NIKE, Inc. (NKE) 2027 Q1 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s first-quarter fiscal 2027 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 NIKE, Inc. 2027 會計年度第一季財報電話會議。如需參考今天的新聞稿，請至 investors.nike.com 查閱。今天的電話會議由企業財務與司庫副總裁 Paul Trussell 主持。

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

現在我想把電話交給 Paul Trussell。

Thank you, operator. Hello everyone and thank you for joining us today to discuss NIKE, Inc.'s first quarter fiscal 2027 results. Joining us on today's call will be NIKE, Inc. President and CEO Elliott Hill; and CFO, Dave Denton.

謝謝，接線員。各位好，感謝各位今天加入我們，一同討論 NIKE, Inc. 2027 會計年度第一季業績。今天與會的還有 NIKE, Inc. 總裁暨執行長 Elliott Hill，以及財務長 Dave Denton。

Before we begin, let me remind you that participants on this call will make forward-looking statements based on current expectations and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in NIKE’s reports filed with the SEC. In addition, participants may discuss non-GAAP financial measures and non-public financial and statistical information.

在開始之前，提醒各位，本次電話會議中的與會者將基於目前的預期發表前瞻性陳述，而這些陳述受到若干風險與不確定性影響，可能導致實際結果與陳述內容出現重大差異。這些風險與不確定性已在 NIKE 向美國證券交易委員會（SEC）提交的報告中詳述。此外，與會者可能會討論非 GAAP 財務衡量指標，以及非公開的財務與統計資訊。

Please refer to NIKE’s earnings press release or NIKE’s website, investors.nike.com, for comparable GAAP measures and quantitative reconciliations. All growth comparisons on the call today are presented on a year-over-over basis and are currency-neutral, unless otherwise noted. We will start with prepared remarks and then open the call for questions.

請參閱 NIKE 的財報新聞稿或 NIKE 網站 investors.nike.com，以取得可比的 GAAP 衡量指標與量化調節表。除非另有說明，今天電話會議中所有成長比較皆以年對年為基礎，並以中性匯率（currency-neutral）呈現。我們將先進行事先準備的發言，接著開放提問。

We would like to allow as many of you to ask questions as possible in our allotted time, so we would appreciate you limiting your initial question to one. Thank you for your cooperation on this.

為了在既定時間內讓更多人有機會提問，懇請各位將第一個問題限制為一題。感謝各位的配合。

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

現在我把電話交給 NIKE, Inc. 總裁暨執行長 Elliott Hill。

Before I begin, I want to welcome Dave Denton to Nike. Dave brings deep financial expertise, strong operational leadership and a proven track record of helping world-class companies grow. I'm excited to partner with him and the rest of our senior leadership team to serve consumers better, accelerate our profitability and create long-term value for shareholders.

在我開始之前，我想先歡迎 Dave Denton 加入 Nike。Dave 具備深厚的財務專業、強大的營運領導力，並擁有協助世界級企業成長的卓越實績。我很期待與他以及我們其他資深領導團隊合作，更好地服務消費者、加速提升獲利能力，並為股東創造長期價值。

For the first quarter, results were in line with our expectations. NIKE, Inc. revenue was within the range we guided to. Gross margin improved, as we said it would. And we managed costs with discipline. Importantly, the quarter showed the Sport Offense is driving results. Our Nike Brand performance portfolio continued to grow. Last fiscal year we grew this business to $16 billion. We built on that foundation this quarter, growing Nike performance by another high-single digits. Today, I'll share more about the momentum we're seeing across our key sports.

第一季的結果符合我們的預期。NIKE, Inc. 營收落在我們先前提供的指引區間內。毛利率如我們所說有所改善。我們也以紀律控管成本。重要的是，本季顯示「Sport Offense」正在帶動成果。我們的 Nike 品牌 performance 產品組合持續成長。上一個會計年度，我們將這項業務成長至 160 億美元。本季我們在此基礎上再接再厲，Nike performance 再度以高個位數成長。今天我會分享更多我們在關鍵運動項目上看到的動能。

Despite that progress our Nike Performance business is not yet large enough to offset the pressure we're seeing in Nike Sportswear, Jordan Brand and Greater China. We're taking deliberate actions to strengthen those businesses, but realizing the full benefit of those efforts will take time. On the call, I'll provide more detail on what we're doing and why.

儘管取得進展，我們的 Nike Performance 業務規模仍不足以抵消 Nike Sportswear、Jordan Brand 與大中華區所面臨的壓力。我們正採取審慎且有意識的行動來強化這些業務，但要完全體現這些努力的效益仍需要時間。在本次電話會議中，我會更詳細說明我們正在做什麼，以及原因。

And finally, Dave and I will share how we're transforming Nike's operating model to scale the success of the Sport Offense across the company. This work has been underway for some time and it's an important part of building Nike the right way for the long-term.

最後，Dave 和我將分享我們如何轉型 Nike 的營運模式，將 Sport Offense 的成功在全公司規模化。這項工作已推動一段時間，也是以正確方式打造 Nike、以利長期發展的重要一環。

Let me start with Nike Sportswear, Jordan Brand and Greater China. We've identified the areas that need improvement and are actively repositioning these important businesses. Nike Sportswear, which accounted for just under half of this quarter’s revenue, was down low double-digits. The decline reflected a combination of deliberate actions, product underperformance and broader marketplace pressure.

我先從 Nike Sportswear、Jordan Brand 與大中華區談起。我們已找出需要改善的領域，並正積極重新定位這些重要業務。Nike Sportswear 佔本季營收略低於一半，年減低雙位數。下滑反映了多項因素的組合，包括有意識的行動、產品表現不如預期，以及更廣泛的市場壓力。

The first factor was one we expected. As planned, we reduced revenue from the Dunk by nearly 50% in the quarter. That resulted in roughly $200 million headwind in Sportswear. In addition, some aged, higher-volume Sportswear footwear sold-through below expectations. Looking ahead, that has impacted our future order books as we proactively work with our wholesale partners to work through excess inventory to create a healthy marketplace.

第一個因素是我們原本就預期會發生的。依照計畫，我們在本季將 Dunk 的營收降低了近 50%。這使 Sportswear 約承受 2 億美元的不利影響（headwind）。此外，部分較老舊、出貨量較大的 Sportswear 鞋款銷售進度（sell-through）低於預期。展望未來，這也影響了我們後續的訂單簿；我們正主動與批發合作夥伴合作，去化過剩庫存，以打造健康的市場環境。

Overall, there’s a lack of energy in the lifestyle space right now, which is impacting traffic. Yes, the consumer is cautious, but as the leader in the industry, it’s on us to bring more creativity to Sportswear. The headline decline only tells part of the story. Within Sportswear, several major franchises are healthy and growing. The Air Force 1, one of the most important sneakers in the world, is now driving a stable, full-price business through new dimensions and seasonal materials and colors.

整體而言，目前生活風格（lifestyle）領域缺乏活力，正在影響客流。沒錯，消費者態度審慎，但作為產業領導者，我們有責任為 Sportswear 帶來更多創意。表面上的下滑只反映了部分情況。在 Sportswear 內部，有數個主要系列仍然健康且持續成長。Air Force 1 作為全球最重要的球鞋之一，正透過新的尺寸規格（dimensions）以及季節性材質與配色，帶動穩定的正價（full-price）業務。

We also have a handful of Sportswear footwear franchises that have scaled over several seasons that grew by strong double digits in this quarter, led by our Running-Inspired silhouettes, the P6000 and the V5 runner. And where we have introduced newness at scale, we’ve seen early success. We launched Studio Fleece for Women and Solo Fleece for Men during Back-to-School season and the Studio Fleece was the best performing apparel collection of the quarter in all of NIKE, Inc.

我們也有少數幾個 Sportswear 鞋款系列，經過數季擴張後已形成規模，本季以強勁的雙位數成長，主要由我們的跑步靈感鞋型（Running-Inspired silhouettes）P6000 與 V5 runner 帶動。此外，在我們以規模導入新品之處，也看到初步成功。我們在返校季推出女性的 Studio Fleece 與男性的 Solo Fleece，其中 Studio Fleece 是本季 NIKE, Inc. 全公司表現最佳的服飾系列。

The common thread across these successful franchises is clarity. They know exactly who they're serving. That’s the lesson. The Sportswear consumer isn’t one audience. It’s a collection of consumers with distinct needs, tastes and motivations. So, we’re organizing Sportswear assortments the same way we’ve organized our performance business: around specific consumer insights and distinct style preferences.

這些成功系列的共同主軸是「清晰度」。它們非常清楚自己在服務誰。這就是我們得到的啟示。Sportswear 的消費者並非單一族群。而是由具有不同需求、品味與動機的多元消費者所組成。因此，我們正以與 performance 業務相同的方式來規劃 Sportswear 的商品組合：圍繞特定的消費者洞察與明確的風格偏好。

We’re breaking down the Sportswear business into smaller areas of focus to create a more diverse product portfolio and a more differentiated marketplace. We’ll see less of a sea of sameness that’s hurting the lifestyle marketplace across our brands and our competitors right now. That’s how we believe we’ll move from managing a few successful Sportswear franchises to building a deep bench of winners across the entire marketplace.

我們正把 Sportswear 業務拆分為更小的聚焦領域，以打造更多元的產品組合，以及更具差異化的市場呈現。我們將會看到較少那種「千篇一律」的同質化現象；這種現象目前正傷害生活風格市場，無論是我們的品牌或競爭對手皆然。我們相信，這就是我們能從管理少數成功的 Sportswear 系列，進一步在整個市場建立一支深厚「勝利產品」陣容的方法。

With Jordan Brand footwear, we’re going to get back to leading the scarcity model that we created. Simply put, we’ve been oversupplying our iconic retro product asking them to do too much. And as we’ve done with the Air Jordan 1, we will deliberately reduce the volume and frequency of specific Jordan Retro launches. We’ve discussed it with our wholesale partners. Together, we will restore balance to the marketplace to create a foundation for more profitable and sustainable growth. In the near term, North America will feel the biggest impact.

在 Jordan Brand 鞋款方面，我們將回到由我們所創造、並引領的稀缺性（scarcity）模式。簡單來說，我們對經典復刻（retro）產品供給過多，要求它們承擔過多的成長任務。正如我們對 Air Jordan 1 所做的，我們將有意識地降低特定 Jordan Retro 發售的數量與頻率。我們已與批發合作夥伴討論過。我們將共同恢復市場供需平衡，為更高獲利且更可持續的成長奠定基礎。短期內，北美將感受到最大的影響。

To give you a better sense of the scale of these actions, in Q1, the Jordan Brand represented 13% of our global business with revenue falling by mid-teens. Here’s why we’re doing this; when consumers see the Jumpman, it should feel special. It should feel earned. And every decision we're making is designed to ensure the Jordan Brand remains as coveted a decade from now as it has been for the past several decades.

為了讓各位更了解這些行動的規模，在第一季，Jordan Brand 佔我們全球業務的 13%，營收下滑約中十位數百分比。我們之所以這麼做，原因如下：當消費者看到 Jumpman 時，應該要覺得它很特別。應該要覺得那是「值得擁有、得來不易」的。而我們所做的每一項決策，都是為了確保 Jordan Brand 在十年後仍像過去數十年一樣令人嚮往。

Let’s turn to Greater China, where for the quarter, revenue declined 26%. With a new leadership team in place the past six months, we have been moving with urgency to alter the landscape and improve our position in the marketplace. As we announced in July, we are activating a plan to clean up the digital side of this market. We are eliminating distribution through channels that are not aligned with our marketplace strategy which will decrease the deep discounting of our brands.

讓我們把焦點轉向大中華區，本季營收下滑 26%。在過去六個月新領導團隊就位後，我們以緊迫感推動變革，改變市場格局並提升我們在市場中的地位。正如我們在 7 月所宣布的，我們正在啟動一項計畫，整頓該市場的數位端。我們將停止透過與我們市場策略不一致的通路進行分銷，這將降低我們品牌被大幅折扣銷售的情況。

We will anchor Nike’s and Jordan’s digital marketplace in China around fewer, higher-quality experiences through the official Nike flagship storefronts on Tmall, JD and Douyin, alongside Nike.com and the Nike App. We believe a tightened digital ecosystem of Nike flagships will enable a more premium brand presentation, with clearer product stories and a more connected consumer journey.

我們將把 Nike 與 Jordan 在中國的數位市場重心，聚焦於更少但更高品質的體驗：以天貓、京東與抖音上的 Nike 官方旗艦店為核心，並結合 Nike.com 與 Nike App。我們相信，更精簡的 Nike 旗艦數位生態系將帶來更高端的品牌呈現、更清晰的產品故事，以及更連貫的消費者旅程。

The focus will allow our top partners to concentrate on creating inspirational brick-and-mortar retail experiences. The majority of our partner’s physical doors in Greater China have not been refreshed in the past seven years. When we elevate the retail experiences and lead with sport, we see results. In Shanghai, our House of Innovation has delivered 10 consecutive months of growth since making that shift. In the near-term, revenues and profitability in China will be impacted. We expect our digital clean-up to take multiple seasons as we continue to take targeted actions with our partners to improve inventory levels.

這樣的聚焦將讓我們的頂尖合作夥伴能專注打造更具啟發性的實體零售體驗。我們在大中華區合作夥伴的實體門店，多數在過去七年未曾翻新。當我們提升零售體驗並以運動為核心時，我們看見了成果。在上海，我們的創新之家（House of Innovation）自做出該轉變以來，已連續 10 個月成長。短期內，中國的營收與獲利能力將受到影響。我們預期數位端的整頓將需要跨越多個季度（多個銷售季），因為我們會持續與合作夥伴採取有針對性的行動，以改善庫存水位。

Taken together, Sportswear, Jordan Brand and Greater China represent significant work ahead. But we know what healthy looks like and we're taking deliberate actions to get there. These challenges are significant, but they are not the whole story at Nike. At the same time, the Sport Offense is delivering measurable progress against our performance portfolio.

綜合來看，運動休閒（Sportswear）、Jordan Brand 與大中華區仍有大量工作要做。但我們知道健康的狀態應該是什麼樣子，也正在採取審慎而明確的行動以達成目標。這些挑戰很重大，但它們並非 Nike 故事的全部。同時，Sport Offense 正在我們的性能產品組合上，帶來可衡量的進展。

Here’s what that looked like this quarter. Running is up double digits again with consistent share gains. Global Football benefited from World Cup energy to drive strong double-digit growth in all four GEOs. Training grew globally, led by EMEA. Basketball was up double digits in North America with expectations that the sport will continue its momentum in Q2. And both Tennis and Golf grew double digits.

以下是本季的表現。跑步品類再次實現雙位數成長，且市占率持續提升。全球足球受惠於世界盃熱潮，在四大 GEO（地理營運區）皆帶動強勁的雙位數成長。訓練品類在全球成長，由 EMEA 領軍。籃球在北美實現雙位數成長，並預期該運動在第二季將延續動能。網球與高爾夫也都達成雙位數成長。

In Nike Running, our innovation in Max Cushioning helped reignite this business. Led by the strength of the Vomero franchise, we've nearly tripled our share of the Max Cushioning category over the past year. Now we're entering the next phase of Nike Running. Over the past two months we’ve introduced four new footwear innovations. Three in our racing silo and one in our Pegasus silo. Each built around a different runner, a distance and a goal.

在 Nike 跑步方面，我們在 Max Cushioning（最大緩震）上的創新，協助重新點燃這項業務。在 Vomero 系列的強勁帶動下，過去一年我們在 Max Cushioning 類別的市占率幾乎成長至原來的三倍。現在我們正進入 Nike 跑步的下一階段。過去兩個月，我們推出了四項全新的鞋款創新。其中三款屬於競速（racing）系列，一款屬於 Pegasus 系列。每一款都針對不同跑者、距離與目標而打造。

In August, we launched the Pegasus Plus 2, a fast tempo-training shoe with a curved Air Zoom unit for a quick, smooth ride. In September, we unveiled the Alpha fly 4, a lighter, more energy-giving version of our most celebrated marathon shoe. And yesterday, we introduced two new shoes that span the spectrum of runners. The Swooshfly, our entry-level marathon racing shoe, designed for the four-hour-plus runner. And Nike Apex, a super shoe with double-stacked Air Zoom units that deliver an incredible 40% more energy than the Alpha Fly 3.

8 月，我們推出 Pegasus Plus 2，這是一款適合快速節奏訓練的鞋款，搭載弧形 Air Zoom 氣墊單元，帶來迅速且順暢的腳感。9 月，我們發表 Alpha fly 4，這是我們最受讚譽的馬拉松鞋款的更輕量、能量回饋更強的版本。而在昨天，我們推出兩款新鞋，涵蓋不同類型跑者的需求光譜。Swooshfly：我們的入門級馬拉松競速鞋，為完賽時間四小時以上的跑者設計。以及 Nike Apex：一款超級跑鞋，採用雙層堆疊的 Air Zoom 氣墊單元，提供比 Alpha Fly 3 多出驚人的 40% 能量回饋。

In Global Football, we’re very pleased with our World Cup results as we doubled our World Cup team kit sales compared to the 2022 tournament. One of our strategies going into the tournament was to use that energy to invest in a much-needed refresh of the global football marketplace. This quarter, the newly elevated marketplace helped drive stronger sales in our Club football kits this quarter, which was up high teens. That’s critical, because Club football fans buy season-after-season.

在全球足球方面，我們對世界盃的成果非常滿意，因為我們的世界盃球隊球衣（team kit）銷售量相較 2022 年賽事翻倍。我們在賽事前的策略之一，是運用這股熱度，投入對全球足球市場亟需的更新。本季，經提升後的市場環境帶動我們的俱樂部球衣（Club football kits）銷售更強勁，本季成長達高十幾個百分點。這點至關重要，因為俱樂部球迷會一季接一季地購買。

Training is one of Nike’s largest untapped performance opportunities because every athlete trains. We’re seeing success across the portfolio. Nike Mind has quickly become one of our top-selling franchises. Nike Pro and Metcon are industry icons and we just introduced the Nike Hybrid footwear system for both running and strength movements to serve the fast-growing world of hybrid training and racing.

訓練是 Nike 最大、尚未充分開發的性能成長機會之一，因為每位運動員都需要訓練。我們在整個產品組合上都看見成功。Nike Mind 很快就成為我們最暢銷的系列之一。Nike Pro 與 Metcon 是業界指標，而我們也剛推出 Nike Hybrid 鞋履系統，兼顧跑步與肌力動作，以服務快速成長的混合訓練與競賽市場。

The new Hyperslide brings the next recovery innovation from our Nike times Hyperice partnership to a more accessible price point. In Basketball, where we are the global leaders, one of our most powerful growth opportunities is the women’s game. Nike Basketball has grown our women’s signature business nearly 500% from FY22 to FY26.

全新的 Hyperslide 將我們與 Hyperice 合作（Nike x Hyperice）帶來的下一代恢復創新，以更親民的價格帶推向市場。在籃球方面，我們是全球領導者，而最強大的成長機會之一是女子賽事。Nike Basketball 的女子簽名鞋業務，從 FY22 到 FY26 成長近 500%。

Today, we activated the largest women’s signature shoe launch in Nike’s history: the Caitlin One. It will launch in 5000 doors, twice the average for a Nike Basketball signature shoe, supported by our largest Nike product campaign for the holiday season.

今天，我們啟動 Nike 歷史上規模最大的女子簽名鞋上市：Caitlin One。它將在 5000 個銷售據點上架，為 Nike Basketball 簽名鞋平均上架規模的兩倍，並由我們假期檔期規模最大的 Nike 產品行銷活動提供支持。

What we've learned through the Sport Offense is that focus wins. When teams get closer to the athlete, the consumer and the marketplace, they make better decisions. And over the past year, we’ve taken steps to make certain that the rest of the company can move at the same speed. That’s the thinking behind Pace, a program that brings several operational changes together under one effort. The purpose of Pace is clear, accelerate the Sport Offense. It will change how and where we work move decisions and roles closer to the consumer and build capabilities that will allow us to move faster.

我們從 Sport Offense 學到的是：聚焦才能致勝。當團隊更貼近運動員、消費者與市場時，就能做出更好的決策。而在過去一年，我們已採取措施，確保公司其他部門也能以同樣的速度運作。這就是 Pace 的思維基礎——一項把多項營運變革整合為單一推動力的計畫。Pace 的目的很清楚：加速 Sport Offense。它將改變我們工作的方式與地點，把決策、職責與角色更貼近消費者，並建立能讓我們更快行動的能力。

The Sport Offense is proving itself. Pace is how we scale it. The first element is the work that’s already underway to evolve our Supply Chain from a mostly fixed structure to one that is more flexible, responsive and cost-effective.

Sport Offense 正在證明其成效。Pace 是我們擴大規模的方式。第一個要素，是目前已在進行的工作：將我們的供應鏈從以固定結構為主，演進為更具彈性、更快速回應且更具成本效益的體系。

As a next step, we're establishing a new campus in Bengaluru, India. Its mission is to drive new capabilities and ways of working for Nike. They will work closely with teams around the world to run the business with greater speed and precision. These full-time Nike teammates will span across a number of functions across the company. As part of Pace, we also plan to organize into three geographies. The Americas, which brings together North America and Latin America. APGC, which combines Asia Pacific and Greater China. And EMEA, Europe, Middle East and Africa, will continue operating as it is today.

下一步，我們將在印度班加羅爾（Bengaluru）設立新的園區。其使命是為 Nike 推動新的能力與工作方式。他們將與全球各地團隊緊密合作，以更高的速度與精準度營運業務。這些 Nike 全職同仁將橫跨公司內多項職能。作為 Pace 的一部分，我們也計畫按三大地理區域進行組織。美洲區（The Americas），整合北美與拉丁美洲。APGC，結合亞太與大中華區。以及 EMEA（歐洲、中東與非洲），將維持目前的營運方式。

We'll reduce layers and move more resources to the countries, territories, and cities and give our local teams more ownership of winning in their markets. We expect teams to move into this new formation in fiscal year 2028. And the final part of Pace is enhancing the way we work across Nike, which will change the shape and size of our workforce. In some areas, we'll add capabilities to increase speed and scale. In others, we'll eliminate duplication. Over time, those changes will reduce the overall number of roles across NIKE, Inc.

我們將減少管理層級，並把更多資源下放到各國家、區域與城市，讓在地團隊對其市場的勝利擁有更高的主導權。我們預期團隊將在 2028 會計年度進入這種新編制。Pace 的最後一部分，是強化 Nike 全公司的工作方式，這將改變我們的人力結構與規模。在某些領域，我們將增補能力以提升速度與規模化。在另一些領域，我們將消除重複。隨著時間推進，這些變革將降低 NIKE, Inc. 整體職位數量。

As Dave will outline, we expect Pace to streamline decision making so we can capture demand faster and improve productivity while also creating greater capacity to invest in what has always set Nike apart; serving athletes, creating industry-leading innovation, and building the world's strongest sports brands.

正如 Dave 將說明的，我們預期 Pace 能精簡決策流程，使我們能更快掌握需求並提升生產力，同時也創造更大的投資空間，投入一直以來讓 Nike 與眾不同的核心：服務運動員、打造業界領先的創新，以及建立全球最強的運動品牌。

At our Investor Day in November, we will provide a clearer view of our long-term growth algorithm, the actions behind our portfolio priorities and how our operating model will support sustainable growth and value creation.

在11月的投資人日上，我們將更清楚地說明我們的長期成長演算法、支撐我們投資組合優先事項的具體行動，以及我們的營運模式將如何支持可持續成長與價值創造。

With that I’ll hand it over to Dave.

接下來我把時間交給Dave。

Thank you, Elliott. And good afternoon to everyone. Over the past few weeks, I’ve had the opportunity to connect with many analysts and stakeholders, but importantly, I look forward to working with all of you as I begin my tenure here at Nike.

謝謝你，Elliott。也向各位致上下午好。在過去幾週，我有機會與許多分析師與利害關係人交流；更重要的是，當我開始在Nike任職之際，我期待與各位一起合作。

I've long admired Nike as an iconic brand, not only for its relentless commitment to innovation, but also for the way it inspires athletes through the power of sport. I’m pleased to be joining Nike at such a pivotal time, with so much opportunity ahead of us. It’s clear to me that there is an enormous potential to drive significant long-term shareholder value. Nike operates in a growing, vibrant but yet competitive sector, where it remains a clear leader despite recent results that have fallen short of expectations.

我長期以來一直欽佩Nike作為一個具代表性的品牌，不僅因其對創新的不懈承諾，也因其透過運動的力量激勵運動員的方式。我很高興能在這樣一個關鍵時刻加入Nike，因為我們前方有如此多的機會。對我而言很清楚的是，我們擁有推動顯著長期股東價值的巨大潛力。Nike所處的是一個成長中、充滿活力但仍具競爭性的產業；儘管近期業績未達預期，Nike仍然是明確的領導者。

A key part of my role is to ensure that our Performance business grows sustainably and profitably over the long-term, while also focusing on getting Sportswear and our Jordan and Converse brands back to financial health. That means ensuring we are appropriately resourcing our priorities, taking up the right actions with discipline and urgency, and maintaining accountability across the organization.

我職責中的一個關鍵部分，是確保我們的Performance業務能在長期內以可持續且具獲利性的方式成長，同時也要聚焦讓Sportswear以及我們的Jordan與Converse品牌回到財務健康的狀態。這意味著要確保我們對優先事項投入適當資源，以紀律與緊迫感採取正確行動，並在整個組織中維持問責。

We will continue our unwavering focus on driving shareholder value, which requires us to restore the Nike portfolio brands back to premium positions, improve the Company’s operating margin through enhanced productivity and better ways of working, invest with purpose to drive higher quality top line results and unlock new growth opportunities, and appropriately allocating capital to maximizing shareholder value creation.

我們將持續堅定聚焦於推動股東價值；這要求我們讓Nike投資組合品牌回到高端定位，透過提升生產力與更佳的工作方式改善公司的營業利益率，以明確目的進行投資以帶動更高品質的營收表現並解鎖新的成長機會，並以適當方式配置資本以最大化股東價值創造。

Under Elliott’s tenure, it’s clear we have made significant strides toward our objectives, but we still have more work to do. Our results are below both our expectations and our potential, and we are focused on closing this gap. And today, I’ll cover our financial performance for the quarter. Then I will highlight a key program focused on improving operating margins across the enterprise. And then I’ll close with our guidance for fiscal '27.

在Elliott任內，很明顯我們已朝目標取得重大進展，但仍有更多工作要做。我們的業績低於我們的預期與潛力，我們正專注於縮小這個差距。今天，我將說明本季的財務表現。接著我會重點介紹一項聚焦於提升全公司營業利益率的關鍵計畫。最後，我將以我們對2027會計年度的指引作結。

Our first quarter results reflected progress in several areas, while also showing where we still have work to do to return our business to a healthier position. In Q1, revenues were $11.2 billion, a decline of 4% on a reported basis and 5% on a currency-neutral basis. By geography, Greater China declined 26%, EMEA declined 5%, while APLA was flat, partially offset by 2% growth in North America.

我們第一季的結果在多個面向反映出進展，同時也顯示我們仍需努力，才能讓業務回到更健康的狀態。第一季營收為112億美元，以報表基礎計算下滑4%，以固定匯率（排除匯率影響）基礎計算下滑5%。按地區來看，大中華區下滑26%，EMEA下滑5%，APLA持平，部分被北美2%的成長所抵銷。

From a financial standpoint, the quarter continues to be defined by two different realities. Our Nike Performance portfolio delivered strong growth, while Nike Sportswear, the Jordan Brand and Greater China remained significant headwinds to our consolidated results. In fact, Nike Sportswear and the Jordan Brand, including men’s, women’s and kids, represented a high-single-digit drag on consolidated Nike. And if you were to isolate our Nike Performance business, it was up high single digits this quarter, benefitting from the World Cup.

從財務角度來看，本季仍可用兩種不同的現實來界定。我們的Nike Performance投資組合實現強勁成長，而Nike Sportswear、Jordan品牌以及大中華區仍是合併業績的重大逆風。事實上，Nike Sportswear與Jordan品牌（包含男裝、女裝與童裝）對Nike合併表現造成高個位數的拖累。如果單獨看Nike Performance業務，本季成長達高個位數，受惠於世界盃。

Additionally, if we were to exclude the reset in Greater China, Nike Performance would have been up low double digits in Q1. Performance was driven by double-digit growth in running, global football, tennis and golf. Gross margin was 42.8%, up 60 basis points compared to LY. The result included benefits from our supply chain cost management efforts and FX tailwinds, partially offset by increased discounts as well as channel mix.

此外，若排除大中華區的重置影響，Nike Performance在第一季本可達到低雙位數成長。Performance的成長由跑步、全球足球、網球與高爾夫的雙位數成長所帶動。毛利率為42.8%，較去年同期上升60個基點。此結果包含我們供應鏈成本管理努力與匯率順風帶來的效益，但部分被折扣增加以及通路組合影響所抵銷。

Importantly, SG&A declined 3% on a reported basis. The team has maintained strong discipline on expenses in the quarter while increasing investment in demand creation associated with the World Cup. Earnings per share for the quarter were $0.48, down 2% versus LY. Overall, our financial results were largely in line with our expectations for the quarter, but clearly below the Company’s long-term potential.

重要的是，SG&A（銷售、一般及行政費用）以報表基礎計算下降3%。團隊在本季維持了強勁的費用紀律，同時增加了與世界盃相關的需求創造投資。本季每股盈餘為0.48美元，較去年同期下降2%。整體而言，我們的財務結果大致符合本季預期，但顯然低於公司長期潛力。

The Company’s balance sheet remains very strong. We ended the quarter in a net cash position with $8.4 billion in cash and short-term investments, with leverage at roughly 2 times. We remain disciplined in how we allocate capital, with an emphasis on prioritizing the investments that can strengthen the business and improving returns on those investments over time. In the quarter, we returned approximately $610 million to shareholders through dividends, and the dividend remains a significant priority in our capital allocation strategy.

公司的資產負債表仍然非常強健。本季結束時，我們處於淨現金狀態，現金與短期投資為84億美元，槓桿約為2倍。我們在資本配置上仍保持紀律，重點在於優先投資能強化業務的項目，並隨時間推進提升這些投資的報酬。本季我們透過股利向股東返還約6.10億美元，而股利仍是我們資本配置策略中的重要優先事項。

Taken together, the quarter shows a business in transition. We are not where we want to be yet, but we have a strong understanding of the trends throughout the business and importantly, the actions required to improve results over the long-term.

綜合來看，本季顯示我們的業務正處於轉型之中。我們尚未達到理想狀態，但我們對整體業務的趨勢有很強的掌握；更重要的是，我們也清楚了解為了長期改善業績所需採取的行動。

As Elliott mentioned, we are taking strategic actions to build a healthier and more productive operating model that gives us greater flexibility to invest for growth, improve operating margins and create long-term shareholder value through a program we’re calling Pace. Pace is focused on improving how and where work gets done, improving our speed-to-market, streamlining decision making, and sharpening our focus in areas that matter most to both consumers and athletes. We expect this program will enhance productivity and drive a lower cost base at Nike.

如Elliott所提到的，我們正採取策略性行動，透過一項我們稱為Pace的計畫，建立更健康、更具生產力的營運模式，使我們能更有彈性地投資成長、改善營業利益率，並創造長期股東價值。Pace聚焦於改善工作如何以及在哪裡完成、提升我們的上市速度（speed-to-market）、精簡決策流程，並在對消費者與運動員最重要的領域加強聚焦。我們預期此計畫將提升生產力，並推動Nike更低的成本基礎。

We expect Pace will deliver approximately $2.5 billion in savings. As we move forward with this work, we intend to reinvest a portion of the savings from Pace back into the business with discipline, prioritizing the opportunities with the clearest strategic impact and the strongest returns. We also expect the cost to implement Pace will be approximately $1 billion over the program’s life, which is in addition to approximately $300 million of severance costs in fiscal '26.

我們預期Pace將帶來約25億美元的節省。隨著我們推進這項工作，我們打算以紀律方式將Pace節省的一部分再投資回業務中，優先投入在策略影響最明確且報酬最高的機會。我們也預期在計畫期間內，推動Pace的實施成本約為10億美元；此外，2026會計年度還將另有約3億美元的資遣費用。

We have begun taking actions and expect the majority of the program savings to be realized in fiscal years '29 and '30, with the full realization of the program to continue into fiscal year '31. Now, we expect to provide additional detail on these actions, our investment priorities and the measures we will use to assess our progress at our upcoming Investor Day.

我們已開始採取行動，並預期大部分計畫節省將在2029與2030會計年度實現，而計畫的全面實現將延續至2031會計年度。我們預期在即將到來的投資人日上，將就這些行動、我們的投資優先事項，以及我們用來評估進展的衡量指標提供更多細節。

Now I'd like to just spend a few minutes discussing our outlook for fiscal 2027. Before I discuss the outlook, let me share my approach to guidance. I believe guidance should be grounded in the realities of the business, informed by both the risks and opportunities ahead of us, and set at a level that we believe is reasonable and attainable based on the information we have today and importantly, the actions we're taking to drive the business forward.

接下來我想用幾分鐘談談我們對2027會計年度的展望。在討論展望之前，我先分享我對指引的看法。我認為指引應建立在業務現實之上，同時納入我們前方的風險與機會，並設定在我們認為合理且可達成的水準；這要以我們今天掌握的資訊為基礎，更重要的是，基於我們正在推動業務前進的各項行動。

One of my objectives is to build on our financial discipline and provide investors with a clear framework for understanding our performance as well as our outlook. To that end, beginning today, we intend to provide a view of our expectations for the full fiscal year and update that perspective as the year progresses. Today's outlook should be viewed as our initial assessment of fiscal '27 based on a comprehensive business and financial review conducted over the past several weeks. We expect to provide additional context in November as we further refine our plans as well as our priorities.

我的目標之一，是在我們的財務紀律基礎上更進一步，並為投資人提供一個清晰的架構，以理解我們的表現以及我們的展望。為此，自今天起，我們打算提供對整個會計年度的預期觀點，並在年度推進過程中更新該觀點。今天的展望應被視為我們基於過去幾週所進行的全面業務與財務檢視，對2027會計年度所做的初步評估。我們預期在11月，隨著我們進一步細化計畫與優先事項，將提供更多背景說明。

Starting with revenue, for fiscal '27, we currently expect revenues to decline in the high single digits range. As Elliott outlined, we are making deliberate choices across portions of the portfolio, particularly in Nike Sportswear, the Jordan Brand, and Greater China, to improve the health of these businesses over time. We will continue to take actions to reduce supply across key parts of the marketplace in support of a healthier marketplace environment and stronger full-price realization. We expect those actions will create pressure on reported revenues for the remainder of fiscal '27 and into '28.

先從營收談起，就 27 會計年度而言，我們目前預期營收將以高個位數百分比的幅度下滑。如 Elliott 所概述，我們正針對投資組合中的部分業務做出審慎取捨，特別是在 Nike Sportswear、Jordan Brand，以及大中華區，以在時間推移中改善這些業務的健康度。我們將持續採取行動，降低市場關鍵領域的供給，以支持更健康的市場環境並提升正價銷售實現。我們預期這些行動將在 27 會計年度剩餘期間並延續至 28 會計年度，對已報告營收造成壓力。

And as a reminder, in the second quarter, we are also lapping significant promotional activities in EMEA from Cyber Week and a higher comparison of North America sell-in activities versus last year. These two items will represent a headwind of approximately 400 basis points to revenue in the second quarter. While these decisions can dampen near-term topline results, our focus is on improving the quality of revenue and creating a more sustainable foundation for long-term growth.

另外提醒一下，在第二季，我們也將面臨 EMEA 地區因 Cyber Week 而出現的大量促銷活動的高基期，以及北美 sell-in 活動相較去年更高的比較基期。這兩項因素在第二季合計將對營收造成約 400 個基點的不利影響。儘管這些決策可能會壓抑短期營收表現，我們的重點在於提升營收品質，並為長期成長建立更可持續的基礎。

Turning to profitability, we currently expect EBIT to decline by a greater percentage than revenue. This outlook reflects continued pressure on gross margin and fixed cost deleverage associated with lower revenue levels, higher input costs, but partially offset by disciplined expense management. At the same time, we remain focused on the levers we can control. These include improving inventory management, increasing full-price realization, strengthening sourcing and supply chain execution, while managing our cost structure.

接著談獲利能力，我們目前預期 EBIT 的下滑幅度將高於營收。此一展望反映毛利率持續承壓，以及在較低營收水準下固定成本去槓桿的影響、投入成本上升，但部分會被嚴謹的費用管理所抵銷。同時，我們仍專注於我們可控的槓桿。包括改善庫存管理、提高正價銷售實現、強化採購與供應鏈執行，同時管理我們的成本結構。

We also expect SG&A to remain down year-over-year as we continue to identify opportunities to improve efficiencies, simplify operations, and increase productivity across the organization. Our priority is to direct more resources toward the consumer, sport, product innovation, and the growth opportunities with the greatest long-term potential.

我們也預期 SG&A 將維持年對年下降，因為我們持續尋找提升效率、簡化營運並提高全組織生產力的機會。我們的優先事項是將更多資源導向消費者、運動、產品創新，以及具備最大長期潛力的成長機會。

And finally, with respect to adjusted earnings per share, we currently expect fiscal '27 adjusted earnings per share to be in the range of $1.15 to $1.35. This range excludes approximately $0.15 of impact from the Pace Program. We look forward to providing additional perspectives on our strategic priorities, investment approach, and our long-term financial objectives in November.

最後，就調整後每股盈餘而言，我們目前預期 27 會計年度調整後每股盈餘將落在 1.15 美元至 1.35 美元之間。此區間不包含 Pace Program 約 0.15 美元的影響。我們期待在 11 月就我們的策略優先事項、投資方法，以及長期財務目標提供更多觀點。

Here’s what I’ve taken away from the last six weeks: we are not at a standing start. Significant and valuable work has already been done to build a better Nike, and we intend to accelerate those efforts over time. From a financial perspective, I hope you come away with a clear sense of our focus on moving the Company forward with discipline, accountability, and urgency. Our teams are working with purpose to restore the business to stronger financial health, while prioritizing the long-term strength of the company and positioning Nike for sustainable success.

以下是我過去六週的心得：我們並不是從零開始。為打造更好的 Nike，已經完成了大量且有價值的工作，而我們打算隨時間推移加速這些努力。從財務角度，我希望各位能清楚感受到我們以紀律、問責與緊迫感推動公司向前的聚焦方向。我們的團隊正以明確目的投入工作，在優先確保公司長期實力並讓 Nike 具備可持續成功定位的同時，讓業務恢復到更強健的財務狀態。

And with that, I’ll pass it back to Elliott. Elliott?

那麼，我把時間交還給 Elliott。Elliott？

A few weeks ago, the University of Texas hosted The Ohio State in what many called the biggest game of the college football season. Most people will remember how Texas came back from a 20 point deficit against the number one team in the country. But what stood out to me wasn't the final score. It was how they got there. A series of methodical drives. A few calculated risks. Extra effort in critical moments. They stayed committed to the plan. And eventually the scoreboard caught up.

幾週前，德州大學在一場許多人稱為大學美式足球賽季最大之戰的比賽中主場迎戰俄亥俄州立大學。多數人會記得德州隊如何在面對全國排名第一的球隊時，從落後 20 分逆轉。但最讓我印象深刻的不是最終比分。而是他們如何做到的。一連串有條不紊的推進。幾次精算過的風險承擔。在關鍵時刻多付出一點努力。他們始終堅持計畫。最終，比分也追了上來。

That resonates with me. Because as Dave and I just shared, we have a lot more work to do. That's just the reality we’re in. Increasingly, I see signals that remind me why our strategy is right. That happened in Austin. And it happened off the field. For six days leading into Saturday night, we helped turn the football game into a broader consumer moment. We activated every dimension of Nike, bringing together running, training, football and sportswear. We leveraged Blue Ribbon Elite, Nike’s program for NIL athletes, and our retail partners to capture the attention of an entire campus.

這讓我很有共鳴。因為正如 Dave 和我剛才分享的，我們還有很多工作要做。這就是我們所處的現實。我愈來愈常看到一些訊號，提醒我為什麼我們的策略是正確的。這在奧斯汀發生了。也在球場之外發生了。在週六晚間賽事前的六天裡，我們協助把這場足球賽轉化為更廣泛的消費者時刻。我們啟動 Nike 的每一個面向，把跑步、訓練、美式足球與運動休閒整合在一起。我們運用 Blue Ribbon Elite（Nike 的 NIL 運動員計畫）以及零售合作夥伴，吸引整個校園的目光。

Students went for a guided run along Lady Bird Lake with our EKINs. They did yoga with our trainers on the South Lawn. They got a special invite to work out at the Texas Football Weight Room. They lined up at 5:30 AM to shop at our NIKESkims pop-up on Speedway. They customized Studio Fleece and Solo Fleece designed specifically for Texas, and we sold through the collection. We seeded custom Vaporposite cleats with our top athletes. And we announced new 13 new NIL athletes across eight sports. Even UT-legend Kevin Durant showed up to welcome new athletes to join Team KD.

學生們與我們的 EKINs 一起在 Lady Bird Lake 旁進行導跑。他們在 South Lawn 與我們的教練一起做瑜伽。他們獲得特別邀請到德州橄欖球隊重訓室訓練。他們清晨 5:30 就在 Speedway 的 NIKESkims 快閃店排隊購物。他們客製化了專為德州設計的 Studio Fleece 與 Solo Fleece，我們也將該系列銷售一空。我們向頂尖運動員投放了客製 Vaporposite 釘鞋。我們也宣布新增 13 位、涵蓋 8 項運動的 NIL 運動員。甚至連 UT 傳奇球星 Kevin Durant 也現身，歡迎新運動員加入 Team KD。

This was Nike surrounding a moment, deploying our full Sport Offense. Something no one else can do. It was the kind of focus on the ground game that helps us become more locally relevant. And when you have 1,000 partnerships like we do, across universities in North America that reach over 13 million students it’s clear to me that Austin wasn't a destination. It was a reminder of what's possible. Of a larger opportunity in front of us. Of what happens when Nike plays to our strengths. Now, one week in Austin doesn't change the work in front of us. We have a lot to prove.

這就是 Nike 圍繞一個時刻、部署我們完整的 Sport Offense。這是其他人做不到的。這種對「地面戰」的聚焦，能幫助我們在在地層面更具相關性。而當你像我們一樣，在北美各大學擁有約 1,000 個合作關係、觸及超過 1,300 萬名學生時，我很清楚奧斯汀並不是終點。它是一個提醒：我們能做到什麼。提醒我們眼前更大的機會。以及當 Nike 發揮自身優勢時會發生什麼。現在，在奧斯汀的一週並不會改變我們面前的工作。我們還有很多要證明。

But it reinforced something special. The closer we get to the athlete. The closer we get to the consumer. The more opportunities we uncover to serve them. This is Nike using our partnerships in bigger, more creative ways. We can do it with Texas, The Ohio State, and soon Miami in Football. With the upcoming German Football Association partnership or with FC Barcelona and Paris St. Germain in Global Football. At our major marathons. And at March Madness.

但它強化了一件特別的事。我們越貼近運動員。我們越貼近消費者。我們就越能發掘更多機會來服務他們。這就是 Nike 以更大、更具創意的方式運用我們的合作夥伴關係。我們可以在美式足球領域與德州大學、俄亥俄州立大學合作，並很快與邁阿密合作。也可以透過即將展開的德國足球協會合作，或在全球足球領域與 FC Barcelona 與 Paris St. Germain 合作。在我們的主要馬拉松賽事上。以及在 March Madness。

That’s how we create more value for athletes and fans. Strengthen our brands. And that’s how we expand the opportunities ahead for Nike and our shareholders.

這就是我們如何為運動員與球迷創造更多價值。強化我們的品牌。也正是我們如何為 Nike 與股東擴大未來機會。

With that, Dave and I will now answer your questions.

接下來，Dave 和我將回答各位的問題。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線生指示）

Simeon Siegel, Guggenheim Securities.

Simeon Siegel，Guggenheim Securities。

Thanks. Hey, guys. Good afternoon. Dave, welcome. Looking forward to working with you.

謝謝。嗨，各位。下午好。Dave，歡迎加入。期待與你合作。

Elliot, any way to frame for us how large performance for Sportswear in Jordan are in the US? Just trying to align the positive and negative comments with the fact that North America still grew revenues. And if I'm looking at it correctly, I think saw first regional positive inflection in EBIT margin on dollars. So that would be helpful just in terms of sizing.

Elliot，你能否幫我們框定一下，在美國市場，Jordan 的 Sportswear 業務表現規模大概有多大？我只是想把正面與負面的評論，與北美營收仍然成長這件事對齊。而且如果我理解正確，我想我看到區域 EBIT 利潤率（以金額計）首次出現正向拐點。所以就規模衡量而言，若能提供一些說明會很有幫助。

And then, Dave, just maybe higher level, curious if you can speak to your confidence in these numbers and your thoughts on how much you've been able to learn and touch in the short time you've been with the company? Thanks guys.

另外，Dave，可能從更高層次來問，你能否談談你對這些數字的信心，以及在你加入公司這麼短的時間裡，你覺得自己已經能學到、接觸到多少？謝謝各位。

I mean, thank you. It's good to hear from you. Let me start first with performance. I'm going to start bigger picture. The Sport Offense is in fact working and you can see it as our Performance business continues to grow. It's a proved point, we believe that when you really get sharp on a distinct consumer segment, that's when we win. Performance delivered broad-based growth in Q1 across all key sports.

我的意思是，謝謝你。很高興聽到你的消息。我先從業績表現談起。我會先從更宏觀的角度來看。Sport Offense 事實上正在發揮作用，你可以從我們 Performance 業務持續成長看出來。這已被證明：我們相信，當我們真正聚焦於一個明確的消費者族群時，就是我們取勝的時候。第一季 Performance 在所有關鍵運動項目上都實現了廣泛的成長。

We grew high single-digits in Q1, performance did overall. That was driven by football, running, training, basketball, tennis and golf all contributed to performance growth. So it was across the board growth there. And so Q1 performance, and we said this in the remarks, growth, the Q1 performance growth was on top of the performance growing mid-single-digits in FY26 to $16 billion. Simeon, what I would say is, innovation is clearly driving that growth and I won't go through every one of them, but in running, training, golf, you go through it, innovation is what's driving the performance business.

第一季整體而言，Performance 成長了高個位數。這主要由足球、跑步、訓練、籃球、網球與高爾夫帶動，這些品類都對 Performance 成長有所貢獻。因此是全面性的成長。而第一季的 Performance 成長——我們也在講稿中提到——是在 FY26 Performance 以中個位數成長、達到 160 億美元的基礎之上再成長。Simeon，我想說的是，創新顯然正在驅動這個成長；我不會逐一細數，但在跑步、訓練、高爾夫等領域，你看得到，推動 Performance 業務的就是創新。

But it's also not just about product, it's about how we line up what we call our Sport Offense, not just the sport, but how we execute at the country level across product, across marketing, across the marketplace and you can see that. What we did in the World Cup. I was really proud of the work that the teams did there here in the United States and around the world. The Caitlin launch today has been incredibly successful.

但這不只是產品而已，也在於我們如何把我們所稱的 Sport Offense 對齊：不只是運動本身，還包括我們如何在各國層級於產品、行銷與市場端落地執行，你可以看得到這些成果。例如我們在世界盃所做的事。我對團隊在美國以及全球各地所完成的工作感到非常自豪。今天的 Caitlin 上市活動也非常成功。

The Nike Hybrid launch that we did at the Hyrox World Championships in Stockholm, those are proof points when we get performance, innovation, product in the moment all lined up, we have great success there.

我們在斯德哥爾摩 Hyrox 世界錦標賽推出的 Nike Hybrid 上市活動，這些都是證明：當我們把 Performance、創新、產品在當下完全對齊時，我們就能取得很大的成功。

As it relates to North America did grow 2%, as we said. And it was driven by performance led by running, global football, and basketball. Those were the drivers there. So overall, excited about the direction that we're headed from a performance perspective.

至於北美，如我們所說，成長了 2%。成長動能來自 Performance，主要由跑步、全球足球與籃球帶動。這些是主要驅動因素。因此整體而言，從 Performance 的角度來看，我們對前進方向感到振奮。

And the last thing I'll say about North America, we are seeing good sell-through across all channels, whether it's sporting in North America specifically whether it's sporting goods at a Dick's, an academy at Shields, athletic specialty, JD Foot Locker, performance product is selling and then also at our specialty account. So overall, we're pleased with the sell-through and performance product in North America.

關於北美我最後想補充的是，我們看到各通路的銷售動能（sell-through）都不錯；無論是在北美的運動用品通路，例如 Dick's、Academy、Shields，或是運動專門店、JD、Foot Locker，Performance 產品都在銷售；同時在我們的專業通路客戶也表現良好。因此整體而言，我們對北美 Performance 產品的 sell-through 感到滿意。

Simeon, Dave here, really look forward to working with you. Maybe just a couple of comments on guidance. First and foremost, you should understand that we've really performed over the past several weeks a bottoms up comprehensive business plan review and a financial plan review.

Simeon，我是 Dave，很期待與你合作。我想就財測（guidance）補充幾點。首先你應該了解，過去幾週我們確實完成了一次由下而上的全面業務計畫檢視，以及財務計畫檢視。

Taking into consideration all the realities that we're seeing within our business across all the dimensions of our business and importantly, the risk and opportunities and the actions that were taken to manage this business and returning it to health over the long-term. Obviously, I gave a range from an earnings perspective and that just shows that we've pressure tested a series of continued trends across the business and feel comfortable that this range reflects our best assessment of where this business stands today and the outlook.

我們把在業務各個面向所看到的所有現實情況都納入考量，更重要的是，也納入風險與機會，以及為了管理這門生意、讓它長期回到健康狀態而採取的行動。顯然，我在盈餘面提供了一個區間，這也顯示我們已對業務中一系列持續趨勢做了壓力測試（pressure test），並且有信心這個區間反映了我們對目前業務狀況與前景的最佳評估。

So I sit here today feeling very confident the teams are focused against this. These financial measures are pushed into the business, and everybody is accountable for delivering against these results. So this is our best estimate. I feel good about where we stand and we're focused against delivering not only this year but the years ahead of us.

所以我今天坐在這裡，對團隊聚焦於這些目標感到非常有信心。這些財務指標已被推進到業務中，每個人都要為達成這些結果負責。因此這是我們的最佳估計。我對我們目前的狀況感覺良好，我們也專注於交付不僅是今年、也包括未來幾年的成果。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛。

Good afternoon and thank you for taking our question. Elliot, Dave, I was hoping you could provide better context on the magnitude and cadence of pressure that you expect in Greater China relative to the 26% decline observed in 1Q. Are there additional strategic actions that you think are still necessary to be taken on top of what's already been taken to improve the health of the China business beyond the reset of Nike Digital? Thank you.

下午好，謝謝你們回答我們的問題。Elliot、Dave，我希望你們能就大中華區相對於第一季觀察到的 26% 下滑，提供更多關於你們預期壓力幅度與節奏（cadence）的背景說明。除了 Nike Digital 的重置之外，為了改善中國業務的健康度，你們是否認為在既有措施之上仍需要採取額外的策略行動？謝謝。

We continue to execute a marketplace reset in China and you saw that reflected in the numbers this quarter. The teams and we here working with the teams on the ground are focused on becoming a more premium and culturally relevant brand. I'll start first as I always do on this question is China does remain an incredibly important marketplace. This year marks our 45th year of doing business in China, and we remain committed to serving the Chinese consumers through sport.

我們持續在中國執行市場重置（marketplace reset），你也在本季數字中看到反映。我們與在地團隊合作，聚焦於成為更高端、且更具文化相關性的品牌。我一如既往先從這點開始回答：中國仍然是一個極其重要的市場。今年是我們在中國經營的第 45 年，我們仍致力於透過運動服務中國消費者。

And we know, Brooke, when we lead with sport, that's when we win. I could point to running this quarter, it continues to grow. We've lined up in China not only the innovative product. Local experiences, which are critically important in China, After Dark Tour this quarter, we had almost 4,000 runners registered, selling out in the first day. We are driving double-digit growth, and it's our sixth quarter growth in running. So when we lead with sport and line up the experience in marketing, it does work.

而且我們知道，Brooke，當我們以運動為先（lead with sport）時，就是我們取勝的時候。我可以舉例本季的跑步品類，它持續成長。我們在中國不僅把創新產品對齊。也把在地體驗對齊——這在中國至關重要——例如本季的 After Dark Tour，我們有將近 4,000 名跑者報名，第一天就售罄。我們帶動了兩位數成長，這也是跑步品類連續第六季成長。所以當我們以運動為先，並把體驗與行銷對齊時，確實有效。

We are aggressively cleaning up the marketplace. At the same time elevating the consumer experience. The digital marketplace, as you stated, we haven't taken some actions, it was too broad, it wasn't differentiated and it had become promotional. So we did eliminate some online distribution that was unprofitable and brand eludive. We're anchoring as we said in our prepared remarks around some fewer flagships.

我們正積極清理市場。同時提升消費者體驗。如你所說，在數位市場方面，我們已採取一些行動；過去覆蓋面太廣、缺乏差異化，且已變得偏促銷導向。因此我們取消了一些線上分銷，因為那部分不具獲利性，且會稀釋品牌。如我們在事先準備的講稿中所說，我們將以較少數的旗艦店作為核心（anchoring）。

At the same time, it's not just about digital, we have to be elevating our physical retail and we're investing with our partners in their must-win doors to create more, I would say, consistent and elevated experiences because we know when we do that, we've had some great success at our House of Innovation flagship, we're driving growth there.

同時，這不只是數位而已；我們也必須提升實體零售，我們正與合作夥伴在其「必勝門店」（must-win doors）共同投資，以打造更一致、也更高端的體驗；因為我們知道當我們做到這點時——例如在我們的 House of Innovation 旗艦店——我們已取得很好的成果，並在那裡帶動成長。

The last component of this is about being more local. So we will continue to invest in product creation teams on the ground in China and working on future seasons. Our first collection coming out of China, made for China, will launch in October. It will be a brick-and-mortar only launch purposely. And then we will continue to deliver products over time, products and assortments that are locally designed, developed and even manufactured in China. So we're excited about what the team is doing in China. I'm confident in Kathy and her team. It's just going to take us time resetting the marketplace and we will continue to see pressure on revenue and profitability in the near term, but again, confident in Kathy and the team.

最後一個面向是更在地化。因此我們將持續投資於中國在地的產品創造團隊，並為未來季度做準備。我們第一個源自中國、為中國打造的系列，將於 10 月上市。我們刻意只在實體通路上市（brick-and-mortar only）。接下來我們也會隨時間持續推出產品——包含在地設計、開發，甚至在中國製造的產品與商品組合。因此我們對團隊在中國所做的事情感到振奮。我對 Kathy 和她的團隊有信心。只是市場重置需要時間；短期內我們仍會在營收與獲利能力上承受壓力，但再次強調，我對 Kathy 與團隊有信心。

Hey, Brooke, just real quickly, as Elliot said, we have multiple efforts underway in China to improve the performance of the marketplace and improve our performance within the marketplace. But from a specific guidance perspective, the guidance range that I just provided to you, assumes that China actually gets worse from a revenue perspective for the balance of this year. And that's because of some of the actions we're taking today to make sure that we return this business to health in the long-term. So I think that's what you should expect from that business for the balance of fiscal '27.

Brooke，我很快補充一下：如 Elliot 所說，我們在中國同時推進多項工作，以改善市場表現，也改善我們在該市場中的表現。但就具體財測而言，我剛提供給你的財測區間，假設中國在本財年剩餘期間的營收表現其實會進一步惡化。這是因為我們今天正在採取的一些行動，目的是確保這門生意能在長期回到健康狀態。因此我認為，這就是你對該業務在 27 財年剩餘期間應有的預期。

Jay Sole, UBS Securities.

Jay Sole，瑞銀證券。

Great. Thank you so much. My question is on 2Q, I didn't think I heard full second quarter guidance in the comment about the 400 basis points headwind. Can you give us a little bit of help on how you're thinking about revenues for Q2? I mean -- and then maybe on gross margin as well. And then even if for the fiscal '27 outlook, I know you said estimated down year-over-year, but you have sort of an unusual compare in fourth quarter. Can you give us a little bit of help on the gross margin lands for fiscal '27. Thank you.

很好。非常感謝。我的問題是關於第二季（2Q）。在提到 400 個基點逆風的評論中，我不覺得我有聽到完整的第二季指引。你們能否稍微協助我們理解你們對第二季營收的看法？我的意思是——也許也談談毛利率。另外，即使是 2027 財年的展望，我知道你們說預估會年減，但第四季的比較基期有點不尋常。你們能否稍微協助我們理解 2027 財年毛利率大概會落在哪裡？謝謝。

Yeah. Thank you. This is Dave. Actually, we're probably not going to provide guidance specifically for gross margin, but for the year. But at this point in time, there are puts and takes. I think one thing that's really constructive from a gross margin perspective is we're making fairly significant moves in our supply chain and sourcing programs today that is actually bolstering gross margin. At the same time, we are taking discounts and resetting the marketplace, which is dampening gross margins overtime. So there's a little push and pull for this year as we go through the balance of fiscal '27.

是的。謝謝。我是 Dave。其實，我們大概不會針對毛利率提供特定指引，而是針對全年。但就目前而言，確實有利有弊。我認為從毛利率角度來看，一個非常正面的因素是，我們目前在供應鏈與採購計畫上做了相當重大的調整，這實際上正在支撐毛利率。同時，我們也在進行折扣並重置市場，這會隨時間推移壓抑毛利率。因此，在我們走完 2027 財年剩餘期間時，今年會有一些拉鋸。

I will say as it relates to Q2, I just wanted to highlight because of the actions that occurred last year, we're up against a tough comparison with what happened in Cyber Week in Europe as well as what happened in North America sell-in last year Q2. So if you look sequentially, quarter-over-quarter, you will see because of that comparison growth rates being. Pressured in Q2. So I hope that helps.

我想就第二季（Q2）補充說明一下：由於去年採取的一些行動，我們將面臨較艱難的比較基期，包括歐洲的 Cyber Week，以及去年第二季北美的批發出貨（sell-in）。因此，如果你看的是連續比較、也就是季對季，你會看到因為這個比較基期，成長率會在第二季受到壓力。希望這能有所幫助。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Hi, good afternoon and Dave, welcome.

嗨，午安，Dave，歡迎加入。

Thank you.

謝謝。

Elliot, I was wondering if you could spend some time a little bit more on -- I'd love to hear the decision to let Mbappe go from your roster. But the other piece of this, I'd love to hear more clarity on the game plan in basketball -- signature basketball. You've had some moving pieces there with Shea coming into Nike. So can you put some meat on the bone around some of that for us, please?

Elliot，我想請你多花點時間談談——我很想聽聽你們決定讓 Mbappe 從你們的陣容中離開的原因。但另外一部分，我也想更清楚了解你們在籃球——簽名款籃球（signature basketball）方面的策略。你們那邊有一些變動，例如 Shea 加入 Nike。所以能否就這些內容提供更具體的說明，讓我們更了解？

Yeah, thank you, Bob. Just in terms of Mbappe, we've had a relationship with him for over two decades and we've had some great moments together, working together with him and he was an important part of Nike football. And what I would say is that we're proud of what we achieved together on and off the pitch and we wish you much success as he makes the move and so again, we're happy for him and we are excited about what our portfolio has in Nike football, great stable of athletes, great stable of federations and also countries. And I'm very proud of the work that our team has done around the football booth. So I'm excited about our opportunities in football.

好的，謝謝你，Bob。先談 Mbappe，我們與他的合作關係已超過二十年，彼此有過許多精彩時刻，也與他一起合作，他一直是 Nike 足球業務的重要一員。我想說的是，我們為彼此在場上與場下共同達成的成果感到自豪；在他做出轉換之際，我們也祝福他一切順利、非常成功。所以再次強調，我們為他感到高興；同時，我們也對 Nike 足球的資產組合感到振奮——有很強的運動員陣容、很強的各國足協（federations）以及國家隊資源。我也非常以我們團隊在足球鞋（football boot）方面所做的工作為傲。因此，我對我們在足球領域的機會感到興奮。

In terms of basketball, you'll see us continue to dimensionalize basketball, both men's and women's. We had a tremendous launch today with Caitlin, and Caitlin is just part of the women's business. Obviously, we have our women's business is up over 600% over the last few years. So it's a new opportunity. We see the women's being helping us dimensionalize the overall basketball business between Asia and Sabrina and now Caitlin. And so Caitlin was our largest, by the way, signature launch for women ever at 5,000 doors and great sell-through.

至於籃球，你會看到我們持續讓籃球業務更具多元面向（dimensionalize），涵蓋男籃與女籃。我們今天與 Caitlin 的上市表現非常亮眼，而 Caitlin 只是女籃業務的一部分。顯然，我們的女籃業務在過去幾年成長超過 600%。所以這是一個新的機會。我們看到女籃能幫助我們在整體籃球業務上做出更多面向的拓展，包含亞洲市場、Sabrina，以及現在的 Caitlin。順帶一提，Caitlin 這次是我們史上最大的女性簽名款上市：覆蓋 5,000 個銷售據點（doors），且銷售去化（sell-through）表現非常好。

In terms of Nike basketball. We also launched Shea Shu today. I don't know if you saw that Shea Shu and good sell through there and we'll continue to lead basketball with some signature athletes, but we also are excited about what we're seeing in our GT Series as well. So overall excited about where the team is headed in basketball. We're starting to see growth there. We even called it out. North America had growth in basketball again. So we see it as another growth opportunity from a performance perspective.

就 Nike 籃球而言，我們今天也推出了 Shea Shu。我不知道你是否有看到 Shea Shu，而且那邊的銷售去化也很好；我們會持續透過一些簽名運動員來引領籃球品類，同時我們也對 GT 系列所看到的表現感到興奮。總體而言，我們對團隊在籃球領域的發展方向感到振奮。我們開始看到那裡出現成長。我們甚至也特別點出來了。北美籃球業務再次實現成長。因此，從運動表現（performance）的角度來看，我們把它視為另一個成長機會。

Sam Poser, Williams Trading.

Sam Poser，Williams Trading。

Thank you for taking my questions. I've got three. I'm just going to read them real quick. Can you give us what you expect, you've talked about China, the regional expectation by geography for the year sort of relative to Q1, where you anticipate sales will trend to talk about space and the Pace project and increasing speed.

謝謝讓我提問。我有三個問題。我會很快把它們念完。你們能否說明你們的預期——你們談到中國——就全年而言，按地理區域來看、相對於第一季（Q1），你們預期各區域銷售走勢如何？另外也請談談「空間（space）」與 Pace 專案，以及提升速度（speed）。

You're now, I think, around 18 months to market, what are you trying to get that speed up to -- like when you optimize it? And then in the Family Channel and your sub-core products, some $100 price point, is most of that product live in sportswear?

你們現在我想大約是 18 個月的上市週期（time to market），你們希望把速度提升到什麼程度——例如在最佳化之後？另外，在 Family Channel 與你們的次核心（sub-core）產品中，有些是 100 美元價位帶，那些產品大多是在運動休閒（sportswear）嗎？

Let me, I'll take -- by the way, you broke all the rules, Sam. We got three questions in. I'll hit Family and Pace. And in terms of Family footwear, that channel of business, which is what we call core footwear here internally, Sam, that it cuts across all performance sports. So we have an entry-level core product across running, across basketball, across training we do have in sportswear. So it is a cross-sport -- cross sportswear opportunity in that family footwear channel. And that's at $65 to $85 segment. And again, the teams continue to focus on that and are driving, I think, some really nice progress there.

我先——順帶一提，Sam，你把規則全都打破了。你一次問了三個問題。我會回答 Family 和 Pace。至於 Family 鞋類，這個業務通路——我們內部稱之為核心鞋類（core footwear），Sam——它橫跨所有運動表現類別。所以我們在跑步、籃球、訓練等品類都有入門級的核心產品；在運動休閒（sportswear）也有。因此，在 Family 鞋類通路中，這是一個跨運動、也跨運動休閒的機會。其價位帶在 65 到 85 美元區間。而且團隊持續聚焦在這一塊，我認為也正在推動一些非常不錯的進展。

As it relates to Pace, we'll dive deeper in terms of the 18 months question at our Investor Day. But since you asked the question, I want to make sure I hit Pace for everybody on this call. So I might spend a bit more time, I'll go a little higher level. And that is that we are setting pace up to help scale the success of the Sport Offense and I want to remind everybody, the Sport Offense is creating product through the lens of sport, but it's paying it off at a country level and so we're building an operating model that we need to get closer to the athlete, the consumer in the marketplace and we'll do that through some work that we're doing around our supply chain, which we went through in some detail around a new capability center in India and moving from four to three GEOS, Americas, EMEA and then Asia Pacific, Greater China, getting resources closer to the countries and then changing the size and shape of our workforce. And so at a high level, that's the progress or the work that we're doing around Pace and it will help us build a stronger Nike for the future and help support a more profitable and sustainable growth into the future and we'll share more details at Investor Day.

至於 Pace，我們會在投資人日（Investor Day）更深入說明你提到的「18 個月」問題。但既然你問了，我也想確保讓這通電話上的每個人都了解 Pace。所以我可能會多花一點時間，用比較高層次的方式說明。也就是說，我們正在建立 Pace，以協助擴大 Sport Offense 的成功。我想提醒大家，Sport Offense 是以運動的視角來創造產品，但最終是在各國層級落地並實現成果；因此我們正在打造一個營運模式，讓我們能更貼近市場中的運動員與消費者。我們會透過供應鏈相關的工作來做到這點——我們先前也較詳細談過，包括在印度建立新的能力中心（capability center），以及把 GEOS 從四個調整為三個：美洲（Americas）、歐洲中東非（EMEA），以及亞太與大中華區（Asia Pacific, Greater China），讓資源更靠近各國市場，並調整我們人力結構的規模與形態。因此，從高層次來看，這就是我們在 Pace 上的進展與工作內容；它將幫助我們打造更強大的 Nike，並支持未來更具獲利性且可持續的成長。我們會在投資人日分享更多細節。

Yeah, and maybe I'll just touch on a couple of things real quickly. One on the Pace program, as Elliot said, this is a program that at the end of the day is working in tandem with the objective of creating operating profit leverage over time. And so this will be an important program and leverage and initiative to be able to do that.

是的，我也許再很快補充幾點。關於 Pace 計畫，如 Elliot 所說，這個計畫最終是與「隨時間推移創造營業利益槓桿（operating profit leverage）」的目標並行推進。因此，這將是一個重要的計畫、槓桿與倡議，讓我們能夠做到這件事。

Secondly is, we're not going to give guidance obviously by region, but as I said earlier, the actions that we're taking in China will further dampen China compared to Q1 from a growth perspective for the balance of this year.

第二點是，我們顯然不會按地區提供指引，但如我先前所說，我們在中國採取的行動，從今年剩餘期間的成長角度來看，將使中國相較於第一季進一步放緩。

Alex Straton, Morgan Stanley.

Alex Straton，摩根士丹利。

Perfect. Thanks so much for taking the question. Maybe just a big picture one for you, Elliot. If we just go back a couple of years when you first started, I feel like we knew what the main or we were having a better understanding of what the main pressure points were with Jordan, with China, with Sportswear. Things haven't entirely moved that much. They've gotten a little bit worse in some of those areas.

太好了。非常感謝讓我提問。Elliot，也許我先問一個較宏觀的問題。如果回到幾年前你剛開始的時候，我覺得我們對主要壓力點是什麼有更清楚的理解——Jordan、中國、以及運動休閒（Sportswear）。這些事情並沒有完全改變太多。在其中一些領域，情況甚至變得更糟了一點。

So can you just walk through maybe what you underappreciated about some of the challenges there at that time? And then what gives you confidence that some of the revised strategies you outlined today are the right ones? Thanks so much.

所以你能否談談，當時你對其中一些挑戰有哪些低估之處？另外，今天你所概述的一些修正後策略，為什麼讓你有信心它們是正確的方向？非常感謝。

Thanks, Alex. What I would say is, since I returned, I believe strongly that we have strengthened the foundation of our business and our direction is super clear that we're building Nike the right way and we're building Nike for the long-term. And I would characterize that our comeback is ongoing. At our size and scale, meaningful change takes time. Our turnaround is happening, one sport community, one city, one country at a time. And we are reallocating resources against our biggest opportunities. So we're building for the long-term.

謝謝你，Alex。我想說的是，自從我回來以來，我堅信我們已經強化了業務的基礎，而且我們的方向非常清晰：我們正以正確的方式打造 Nike，並且是為了長期而打造 Nike。我會形容我們的回歸仍在進行中。以我們的規模與體量，有意義的改變需要時間。我們的扭轉正在發生——一次一個運動社群、一次一座城市、一次一個國家。我們也正在把資源重新配置到最大的機會上。因此，我們是在為長期而建設。

I would say that we started with the areas that mattered most, focusing on our culture, getting this company focused back on sport, innovation. We started with running and you see now that momentum through our performance business. We thought it was critically important to re-anchor this company in sport. We reignited our marketing efforts. We started serving consumers across an entire marketplace, rebuilding our wholesale partnerships and (inaudible) and against the Sport Offense.

我會說，我們從最重要的領域開始，聚焦於文化，讓公司重新回到以運動與創新為核心。我們從跑步開始，而你現在也看到這股動能延伸到我們的性能（performance）業務。我們認為讓公司重新以運動為根基至關重要。我們重新點燃了行銷投入。我們開始在整個市場中服務消費者，重建我們的批發合作夥伴關係，並（聽不清）以及圍繞 Sport Offense 推進。

And so we understand that we still have work to do in sportswear Jordan and Greater China. And again, from a sportswear perspective, what we are going to do is break this big business called Sportswear, and I think this is one thing that I probably did underappreciate, breaking it down into segments focused on a distinct consumer, which will allow us to have greater clarity around the products, the stories and the retail experiences for those consumers.

因此，我們也明白在運動休閒（Sportswear）、Jordan，以及大中華區仍有工作要做。再者，就運動休閒而言，我們要做的是把這個名為 Sportswear 的龐大業務拆解開來——我想這是我可能低估的一點——把它分解成以不同消費者為核心的細分領域，這將讓我們在產品、故事敘事以及零售體驗上，能更清楚地對應這些消費者。

In terms of Jordan, we're repositioning the Jordan brand, restoring the scarcity model for retro styles and you will see us dimensionalize the brand through sport and we're already seeing some success and growth in our football or -- excuse me, our cleated business, our golf business, our training business. And then in terms of China, we're leading with sport and innovation, I talked a lot about that. And we're taking some really decisive actions in the marketplace and that we build a healthier business over time. So we look forward to sharing what comes next for each of those businesses at Investor Day.

至於 Jordan，我們正在重新定位 Jordan 品牌，恢復復刻款式的稀缺性模式；你也會看到我們透過運動來豐富品牌的面向，而我們已經在美式足球——或說，抱歉，是我們的釘鞋（cleated）業務、高爾夫業務、訓練業務上看到一些成功與成長。至於中國，我們以運動與創新為先，我已經談了很多。我們也正在市場上採取一些非常果斷的行動，以便隨時間建立更健康的業務。因此，我們期待在投資人日分享這些業務接下來的規劃。

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通。

So, Elliot, could you elaborate on the level of potential pain before gain? It seems like that's a key theme here that you're laying out today. What segments of the business may further moderate type of the strategic actions that you noted would impact the business for the balance of this year and into early fiscal '28?

Elliot，你能否進一步說明「先痛後利」可能的痛感程度？看起來這是你今天闡述的一個關鍵主題。在你提到的策略行動影響下，今年剩餘期間以及到 2028 財年初，哪些業務板塊可能會進一步放緩？

And just on Pace, would it be fiscal '29 where we could expect this transformation work to bear fruit at a P&L level?

另外關於 Pace，你認為要到 2029 財年，我們才可能在損益表（P&L）層面看到這項轉型工作的成果嗎？

So maybe -- this is Dave, maybe I'll start. First, I think as we indicated, those three areas, whether it be Sportswear, Jordan and China, we're taking deliberate actions in those areas to improve performance for the long-term, and that's going to dampen performance now. So yes, we're going to experience some, as you describe it, some additional pain.

我來回答——我是 Dave，我先開始。首先，我想如我們所指出的，那三個領域——不論是運動休閒（Sportswear）、Jordan 或中國——我們都在採取審慎的行動，以改善長期表現，而這會在當下壓抑表現。所以是的，我們會經歷一些你所說的額外痛感。

But I think that and that's going to be through the balance of this year and probably bleed in a little bit into fiscal '28 as well, but that's all in the goal of returning these businesses to health and driving really outside shareholder value creation over time, number one.

但我認為，這種影響會持續到今年剩餘期間，並且可能也會延伸到 2028 財年一小段時間；但這一切都是為了讓這些業務回到健康狀態，並在時間推移中真正推動股東價值的創造，這是第一點。

Secondly, as it relates to Pace, we are beginning to see savings now, even through Q1, some of the actions that we took as it related to supply chain are bearing fruit in gross margin. So you're beginning to see some improvement in our P&L today from Pace. But clearly, the savings are going to ramp over time, starting now, with the maximum savings to be appreciated and accrued in '29 and '30.

第二，關於 Pace，我們現在已經開始看到節省效益，即便在第一季也是如此；我們在供應鏈方面採取的一些行動，正在毛利率上開始見效。因此，你今天已經開始在我們的損益表（P&L）上看到 Pace 帶來的一些改善。但很明顯，節省效益會隨時間逐步放大，從現在開始，並在 2029 與 2030 年達到並體現最大節省並入帳。

Michael Binetti, Evercore ISI.

Michael Binetti，Evercore ISI。

Hey, guys. Thanks for taking our question. Let me welcome Dave. It's nice to work with you. I just want to ask -- thanks, Dave. On another way, on China, you mentioned that it's going to take multiple seasons to reset it to health. And you mentioned revenue pressure a couple of times will bleed into fiscal '28. I'm assuming maybe there's a connection there, if you just talk to us about what you mean when you frame China in multiple seasons and if you see a path to total company revenue positivity at some point in fiscal '28?

各位好。謝謝讓我們提問。我想先歡迎 Dave。很高興能與你合作。我想問——謝謝你，Dave。換個角度談中國，你提到要用多個季度（multiple seasons）才能把它重置回健康狀態。你也提到營收壓力會延續到 2028 財年。我猜這兩者可能有關聯；能否談談你所說的「多個季度」是什麼意思？以及你是否看到在 2028 財年某個時點，全公司營收有機會轉為正成長？

And then, Dave, you did mention the dividend and as we take kind of an initial path with the cash model, it sounds like you're alluding to ongoing top-line challenges here for a little bit on the guidance midpoint today, I think the dividend ratio is over 100%, so just given the investment needs in the business, talk to us about the priority there for the dividend.

另外，Dave，你確實提到了股利；當我們以現金模型來看初步路徑時，聽起來你暗示在今天指引中位數所反映的情況下，短期內營收端仍會面臨一些挑戰。我認為股利支付率超過 100%，所以考量到業務投資需求，請談談股利在你們的優先順序中扮演什麼角色。

First and foremost, let me hit that right out the gate. Dividend is a very significant priority for us here at Nike. It is a significant priority from the capital allocation program. And under all scenarios, we have support for maintaining and ultimately growing the dividend over time. So just we can put that to bed with that statement.

首先也是最重要的，我先直接回答這點。股利對我們 Nike 來說是非常重要的優先事項。在資本配置計畫中，這也是一項重要優先事項。在所有情境下，我們都有能力支持維持股利，並最終隨時間推動股利成長。所以我想用這段話就可以把這個問題先定下來。

Secondly, I look forward to spending some time with you in November because in November, we're going to give you a financial algorithm so you can begin to assess what not just '27 looks like, but what does the next five years begin to look like, both from a top-line and a bottom line perspective. So why don't we hold that question, we'll come back to it at Investor Day and we'll hit that head on.

第二，我期待在 11 月與你多花些時間，因為在 11 月我們會提供一套財務演算法（financial algorithm），讓你可以開始評估不只是 2027 年會是什麼樣子，而是接下來五年從營收端與獲利端（top-line 與 bottom line）的角度會呈現什麼樣貌。所以這個問題我們先保留，投資人日我們會再回來正面回答。

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

今天的問答環節以及電話會議到此結束。感謝各位參與。您現在可以斷線。