Nike Inc (NKE) 2026 Q2 法說會逐字稿

Good afternoon, everyone, and welcome to NIKE, Inc.'s second-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.

各位下午好，歡迎參加耐吉公司2026財年第二季電話會議。如需查閱今天的新聞稿，請造訪 investors.nike.com。今天主持電話會議的是公司財務副總裁兼財務長保羅·特魯塞爾。

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

現在我想把電話交給保羅·特魯塞爾。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s second-quarter fiscal 2026 results. Joining us on today's call will be NIKE, Inc. President and CEO, Elliot Hill; and EVP and CFO, Matt Friend.

謝謝接線生。大家好，感謝各位今天與我們一起討論耐吉公司2026財年第二季業績。今天參加電話會議的有耐吉公司總裁兼執行長艾利奧特·希爾，以及執行副總裁兼財務長馬特·弗蘭德。

Before we begin, let me remind you that participants on this call will make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in NIKE's reports filed with the SEC.

在開始之前，請允許我提醒各位，本次電話會議的參與者將根據當前的預期做出前瞻性陳述，而這些陳述受到某些風險和不確定性的影響，可能導致實際結果與預期結果有重大差異。這些風險和不確定性在耐吉公司向美國證券交易委員會提交的報告中均有詳細說明。

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-year basis and are currency neutral unless otherwise noted.

此外，參與者可能會討論非公認會計準則財務指標和非公開財務和統計資訊。有關可比較的 GAAP 指標和定量調節表，請參閱耐吉公司的獲利新聞稿或耐吉公司網站 investors.nike.com。除非另有說明，本次電話會議中的所有成長比較均以年比為基礎，且不考慮匯率因素。

We will start with prepared remarks and then open the call for questions. (Operator Instructions)

我們將首先作準備好的發言，然後開放提問環節。（操作說明）

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

現在我將把電話交給耐吉公司總裁兼執行長艾利奧特希爾。

Thank you, Paul. Let me start by thanking all of you for joining on the eve of a holiday week here in the United States and many parts of the world. And with that, let me also recognize a NIKE team that's leaving nothing on the table right now.

謝謝你，保羅。首先，我要感謝各位在美國和世界許多地區即將迎來假期之際參加本次活動。在此，我也要讚揚耐吉團隊，他們現在全力以赴，不遺餘力。

When you work in retail, the holidays don't mean a break. When you work in sport, you often say that sport never sleeps. So when you work at NIKE, you're in the thick of an incredibly busy time. With that in mind, I want to extend a special and heartfelt thanks to my NIKE teammates. Thank you for your continued commitment, passion, and determination, and thank you for delivering another quarter of steady progress and building momentum.

在零售業工作，假日並不意味著休息。從事體育業的人常說，體育永不停歇。所以，在耐吉工作，你總是處於極其繁忙的時期。在此，我要向我的耐吉隊友表達特別而衷心的感謝。感謝你們一直以來的投入、熱情和決心，感謝你們又一個季度穩步取得進展並保持發展勢頭。

Fiscal year '26 continues to be a year of taking action to rightsize our Classics business, return NIKE Digital to a premium experience, diversify our product portfolio, deepen our consumer connections, strengthen our partner relationships, and realign our teams and leadership. And I'd say we're in the middle innings of our comeback.

2026 財年，我們將繼續採取行動，調整經典業務規模，使 NIKE Digital 恢復高端體驗，豐富產品組合，加深與消費者的聯繫，加強合作夥伴關係，並重新調整團隊和領導層。我認為我們正處於反擊的中期階段。

We started with Win Now actions, which was our immediate response to our biggest challenges and opportunities in our culture, product, storytelling, marketplace, and winning on the ground. And now our Sport Offense is the accelerator of our Win Now actions. It's how athlete-centered innovation travels across and through every country and channel to drive growth.

我們首先採取了「立即取勝」的行動，這是我們對在文化、產品、故事敘述、市場和實際取勝方面所面臨的最大挑戰和機會的直接回應。現在，我們的體育進攻是我們「立即取勝」行動的加速器。這就是以運動員為中心的創新如何跨越每個國家和管道，推動成長的方式。

Our focus on sport by brand is the engine of our growth. Our global marketplace is the amplifier, and it is our Sport Offense that connects the two. Said another way, our growth will come from sport, athletes, product innovation for moments and will be scaled through countries, channels, and accounts.

我們專注於運動品牌，這是我們成長的引擎。我們的全球市場是擴大機，而我們的運動進攻則將兩者連接起來。換句話說，我們的成長將來自於運動、運動員、針對特定時刻的產品創新，並將透過國家、管道和帳戶進行規模化發展。

Turning to the quarter. I'd frame up the results as slightly better than we had anticipated 90 days ago. And while we're driving progress through Win Now, we're nowhere near our potential. I see three themes that give a better picture of where we stand right now.

轉向四分之一。我會把結果描述為比我們90天前預期的略好。雖然我們正在透過「立即取勝」計劃推動進步，但我們距離發揮全部潛力還很遠。我認為有三個主題可以更好地展現我們目前的處境。

The first theme is that our sports teams are quickly finding the rhythm in the new Sport Offense. While rightsizing our Classics, we're building a more diverse product portfolio, gaining the most traction in our Performance business, which validates that we've got the right structure to drive a relentless flow of innovative products across our unmatched opportunities.

第一個主題是我們的運動團隊正在迅速適應新的運動進攻體系。在調整經典產品線規模的同時，我們正在建立更多元化的產品組合，並在性能業務方面取得了最大的進展，這證明我們擁有正確的結構，可以在我們無與倫比的機會中不斷推出創新產品。

The second theme is that we're building a healthier base for top-line growth. The NIKE Brand grew this quarter, and the mix was strong. We delivered 8% wholesale growth, elevated the experience in key NIKE stores in nike.com and had fewer days of promotion. These are all positive signs.

第二個主題是，我們正在為營收成長打造更健康的基礎。本季耐吉品牌實現了成長，產品組合表現強勁。我們實現了 8% 的批發成長，提升了 nike.com 上主要耐吉門市的體驗，並且減少了促銷天數。這些都是正面的訊號。

The third theme is that our comeback continues to move at different speeds. It won't be a straight line, but we're acting decisively to accelerate the lagging areas with China at the top of that list.

第三個主題是我們的復甦進程仍在以不同的速度進行。這不會是一條直線，但我們正在採取果斷行動，加快落後領域的發展，而中國是其中的重中之重。

At year-end, it's clear how important it is to stay closely connected to what's happening on the ground. From intern to CEO and every role I've held in between, I've felt that way, which is why, as you likely saw this quarter, I announced a change in my leadership team. All geographies will now report directly to me. I'm confident this change will result in us accelerating our Win Now actions by allowing our geography GMs to more closely shape our strategy, drive faster decisions, and influence investments.

到了年底，我們就能清楚看到，密切關註一線發生的事情是多麼重要。從實習生到首席執行官，以及我擔任過的每一個職位，我都有這種感覺。正因為如此，正如你們可能在本季看到的那樣，我宣布了我的領導團隊的變動。所有地區現在都將直接向我報告。我相信，這項改變將使我們加快「立即取勝」行動的步伐，讓各地區的總經理能夠更緊密地參與制定我們的策略，推動更快的決策，並影響投資。

The geography that is leading the way for NIKE right now is North America. As our largest business, that's where much of our focus has been. With North America, we're working with the most diverse wholesale landscape, which gives us several strategic partners to segment and differentiate our multi-brand, multi-sport and multi-price point portfolio.

目前，耐吉的發展重心是北美。作為我們最大的業務，這也是我們關注的重點。北美擁有最多元化的批發市場，這為我們提供了多個策略合作夥伴，可以對我們的多品牌、多運動和多價位產品組合進行細分和差異化。

The team has done an excellent job of reconnecting with partners and getting sharper on the consumers we serve and those that we seek to serve. This quarter, that approach led to over 20% wholesale growth in North America with meaningful growth coming from existing partners.

團隊在與合作夥伴重新建立聯繫方面做得非常出色，並且更加了解我們服務的消費者以及我們希望服務的消費者。本季度，該策略使北美批發業務成長超過 20%，其中來自現有合作夥伴的顯著成長尤為突出。

Our North America marketing team is also finding the right balance of inspiring through big team moments like the Dodgers World Series campaign after their win or at the Chicago Marathon, where we supported everyone, from everyday runners chasing personal best to Conner Mantz shattering an American marathon record that stood for 23 years. North America is driving a healthy, repeatable offense and showing us what winning looks like. It's a great signal for our future success in other geographies.

我們的北美行銷團隊也在努力尋找合適的平衡點，透過像道奇隊贏得世界大賽冠軍後的宣傳活動，或是像芝加哥馬拉松賽這樣的大型團隊時刻來激勵人心。在芝加哥馬拉松賽上，我們支持了所有人，從追求個人最佳成績的普通跑者到打破保持了 23 年的美國馬拉松紀錄的康納·曼茨。北美正在打造一種健康、可重複的進攻模式，並向我們展示了勝利的樣子。這預示著我們未來在其他地區也能取得成功。

In Greater China, we highlighted last quarter that we were facing a longer road to a healthier business. We've been implementing the Win Now actions in our key cities of Beijing and Shanghai, leading with more story telling of our product innovations, editing our assortments and elevating the presentation of those assortments in targeted doors.

在大中華區，我們在上個季度強調，我們距離實現更健康的業務還有很長的路要走。我們一直在北京和上海等重點城市實施「贏在當下」行動，重點是更多地講述我們的產品創新故事，編輯我們的產品系列，並提升這些產品系列在目標門市的展示效果。

What we've done is a start. But it's not happening at the level or the pace we need to drive wider change. The next step is to further adapt our approach to fit China's unique monobrand footprint and digital-first marketplace. The reset requires a fresh way of thinking from our NIKE teammates and our NIKE Store partners, and it will take time.

我們所做的只是一個開始。但這種轉變的程度和速度還不足以推動更廣泛的改變。下一步是進一步調整我們的方法，以適應中國獨特的單一品牌格局和數位化優先的市場。這次重組需要我們的耐吉團隊成員和耐吉門市合作夥伴以全新的思維方式來應對，這需要時間。

Over the years, we established our premium position in market share there because the Chinese consumer believes in our ability to innovate and inspire them through sport. I'm confident we'll get back to fulfilling that promise. China continues to stand out as one of the most powerful, long-term opportunities in sport. That has not changed. Expect to hear, see and feel much more about how we'll manage the China marketplace differently this fiscal year and beyond.

多年來，我們在中國市場確立了領先地位，因為中國消費者相信我們有能力透過體育運動來創新和激勵他們。我相信我們一定能夠重新履行這個承諾。中國仍然是體育界最具潛力、最具長期發展前景的國家之一。這一點沒有改變。預計在本財年及以後，我們將以不同的方式管理中國市場，屆時您將會聽到、看到和感受到更多相關資訊。

Both EMEA and APLA are geographies that are led through distinct, influential countries and key cities. So we're moving quickly to resourcing our teams on the ground, including sales. They are the ones who deliver locally relevant assortments, elevate the presentation of those assortments, fuel product seeding and build local relationships, create meaningful stories and consumer connections, and ultimately drive profitable and sustainable revenue in both wholesale and direct.

EMEA 和 APLA 都是由獨特的、有影響力的國家和主要城市主導的地理區域。因此，我們正在迅速為第一線團隊（包括銷售團隊）配備資源。他們提供與當地相關的商品組合，提升這些商品組合的展示效果，推動產品推廣和建立本地關係，創造有意義的故事和消費者聯繫，並最終在批發和直銷方面推動盈利和可持續的收入。

EMEA activated their Sports Offense on December 1. So they just started rehiring these critically important revenue-generating roles in key countries. I'm locking arms with the leaders of our geographies and, with Matt, who now leads sales at NIKE Direct, to elevate the way consumers experience our brands.

歐洲、中東和非洲地區於 12 月 1 日啟動了體育進攻計畫。所以他們開始在重點國家重新招募這些至關重要的創收崗位人員。我正在與各地區的領導者以及現在負責 NIKE Direct 銷售的 Matt 攜手合作，以提升消費者體驗我們品牌的方式。

I know what it looks like when it's successful. I can see the upside. It's a brand-by-brand sport-by-sport approach paid off in a partner by partner, city by city, high street by high street, mall-by-mall approach. And every detail matters,

我知道成功時是什麼樣子。我能看到它的優點。這種逐個品牌、逐一運動地推進的方法，最終透過逐一合作夥伴、逐個城市、逐個商業街、逐個購物中心的方式取得了成效。每個細節都至關重要。

Next, I'll share some color on how the Sport Offense is fueling a more diversified product portfolio through footwear, apparel, and equipment and up and down price points. Our teams are determined to deliver a consistent product innovation pipeline.

接下來，我將詳細介紹運動攻擊如何透過鞋類、服裝和裝備以及不同的價格點，推動產品組合的多元化發展。我們的團隊決心持續推出創新產品。

In January, NIKE Running will build off of the strong start of our new stability shoe, the Structure 26 with the introduction of the Structure Plus. In Q2, Running grew by over 20% for the second quarter in a row, it's up double digits in every channel, including NIKE Direct. Also in January, we'll debut NIKE Mind, a new footwear platform that will help athletes prepare for performance and competition, which we see as a new dimension to the NIKE Training offense.

今年一月，NIKE Running 將延續新款穩定型跑鞋 Structure 26 的強勁勢頭，推出 Structure Plus。第二季度，跑步產品連續第二季成長超過 20%，所有通路（包括 NIKE Direct）均實現了兩位數的成長。同樣在 1 月份，我們將推出 NIKE Mind，這是一個全新的鞋類平台，旨在幫助運動員為比賽和競技做好準備，我們認為這是 NIKE 訓練策略的一個新維度。

We introduced NIKE Mind along with three other new innovation platforms in October. One of them is the new platform that traps air for warmth in an ACG jacket. The jacket inflates from a shell to a puffer based on the warmth needed. The ThermoFit-Air Milano jacket will debut at the Winter Olympics in February.

我們在十月推出了 NIKE Mind 以及其他三個新的創新平台。其中之一是 ACG 夾克中用於鎖住空氣以保持溫暖的新平台。這款外套可以根據所需的保暖程度，從外殼充氣成羽絨外套。ThermoFit-Air Milano 外套將於 2 月的冬季奧運會上首次亮相。

Also in February, at the NBA All-Star game in LA, you'll see an example of how our three basketball brands and their product lineups will come together under the Sport Offense. The Swoosh, the Jumpman and the Star Chevron have a unified, creative feel and merchandising approach with Foot Locker in LA, and we believe it has great potential to be scaled.

同樣在二月份，在洛杉磯舉行的 NBA 全明星賽上，您將看到我們的三個籃球品牌及其產品線如何在「體育進攻」策略下融合在一起。Swoosh、Jumpman 和 Star Chevron 與洛杉磯的 Foot Locker 有著統一、創意十足的感覺和商品銷售方式，我們相信它具有巨大的規模化潛力。

Our NikeSKIMS collection will watch internationally in EMEA and APLA in the same time frame following a successful rollout in North America.

繼在北美成功推出後，我們的 NikeSKIMS 系列產品將在同一時間內向歐洲、中東、非洲和亞太地區推出。

In NIKE Football, the deeper investment in World Cup starts now. This quarter, we brought a fresh perspective to the culture of the game in a P90 collaboration with Palace and with our Hollywood Keepers sportswear collection.

在耐吉足球領域，對世界盃的更深層投資現在才剛開始。本季度，我們與 Palace 合作推出的 P90 系列以及我們的 Hollywood Keepers 運動服系列，為這項運動的文化帶來了全新的視角。

And in March, our athletes will begin wearing our new apparel platform, Aero-FIT in their national team kits. Aero-FIT, it's like air conditioning for the body, flowing air through the garment unlike any previous performance apparel. The innovation platform will scale across several sport dimensions in coming seasons.

3月份，我們的運動員將開始在國家隊隊服中穿著我們全新的服裝平台 Aero-FIT。Aero-FIT 就像為身體裝上了空調，讓空氣在衣服內流通，這是以往任何運動服裝都無法比擬的。該創新平台將在未來幾個賽季擴展到多個體育領域。

Overall, wholesale partners are very confident in our NIKE Football product. Booking units are nearly 40% higher than World Cup '22. To help sell-through the commitment, we'll refresh over NIKE Direct in 1,400 partner doors around the world, and our marketing team is making significant investments to inspire football fans everywhere. All of these new concepts will come to the consumer in the back half of the year. As a result, our order book is improving season on season.

總體而言，批發合作夥伴對我們的耐吉足球產品非常有信心。預訂量比 2022 年世界盃高出近 40%。為了更好地推廣這項承諾，我們將在全球 1400 家合作夥伴門市更新 NIKE Direct 產品，我們的行銷團隊也投入巨資，以激勵世界各地的足球迷。所有這些新概念都將在今年下半年向消費者推出。因此，我們的訂單量逐季成長。

Due to Sport Offense, we're on our way in product. But as I've said, near-term investments to clean up and elevate the marketplace have put real pressures on margins. Tariffs have also obviously added a significant headwind to overcome. I want to state it very clearly, margin expansion is a top priority for me and my leadership team. While it will take time, we see the path back to double-digit EBIT margins for NIKE, Inc.

由於 Sport Offense 的介入，我們的產品正在研發中。但正如我所說，為清理和提升市場而進行的短期投資給利潤率帶來了真正的壓力。關稅顯然也為克服困難帶來了巨大的阻力。我想非常明確地表明，提高利潤率是我和我的領導團隊的首要任務。雖然這需要時間，但我們看到了耐吉公司重返兩位數 EBIT 利潤率的道路。

That formula includes multi-brand -- a multi-branded and diverse product portfolio that is constantly refreshing and bringing in newness and seeking to drive value out of every relationship we have in the marketplace. It also requires us to be bolder and more creative in how we offer.

模式包括多品牌——一個多品牌、多元化的產品組合，不斷推陳出新，力求從我們在市場上的每一次合作關係中創造價值。這也要求我們在產品和服務上更加大膽創新。

I made another change within my leadership team this quarter, asking Venkatesh Alagirisamy to be in the role of our Chief Operating Officer. He and his team will look end-to-end to ensure technology is fully integrated across the company and how we create, plan, make, deliver, and sell our world-class innovations.

本季我對領導團隊進行了另一項調整，任命 Venkatesh Alagirisamy 擔任營運長。他和他的團隊將從頭到尾審視技術，確保技術在公司內部全面整合，並貫穿我們如何創造、規劃、製造、交付和銷售世界一流的創新成果。

We see significant opportunity to get our core operations running more efficiently and more profitably. I look forward to sharing more in the coming quarters.

我們看到了讓核心業務更有效率、更有利潤運作的巨大機會。我期待在接下來的幾個季度與大家分享更多資訊。

With that, I'll turn it over to Matt to go deeper into the quarter, and then offer some closing thoughts before we take questions.

接下來，我將把發言權交給 Matt，讓他更深入地探討本季的內容，然後在回答問題之前，我會提出一些總結性的想法。

Thanks, Elliot, and happy holidays to everyone on the call. Our second-quarter results demonstrated the resilience of our portfolio with modest year-over-year reported top-line growth despite managing headwinds from the actions we have taken to reposition our business. As I look back on where we are, one year from Elliott joining the company and moving forward with our win now actions, our business is in a better position.

謝謝你，艾利奧特，也祝所有參加電話會議的人節日快樂。我們第二季的業績顯示了我們投資組合的韌性，儘管我們採取了重新定位業務的措施，克服了不利因素，但營收仍實現了同比小幅成長。回顧過去一年，自從艾利歐特加入公司並開始採取「贏在當下」的行動以來，我們的業務狀況已經好轉。

Sport dimensions represent a larger mix of the portfolio, led by running, and we are seeing momentum build in other sports. The Classic footwear franchises are on track to decline from peak levels by more than $4 billion by fiscal year-end. Wholesale has returned to growth, with a growing order book globally in both spring and summer. NIKE Digital has reduced promotional activity and is operating more strategically in sync with our partners. And inventory is in a healthy and clean position in North America and EMEA.

體育板塊在投資組合中所佔比例越來越大，其中跑步項目占主導地位，我們看到其他體育項目的發展勢頭也越來越強勁。經典鞋類特許經營權的銷售額預計將在本財年末從高峰下降超過 40 億美元。批發業務已恢復成長，全球春季和夏季的訂單量均成長。耐吉數位部門減少了促銷活動，並與我們的合作夥伴更加重視策略協調運作。北美和歐洲、中東及非洲地區的庫存狀況良好。

While we are encouraged by all of this, as we have said, our progress will not be linear as each brand, sport and geography is recovering on a different time line. And we continue to read and react every day in service of the long-term health of our brands. We highlighted last quarter that it will take more time to return to healthy growth in Greater China in Converse, and we expect headwinds to continue for the balance of the fiscal year. There are also puts and takes across EMEA and APLA. Meanwhile, North America in Running stand out again this quarter, and we are growing more confident in our ability to sustain the momentum as we look forward.

儘管我們對此感到鼓舞，但正如我們所說，我們的進展不會是線性的，因為每個品牌、運動和地區的復甦時間表都不同。我們每天都在持續閱讀和回應，以維護我們品牌的長期健康發展。我們在上個季度強調，匡威在大中華區恢復健康成長還需要更多時間，我們預期在本財年剩餘時間裡，不利因素仍將持續。歐洲、中東和非洲以及亞太、拉丁美洲地區之間也存在著買賣交易。同時，北美跑步項目在本季再次脫穎而出，展望未來，我們越來越有信心保持這一勢頭。

Being in the middle innings, as Elliot referenced, also means it will take time for the actions we have put into place to change the trajectory on EBIT margins. We have been navigating transitory headwinds to margin due to our Win Now actions and shifts in the business, including product and channel mix, and continued inventory liquidation.

正如艾利歐特所提到的，目前正處於中局階段，這意味著我們所採取的措施需要時間才能改變息稅前利潤率的走勢。由於我們採取的「立即取勝」行動和業務轉變（包括產品和通路組合以及持續的庫存清算），我們一直在應對利潤率的暫時性不利因素。

As we highlighted last quarter, we are also navigating new structural headwinds from the $1.5 billion of annualized incremental product costs due to higher US tariffs. This represents a gross headwind of approximately 320 basis points to gross margin in fiscal '26. And while we have begun to take actions to reduce this to a net impact of approximately 120 basis points, it is still a significant factor impacting our near-term EBIT margins amidst the turnaround in a very dynamic operating environment.

正如我們在上個季度所強調的那樣，由於美國提高關稅，每年產品成本增加 15 億美元，我們也面臨新的結構性不利因素。這意味著 2026 財年毛利率將面臨約 320 個基點的不利影響。雖然我們已經開始採取措施，將淨影響減少到大約 120 個基點，但這仍然是在當前瞬息萬變的經營環境下，對我們近期 EBIT 利潤率造成重大影響的一個因素。

All in all, we have made meaningful progress through our five Win Now actions, yet there is more work to do, and our teams are hustling. For this quarter, revenues were up 1% on a reported basis and flat on a currency-neutral basis. NIKE Direct was down 9%, with NIKE Digital declining 14% and NIKE Stores down 3%. Wholesale grew 8%. This included a top-line headwind of approximately $550 million from the reduction of our Classics franchises, down over 20% versus the prior year. This means our currency-neutral revenue grew 6%, excluding the impact of this headwind.

總而言之，我們透過五項「立即取勝」行動取得了實質進展，但仍有更多的工作要做，我們的團隊正在努力奮鬥。本季度，以報告匯率計算，營收成長了 1%；以固定匯率計算，營收與上季持平。NIKE Direct 銷售額下降 9%，NIKE Digital 銷售額下降 14%，NIKE Stores 銷售額下降 3%。批發業務成長了8%。其中包括因經典特許經營權縮減而導致的約 5.5 億美元的營收逆風，比前一年下降了 20% 以上。這意味著，不計入此不利因素的影響，我們以固定匯率計算的收入成長了 6%。

Gross margins declined 300 basis points to 40.6% on a reported basis, primarily due to increased product costs due to higher tariffs in North America, as well as inventory obsolescence in Greater China that was not contemplated 90 days ago. SG&A was up 1% on a reported basis year over year, driven by higher brand marketing expense, partially offset by lower operating overhead. Relative to expectations, SG&A was lower due to operating overhead savings, reflecting the team's continued focus on disciplined cost management.

以報告基準計算，毛利率下降 300 個基點至 40.6%，主要原因是北美關稅提高導致產品成本增加，以及 90 天前未預料到的大中華區庫存過時。SG&A（銷售、一般及行政）按報告基準年增 1%，主要原因是品牌行銷費用增加，但部分被營運費用降低所抵銷。與預期相比，由於營運間接費用的節省，銷售、一般及行政費用有所降低，這反映了團隊持續專注於嚴格的成本管理。

Our effective tax rate was 20.7% compared to 17.9% for the same period last year, primarily due to changes in earnings mix. Earnings per share was $0.53. Inventory decreased 3% versus the prior year, with units down high single digits.

由於收入結構的變化，我們的實際稅率為 20.7%，而去年同期為 17.9%。每股收益為 0.53 美元。庫存較前一年下降 3%，單位數量下降了接近 10%。

In North America and EMEA, which represent almost three-fourths of our business, we have returned to a healthy marketplace. We still have work to do in Greater China, parts of APLA, and Converse.

在占我們業務近四分之三的北美和歐洲、中東及非洲地區，我們已經恢復了健康的市場環境。我們在大中華區、亞太解放軍部分地區以及匡威還有許多工作要做。

Now I will turn to the geographies and once again focus my remarks on specific context and insights of our Win Now progress. In North America, Q2 revenue grew 9%. NIKE Direct declined 10%, with NIKE Digital down 16%. NIKE Stores were down 2%, wholesale grew 24% and EBIT declined 8% on a reported basis.

現在我將轉向地理方面，再次將我的發言重點放在我們「立即取勝」進展的具體背景和見解上。在北美，第二季營收成長了9%。NIKE Direct 下降了 10%，NIKE Digital 下降了 16%。耐吉門市銷售額下降 2%，批發銷售額成長 24%，息稅前利潤按報告數據下降 8%。

As Elliott said, North America is our best example of executing our Win Now actions, and we are taking the learnings from their playbook to execute across all other geos. Momentum is extending beyond running into additional sports, including basketball and training. As it relates to the North America marketplace, wholesale delivered strong growth in the quarter. While the quarter certainly benefited from liquidation to value channels as we clean up the marketplace, we also saw a balanced contribution of growth from both new and existing partners.

正如埃利奧特所說，北美是我們執行「立即取勝」行動的最佳範例，我們將藉鑑他們的成功經驗，在所有其他地區實施。這股勢頭不僅蔓延到跑步運動，也擴展到籃球和訓練等其他運動項目。就北美市場而言，批發業務在本季度實現了強勁成長。雖然本季由於我們清理市場，清算業務向價值管道轉移，確實從中受益，但我們也看到新舊合作夥伴都為成長做出了均衡的貢獻。

North America also made additional progress on repositioning NIKE Digital to a more premium representation of the NIKE brand with fewer data promotion, lower markdown rates and increased demand at full price. NIKE.com posted its best Black Friday ever this year, partially driven by strong sell-through of the Jordan Black Cat launch. Growth in the quarter was driven by Running, Kids, Basketball and Training with Running delivering high double-digit growth in NIKE-owned stores, NIKE Digital and wholesale.

北美地區在重新定位 NIKE Digital 方面也取得了進一步進展，使其成為 NIKE 品牌的更高端代表，減少了數據推廣，降低了降價幅度，並提高了全價需求。NIKE.com 今年黑色星期五的銷售額創歷史新高，部分原因是 Jordan Black Cat 鞋款的強勁銷售勢頭。本季成長主要由跑步、兒童、籃球和訓練產品推動，其中跑步產品在耐吉自營店、耐吉數位商店和批發管道均實現了兩位數的高成長。

Sportswear saw sequential improvement, up low single digits in the quarter, with Classic footwear franchises declining approximately 20% year over year. Inventory declined mid-single digits versus the prior year, with units down double digits. Closeout units declined double digits, and the mix is very healthy.

運動服裝業務環比有所改善，本季度實現了低個位數成長，而經典鞋類特許經營業務同比下降了約 20%。與上一年相比，庫存下降了中等個位數百分比，其中數量下降了兩位數百分比。清倉商品銷售出現兩位數下滑，但商品組合非常健康。

Last, I want to point out that North America gross margins only declined 330 basis points versus the prior year, despite 520 basis points of impact from new US tariffs. This gives us confidence that our Win Now actions are working. Profitability is recovering, and we are on the path back to sustainable, profitable growth.

最後，我想指出，儘管受到美國新關稅 520 個基點的影響，但北美毛利率與去年相比僅下降了 330 個基點。這讓我們確信，我們採取的「立即取勝」行動正在發揮作用。獲利能力正在恢復，我們正走上重回可持續獲利成長的道路。

In EMEA, Q2 revenue was down 1%. NIKE Direct declined 3% with NIKE Digital down 2% and NIKE Stores down 5%. Wholesale was flat. EBIT declined 12% on a reported basis. EMEA has maintained a healthy marketplace, although promotional activity has been heavier than expected. We saw growth in Central and Eastern Europe and the Middle East, offset by slight declines in Western Europe.

在歐洲、中東和非洲地區，第二季營收下降了1%。NIKE Direct 銷售額下降 3%，NIKE Digital 銷售額下降 2%，NIKE Stores 銷售額下降 5%。批發市場表現穩定。以申報數據計算，息稅前利潤下降了12%。儘管促銷活動比預期更為頻繁，但歐洲、中東和非洲地區的市場仍保持健康發展。中歐、東歐和中東地區實現了成長，但西歐略有下降，抵消了部分成長。

In Q2, our Performance business continued to build momentum, driven by double-digit growth in Running. We also saw growth in training and sportswear. Sportswear growth was driven by apparel with footwear flat as a mid-20%s decline in classic footwear franchises was offset by growth in Air Max and the look of running styles. Inventory grew double digits versus the prior year, with units flat and the spread primarily due to foreign exchange rates. Closeout mix in the geography is healthy.

第二季度，我們的競技運動業務持續保持成長勢頭，跑步業務實現了兩位數的成長。我們也看到訓練用品和運動服飾市場有所成長。運動服裝的成長主要由服裝推動，鞋類則保持平穩，經典鞋類系列銷量下降 20% 左右，但 Air Max 系列和跑步鞋款式的成長抵消了這一影響。與前一年相比，庫存實現了兩位數成長，單位數量持平，價差主要歸因於外匯匯率。從地理位置來看，清倉商品組合狀況良好。

In Greater China, Q2 revenue declined 16%. NIKE Direct declined 18%, with NIKE Digital down 36% and NIKE Stores down 5%. The Wholesale declined 15%. EBIT declined 49% on a reported basis. Our priority in Greater China is to create greater brand distinction through support and innovation, leveraging deep local insights in a premium and more consistently managed integrated marketplace across both physical and digital channels.

在大中華區，第二季營收下降了16%。NIKE Direct 銷售額下降 18%，NIKE Digital 銷售額下降 36%，NIKE Stores 銷售額下降 5%。批發業務下降了15%。以報告數據計算，息稅前利潤下降了 49%。我們在大中華區的首要任務是透過支援和創新，打造更鮮明的品牌特色，利用對本地市場的深刻洞察，在實體和數位通路上打造一個高端且管理更一致的整合市場。

Over the past several seasons, we have faced consistent challenges with declining store traffic, softer in-season sell-through rates, and higher levels of aged inventory across the marketplace. Our brands have consistently been off-price for consumers, especially in digital, affecting our premium positioning across the entire integrated marketplace. These challenges resulted in a higher mix of off-price sales with higher markdowns, higher sales-related returns, higher wholesale discounts, and higher obsolescence charges to clean marketplace inventory levels. This cycle has had a significant effect on the profitability of Greater China.

在過去的幾個季度裡，我們一直面臨著客流量下降、當季銷售率降低以及市場上滯銷庫存水準升高等挑戰。我們的品牌一直以來都以低價策略服務消費者，尤其是在數位領域，這影響了我們在整個整合市場中的高端定位。這些挑戰導致折扣銷售比例上升，降價幅度增大，銷售相關退貨量增加，批發折扣增加，以及為清理市場庫存而收取的報廢費用也增加。這一周期對大中華區的獲利能力產生了重大影響。

This quarter, we took the following actions in China. We continue to [obsess] our initial NIKE Store pilot, which delivered encouraging results this quarter with better traffic and comp sales growth relative to trends across the broader fleet. We focused on sport, combining new product innovation with elevated retail presentation, and we saw Running continue to grow in the quarter. We were less promotional during 11.11, resulting in an approximate 35% decline versus the prior year, in line with our plans.

本季度，我們在中國採取了以下行動。我們繼續[專注於]我們最初的耐吉門市試點項目，該項目在本季度取得了令人鼓舞的成果，客流量和同店銷售額增長均優於整個門市群的趨勢。我們專注於運動領域，將新產品創新與高端零售展示相結合，我們看到跑步運動在本季度繼續成長。我們在雙十一期間減少了促銷活動，導致銷售額比去年同期下降了約 35%，這與我們的計劃相符。

We accelerated returns of aged inventory owned by partners and wrote off both partner and NIKE inventory in the quarter. We reduced NIKE inventory by mid-teens versus the prior year and by 20% in units. And we reduced our sell-in plans for spring, and we cut our buys for summer to improve sell-through and full price realization. We will need to make further shifts in the integrated marketplace to break the cycle that we've been managing through.

本季我們加快了合作夥伴所擁有的滯銷庫存的回收，並註銷了合作夥伴和耐吉的庫存。與前一年相比，我們減少了 NIKE 庫存 15% 左右，數量減​​少了 20%。我們減少了春季的銷售計劃，並削減了夏季的採購量，以提高銷售率並實現全價。我們需要在一體化市場中做出進一步的改變，以打破我們一直以來所經歷的惡性循環。

There is more work ahead to scale the momentum of the initial store pilot to more doors to elevate our brands across all digital platforms and to clean up excess product in the marketplace. We expect headwinds to continue but we are working to set the foundation for a return to growth in this important geography.

未來還有更多工作要做，才能將首家門市試點計畫的勢頭擴展到更多門市，從而提升我們品牌在所有數位平台上的影響力，並清理市場上的過剩產品。我們預計不利因素還會持續，但我們正在努力為這個重要地區的復甦奠定基礎。

In APLA, Q2 revenue was down 4%. NIKE Direct declined 5% with NIKE Digital down 10% and NIKE Stores up 1%. Wholesale was down 3%. EBIT declined 15% on a reported basis. APLA continues to deliver mixed results across countries, with positive results in Latin America, more than offset by headwinds in Asia Pacific countries.

APLA第二季營收下降4%。NIKE Direct 下降 5%，NIKE Digital 下降 10%，NIKE Stores 上升 1%。批發業務下降了3%。以申報數據計算，息稅前利潤下降了15%。APLA在各國的表現持續呈現喜憂參半的局面，拉丁美洲的表現表現良好，但亞太地區的不利因素抵銷了這些正面成果。

During the quarter, the team leveraged promotions to make progress on pockets of excess inventory in the marketplace. In the quarter, running grew double digits and apparel grew mid-single digits overall. Inventory grew double digits versus the prior year with units up mid-single digits, though we saw pockets of improvement year over year.

本季度，團隊利用促銷活動，逐步解決了市場上部分過剩庫存的問題。本季跑步用品銷售額實現了兩位數的成長，服裝銷售額實現了中等個位數的成長。與去年相比，庫存實現了兩位數的增長，單位數量增長了中等個位數，儘管我們看到一些方面比上年有所改善。

Now I will turn to our third quarter guidance. We continue to operate in a dynamic environment, both for consumers and our global business, and we remain focused on what we can control to make forward progress for the long-term health of our brands. Our outlook reflects our best assessment of these factors based on the data we have available to us today.

現在我將談談我們第三季的業績預期。我們持續在一個充滿活力的環境中運營，無論對於消費者還是對於我們的全球業務都是如此，我們將繼續專注於我們能夠控制的事情，以推動我們品牌的長期健康發展。我們的展望反映了我們根據目前掌握的數據對這些因素的最佳評估。

We expect Q3 revenues to be down low-single digits with modest growth in North America as we see reduced liquidation activity versus prior quarters, performance in Greater China in Converse similar to Q2 as well as a 3-point benefit from foreign exchange.

我們預計第三季營收將出現個位數百分比的下滑，北美地區將出現溫和成長，原因是清算活動較前幾個季度有所減少，匡威在大中華區的業績與第二季度類似，並且外匯匯率也將帶來 3 個百分點的收益。

We expect Q3 gross margins to be down approximately 175 to 225 basis points. However, excluding the 315 basis point impact of higher gross product costs related to new tariffs, gross margin expansion would be positive in the third quarter. We expect Q3 SG&A dollars to be up low-single digits due to higher demand creation and investments in our Sport Offense. We expect other expense net of interest income to be an income of $0 to $10 million in the third quarter.

我們預計第三季毛利率將下降約 175 至 225 個基點。然而，若不計新關稅帶來的毛產品成本上升 315 個基點的影響，第三季毛利率擴張將為正值。由於需求增加以及對體育進攻業務的投資，我們預期第三季銷售、管理及行政費用將達到個位數低成長。我們預計第三季扣除利息收入後的其他支出將為 000 至 1,000 萬美元的收入。

Now I'll close with a few final thoughts. We are making progress in the areas we focused on first, and we are increasingly confident in our path forward, led by momentum in North America. We are making the investments required to position our full portfolio for a recovery and making decisions in service of the long-term health of our brands.

最後，我再補充幾點想法。我們在最初重點關注的領域取得了進展，並且在北美市場的強勁勢頭引領下，我們對未來的發展道路越來越有信心。我們正在進行必要的投資，以使我們的全部產品組合為復甦做好準備，並做出有利於我們品牌長期健康發展的決策。

Operationalizing the Sport Offense, elevating the marketplace, and rebuilding our key city teams are critical priorities to return to sustainable, profitable growth across all brands, all sports and all geographies. Finally, as you heard from Elliott, we are focused on improving the profitability and operating efficiency of our business and realigning costs while also investing to reignite growth.

落實運動進攻策略、提升市場水準、重建重點城市球隊是恢復所有品牌、所有運動項目和所有地區可持續獲利成長的關鍵優先事項。最後，正如您從艾利奧特那裡聽到的，我們專注於提高業務的獲利能力和營運效率，並重新調整成本，同時進行投資以重振成長。

We look forward to sharing more in upcoming quarters. With that, I'll pass it back to Elliot.

我們期待在接下來的幾季與大家分享更多資訊。這樣，我就把麥克風交還給艾利歐特了。

Thank you, Matt. This quarter, the Los Angeles Dodgers reminded us what it takes to win at the highest level, back-to-back World Series titles something no team had done in 25 years. They gave us a game 7 for the ages. They didn't take the lead until the 11th inning, down 3-0 early, every outside voice said, it's over. But they kept chipping away.

謝謝你，馬特。本季度，洛杉磯道奇隊向我們展示了在最高水平的比賽中獲勝需要付出什麼，他們連續兩次獲得世界大賽冠軍，這是25年來沒有任何一支球隊做到的。他們為我們奉獻了一場足以載入史冊的第七場比賽。直到第 11 局才取得領先，比賽初期他們以 0-3 落後，所有外界人士都說，比賽結束了。但他們堅持不懈地努力。

Every setback became a lesson. They leaned on each other. They believed when belief was hard. Manager, Dave Roberts, shared those insights with us at the opening of our new NIKE Store in Portland just days after that win.

每一次挫折都成了學習的機會。他們互相依靠著。在信念艱難之時，他們依然堅持信念。經理戴夫羅伯茨在波特蘭新開的耐吉商店開業當天，與我們分享了這些見解，當時距離我們贏得那場勝利僅幾天之遙。

He talked about what guided his decisions, not just analytics, but trust, feel, 1and sacrifice. That included putting in bits player, Miguel Rojas, who hit an improbable home run in the ninth followed by a bases loaded throw to the plate in the bottom of the inning. With one more out to go, Robert swapped in Pajes who immediately made a leaping game-saving catch. Every decision mattered and every player was ready when called upon.

他談到了指導他做決定的因素，不僅是分析，還有信任、感覺和犧牲。其中包括派上替補球員米格爾·羅哈斯，他在第九局擊出一記不可思議的本壘打，隨後在下半局滿壘的情況下將球傳回本壘得分。比賽還剩最後一名球員出局時，羅伯特換上了帕傑斯，帕傑斯立即跳起接住了球，挽救了比賽。每一個決定都至關重要，每位球員都隨時準備上場。

But the boldest move he made was managing Yoshinobu Yamamoto's innings, our NIKE guy and World Series MVP, who won a historic three games in the series. The day after throwing nearly 100 pitches, he surprised everyone to close out Game 7. That wasn't just effort, that was a statement. I'm leaving nothing on the table. It inspired the entire team. That's what greatness looks like.

但他最大膽的舉動是管理山本嘉信的投球局數，山本嘉信是我們的耐吉代言人和世界大賽MVP，他在系列賽中贏得了歷史性的三場比賽。在投了近 100 球的第二天，他出人意料地完成了第七場比賽的結束。那不僅僅是努力，那是一種宣言。我不會留下任何遺憾。這激勵了整個團隊。這就是偉大之處。

It's not about perfection. It's about perseverance. It's about sticking to the plan and performing when the pressure is highest. Nike is in a similar moment.

這不是追求完美。關鍵在於堅持不懈。關鍵在於堅持計劃，並在壓力最大的時候發揮出色。耐吉目前也面臨類似的困境。

We're the industry leader. Expectations are high, and yes, we face pressure and set backs. But like the Dodgers, we're leaning on each other, focused on the fundamentals, making the hard calls and building for the long game because in the end, greatness is a promise. It's earned, and we're ready to earn it again and again.

我們是行業領導者。期望很高，是的，我們面臨壓力和挫折。但就像道奇隊一樣，我們互相依靠，專注於基本功，做出艱難的決定，並為長遠目標而努力，因為歸根結底，偉大是一種承諾。這是我們應得的，我們準備好一次又一次地贏得它。

Thank you. And now Matt and I will take your questions.

謝謝。現在我和馬特將回答大家的問題。

(Operator Instructions)

（操作說明）

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

So Elliot, you led both in the release and on the call, by citing the turnaround is in middle innings. Could you elaborate maybe where you've scored run so far versus where you have opportunity remaining, and just your overall confidence today that that you can win the game.

所以艾利奧特，你在發布會和電話會議中都發揮了領導作用，你指出轉機出現在比賽的中段。能否詳細說明一下你目前為止的得分情況，以及你還有哪些得分機會，還有你今天贏得比賽的整體信心？

And then, Matt, if you could just elaborate on the components of gross margin that you cited. I think you cited underlying expansion, excluding tariffs for the third quarter. And just the progression that we should think about moving forward.

然後，馬特，你能詳細解釋一下你提到的毛利率組成嗎？我認為你引用的是第三季不計關稅的基本面擴張。以及我們應該考慮的未來發展方向。

Thank you, Matthew, and appreciate the question. And let me start by saying the path back to sustainable profitable growth is going to go through our Win Now actions, and that will be -- and they will be accelerated by our Sport Offense. And I would also say that I'm incredibly inspired by the way our teammates have responded to the actions in the new offense.

謝謝你，馬修，謝謝你的提問。首先我想說的是，重回可持續獲利成長的道路將透過我們的「立即取勝」行動來實現，而我們的「體育進攻」行動將加速這一進程。我還要說，我的隊友們對新進攻戰術的反應方式讓我深受鼓舞。

The drivers of our growth right now for NIKE, they came through the Win Now actions, which were our near-term actions around culture, product, storytelling, the marketplace and winning on the ground with consumers. But it's -- our Sport Offense is the accelerator of those actions. It's how we take athlete-centered innovation, and it travels through every country, channel and account to drive growth. And the Sport Offense is what's bringing the balance to our portfolio.

目前推動耐吉成長的動力來自於「立即取勝」行動，這些行動是我們圍繞文化、產品、故事敘述、市場以及贏得消費者的近期行動。但正是──我們的運動攻擊是這些行動的加速器。這就是我們推行以運動員為中心的創新的方式，它滲透到每個國家、通路和客戶，從而推動成長。運動進攻正是我們產品組合實現平衡的關鍵。

We have a relentless flow of innovative product now coming across our three brands through multiple sports, performance in sportswear men's, women's and kids and it's -- and we pay it off across 190 countries. So we've had some meaningful progress, Matthew, over the last 90 days.

我們現在透過旗下三大品牌，在多個運動領域，不斷推出創新產品，涵蓋男裝、女裝和童裝運動服，並且——我們的產品銷往了 190 個國家。馬修，過去90天裡，我們取得了一些實質的進展。

NIKE Brand is growing. Sport is growing with Running leading the effort there at over 20% and taking market share. We're beginning to diversify the portfolio, rightsizing our Classics. As Matt said, we declined roughly $4 billion from its peak. North America grew 9%. Wholesale grew. Our order book for the spring and summer is up. So we have a healthier base from which to grow profitable, sustainable growth.

耐吉品牌正在發展壯大。運動正在蓬勃發展，其中跑步運動發展迅速，市場份額超過 20%，並不斷擴大。我們開始實現投資組合多元化，調整經典股的規模。正如馬特所說，我們的市值比高峰下降了約 40 億美元。北美成長了9%。批發業務成長了。我們的春夏季訂單已經出來了。因此，我們擁有更健康的基礎，可以在此基礎上獲利、可持續的成長。

So in terms of the middle innings, specifically, I think the best way to think about it is that we have our businesses -- the dimensions of our businesses moving at different speeds, and the time lines are going to vary by geo, channel, and sport dimension. So by brand, as an example, NIKE is off to a strong start. We had growth this quarter. Jordan, I think, still has some room to dimensionalize beyond streetwear into things like Jordan Basketball, Jordan Training, et cetera, but we've seen some real good progress around Streetwear there. We're resetting the marketplace for Converse under new leadership.

所以就比賽中段而言，我認為最好的思考方式是，我們的業務——我們業務的各個方面以不同的速度發展，時間線會因地理位置、管道和體育維度而異。以品牌為例，耐吉開局強勁。本季我們實現了成長。我認為 Jordan 品牌在街頭服飾之外還有拓展空間，可以發展成 Jordan 籃球、Jordan 訓練等更多領域，但我們已經看到它在街頭服飾方面取得了一些非常好的進展。在新領導階層的帶領下，我們將重塑匡威的市場格局。

In terms of product, performance is growing, but sportswear is still in the early stages of diversification. We've done a great job of rightsizing the franchises, but we still need to diversify that portfolio, middle innings. And then from a geography, North America's leading, EMEA just transitioned to the Sport Offense, Followed by APLA, which as Matt pointed out, had some mixed results.

從產品角度來看，性能正在提升，但運動服裝仍處於多元化發展的早期階段。我們在調整特許經營規模方面做得很好，但我們仍然需要使投資組合多元化，就像中局比賽一樣。從地理位置來看，北美領先，EMEA 剛剛過渡到 Sport Offense，隨後是 APLA，正如 Matt 指出的那樣，結果喜憂參半。

And then China has our longest road ahead. And that's why we're sitting here saying we're in middle innings, great success in North America, work to do in China. But all I would say here, just to sort of close it out, Matthew, is while the middle innings -- why we keep saying we're in the middle innings, I will say this. The Win Now actions and the Sport Offense is working, and it will lead us back to profitable sustainable growth.

接下來，我們還有很長的路要走。所以我們現在才說，我們正處於比賽的中期階段，在北美取得了巨大的成功，但在中國還有很多工作要做。但最後我想說的是，馬修，雖然我們一直說比賽處於中局階段——我之所以這麼說，是因為…「立即取勝」行動和「體育進攻」正在奏效，這將帶領我們重回盈利的可持續成長軌道。

And Matt, as it relates to margins, I would just say that our business is still in a transition in the middle innings. And we are navigating through both transitory -- at both transitory and structural headwinds across the portfolio. But as Elliott said, we've made meaningful progress through the Win Now actions, and you can really see that in the progress that we made in North America in Q2.

至於利潤率，馬特，我想說的是，我們的業務仍處於轉型期的中期階段。我們正在應對投資組合中存在的暫時性和結構性雙重不利因素。但正如艾利奧特所說，我們透過「立即取勝」行動取得了實質進展，這一點在我們第二季北美取得的進展中確實可見一斑。

North America's gross margins were down 330 basis points despite more than 500 basis points of a headwind to product costs due to the gross impact from the new tariffs. And so that's a marketplace where we've -- we're furthest along in repositioning digital. We're back to growth in wholesale, and we've made the most progress in cleaning up the marketplace.

儘管新關稅的直接影響導致產品成本上升超過 500 個基點，但北美地區的毛利率仍下降了 330 個基點。因此，在這個市場中，我們在數位轉型方面走得最遠。批發業務已恢復成長，我們在清理市場方面取得了最大進展。

And so as I look ahead to Q3, we guided our margins to be down 175 to 225 basis points. That includes 315 basis points of higher product costs related to new tariffs. And so we expect -- so expansion, excluding the impact of new tariffs, really reflecting the beginning of recovery of the transitory headwinds at the corporate level.

因此，展望第三季度，我們預期利潤率將下降 175 至 225 個基點。其中包括與新關稅相關的產品成本上漲 315 個基點。因此我們預期——不包括新關稅的影響——擴張真正反映了企業層級暫時性不利因素開始復甦。

And we continue to expect to see momentum building in North America given where the state of the marketplace is. We're watching promotional activity in Europe, but inventory in Europe is in a healthy place. And then as I mentioned, there's puts and takes across APLA. And we expect the trends in Greater China and Converse for Q3 to be relatively in line with what we saw in Q2 as we continue to take actions on both of those resets.

鑑於目前的市場狀況，我們繼續預期北美市場的發展動能將會增強。我們正在關注歐洲的促銷活動，但歐洲的庫存狀況良好。正如我之前提到的，APLA內部存在著買賣交易。我們預計第三季大中華區和匡威的趨勢將與第二季的情況基本一致，因為我們將繼續對這兩項業務進行調整。

And so I would say that overall, we're encouraged by the momentum and the progress that we're seeing, but we've still got some work to do.

因此，總的來說，我們對目前的勢頭和進展感到鼓舞，但我們還有一些工作要做。

Ike Boruchow, Wells Fargo.

艾克·博魯喬夫，富國銀行。

I guess maybe for Elliot, maybe a similar type of question as Matt's. But you've mentioned the recovery won't be linear several times over the past year or in transition, and it totally makes sense. I guess I'd like to know if you're able to share when you believe that maybe that caveat won't be needed anymore, and you'll be able to better kind of hold momentum, create better visibility for investors on what's clearly becoming a reset base of revenue and earnings?

我想對艾略特來說，也許會問和馬特類似的問題。但你在過去一年或過渡時期多次提到復甦不會是線性的，這完全說得通。我想知道您是否能夠分享一下，您認為什麼時候可能不再需要這個限制條件，並且能夠更好地保持成長勢頭，讓投資者更清楚地了解正在重置的收入和盈利基礎？

Yeah. Thanks, Ike. Here's the best way that I would think about it is each geo. Let's first start with the brands. Each of the brands are at different stages in terms of diversifying their product portfolio. We just got into the Sport Offense in September. So we got these small cross-functional teams. We're getting them up and running as fast as we can.

是的。謝謝你，艾克。我認為最好的思考方式是，每個地理位置。我們先從品牌說起。各個品牌在產品組合多元化方面處於不同的階段。我們九月才開始接觸運動進攻。於是我們就組建了這些小型跨職能團隊。我們正在盡最大努力讓它們盡快投入運作。

Same thing is happening in the countries in key cities around the world. That happened at different stages. And so that's -- we believe in the strategy, and we know that the path back to profitable sustainable growth is through the Win Now actions. We also believe in the Sport Offense and our ability to create beautiful products and then pay it off in an integrated marketplace. We just have three brands in multiple sports and 4 geos and 190 countries, and they're all operating it at different time lines. And so that's the reason why we keep saying that we have different time lines, and it's just going to take time.

同樣的事情也發生在世界各國的主要城市。這件事發生在不同的階段。所以，我們相信這項策略，我們知道，重回獲利可持續成長的道路是透過「立即取勝」的行動來實現的。我們也相信運動進攻，相信我們有能力創造精美的產品，然後在整合的市場中獲得回報。我們只有三個品牌，涵蓋多個運動項目、4 個地區和 190 個國家，而且它們的營運時間各不相同。所以這就是為什麼我們一直說我們有不同的時間表，而且需要時間的原因。

So I will just sort of point to the place we focus first, which is North America, and we're having great success there. So we're confident in our path forward.

所以我只想指出我們首先關注的地區，也就是北美，我們在那裡取得了巨大的成功。因此，我們對未來的道路充滿信心。

Yes. And I just would add, Ike, that we said on North America that we're growing increasingly confident that we can sustain that momentum. I would also say that we've said that we believe we're going to drive modest growth in wholesale this year, starting to have more confidence in that dimensionality of the business.

是的。我還要補充一點，艾克，我們在北美說過，我們越來越有信心能夠保持這種勢頭。我還要說，我們已經表示相信今年批發業務將溫和成長，我們對該業務的這一方面越來越有信心。

But what you also heard on the call today was that we took some unplanned actions in Greater China as we're navigating real time through some of the challenges that we see in some of the businesses that are under reset. And so we're going to continue to take it 90 days at a time for now to give ourselves the flexibility to make the right decisions for the long-term health of our brands. And much of what we said today is consistent with what we've been talking about for the past couple of quarters.

但您在今天的電話會議上也聽到，我們在大中華區採取了一些計劃外的行動，因為我們正在實時應對一些正在重組的業務所面臨的挑戰。因此，我們目前將繼續以 90 天為單位進行評估，以便靈活地做出有利於我們品牌長期健康發展的正確決策。我們今天所說的很多內容，與我們過去幾季一直在討論的內容是一致的。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Just if I could ask two questions. I think the first one is on the commitment sort of the focus on the return to double-digit EBIT margin, it's a big priority for you guys. Is there a time line in which you could talk to when you think you'll get there?

我能否問兩個問題？我認為第一個問題是你們對恢復兩位數 EBIT 利潤率的承諾，這對你們來說是一個重要的優先事項。您能否提供一個大致的時間表，說明您預計何時能到達那裡？

And then I think the second question is just like part of that, I think, is on China, long road ahead, Q2 revenue is similar -- Q3 similar to Q2. How deep a reset do you think is necessary in China? And is -- are we near a bottom in revenue or EBIT declines in China?

然後我認為第二個問題也與此有關，我認為，關於中國，還有很長的路要走，第二季的收入與第二季相似——第三季與第二季相似。你認為中國需要進行多徹底的改革？那麼，中國市場的營收或息稅前利潤下滑是否已經接近谷底？

Okay. So Bob, let me do this. You stuck in two questions on me. Here's what I want to do Let's take EBIT first, and then we'll take China because I don't want to confuse it two. But let me just say that improving margins continues to be a top priority.

好的。鮑勃，讓我來做這件事。你問我了兩個問題。我想這樣做：我們先來看息稅前利潤，然後再來看中國市場，因為我不想把它們搞混。但我想說的是，提高利潤率仍然是我們的首要任務。

And I said it before and I'll continue to say, we do see a path back to double-digit EBIT margins. Our margins are under pressure for two reasons. First, the driver of our -- is our Win Now actions that we've intentionally taking to clean up the marketplaces around the world.

我之前說過，以後還會繼續說，我們看到了重回兩位數 EBIT 利潤率的道路。我們的利潤率面臨壓力，原因有二。首先，我們行動的驅動力是我們為清理全球市場而有意採取的「立即取勝」行動。

The second is the impact of tariffs, where we implement -- they, which were implemented after we activated the Win Now actions. And we're seeing the benefits of us taking those actions. We've said it North America back to growth, Running back to growth, Wholesale up, the order book, and we have a healthier base for top-line growth moving forward. In addition to the top-line growth, we also have opportunity to improve the efficiency and productivity and how we operate the business and we're going to share more in the coming quarters.

第二點是關稅的影響，我們實施了關稅——這些關稅是在我們啟動「立即取勝」行動之後實施的。我們正在看到採取這些行動的好處。我們已經說過，北美市場正在恢復成長，跑步業務正在恢復成長，批發業務也在成長，訂單量也在增加，我們為未來的營收成長奠定了更健康的基礎。除了營收成長之外，我們還有機會提高效率和生產力，改善業務運作方式，我們將在接下來的幾季分享更多資訊。

Matt, I don't know if you want to add anything to that?

馬特，我不知道你是否還有什麼要補充的？

I would just say something that will sound familiar. We're clear on what the path back looks like. It starts with growth. And I think that the investments that we've made to drive the Win Now actions are paying fruit. You see it with the second quarter of top-line growth and specifically, the growth that North America was able to deliver in the quarter, which is where we focused our demand creation investments and where we focused our investments in our commercial teams in order to be able to get back on the offense in the marketplace.

我只會說一些聽起來耳熟能詳的話。我們很清楚回歸之路是什麼樣的。一切始於成長。我認為我們為推動「立即取勝」行動而進行的投資正在取得成效。從第二季的營收成長，特別是北美地區在該季度實現的成長，可以看出這一點。我們把需求創造的投資和對商業團隊的投資都集中在北美地區，以便能夠在市場上重新佔據主動性。

Part of what's going to drive expansion is recovery of our full price mix as we continue to manage the off-price, full-price mix in the marketplace. And again, I'd point to North America where we've now cleaned the inventory in the marketplace, and we're starting to see margin expansion, excluding the headwind of tariffs.

推動擴張的部分因素是恢復我們完整的價格組合，同時我們將繼續管理市場上的折扣價和全價商品組合。我再次指出，在北美，我們現在已經清理了市場上的庫存，並且開始看到利潤率擴張，這還不包括關稅帶來的不利影響。

Another big opportunity for us is to leverage the supply chain cost as we grow. And that's been a meaningful headwind over the last year as our business has reduced in size. And growth will help us with that. But there's also a lot of focus and attention on that as well.

隨著公司的發展，我們還可以抓住另一個巨大的機遇，利用供應鏈成本優勢。過去一年，隨著公司規模的縮小，這給我們帶來了相當大的不利影響。而成長將有助於我們實現這一點。但在這方面也受到了許多關注。

And then the last piece of it, I would say is the work that we're doing to be disciplined in the way we're managing costs across the business. We've been investing in marketing, and we feel good about where we've leveled our brand marketing investment. We've locked in some of our most important team franchises for the long term, which strategically puts us in a great position in the world of sport.

最後一點，我認為是我們正在努力規範整個業務的成本管理方式。我們一直在加大行銷投入，我們對目前的品牌行銷投資水準感到滿意。我們已經與一些最重要的球隊簽訂了長期合同，這在戰略上使我們在體育界處於非常有利的地位。

But we've been very focused on managing operating overhead, and we will continue to do that, and we look forward to sharing more about that in the upcoming quarters.

但我們一直非常注重控制營運成本，我們將繼續這樣做，並期待在接下來的幾季中分享更多相關資訊。

Okay. I'll jump back now, and I'll take -- let me take China. China continues to be one of the most powerful opportunities in sport. We're confident that the Win Now actions and the Sport Offense will allow us to continue to invite 1.4 billion consumers into the world of sport, fitness and the lifestyle sport. So we see China as a big opportunity.

好的。我現在就跳回去，我要──讓我拿下中國。中國仍然是體育界最具潛力的市場之一。我們相信，「立即取勝」行動和「體育進攻」將使我們能夠繼續吸引 14 億消費者進入體育、健身和生活方式運動的世界。所以我們認為中國是一個巨大的機會。

With that said, it's clear that we need to reset our approach to the China marketplace. And it's going to start with structure. The geos are now reporting to me. Angela, who is our GM in Greater China is now part of my SLT, senior leadership team, and I look forward to working with her and the rest of our team more closely.

綜上所述，顯然我們需要重新調整我們進入中國市場的方式。一切都將從構建結構開始。地理資訊系統現在向我報告。安吉拉是我們大中華區的總經理，現在是我的高階領導團隊的一員，我期待與她和我們團隊的其他成員更緊密地合作。

Let me share a little bit of the diagnosis of where we are, and we believe -- and firmly believe and we'll always believe that our growth will come through sport, but the reality is we have become a lifestyle brand competing on price in China.

讓我分享一下我們對現狀的診斷，我們相信——並且堅信，而且我們將始終相信——我們的增長將來自體育，但現實是，我們已經變成了一個在中國以價格競爭的生活方式品牌。

We've also reduced the feet on the ground, people on the ground, as you know, it's a mono-brand marketplace with thousands of -- 5,000 doors with the teams working the presentation of our product at retail. And we weren't making the investment in our store fleet, so our stores aren't compelling. And as Matt mentioned, the cycle that it started to feed itself, soft demand leading to consistent promotions and then impacting profitability. And we did signal last quarter because of the structural differences that China would be on a different time line.

我們也減少了現場工作人員，如您所知，這是一個擁有數千家門市（5000 家）的單一品牌市場，團隊負責在零售店展示我們的產品。而且我們沒有對門市進行投資，所以我們的門市沒有吸引力。正如 Matt 所提到的，這種循環開始自我強化，疲軟的需求導致持續的促銷活動，進而影響獲利能力。上個季度我們確實發出信號，由於結構性差異，中國的發展時間表會有所不同。

So we're taking action. We're cleaning up the marketplace of age product. We're getting back to the basics of retail, consumer, right assortments, better story telling and elevated visual presentation. We're increasing investments in Shanghai and Beijing, resetting key doors, Matt referenced those in his prepared remarks. We're seeing early success.

所以我們正在採取行動。我們正在整頓老化產品市場。我們要回歸零售業的基本要素：消費者、合適的商品組合、更好的故事敘述和更進階的視覺呈現。我們正在加大對上海和北京的投資，重新打開關鍵大門，馬特在他的準備好的演講稿中提到了這一點。我們已經看到了初步成功。

But I'll say that it's not happening at the pace we like. So we have more to do. It's going to take a fresh perspective, a new approach, and we will have to come through this with new capabilities as well. And we're working closely with our partners at Pou Sheng and Topsports to adapt our approach. But I'll just sort of in here.

但我必須說，事情進展的速度並沒有達到我們預期。所以我們還有更多工作要做。這將需要一種全新的視角、一種全新的方法，而我們還需要具備新的能力才能克服這一難關。我們正與合作夥伴寶盛和拓普體育密切合作，調整我們的方法。但我就待在這裡吧。

I've done this before. I have a deep history in the market. We've diagnosed the problem, and we will return NIKE to a beloved premium and innovative brand in China.

我以前做過這件事。我在市場領域有著深厚的經驗。我們已經找到了問題所在，我們將使耐吉重新成為中國備受喜愛的優質創新品牌。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

Elliot, at the start of 2025, you expressed your strong confidence in the pipeline for running, and you laid out this 3x3 framework that you discussed with partners, and we're now seeing strong acceptance in the market and the business is growing over 20%. As you look across the other verticals, I know you talked about new innovation across all of them. But how do you see the phasing of the growth? And are there particular areas where you have that same level of conviction that you had in running a year ago and where you expect the business to ramp very quickly versus some that are a little slower?

艾利歐特，在 2025 年初，你對未來的發展充滿信心，並提出了你與合作夥伴討論過的 3x3 框架，現在我們看到市場對此表示強烈認可，業務增長超過 20%。我知道，當您審視其他垂直領域時，您也談到了所有這些領域的新創新。但您如何看待成長的階段性發展？你是否對某些領域抱持與一年前相同的信心，並期望這些領域的業務能夠迅速成長，而有些領域的成長速度則會稍慢一些？

And then a follow-up on North America. Matt and Elliot, you both talked about the contribution of new distribution and same-store sales on the wholesale growth. Are you happy with the mix of partners you have now? Or is the goal to continue to ramp up new distribution points into next fiscal year as well?

然後是北美地區的後續報道。Matt 和 Elliot，你們都談到了新通路和同店銷售額對批發成長的貢獻。你對目前的合作夥伴組合滿意嗎？或者，目標是在下一個財政年度繼續增加新的分銷點？

Aneesha, thanks for the questions. I'll start. Let me take the product portfolio piece first. Here's what I'd say. The teams are doing a really nice job of building a more diverse portfolio. You can start to see it in our numbers.

阿妮莎，謝謝你的提問。我先來。我先來說說產品組合部分。我的看法是這樣的。各團隊在建立更多元化的投資組合方面做得非常出色。從我們的數據中就能看出這一點。

We do have an unmatched portfolio with depth and dimension across performance in sportswear, men's, women's, kids, footwear, apparel accessories and up and down price points. . And we believe that moving into this sport-obsessed teens through our Sport Offense, we're already starting to see the pipeline and the flow of innovation coming through across the three brands, NIKE, Jordan, and Converse. So we know when we focus on sport, we win, you called out Running already.

我們在運動服、男裝、女裝、童裝、鞋類、服裝配件以及各種價位的產品方面，擁有無可比擬的豐富性和廣度。。我們相信，透過我們的運動進攻策略打入痴迷運動的青少年群體，我們已經開始看到耐吉、喬丹和匡威這三個品牌之間創新人才的湧現和發展。所以我們知道，當我們專注於運動時，我們就能獲勝，你已經提到了跑步。

I will hit very quickly that we launched Vomero Premium as part of that nine-box construct that you referenced this quarter and had very good sell-through. And we also launched Structure 26 in our stability silo and we're launching Structure Plus next month. So we're continuing to fill that out.

我很快就會說明，我們推出了 Vomero Premium，作為您在本季度提到的九盒產品組合的一部分，並且銷售情況非常好。此外，我們還在穩定性產品線中推出了 Structure 26，並將於下個月推出 Structure Plus。所以我們正在繼續完善這部分內容。

But it's not just about footwear, it's also about apparel. We have some really strong apparel coming through in Running as well. So we will continue to grow and dimensionalize Running as -- NIKE Running as an opportunity.

但這不僅關乎鞋類，也關乎服裝。我們在跑步服裝領域也推出了一些非常出色的產品。因此，我們將繼續發展和拓展跑步運動，並將其視為——耐吉跑步運動的機會。

In terms of other business opportunities, Global Football, it's probably the furthest along in terms of their construct. We have three silos there, footwear silos, the Mercurial, Tiempo, which will launch in Q3 and then our Phantom, which had a really strong launch in Q1. So three silos also connecting deeply with each of the consumers that play a different style of football.

就其他商業機會而言，Global Football 在其架構方面可能是發展得最成熟的。我們在那裡有三個產品系列，分別是鞋類產品系列 Mercurial、Tiempo（將於第三季推出）以及 Phantom（在第一季推出後表現非常強勁）。因此，這三個資訊孤島也與各自不同風格的足球消費者建立了深厚的連結。

Apparel and footwear also dimensionalizes that opportunity, National Team kits, World Cup, really strong read there, 40% up on the order book versus World Cup 22. Training, 24/7 apparel, continuing to diversify the footwear. I see that coming. That's not yet hit, but we feel good about what's coming from training and footwear.

服裝和鞋類也體現了這一機遇，國家隊球衣、世界杯，這方面的需求非常強勁，訂單量比 2022 年世界杯增長了 40%。培訓、全天候服裝、持續豐富鞋類產品。我預感到了。雖然還沒有達到目標，但我們對訓練和鞋類的進展感到樂觀。

SKIMS had a successful launch. We launched in EMEA and APLA, next quarter in basketball. We're dimensionalizing through women's, Sabrina, Asia, and now we have Catlin coming and our men's business continues to do well. Ja sold through extremely well. And then we just launched the GT Future, and we had kids lining up for that shoe. So started dimensionalize beyond -- or dimensionalize the portfolio.

SKIMS成功上市。我們已在歐洲、中東、非洲和亞太地區推出，下個季度將進軍籃球領域。我們正在透過女裝、Sabrina、Asia 等品牌實現多元化發展，現在又有了 Catlin，而我們的男裝業務也繼續保持良好勢頭。Ja 的銷售情況非常好。然後我們推出了 GT Future，孩子們都排隊想買那雙鞋。於是，我們開始進行維度擴展──或者說，對投資組合進行維度擴展。

And then I can dive into innovation a bit more further out. I think it's getting stronger every season. We're investing significantly in our NIKE Sports Research Lab and we're being intentional about connecting that R&D to our Sport Offense. And we announced a few big -- which I talked about product innovations, NIKE Mind and then Aero-FIT.

然後我就可以更深入地研究創新了。我認為它每個賽季都在變得更強。我們正在大力投資耐吉運動研究實驗室，並且有意識地將研發工作與我們的運動進攻相結合。我們也宣布了一些重大消息——我談到了產品創新、NIKE Mind 和 Aero-FIT。

So I feel good about the pipeline, and we see the response in our order book, which is up for the back half of the year.

所以我對目前的供貨情況感到樂觀，從下半年的訂單量成長也可以看出這一點。

Maybe I'll jump in on marketplace, Elliot, and then you can add to it. Aneesha, we feel good about the North America marketplace and our partners. We've got great partnerships. We've been working incredibly close with our partners as we're working to elevate the marketplace and reposition the NIKE brand in a segmented and differentiated way across accounts and across the marketplace.

或許我會加入市場，艾略特，然後你也可以在裡面加東西。Aneesha，我們對北美市場和我們的合作夥伴充滿信心。我們擁有非常棒的合作關係。我們一直與合作​​夥伴緊密合作，努力提升市場地位，並以細分和差異化的方式在各個客戶和整個市場中重新定位耐吉品牌。

Tom Petty and the team have just been crushing it in terms of leading us through our Win Now actions. And when I look at the order book for the back half of the year, the order book is very balanced in terms of growth between new partners and existing partners. And so we feel great about the quality of the growth that we see in the back half across a balanced, integrated marketplace.

Tom Petty 和他的團隊在帶領我們完成「立即取勝」的行動方面做得非常出色。當我查看下半年的訂單情況時，發現新合作夥伴和現有合作夥伴之間的訂單成長非常均衡。因此，我們對下半年在均衡、一體化的市場中看到的成長品質感到非常滿意。

Our teams are always looking for opportunities because our marketplace strategy is a consumer-based strategy. We want to be in the path of the consumer, leveraging our partners across digital and physical-owned and partnered. And so I wouldn't rule out the possibility of it, but I wouldn't say that that's the -- that's what's needed in order for us to be able to sustain the momentum that we see in North America.

我們的團隊始終在尋找機會，因為我們的市場策略是以消費者為中心的策略。我們希望能夠觸達消費者，利用我們在數位和實體自有及合作通路上的合作夥伴。因此，我不會排除這種可能性，但我不會說這就是——這就是我們能夠保持我們在北美看到的這種勢頭所需要的。

I was going to add to it, but you've already embraced your new job. I think the only thing that I would add to it, Aneesha, because I think Matt did such a nice job is that, again, that Tom and the leadership team have done a really great job of just rightsizing the product, getting the marketing going.

我本來還想補充一些內容，但你已經全心投入新工作了。阿妮莎，我覺得我唯一要補充的是，因為我覺得馬特做得非常好，湯姆和他的領導團隊在調整產品規模、啟動行銷方面做得非常出色。

And then I would say the thing that's -- the big difference is the setting three-year vision with each of -- and this is into the details, but it matters. Setting three-year vision by account on the consumers that we want to serve by sport and then bringing that back to one-year plan and then to seasonal plans, and that's how you get back to driving profitable sustainable growth between -- with the partners. And again, the team has done a really nice job.

然後我想說的是——最大的區別在於為每個項目設定三年願景——這涉及細節，但這很重要。我們首先要針對我們想要服務的消費者，按運動項目制定三年願景，然後將其轉化為一年計劃，再轉化為季節性計劃，這樣才能與合作夥伴一起推動盈利的可持續增長。再次強調，團隊做得非常好。

So leading the way and therein lies the opportunity in the other geos for us. We've got to get the other geos keeping pace, and we're working hard to do just that.

因此，引領潮流也為我們在其他地區帶來機會。我們必須讓其他地區跟上步伐，我們正在努力實現這一目標。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Maybe one more on China. Do you think the North America experience where Elliott, we saw maybe two or three quarters of severe pressures after you came in and accelerated, the Win Now actions followed by now a return to growth in healthier conditions. Is that a reasonable time line or playbook to think about China?

或許還可以再寫一篇關於中國的文章。你認為北美市場的情況是這樣的嗎？艾利奧特，我們看到在你接手並加速實施「立即取勝」行動後，市場經歷了大約兩到三個季度的嚴重壓力，而現在市場在更健康的環境下恢復了成長。這是思考中國問題的合理時間表或策略嗎？

And then just maybe bigger picture, if you are viewing some of these headwinds currently in resets more as temporary. Maybe just expand on why not providing maybe two- or three-year out targets or a little bit more specificity around the time line to get back to double-digit margins?

然後，從更宏觀的角度來看，如果你把目前重置過程中遇到的一些不利因素看作是暫時的。或許可以進一步說明為什麼不提供兩到三年的目標，或更具體地說明恢復到兩位數利潤率的時間表？

Yeah. In terms of China, what I said earlier is we've taken actions, we're cleaning up, and we feel good about having a handle on what we -- what has happened in China and more importantly, what we must go do. And it's going to take a fresh perspective and a new approach and ultimately some new capabilities.

是的。關於中國，我之前說過，我們已經採取了行動，我們正在進行清理，我們對能夠掌控中國發生的事情以及更重要的是，我們必須去做的事情感到很滿意。這需要全新的視野、全新的方法，最終還需要一些新的能力。

And so -- and we're working with and through partners, which, again, that's where you get stuff to put an exact date on it, but we're confident in the path forward and the team that we have in place, and we're ready to get that business moved and turned as quickly as we possibly can.

所以——我們正在與合作夥伴一起努力，再說一遍，這就是你獲得確切日期資訊的地方，但我們對前進的道路和我們現有的團隊充滿信心，我們準備盡快推進和扭轉這項業務。

John, I'd just say on the -- on your timing question, we're operating in a dynamic environment for both consumers and for a global business, and we're trying to turn around our business across three brands, multiple sports, in four geographies. And as a result of that, it's complicated, what we're trying to do.

約翰，關於你提出的時機問題，我想說的是，我們身處在一個瞬息萬變的環境中，無論是對消費者還是對全球企業而言都是如此，我們正在努力扭轉旗下三個品牌、多個體育項目、四個地區的業務局面。因此，我們所做的事情很複雜。

We're encouraged by what we've been able to do in North America. . And I think we've got a clear path of what we need to do across the other dimensions of our business.

我們對我們在北美所取得的成就感到鼓舞。。我認為我們已經明確了在業務的其他方面需要做什麼。

But we're reading and reacting every day. And it's important right now that we've got the flexibility to be able to make the right decisions every week as we're trading the business in order to be able to establish the long-term health of our brands. And so for the near term, we're going to continue with this consistent practice that we've been doing. And as our confidence grows, we will certainly share greater insight into how we're thinking about the longer term.

但我們每天都在閱讀和做出反應。現在，我們必須擁有足夠的靈活性，以便在每週的業務交易中做出正確的決定，從而確保我們品牌的長期健康發展。因此，在短期內，我們將繼續沿用我們一直以來所採取的這種一貫做法。隨著我們信心的成長，我們一定會分享更多關於我們如何看待長期發展的見解。

Simeon Siegel, Guggenheim Securities.

西蒙·西格爾，古根漢證券。

I hope your families have a very happy holiday and New Year season. So Elliot, just to follow up a little bit. The North America revenue growth, it was just such a big number even before accounting for this -- the large classics reset. So can you just speak to what product is growing domestically so much that there's enough to accelerate that revenue growth as much and just more than offset the ongoing reset.

祝你們全家假期和新年快樂。艾利奧特，我再補充一點。即使不考慮大型經典遊戲重置的影響，北美地區的收入成長已經非常龐大了。那麼，您能否具體談談國內市場中哪些產品成長迅猛，足以加速收入成長，並足以抵銷當前的調整？

And then Matt, it feels like the growing wholesale penetration should help an operating overhead, maybe structurally. So just curious, if you could give any thoughts where operating overhead goes. And then as you think about that opportunity, is the idea that you can take a portion of that and fund it back into demand creation, which has always been one of your key competitive advantages.

然後，馬特，感覺不斷增長的批發滲透率應該有助於降低營運成本，或許可以從結構上改善營運。所以我很好奇，您能否談談您對營運成本都花在哪些方面的看法？然後，當你思考這個機會時，你會發現你可以將其中的部分資金重新投入到需求創造中，而需求創造一直是你的關鍵競爭優勢之一。

Yes. Simeon, thanks and also wishing you and your family a happy holidays as well. In terms of North America growth, Running, obviously, is a big piece, and it's not just growth sell-in. We're encouraged by sell-through. We're actually having -- taking market share, so we're feeling good about that.

是的。西蒙，謝謝你，也祝你和你的家人節日快樂。就北美市場的成長而言，跑步顯然是一個重要組成部分，而不僅僅是成長的賣點。銷售情況令人鼓舞。我們實際上正在搶佔市場份額，所以我們對此感到很滿意。

Global football, soccer, we're seeing growth there. We're seeing growth in Training, SKIMS as well would be another one I'd call out. And then basketball. The team is doing a really good job with basketball right now. And again, I touched on a few, but like the GT Future this weekend was phenomenal.

全球足球（soccer）領域正在成長。我們看到培訓領域正在成長，SKIMS 也是我想特別提一下的公司。然後是籃球。這支球隊現在在籃球方面表現非常出色。我再次提到了一些，但這個週末的 GT Future 賽事非常精彩。

And while sportswear is not growing, they've done a really nice job of rightsizing sportswear and starting to diversify the portfolio across the look of running, which is primarily driving it. But we also have some footwear on the women's side in Sportswear. Air Max Muse and the Superfly that's doing well. And then, of course, Jordan. I've got to call Jordan out when we speak about North America, they've done a really nice job and we had a great sell-through of the AJ IV Black Cat. We're getting back to telling stories.

雖然運動服裝行業沒有成長，但他們在調整運動服裝的尺寸和開始使產品組合多樣化方面做得非常好，跑步服裝是推動其成長的主要因素。但我們運動服飾系列中也有一些女鞋履。Air Max Muse 和 Superfly 的表現都很出色。當然，還有喬丹。談到北美市場，我必須特別提到 Jordan，他們做得非常出色，AJ IV 黑貓的銷售也非常好。我們又開始說故事了。

That -- by the way, that was our largest Black Friday ever that Black Cat was -- launch ever. And then just recently, it's not in this quarter, but the AJ 11 Gamma, we had people lining up for that shoe, again, which is fun to see -- see kids lining up for sneakers again. So I think the team has done a really nice job of making certain that they're running a complete and balanced portfolio across the brands and sports.

順便一提，那是我們有史以來最大的黑色星期五促銷活動，也是黑貓系列產品有史以來最大的一次發布。就在不久前，雖然不是本季發售的，但 AJ 11 Gamma 鞋款再次吸引了人們排隊購買，這很有趣——再次看到孩子們排隊購買運動鞋。所以我認為團隊在確保旗下品牌和運動項目組合完整均衡方面做得非常出色。

Simeon, I'd just add that the growth that we delivered in North America in Q2 was certainly strong. And if you look at our guidance for Q3, we said that we expect modest growth in North America, and you can really sort of connect the dots between the -- how much liquidation fueled the growth in Q3 versus what's going to be great comp full-price growth as we get into the third quarter. And so hopefully, that helps you connect the dots a little bit between the second quarter and the guidance for Q3.

西蒙，我還要補充一點，我們在第二季在北美實現的成長確實非常強勁。如果你看看我們對第三季度的預期，我們說過我們預計北美市場將實現溫和增長，你就能明白第三季度增長很大程度上是由清算推動的，而隨著我們進入第三季度，同店全價銷售將實現巨大增長。希望這能幫助您更好地理解第二季和第三季預期之間的關聯。

In terms of your question on cost leverage, you're absolutely correct. Growth creates leverage on the cost structure. Wholesale growth, in particular, creates meaningful growth on the cost structure led by unit growth. And you see it not only in the supply chain costs where you're shipping pallets of products to partners versus shipping one-on-one units to consumers. But you also will see it more broadly across our operating overhead.

關於您提出的成本槓桿問題，您完全正確。成長能夠對成本結構產生槓桿作用。尤其是批發業務的成長，透過單位數量的成長，對成本結構產生了顯著的影響。而且，這種差異不僅體現在供應鏈成本上，例如向合作夥伴運送托盤產品，而不是向消費者運送單一產品。但您也會在我們的營運成本中更廣泛地看到這一點。

We're certainly focused on continuing to prioritize our investment in demand creation. I wouldn't leave that to believe that we've necessarily decided we're going to go much higher than the 10% of revenue at this point in time because we feel like that gives us a good amount of investment to be able to continue to drive our brands forward. But if I'm prioritizing between the two, we certainly want to have more flexible liquid demand creation to create big moments that impact consumers and to be able to activate that on the ground in key cities.

我們當然會繼續把重點放在投資創造需求上。我不會就此認為我們已經決定將投資比例提高到遠高於營收的 10%，因為我們覺得這已經給了我們足夠的投資，可以繼續推動我們的品牌向前發展。但如果要在兩者之間做出選擇，我們當然希望擁有更靈活的流動需求創造能力，從而創造影響消費者的重大時刻，並能夠在重點城市將這些時刻付諸實踐。

And so we're going to continue to tightly manage costs on the operating overhead side. As Elliot said, we've got a number of things that we're looking at here, and we look forward to sharing more in the coming quarters.

因此，我們將繼續嚴格控制營運成本。正如艾利歐特所說，我們目前正在研究很多事情，並期待在接下來的幾個季度與大家分享更多資訊。

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

我們的問答環節和今天的通話到此結束。感謝各位的參與。您現在可以斷開連線了。