NIKE Digital 下跌 13%，NIKE Stores 上漲 1%。批發增長4%。息稅前利潤（EBIT）據報告下降了 7%。儘管整個行業的促銷活動有所增加，但歐洲、中東和非洲地區已基本清理了市場。NIKE 在體育領域和與批發合作夥伴的合作中發展勢頭強勁。EMEA 在將 NIKE Digital 重新定位為全價業務方面走在了最前面。

However, traffic and demand remain soft. In Q1, our performance business continued to build momentum, driven by double-digit growth in running, and low-single-digit growth in Global Football and Training footwear. Sportswear declined low single digits, as headwinds in our classic footwear franchises more than offset growth in apparel, and new dimensions of footwear.

然而，交通和需求仍然疲軟。在第一季度，我們的運動表現業務繼續保持強勁勢頭，這得益於跑步業務的兩位數增長以及全球足球和訓練鞋類業務的低個位數增長。運動服飾的銷售額出現低個位數下降，因為我們經典鞋類特許經營業務的逆風超過了服裝和新鞋類業務的成長。

Over the last 90 days, we’ve seen promotional activity increase in key countries across EMEA. In order to stay aligned with our partners and manage marketplace inventory, we selectively leveraged additional discounts on NIKE Direct. With respect to inventory, EMEA closed the quarter with units down mid-single digits versus the prior year and a normalized level of closeout mix.

在過去的 90 天裡，我們看到歐洲、中東和非洲地區主要國家的促銷活動增加。為了與我們的合作夥伴保持一致並管理市場庫存，我們有選擇地利用了 NIKE Direct 的額外折扣。就庫存而言，歐洲、中東和非洲地區本季的庫存量與前一年相比下降了中等個位數，清倉組合水準也趨於正常。

In Greater China, Q1 revenue declined 10%. NIKE Direct declined 12%, with NIKE Digital down 27%, and NIKE Stores down 4%. Wholesale declined 9%. EBIT declined 25% on a reported basis. Greater China created energy with consumers in the quarter through new product innovation and NIKE athlete activations on the ground with Ja, Sabrina, and Lebron. Aggressive marketplace actions have reduced owned and partner inventory. However, store traffic and in-season sell-thru continues to be a headwind.

大中華區第一季營收下降10%。NIKE Direct 下跌 12%，NIKE Digital 下跌 27%，NIKE Stores 下跌 4%。批發下降了9%。息稅前利潤（EBIT）據報告下降了25%。本季度，大中華區透過新產品創新以及與 Ja、Sabrina 和 Lebron 等耐吉運動員的實地活動，為消費者創造了活力。積極的市場行動減少了自有庫存和合作夥伴庫存。然而，商店客流量和當季銷售量仍然是一個阻力。

Running is a bright spot in China, growing high-single digits in the quarter with strong consumer response to new innovations such as the Peg Premium and the Vomero 18. In the marketplace, traffic declined versus the prior year in both NIKE owned and partner stores, resulting in lower in-season sell-through rates. Digital remains a highly promotional marketplace in Greater China, with consumer shopping moments extending longer on local platforms with deeper discounts.

跑步運動是中國市場的一大亮點，本季實現了高個位數成長，消費者對 Peg Premium 和 Vomero 18 等新產品的反應強烈。在市場上，耐吉自營店和合作店的客流量與前一年相比均有所下降，導致當季銷售率下降。數字仍然是大中華區高度促銷的市場，消費者在本地平台上的購物時間更長，折扣也更大。

Inventory was down 11% versus the prior year, however closeout mix remains elevated. Our priority in Greater China is to improve seasonal sell-through trends by refreshing store concepts around sport, creating greater brand distinction at retail with more productive merchandising assortments, and reducing the mix of aged inventory with our partners.

庫存較上年同期下降了 11%，但清倉量仍然較高。我們在大中華區的首要任務是透過更新圍繞運動的商店概念、透過更有效率的商品組合在零售中創造更大的品牌特色以及與合作夥伴減少陳舊庫存來改善季節性銷售趨勢。

In APLA, Q1 revenue grew 1%. NIKE Direct declined 6%, with NIKE Digital down 8%, and NIKE Stores down 5%. Wholesale grew 6%. EBIT declined 13% on a reported basis. APLA continues to deliver mixed results across countries, with pockets of elevated inventory requiring higher levels of promotional activity and proactive management of supply in the marketplace. In the quarter, performance dimensions delivered strong growth, led by double-digit growth in running and high-single digit growth in training. This momentum was offset by low-single-digit declines in our Sportswear business.

在 APLA，第一季營收成長了 1%。NIKE Direct 下跌 6%，NIKE Digital 下跌 8%，NIKE Stores 下跌 5%。批發增長6%。息稅前利潤（EBIT）據報告下降了 13%。APLA 在各國的表現持續好壞參半，部分地區庫存增加，需要更高水準的促銷活動和主動的市場供應管理。本季度，績效維度實現了強勁成長，其中跑步業務實現了兩位數成長，訓練業務實現了高個位數成長。這一勢頭被我們運動服業務的低個位數下滑所抵消。

In the marketplace, NIKE Digital delivered sequential improvement in markdown rates across all territories. Inventory across APLA grew high-single digits this quarter, and so we are taking additional actions to rebalance inventory levels with retail sales trends in certain countries and tighten buys on NIKE Direct.

在市場上，NIKE Digital 在所有地區的降價率均實現了連續成長。本季度，APLA 的庫存成長了高個位數，因此我們正在採取額外措施，根據某些國家的零售銷售趨勢重新平衡庫存水平，並收緊 NIKE Direct 的購買量。

Next, I will spend a moment to provide an update on tariffs. Last quarter, I shared that the newly issued tariffs represented a meaningful cost headwind for NIKE, since the new reciprocal tariffs are stacked on top of the mid-teens rate NIKE already paid on imports. And I also outlined the actions we are taking in response; balancing impact on the consumer, our partners, our Win Now actions, as well as the long-term positioning of our brands in the marketplace.

接下來，我將花一點時間來提供有關關稅的最新情況。上個季度，我曾分享過，新發布的關稅對耐吉來說是一個重大的成本阻力，因為新的互惠關稅是在耐吉已經支付的進口關稅基礎上加徵的。我還概述了我們為此採取的行動；平衡對消費者、我們的合作夥伴、我們的「贏在當下」行動的影響，以及我們品牌在市場上的長期定位。

Since our last earnings call, new reciprocal tariff rates have been increased for certain countries. And so with the new rates in effect today, we now estimate the gross incremental cost to NIKE on an annualized basis to be approximately $1.5 billion, up from the $1 billion we shared 90 days ago. Given the magnitude and timing of the most recent rate increases, we now expect the net headwind in fiscal '26 to increase from approximately 75 basis points to 120 basis points to gross margin.

自從我們上次財報電話會議以來，某些國家的新互惠關稅稅率已經提高。因此，根據今天生效的新稅率，我們估計耐吉的年度總增量成本約為 15 億美元，高於 90 天前我們分享的 10 億美元。考慮到最近幾次升息的幅度和時機，我們現在預計 26 財年的淨逆風將從約 75 個基點增加到 120 個基點，影響毛利率。

We continue to evaluate and implement the actions I described last quarter to mitigate these new costs over time. We are monitoring developments closely, and I remain confident in our ability to leverage our strengths, our scale, and the deep experience of our leadership team to navigate through this disruption.

我們將繼續評估和實施我上個季度所描述的行動，以逐步降低這些新成本。我們正在密切關注事態發展，我仍然相信我們有能力利用我們的優勢、我們的規模以及我們領導團隊的豐富經驗來度過這一困境。

Now I will turn to our second-quarter guidance. As Elliott said, we are operating in a dynamic environment, both for consumers and our global business. We remain focused on what we can control, principally to make forward progress on our Win Now actions and activate our sport offense for the long-term health of our brands. Our outlook reflects our best assessment of these factors based on the data we have available today.

現在我將談談我們的第二季指引。正如艾利奧特所說，無論對於消費者或我們的全球業務而言，我們都處在一個充滿活力的環境中。我們仍然專注於我們能夠控制的事情，主要是推動我們的「贏在當下」行動，並啟動我們的體育攻勢，以確保我們品牌的長期健康發展。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。

We expect Q2 revenues to be down low-single-digits, including one point of benefit from foreign exchange. We expect Q2 gross margins to be down approximately 300 to 375 basis points, including a net headwind of 175 basis points from the new incremental tariffs.

我們預計第二季營收將下降低個位數，其中包括外匯帶來的一個點的收益。我們預計第二季毛利率將下降約 300 至 375 個基點，其中包括新增量關稅帶來的 175 個基點的淨阻力。

We expect Q2 SG&A dollars to be up high-single-digits, with an acceleration of demand creation investment and low-single digit increase in operating overhead.

我們預期第二季銷售、一般及行政費用將出現高個位數成長，需求創造投資將加速，而營運費用將出現低個位數成長。

We expect other expense, net of interest income, to be an expense of $10 million to $20 million in the second quarter. We expect the tax rate for the second quarter and the full year to be in the low-20% range, due to anticipated changes in earnings mix.

我們預計第二季扣除利息收入後的其他支出將達到 1,000 萬至 2,000 萬美元。由於預期獲利結構將發生變化，我們預計第二季和全年的稅率將在 20% 以下。

Finally, with an additional 90-days of execution against our Win Now actions, I’ll close with some insights that should bring shape to NIKE’s financial performance for the balance of fiscal '26.

最後，隨著我們「贏在當下」行動的額外 90 天執行，我將提出一些見解，這些見解將為耐吉 26 財年剩餘的財務表現帶來影響。

We see momentum building with our Wholesale partners. Our spring order book is up versus the prior year with growth led by sport. And as a result, we expect Wholesale revenue to return to modest growth for fiscal '26.

我們看到批發合作夥伴的勢頭正在增強。我們的春季訂單量與去年同期相比有所增加，其中以體育類訂單量成長最為顯著。因此，我們預計批發收入將在 26 財年恢復適度成長。

At the same time, we continue taking steps to reposition NIKE Digital as a full price business. Organic traffic continues to decline double digits. With a business in the prior year that was more concentrated on classic footwear franchises and sneaker launch, as well as a higher mix of off-price sales, traffic comps will remain under pressure, and so we do not expect NIKE Direct to return to growth for fiscal '26.

同時，我們繼續採取措施將 NIKE Digital 重新定位為全價業務。自然流量繼續以兩位數的速度下降。由於上一年的業務更集中在經典鞋類特許經營和運動鞋發布，以及折扣銷售的更高組合，客流量仍將面臨壓力，因此我們預計 NIKE Direct 不會在 26 財年恢復增長。

As it relates to our operating segments, we expect North America will continue to lead our global recovery, while Greater China will require more time due to the unique marketplace dynamics Elliott and I have outlined. Converse is under new leadership and resetting its marketplace and brand.

就我們的營運部門而言，我們預計北美將繼續引領我們的全球復甦，而大中華區則需要更多時間，因為艾利歐特和我概述了獨特的市場動態。匡威正在迎來新的領導層，並重塑其市場和品牌。

Therefore, we expect revenue and gross margin headwinds from Greater China and Converse to continue throughout fiscal '26. We have made steady progress on our plans for a healthy marketplace by the end of the first half. And so we expect to begin to see a modest headwind to revenue across both wholesale and NIKE Direct as we lap aggressive clearance activity in the prior year.

因此，我們預計大中華區和匡威的營收和毛利率阻力將持續整個 26 財年。截至上半年末，我們在建立健康市場的計劃上取得了穩步進展。因此，我們預計，隨著我們在上一年大力進行清倉活動，批發和 NIKE Direct 的收入將開始遭遇適度阻力。

Foreign exchange has become a tailwind to reported revenue, but we expect minimal benefit to gross margin in fiscal '26 due to our hedged positions entering the year. We continue to expect SG&A to grow low-single digits in fiscal '26. Our Win Now actions contain investment to reignite growth in the business, particularly in demand creation, as well as rebuilding both our sport and commercial offense.

外匯已成為報告收入的順風，但由於我們進入今年的對沖頭寸，我們預計 26 財年的毛利率收益將很小。我們繼續預期 26 財年的銷售、一般及行政費用將實現低個位數成長。我們的「立即取勝」行動包括投資以重振業務成長，特別是在創造需求方面，以及重建我們的體育和商業進攻。

Overall, there are several puts and takes across different dimensions of our portfolio. We are encouraged with how we have started the year, but progress won’t be linear, and there is still work to do to return to driving consistent, sustainable, and profitable long-term growth.

整體而言，我們的投資組合在不同層面上存在著多種看跌和買權。我們對今年的開局感到鼓舞，但進展不會是直線性的，我們仍有工作要做，才能重新推動持續、可持續和有利可圖的長期成長。

With that I’ll pass it back to Elliott.

我會把它交還給艾利歐特。

Thanks Matt. I’m going to close it out with some perspective on a special sport moment from the quarter that I believe represents the power of a unified team with a singular mission.

謝謝馬特。最後，我想從本季的一個特殊體育時刻的角度來結束我的演講，我相信這個時刻代表了一支肩負單一使命的團結團隊的力量。

In late July, I was at the final at the UEFA Women’s European Championships in Basel, Switzerland. Defending-champion, England, had already lived through an emotional rollercoaster throughout the tournament. They lost their opener to France, came back from a two-goal deficit to beat Sweden, and scored in the final minute of extra time to beat Italy in the semi-final. And now they faced Spain in the final, who beat them in the last World Cup Final.

7月下旬，我參加了在瑞士巴塞爾舉行的歐洲女足錦標賽決賽。衛冕冠軍英格蘭隊在整個錦標賽期間經歷了情緒的起伏。他們在首場比賽中輸給了法國隊，隨後在落後兩球的情況下逆轉戰勝瑞典隊，並在半決賽中在加時賽的最後一分鐘進球擊敗意大利隊。現在他們在決賽中面對西班牙隊，後者在上屆世界盃決賽中擊敗了他們。

I was sitting with the FA, the governing body of football in England. For the third straight knockout match, the Lionesses started slow. They were on their heels instead of attacking. They went into halftime, down 1-nil. We began to question if they had anything left in the tank.

我當時正與英格蘭足球管理機構——英足總坐在一起。在連續第三場淘汰賽中，母獅隊開局緩慢。他們沒有進攻，而是緊追不捨。半場結束時，他們以 1-0 落後。我們開始懷疑油箱裡是否還剩下什麼。

But coming out of the half, something clicked. Coach Sarina Wiegman made the right substitutions, as she had all tournament. Chloe Kelly came off the bench and the pace picked up instantly. Hannah Hampton made several key saves. Lauren Hemp was flying all over the pitch. Everyone contributed.

但半場結束後，事情發生了變化。教練薩麗娜·維格曼 (Sarina Wiegman) 做出了正確的換人，就像她在整個比賽中所做的那樣。克洛伊凱利（Chloe Kelly）替補出場，比賽節奏立刻加快。漢娜·漢普頓做出了幾次關鍵撲救。勞倫漢普 (Lauren Hemp) 在球場上飛奔。每個人都做出了貢獻。

England’s pressure led to the equalizer in regulation. And after a draw in extra time, Chloe proved to be clutch one more time to score the winning penalty kick in the shootout. The crowd erupted. Her country erupted. And there they were champions of Europe once again, delivering England’s first major football trophy on foreign soil.

英格蘭隊的壓力最終導致常規時間扳平比分。在加時賽打平後，克洛伊再次證明自己在關鍵時刻的出色表現，在點球大戰中打進致勝點球。人群爆發出歡呼聲。她的國家爆發了。他們再次成為歐洲冠軍，在異國他鄉捧起英格蘭足球史上第一個重要獎盃。

The NIKE London team took that insight and built a campaign around the importance of home, that stretched from billboards to t-shirts to the airplane that brought them back to their awaiting fans. The national pride for the Lionesses was everywhere. NIKE was right there with them.

耐吉倫敦團隊抓住了這一洞察，並圍繞主場的重要性開展了一場宣傳活動，從廣告牌到 T 卹，再到將他們送回等待的球迷身邊的飛機。母獅隊的民族自豪感隨處可見。耐吉 (NIKE) 一直與他們同在。

When I talk to my team about passion, commitment, and determination, we don’t have to look much further than England. It’s a group that embraces their roles, an experienced coaching staff who adapts in the moment, players who refuse to give up. I mean, I found out later that Lucy Bronze played the entire tournament with a fractured tibia; a fractured tibia. That’s resilience. That is a team that knows what it takes to make a comeback.

當我和我的團隊談論熱情、承諾和決心時，我們只需要把目光投向英格蘭。這是一支熱愛自己角色的團隊，一支經驗豐富的教練團隊，一支能夠隨機應變的球員。我的意思是，我後來發現露西·布朗茲在脛骨骨折的情況下參加了整個比賽；脛骨骨折。這就是韌性。這是一支知道如何才能東山再起的球隊。

We were all inspired here at NIKE and you can be sure we’re taking their lessons to heart. We’re unified under the Sport Offense, and we’re clear on what it will take to win, and on the size of the prize ahead.

我們在耐吉都受到了啟發，你可以相信我們會把他們的教訓銘記在心。我們在「運動進攻」的指導下團結一致，我們清楚要取得勝利需要什麼，也清楚未來的獎金數量。

With that, I’ll open it up to questions.

好了，現在我可以開始回答問題了。

(Operator Instructions) Michael Binetti, Evercore ISI.

（操作員指示）Michael Binetti，Evercore ISI。

Hey, guys. Thanks for all the details today. Congrats on a nice quarter. Nice to see the progress.

嘿，大家好。感謝您今天提供的所有詳細資訊。恭喜本季取得良好業績。很高興看到進展。

Elliott, as you look at the spring order book and that said it's positive, can you help us think about that within the context of the holiday book that you said was positive last quarter, maybe just qualitatively and what's incremental on the build and composition of spring so we can track the progress out of the season?

埃利奧特，當您查看春季訂單簿並發現它是積極的時，您能否幫助我們在上個季度積極的假期訂單簿的背景下思考這一點，也許只是定性地思考，以及春季的構建和組成有何增量，以便我們可以追踪整個季節的進展？

And then last quarter, Matt, you said there was a commitment to returning to double-digit margins over time. Obviously, I'm sure you're looking at historical levels as a goal. It was a helpful backstop. How are you thinking about the medium-term margin levels you can target and maybe some of the phases of recovery and the inputs we should look at as you start that journey?

然後上個季度，馬特，您說我們承諾隨著時間的推移恢復兩位數的利潤率。顯然，我確信您將歷史水平視為目標。這是一個有用的後盾。您如何考慮可以實現的中期利潤水平，以及在您開始這段旅程時我們應該關注的一些復甦階段和投入？

Michael, thanks for the question. Here's what I'd start with -- let me start first with product. I think what we're doing a great job is we're getting back to leading with a sharp focus on sport. We're making certain we leverage the entire portfolio. And you can see that whether how we're approaching performance and sportswear.

邁克爾，謝謝你的提問。我要從這裡開始——讓我先從產品開始。我認為我們做得很好的是，我們重新將重點放在運動上。我們正在確保充分利用整個投資組合。您可以看到我們如何對待性能和運動服裝。

NIKE Running, I think, gives us our best example of where we're having some success, and we did just announce that we grew over 20% in the quarter. So great success in running, and our teams are taking that offense and how we -- the learnings that we have in running and we're applying it to other parts of our business, and we're running that playbook against global football, training, basketball, et cetera.

我認為，NIKE Running 為我們提供了取得一定成功的最佳例子，我們剛剛宣布本季我們的成長超過 20%。在跑步方面取得了巨大的成功，我們的團隊正在採取這種進攻方式，我們如何——我們在跑步方面所學到的知識，我們正在將其應用到我們業務的其他部分，我們正在針對全球足球、訓練、籃球等運行該劇本。

We do have work still to do in sportswear, but I think the team is getting much sharper on the consumers that we're serving there. And so I'm really excited and encouraged by the work that we've done around the product. We've continued to work really hard from a brand marketing perspective. And then ultimately, clearly, we got to pay it off like you're asking in the marketplace. And I think the team is doing a really nice job of elevating and growing the entire marketplace.

我們在運動服裝方面確實還有工作要做，但我認為團隊對我們在那裡服務的消費者的了解越來越敏銳。因此，我對我們圍繞該產品所做的工作感到非常興奮和鼓舞。從品牌行銷的角度來說，我們一直在努力工作。然後最終，顯然，我們必須像您在市場上要求的那樣還清債務。我認為該團隊在提升和發展整個市場方面做得非常出色。

And so our goal is to serve consumers wherever and however they choose to shop across multiple channels, specialty sporting goods, athletic specialty, department store, family footwear, and NIKE Direct. And I think, again, the teams are seeing the power of running the complete offense across the entire marketplace and North America, again, is our best example where we're seeing growth there.

因此，我們的目標是透過多種管道為消費者提供服務，包括專業運動用品、運動專賣店、百貨公司、家庭鞋類和 NIKE Direct，無論消費者選擇在哪裡購物，無論他們選擇哪種購物方式。我認為，各支球隊再次看到了在整個市場和北美進行全面進攻的力量，這是我們在那裡看到成長的最佳例子。

Overall, our partners are gaining trust in us, and it shows our spring order book is up year over year. So excited with the progress that we're making from a product perspective, from marketing and positioning perspective and then how we're paying it off in a more thoughtful and integrated marketplace.

總體而言，我們的合作夥伴越來越信任我們，這表明我們的春季訂單量逐年增加。我們對從產品角度、行銷和定位角度所取得的進展感到非常興奮，以及我們如何在更周到和一體化的市場中實現回報。

Hey, Michael, I would just add that the other dimension we provided last quarter is that North America, EMEA and APLA order book is offsetting the headwinds that we have in Greater China. And we continue to see that trend carry through into the spring order book as well.

嘿，邁克爾，我只想補充一點，我們上個季度提供的另一個維度是，北美、歐洲、中東和非洲地區以及亞太地區（APLA）的訂單正在抵消我們在大中華區遇到的阻力。我們繼續看到這種趨勢延續到春季訂單。

As it relates to our margins, the way I think about it is that fiscal year, our margins and the pressure on our margins are really reflective of three dynamics. We've got short-term product and channel mix headwinds. We've got the transitory impact from our win now actions, and we've got the newly implemented tariffs and the impact that that's having on our business in fiscal year '26.

就我們的利潤率而言，我認為在那個財政年度，我們的利潤率和利潤率壓力實際上反映了三種動態。我們面臨短期產品和通路組合方面的阻力。我們的「現在取勝」行動為我們帶來了暫時的影響，新實施的關稅也對我們 26 財年的業務產生了影響。

Given the progress that we're making, the steady progress on exiting the first half with a healthy marketplace, we do expect the benefit from less inventory clearance to start to take shape in our margins in the second half of this year. But I would say that our outlook for margins for '26 overall have moderated. And that's because of the new tariff rates and the impact that, that has on our business this fiscal '26 before all of the actions that we're taking are able to annualize, as well as some of the headwinds that I referenced related to the time line to return to profitable growth in Greater China and Converse.

鑑於我們正在取得的進展，以及上半年市場健康發展的穩步進展，我們確實預計，減少庫存清理帶來的好處將在今年下半年開始在我們的利潤率中顯現。但我想說的是，我們對 26 年整體利潤率的預期已經有所緩和。這是因為新的關稅稅率以及它對我們 26 財年業務的影響，在我們採取的所有行動都能夠實現年度化之前，以及我提到的與大中華區和匡威恢復盈利增長的時間表相關的一些不利因素。

As I look longer term, I think that we continue to believe that double-digit margins are something that are achievable. And we look no further than our history, different size of business, different mix of business, a different shape of business, different geography mix, different product mix.

從長遠來看，我認為我們仍然相信兩位數的利潤率是可以實現的。我們只回顧我們的歷史，不同的業務規模、不同的業務組合、不同的業務形態、不同的地理組合、不同的產品組合。

And I think we're getting clear on what the path to getting back to double-digit margins looks like. And it starts with reigniting organic growth. It requires us to see significant improvement in the full price mix of our business, which the Win Now actions that we're putting into place are setting us on stronger footing to do.

我認為我們已經清楚了解恢復兩位數利潤率的途徑。而這一切始於重新點燃有機成長。這要求我們看到我們業務的整個價格組合出現顯著改善，而我們正在實施的「立即贏」行動將為我們實現這一目標奠定更堅實的基礎。

And then lastly, as we return to organic growth, we will drive operating leverage on our supply chain costs, on our retail overhead and on our general operating overhead. And while the new tariffs are creating near-term pressure on our margins, we have outlined the actions that we're taking there to address it over time. And while it's going to take us a little bit of time, we're confident that the Win Now actions are the right things to move us in this direction.

最後，隨著我們恢復有機成長，我們將提高供應鏈成本、零售費用和一般營運費用的營運槓桿。雖然新關稅在短期內給我們的利潤率帶來壓力，但我們已經概述了我們將採取的措施，以便逐步解決這個問題。雖然這需要花費一些時間，但我們相信「立即獲勝」行動是推動我們朝著這個方向前進的正確舉措。

Piral Dadhania, RBC.

皮拉爾·達達尼亞，RBC。

Okay, thank you very much for taking my question. Apologies if there's any background noise. I was just wondering if you could give any update as to how September has progressed because we're seeing indicators out there in the marketplace and potentially some evidence that there was a bit of pull forward in terms of consumer demand into the back-to-school period in August, which should have benefited your Q1. So just curious about how you're seeing the current marketplace in September trading, if possible? Thank you very much.

好的，非常感謝您回答我的問題。如果有任何背景噪音，請見諒。我只是想知道您是否可以介紹一下 9 月份的進展情況，因為我們看到市場上有一些指標，並且可能有一些證據表明，8 月份的開學季消費者需求有所提前，這應該對您的第一季有利。所以我很好奇，如果可能的話，您如何看待 9 月的當前市場交易？非常感謝。

Yeah. Thanks for the question. Yeah, here's what I'd say. There's no question that the environment in which we're working in and operating in is dynamic. And my message to our team is to continue to control what we can control.

是的。謝謝你的提問。是的，這就是我要說的。毫無疑問，我們工作和營運的環境是動態的。我對我們團隊的建議是繼續控制我們能夠控制的事情。

I'm confident that our teams in product and brand marketing in the marketplace are. We're closely monitoring our consumers around the world. We're watching for signals. We're staying close with our partners and -- we're looking at it even -- of course, our own door and diesel performance across geos and countries and cities.

我相信我們的產品和品牌行銷團隊在市場上是成功的。我們正在密切關注世界各地的消費者。我們正在觀察訊號。我們與合作夥伴保持密切聯繫，當然，我們也在關注我們自己的門和柴油在不同地區、國家和城市的表現。

And it is dynamic, and I just keep telling the team remain focused on inspiring through sport because when we do line up innovative product and emotional storytelling across the integrated marketplace, consumers respond. I mean, there are some great examples this quarter even into September.

它是動態的，我只是不斷告訴團隊繼續專注於透過運動激勵人心，因為當我們在綜合市場上推出創新產品和情感故事時，消費者會做出回應。我的意思是，本季甚至到九月都有一些很好的例子。

When we did the loss around running, Vomero and the Vomero Plus, we had good sell-throughs; the work we did around the US open and on the ground and motion story talent. We had good sell-through John LeBron in China, when we do that, the consumer shows up. So yes, it's a dynamic environment. We're keeping our teams focused on the win now actions and really that's our fastest path back to growth.

當我們在跑步、Vomero 和 Vomero Plus 方面虧損時，我們的銷售情況很好；我們在美國公開賽以及地面和運動故事人才方面所做的工作。我們的約翰·勒布朗在中國的銷售情況很好，當我們這樣做時，消費者就會出現。是的，這是一個動態的環境。我們讓團隊專注於現在的勝利行動，這確實是我們恢復成長的最快途徑。

And to hit on the timing element, you mentioned pull forward. I guess, what I'd say is that our performance in the first quarter didn't have anything to do with pull forwards. I referenced wholesale growth in North America wholesale was up 11%. And one of the factors in the quarter was the amount of the fall season that we shipped in Q1 versus what we shipped in Q1 of the prior year. And so that did create a timing benefit year on year.

為了抓住時機，您提到了向前拉。我想說的是，我們第一季的表現與前鋒沒有任何關係。我提到北美批發業成長了 11%。本季的一個因素是我們第一季秋季出貨量與去年第一季出貨量相比的變化。因此，這確實創造了逐年的時間效益。

As we look ahead to Q2, we guided revenue down low single digits. And I'd say that there are probably two drivers to that that are most significant. One is NIKE Digital is facing a more significant headwind in Q2, because we started the wind now actions following the holiday season last year, and we significantly cut back on the amount of promotional activity that we were doing in the channel.

展望第二季度，我們預期營收將下降個位數。我認為，其中最重要的驅動因素可能有兩個。一是 NIKE Digital 在第二季面臨更大的阻力，因為我們在去年假期後就開始採取阻力行動，並大幅削減了在該管道進行的促銷活動量。

As we're lapping that this year, there's going to be a bigger headwind in Q2 than we had in Q1. And then secondarily, we're only planning for one point of FX benefit in Q2, whereas we saw 2 points of FX benefit in Q1. So hopefully, that helps provide a little bit of dimension on some of the seasonality.

由於我們今年正在努力實現這一目標，因此第二季面臨的阻力將比第一季更大。其次，我們只計劃在第二季度實現 1 點外匯收益，而在第一季我們看到了 2 點外匯收益。所以希望這有助於為一些季節性因素提供一些維度。

The last thing I would say related to the seasonality or the comparisons, is that the actions that we're taking on the duck that Elliott and I both referenced, are more significant in Q2. And so that's also creating a quarter-over-quarter comparison, if you will, as you compare Q1 to Q2. There was a lot of Dunk business in Q2 of last year, and we're managing that franchise back, as Elliot mentioned, and feel great about our plans.

與季節性或比較相關的最後一件事是，我們對艾略特和我都提到的鴨子採取的行動在第二季度更為重要。因此，如果您願意的話，當您比較第一季和第二季時，這也會創建一個季度與季度之間的比較。去年第二季有很多 Dunk 業務，正如 Elliot 所提到的，我們正在重新管理該特許經營權，並且對我們的計劃感到非常滿意。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Thanks, and congrats on the progress. Elliot, maybe could you help elaborate on some of the early wins under your belt that you cited notably the return to growth in North America and the material acceleration in running -- and with that, I guess, could you speak to the structural foundation that you've now built that you believe is the key to expanding the strategy to other parts of the portfolio?

謝謝，並祝賀你的進展。艾略特，也許您能詳細說明一下您早期取得的一些成功，特別是北美地區的恢復增長和跑步方面的實質性加速——我想，您能否談談您現在建立的結構基礎，您認為這是將戰略擴展到投資組合其他部分的關鍵？

Yeah, Mattew, let me start -- you really have to think about it at a high level in two parts. First part is the Win Now, those are the actions that we put in place, the focus that we gave our team within the first 60 days. And then the second part is what we've just activated in early September, which is what we're calling the Sport Offense. And I'm going to try to outline the two, but you got to think about them both together.

是的，馬修，讓我開始吧——你真的必須從兩個部分的高度來思考這個問題。第一部分是“立即取勝”，這是我們採取的行動，也是我們在前 60 天內給予團隊的關注點。第二部分是我們在九月初剛啟動的，也就是我們所謂的「運動進攻」。我將嘗試概述這兩者，但你必須將它們放在一起考慮。

Let me start first with Win Now. You know the priorities there, but we put five priorities out there, putting the athlete at the center of everything we do. It came down. It's about innovative coveted product. It's about telling emotional inspiring stories. It's about paying it off in an integrated marketplace and then activating our ground game.

讓我先從「Win Now」開始。您知道那裡的優先事項，但我們把運動員放在了五個優先事項的位置，將運動員放在我們所做的一切的中心。它掉下來了。這是關於令人垂涎的創新產品。它是關於講述令人感動的勵志故事。這是為了在綜合市場中償還債務，然後啟動我們的地面遊戲。

And we're seeing signals that it's working. First and foremost, it's where we focus running, which we talked about in the prepared remarks, up 20%. Our wholesale partners, we have growth there. Spring order book is up and then North America. So that's where we're seeing some great success.

我們看到了它正在發揮作用的信號。首先，也是最重要的，我們專注於跑步，我們在準備好的發言中談到了跑步，跑步成長了 20%。我們的批發合作夥伴在那裡取得了成長。春季訂單已開始，然後是北美。這就是我們看到的巨大成功。

We feel good about the brand impact our team is doing around sport moments, brand launches, brand campaigns, some of our key product launches, et cetera. So good success against the Win Now actions.

我們對我們的團隊在體育賽事、品牌發布、品牌活動、一些關鍵產品發布等方面產生的品牌影響感到滿意。因此，「立即贏」行動取得了巨大成功。

With that said, we still have work to do in some parts of our business that we've touched on. And we've got plans in place against China; our NIKE Direct digital commerce business and our Sportswear business. So that's what the teams are working on from a Win Now perspective.

話雖如此，我們在涉及的一些業務方面仍有工作要做。我們已經制定了針對中國的計劃；我們的 NIKE Direct 數位商務業務和運動服裝業務。這就是團隊從「贏在當下」的角度所進行的努力。

When you think about the sport office, and this is rather than us being organized by men's women kids. We flipped the entire organization in early September to be aligned on the product creation side and the brand marketing side by brand and by sport; and by country and account, wholesale and direct, digital and physical. And the whole idea is that those small cross-functional teams gain the insights from the athletes to the consumers that they serve in each segment.

當你想到體育辦公室時，你會發現這不是由男人、女人和孩子組織的。我們在九月初對整個組織進行了調整，使產品創造方面和品牌行銷方面按照品牌和運動、國家和帳戶、批發和直銷、數位和實體進行協調。整個想法是，這些小型跨職能團隊從運動員到他們在每個領域服務的消費者中獲得見解。

And then that will help us drive a -- make us more competitive and more -- and have stronger consumer connectivity. And again, there's no question in my mind that putting sport and the athlete back at the center of everything that we do, puts us back on offense. And again, while we have some great things underway, through our priority sports and the efforts to elevate the marketplace. We still have a lot of work to do, but what inspires me most is our teams. They're embracing the change, and we're ready for the challenge.

這將有助於我們提高競爭力，並增強消費者聯繫。再說一次，我毫不懷疑，把運動和運動員重新置於我們所做一切的中心，會讓我們重新處於進攻狀態。再說一次，我們正在透過優先發展的運動和提升市場的努力，做一些偉大的事情。我們還有很多工作要做，但最讓我鼓舞的是我們的團隊。他們正在接受改變，而我們已經準備好迎接挑戰。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good afternoon and thank you for taking the question. Elliott, as you contemplate the traffic headwinds you're seeing today in NIKE Digital, how much of the pressure is attributable to the strategic reduction in promotion versus other factors? And as you look ahead, what are the most important milestones we should be watching for to return that business to profitable growth?

下午好，感謝您回答這個問題。艾略特，當您考慮到目前 NIKE Digital 面臨的流量逆風時，相對於其他因素，有多少壓力是由於策略性減少促銷造成的？展望未來，為了讓業務恢復獲利成長，我們應該關注哪些最重要的里程碑？

Brooke, thanks for the question. I'm going to step up above just a little bit for a second on the NIKE Direct digital business. And what I'm challenging and Matt and I and the entire leadership team are challenging our team to do is to elevate and grow the entire marketplace, not just NIKE Direct digital commerce. Our -- we need to be and serve consumers wherever and however they choose to shop for our brands.

布魯克，謝謝你的提問。我將稍微談論一下 NIKE Direct 數位業務。我、馬特和我以及整個領導團隊所面臨的挑戰是提升和發展整個市場，而不僅僅是 NIKE Direct 數位商務。無論消費者以何種方式、以何種方式購買我們的品牌，我們都需要為他們提供服務。

And really, it starts with that -- what I just touched on, the innovative relentless flow of innovative products across all three brands in all sports. And in every channel of business in which we do business, especially sporting units, athletic specialty, department stores, family footwear, and NIKE Direct, because being sharp on the consumers we're serving in each location, digital or physical, wholesale and direct, that drives consumer right assortments in the right depth and we are elevating the presentations at point of sale.

事實上，一切始於我剛才提到的，也就是所有三個品牌在所有運動項目中不斷推出的創新產品。在我們開展業務的每個業務管道中，特別是運動單位、運動專賣店、百貨公司、家庭鞋類和 NIKE Direct，因為我們對每個地點服務的消費者都很敏銳，無論是數位還是實體、批發還是直接，這推動了消費者正確分類的深度，並且我們正在提升銷售點的展示。

And that drives profitable growth for NIKE and for our partners. And again, we're seeing some really good successes of that in North America, EMEA is coming and APLA. So again, I'm excited about the team and the way we are elevating the entire marketplace. And again, in terms of NIKE Direct digital commerce.

這推動了耐吉和我們合作夥伴的利潤成長。而且，我們在北美、歐洲、中東和非洲地區以及亞太地區也看到了一些非常好的成功。因此，我再次對我們的團隊以及我們提升整個市場的方式感到興奮。再次，就 NIKE Direct 數位商務而言。

Matt, do you want to hit on anything?

馬特，你想聊聊什麼嗎？

Sure. I referenced and have been referencing for a couple of quarters now that we expected the organic traffic to be down double digits. And that's primarily because of the actions that we've taken to reposition the business in fiscal year '26. We highlighted this quarter that we've made progress across all of our geographies. We've reduced promo days, we've improved the markdown rates. We've reduced the classic share of business. We've reduced the launch share of business and we pulled back on paid media as it was largely driving bottom of funnel traffic to our platforms.

當然。我曾經提到過，並且已經提到了幾個季度，我們預計自然流量將下降兩位數。這主要是因為我們在 26 財年採取了重新定位業務的行動。我們本季強調，我們在所有地區都取得了進展。我們減少了促銷天數，並提高了降價率。我們減少了經典業務的份額。我們減少了業務的發布份額，並減少了付費媒體，因為它在很大程度上推動了我們平台的漏斗底部流量。

EMEA and North America started first, Brooke, and they're the furthest ahead, APLA is making progress. And Elliott and I both referenced that Greater China marketplace is structurally different. And so the dynamics there are different from a digital perspective.

布魯克，歐洲、中東和非洲地區以及北美地區首先起步，並且走得最遠，APLA 正在取得進展。艾利歐特和我都提到大中華區市場在結構上有所不同。因此，從數位角度來看，那裡的動態是不同的。

I think that the progress that we're making is real and I think one of the ways that you can measure that progress is looking at the momentum we're actually building with our wholesale partners, because we needed to reposition digital alongside our partners and stop competing with our partners in order to be able to start building momentum on wholesale. And we're starting to see the early indicators and the early signals of that success, alongside a strong product pipeline.

我認為我們正在取得的進展是真實的，我認為衡量這一進展的方法之一就是看我們與批發合作夥伴實際建立的勢頭，因為我們需要與合作夥伴一起重新定位數位化，並停止與合作夥伴的競爭，以便能夠開始在批發方面建立勢頭。我們開始看到成功的早期指標和早期訊號，以及強大的產品線。

So it's going to take us more time as we both highlighted. We don't expect direct to return to growth in this fiscal year, but we do believe that Direct should be a healthy part of our business in the future, and it should be a more profitable part of our business in the future as we reposition it.

因此，正如我們都強調的那樣，這將花費我們更多的時間。我們並不期望直銷業務在本財年恢復成長，但我們確實相信，直銷業務在未來應該會成為我們業務中健康的一部分，並且隨著我們對其進行重新定位，它應該會成為我們業務中更有利可圖的一部分。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

Thank you. Good afternoon. I wanted to see if you could focus on China for a minute. Can you talk about the strategies that you're using to turn the digital business? And then also the cost and time line of the store refresh.

謝謝。午安.我想看看你是否可以花一點時間關注中國。您能談談您用來轉變數位業務的策略嗎？然後還有商店更新的成本和時間表。

Lorraine, thanks for the question. Let me start maybe a little bit bigger picture on China really quickly. We believe in the long-term opportunity in China. And I said it in my prepared remarks, it starts with us leading with sport.

洛林，謝謝你的提問。讓我先簡單介紹一下中國的概況。我們相信中國有長期的機會。我在準備好的發言中說過，一切都始於我們以運動為主導。

We see that sport continues to grow. It's a tailwind in that country. And we think it will unlock further growth. We were just there, Matt and I and the leadership team, and we left with a an even stronger belief in the future of the market. And we're confident that the win now actions that were put in place will help us return the market over time back to growth. But as Matt said, this year, we've got some work to do.

我們看到體育運動不斷發展。這是該國的順風。我們認為它將帶來進一步的成長。我們，馬特、我和領導團隊，都在那裡，離開時我們對市場的未來更有信心。我們相信，現在採取的勝利行動將幫助我們隨著時間的推移讓市場恢復成長。但正如馬特所說，今年我們還有一些工作要做。

You've already touched on it, that structural -- there are structural differences in the marketplace. And that's why, really, China is on a different time line. But here's how we think about winning in that marketplace. When we lead with sport and starting with innovative product, running, training, basketball, especially outdoor basketball and football, and when we supplement that assortment with our GEO Express Lane, which is our local-for-local product, we are seeing good results there.

您已經提到了這一點，即市場存在結構性差異。這就是為什麼中國確實處於不同的時間線上。但這就是我們在該市場取勝的想法。當我們以運動為主導，以創新產品、跑步、訓練、籃球（尤其是戶外籃球和足球）為起點，當我們用我們的本地產品 GEO Express Lane 來補充這些產品時，我們看到了良好的效果。

When we tell better stories, not only utilizing our global assets, but our local athletes that also is paying dividends. And we're elevating the overall marketplace. As you pointed out, the digital marketplace is promotional, those big consumer moments, 11:11, et cetera, and we're working to find the right path forward for our digital business.

當我們講述更好的故事時，不僅利用我們的全球資產，而且我們的當地運動員也會帶來回報。我們正在提升整個市場。正如您所指出的，數位市場是促銷性的，那些重要的消費者時刻，11:11等等，我們正在努力為我們的數位業務找到正確的前進道路。

The physical marketplace is a mono brand. We're testing and resetting new consumer concepts. But we've got to be stronger operationally in those physical doors with the right assortments and the right depth, stronger presentation and service, and that's how we're going to get back to driving sell-through.

實體市場是單一品牌。我們正在測試和重新設定新的消費者概念。但我們必須在實體店的營運上更加強大，擁有合適的商品種類和深度，提供更強大的展示和服務，這樣我們才能重新推動銷售。

And again, as I touched on when we do, do it right. It does resonate. We had some really good successes in running this quarter and then some basketball successes around John, LeBron.

再次強調，正如我所提到的，當我們這樣做時，一定要做對。它確實引起了共鳴。我們在本季度取得了一些非常好的成功，並且在約翰、勒布朗的籃球方面也取得了一些成功。

So overall, we're definitely in a bit of a turnaround. But Matt and I have been actively involved in some of those turnarounds before. Our teams are focused, moving with urgency. They're taking the right actions to clean up the marketplace, elevating overall mono brand in digital, and we've got quarter-by-quarter plans in place to elevate the overall integrated marketplace.

所以總的來說，我們確實正處於一個好轉階段。但馬特和我之前已經積極參與過一些這樣的轉變。我們的團隊專注、緊急行動。他們正在採取正確的行動來清理市場，提升整體單一品牌的數位地位，並且我們已經制定了逐季度計劃來提升整體綜合市場。

And then cost and timeline, Lorraine, I would just say that we've made some significant investments in the China marketplace over the last three quarters in order to clean up inventory and set the business up for a foundation of success.

然後是成本和時間表，洛林，我只想說，我們在過去三個季度對中國市場進行了一些重大投資，以清理庫存並為業務的成功奠定基礎。

When I look at our inventory being down, NIKE's inventory being down 11% versus the prior year, I think we're seeing the fruit of that, and we feel good about where marketplace inventory levels are as well.

當我看到我們的庫存下降時，耐吉的庫存比前一年下降了 11%，我認為我們看到了這種下降的成果，我們對市場庫存水準也感到滿意。

The challenge is what Elliott highlighted, which is that while we can invest to keep the marketplace clean and healthy, it's an expensive operating model is sell-throughs don't improve to the level that we need to see on a season in a season out basis. And so all of the actions that Elliott referenced are really our focus on trying to improve sell-through to create brand distinction in that marketplace, which will result in or should result in greater profitability, but in the near term, we think it's going to take time.

挑戰在於艾利奧特強調的一點，即雖然我們可以投資來保持市場清潔和健康，但如果銷售量沒有提高到我們需要在每個季度看到的水平，那麼這是一種昂貴的營運模式。因此，埃利奧特提到的所有行動實際上都是我們努力提高銷售量以在該市場中打造品牌特色的重點，這將帶來或應該帶來更大的盈利能力，但在短期內，我們認為這需要時間。

And so that's why we believe that China will continue to be a headwind on the top line and on margin for the balance of fiscal year '26. Last quarter, we referenced a few pilots that we were working on and that our teams are working on, and we had a chance to see them when we were in China a few weeks ago. We're actually encouraged by the progress that the teams are making on these initial store pilots, but there's a little bit more work that needs to be done.

因此，我們認為，在 2026 財年剩餘時間裡，中國市場將繼續對公司營收和利潤造成不利影響。上個季度，我們提到了我們正在進行以及我們的團隊正在進行的一些試點項目，幾週前我們在中國時有機會看到它們。事實上，我們對團隊在這些初始商店試點中取得的進展感到鼓舞，但還有一些工作要做。

Because while they're outperforming the broader fleet, we'd like to see them do a little better before we start to scale with our partners. And we've got great relationships with our partners in that marketplace. And so, we're confident that once we get these pilots performing the way that we want to, both we and our partners are prepared to invest to turn the business in the direction that we want to have.

因為雖然它們的表現優於更廣泛的機隊，但我們希望在開始與合作夥伴擴大規模之前看到它們表現得更好一些。我們與該市場的合作夥伴保持著良好的關係。因此，我們相信，一旦這些試點計畫按照我們想要的方式進行，我們和我們的合作夥伴都準備好進行投資，以使業務朝著我們想要的方向發展。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Thank you. Good afternoon, and congrats on the momentum with the turnaround. Hey, Matt, inventory down 2% on the balance sheet, which I think would imply units down even further, how would you characterize the inventory in the wholesale channel and the timing of when wholesale discounts, which I think have been a pretty sizable headwind on gross margin? When will they begin to fade?

謝謝。下午好，祝賀你們扭轉局面的勢頭。嘿，馬特，資產負債表上的庫存下降了 2%，我認為這意味著單位數量會進一步下降，您如何描述批發渠道中的庫存以及批發折扣的時間，我認為這對毛利率產生了相當大的阻力？它們什麼時候會開始消退？

John, I'd say that we feel really good about where we landed on inventory this quarter. Units were down in North America, EMEA, and in Greater China. We had a -- we did see an increase in units in APLA, and that's the area where we're going to focus. But we're pleased with the progress that we've made and the actions that we put into place to execute Q2 and enter the second half in a healthy position.

約翰，我想說我們對本季的庫存情況感到非常滿意。北美、歐洲、中東和非洲地區以及大中華區的銷售量均出現下降。我們確實看到 APLA 的單位數量增加，而這正是我們要關注的領域。但我們對我們取得的進展以及為執行第二季度並以健康狀態進入下半年而採取的行動感到滿意。

I think that we would expect -- we do expect that we should start to see some gross margin benefit in the second half from lapping these aggressive actions. We are expecting to see improvement within the wholesale channel. I think our partner's inventory, we feel really good about.

我認為我們預期——我們確實預期通過採取這些積極的行動，我們應該在下半年開始看到一些毛利率收益。我們期待批發通路的改善。我認為我們對我們的合作夥伴的庫存感到非常滿意。

And what I keep saying is that the best indicator of that is the forward-looking order book because our partners and we have a plan together as we've been driving sell-through as we've been investing to move through inventory and get ourselves to a healthy place. And that's ultimately so that we can create capacity in our partners open to buy for the newness and the innovation and the things that our teams are most excited about, particularly on the performance side of the business, but also some new things that we've got coming on the sportswear side, like the Ava Rover and some of the other products that we've started to see some momentum with there.

我一直在說，最好的指標就是前瞻性的訂單，因為我們和合作夥伴共同製定了計劃，我們一直在推動銷售，我們一直在投資以清理庫存，使自己處於健康的狀態。最終，我們可以為合作夥伴創造購買新產品、創新產品和我們團隊最興奮的產品的能力，特別是在業務績效方面，但也包括我們在運動服裝方面即將推出的一些新產品，例如 Ava Rover 和其他一些我們已經開始看到發展勢頭的產品。

So I think overall, we feel really good about the progress that we're making there. I'll remind you that there are some other headwinds to gross margin in the second half that are going to mute this, and I referenced those earlier on the call. But as it relates specifically to the way that we're managing the marketplace, we continue to be pleased with the progress we're making on the plan that we set.

所以我認為總的來說，我們對在那裡取得的進展感到非常滿意。我要提醒大家的是，下半年還有一些其他不利因素會影響毛利率，我在電話會議中早些時候提到這些因素。但由於它與我們管理市場的方式具體相關，我們對我們制定的計劃所取得的進展感到滿意。

Okay. How about if I just close it out really quickly with just some comments. We are more confident than ever that our Win Now actions are the right path forward. In the first quarter, we saw progress in the areas that we prioritize first, running North America and wholesale. We're in the early stages and our comeback will take time, and our progress won't be linear, especially in the areas such as sportswear, NIKE Direct, Greater China, and Converse.

好的。如果我只用一些評論來快速結束它怎麼樣？我們比以往任何時候都更相信，我們的「贏在當下」行動是正確的前進道路。在第一季度，我們在優先考慮的領域，即北美業務和批發業務方面取得了進展。我們正處於早期階段，復甦需要時間，而且我們的進步不會是直線性的，特別是在運動服飾、NIKE Direct、大中華區和匡威等領域。

We are going to accelerate the Win Now actions by activating our sport offense that I've spent some time speaking to. As a reminder, we are organizing ourselves into smaller cross-functional teams by brand and by sport, by country and by channel, wholesale and direct, digital and physical.

我們將透過啟動我花了一些時間談論的體育進攻來加速「立即取勝」行動。提醒一下，我們正在按品牌和運動項目、國家和管道、批發和直銷、數位和實體組織成更小的​​跨職能團隊。

Our teams are energized, they're inspired and are ready to compete. We're getting back to leveraging NIKE Inc.'s unmatched portfolio of brands, sports, and countries, to drive deeper consumer connections, and profitable, sustainable growth. Thank you very much.

我們的團隊充滿活力、充滿靈感並做好了參賽的準備。我們將重新利用 NIKE Inc. 無與倫比的品牌、運動和國家組合，推動更深層次的消費者聯繫以及盈利和可持續的成長。非常感謝。

This concludes today's conference call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連線。