Nike Inc (NKE) 2022 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2022 Third Quarter Fiscal Conference Call. For those who want to reference today's press release, you'll find it at http://investors.nike.com. Leading today's call is Paul Trussell, VP of Investor Relations and Strategic Finance.

大家下午好。歡迎來到耐克公司 2022 財年第三季度財報電話會議。對於那些想要參考今天的新聞稿的人，您可以在 http://investors.nike.com 找到它。領導今天的電話會議的是投資者關係和戰略財務副總裁 Paul Trussell。

Before I turn the call over to Mr. Trussell, 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 the reports filed with the SEC, including the annual report filed on Form 10-K. Some forward-looking statements may concern expectations of future revenue growth and gross margin.

在我將電話轉給 Trussell 先生之前，讓我提醒您，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，這些陳述受到某些風險和不確定性的影響，可能導致實際結果出現重大差異。這些風險和不確定性在提交給 SEC 的報告中有詳細說明，包括以 10-K 表提交的年度報告。一些前瞻性陳述可能涉及對未來收入增長和毛利率的預期。

In addition, participants may discuss non-GAAP financial measures, including references to constant dollar revenue. References to constant dollar revenue are intended to provide context as to the performance of the business eliminating foreign exchange fluctuations. Participants may also reference to other nonpublic financial and statistical information and non-GAAP financial measures. To the extent nonpublic financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, http://investors.nike.com.

此外，參與者可以討論非 GAAP 財務指標，包括對固定美元收入的引用。提及不變的美元收入旨在提供關於消除外匯波動的業務表現的背景。參與者還可以參考其他非公開財務和統計信息以及非公認會計原則財務措施。在討論非公開財務和統計信息的範圍內，可在 NIKE 的網站 http://investors.nike.com 上提供可比較的 GAAP 措施和定量對賬的介紹。

Now I'll turn the call over to Paul Trussell.

現在我將把電話轉給 Paul Trussell。

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2022 third quarter results. As the operator indicated, participants on today's call may discuss non-GAAP financial measures. You will find the appropriate reconciliations in our press release, which was issued about 45 minutes ago, or at our website, investors.nike.com.

謝謝你，接線員。大家好，感謝您今天加入我們討論 NIKE, Inc. 的 2022 財年第三季度業績。正如運營商所說，今天電話會議的參與者可能會討論非公認會計原則的財務措施。您可以在我們大約 45 分鐘前發布的新聞稿中或在我們的網站 Investors.nike.com 上找到適當的對賬。

Joining us on today's call will be NIKE, Inc. President and CEO, John Donahoe; and our Chief Financial Officer, Matt Friend. Following their prepared remarks, we will take your questions. We would like to allow as many of you to ask questions as possible in our allotted time, so we would appreciate you limiting your initial question to one. Thanks for your cooperation on this.

加入我們今天電話會議的將是 NIKE, Inc. 總裁兼首席執行官 John Donahoe；和我們的首席財務官 Matt Friend。在他們準備好的評論之後，我們將回答您的問題。我們希望盡可能多的人在我們規定的時間內提出問題，因此我們希望您將最初的問題限制在一個。感謝您在這方面的合作。

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

我現在將把電話轉給耐克公司的總裁兼首席執行官約翰·多納霍。

Thanks, Paul, and hello to everyone on today's call. I first want to acknowledge the deeply troubling crisis still unfolding in Ukraine. It's a time of great concern for all of us, and it is simply devastating to see the impact it's having on the lives of so many people. As always, our primary focus is the safety and well-being of our teammates and their communities, and we remain hopeful for a peaceful resolution soon.

謝謝，保羅，向今天電話會議上的每一個人問好。我首先要承認烏克蘭仍在發生的令人深感不安的危機。這是我們所有人都非常關注的時刻，看到它對這麼多人的生活產生的影響簡直是毀滅性的。與往常一樣，我們的首要關注點是我們的隊友及其社區的安全和福祉，我們仍然希望盡快和平解決。

Now turning to our Q3 performance. More than 2 years since the start of the pandemic, our teams continue to prove their ability to operate through volatility while also staying focused on the long term. And we once again demonstrated that agility in Q3. It's clear that our strategy is working, with business results that reflect our deep connection to consumers around the world. Thanks to our brand momentum, culture of innovation and proven operational playbook, we stay in the lead and continue to drive further competitive separation.

現在轉向我們第三季度的表現。自大流行開始以來的 2 年多時間裡，我們的團隊繼續證明了他們在波動中運作的能力，同時也保持著對長期的關注。我們在第三季度再次展示了這種敏捷性。很明顯，我們的戰略正在奏效，業務成果反映了我們與世界各地消費者的深厚聯繫。憑藉我們的品牌動力、創新文化和經過驗證的運營手冊，我們保持領先地位並繼續推動進一步的競爭分離。

I'm proud of our results this quarter. We met and even exceeded what we said we would deliver 90 days ago. For Q3, our revenue growth was 5%, led by double-digit growth in NIKE Direct. This success, amidst the dynamic macroeconomic environment, is what continues to give us confidence in our long-term outlook and it's why I would not trade our position with anyone. The power of NIKE is our consistency and the strength of our global portfolio. Our investments are making us stronger and we're excited by what we see as we execute against our growth opportunities.

我為我們本季度的業績感到自豪。我們達到甚至超過了我們在 90 天前所說的交付量。第三季度，我們的收入增長了 5%，這得益於 NIKE Direct 的兩位數增長。在充滿活力的宏觀經濟環境中，這一成功繼續讓我們對我們的長期前景充滿信心，這也是為什麼我不會與任何人交易我們的立場的原因。耐克的力量在於我們的一致性和我們全球產品組合的實力。我們的投資使我們變得更強大，我們對我們在執行增長機會時所看到的感到興奮。

As a team, we're driven by our shared purpose to move the world forward through the power of sport. And earlier this month, we released our fiscal '21 impact report. This report, which marks our 20th year reporting on our environmental and social impact is our first since we set new quantifiable ESG targets last year. We're focused on a wide range of priorities from building a diverse, inclusive team and culture, to meeting the challenges of climate change, to helping kids access the joy of play and movements. I encourage all of you to learn more about the measurable progress we've made at purpose.nike.com as we continue to create long-term value by shaping a better future through sport.

作為一個團隊，我們的共同目標是通過體育的力量推動世界向前發展。本月早些時候，我們發布了我們的 21 財年影響報告。這份報告標誌著我們對環境和社會影響的第 20 年報告，是我們自去年設定新的可量化 ESG 目標以來的第一份報告。我們專注於廣泛的優先事項，從建立多元化、包容的團隊和文化，到應對氣候變化的挑戰，再到幫助孩子們獲得遊戲和運動的樂趣。我鼓勵大家更多地了解我們在 purpose.nike.com 上取得的可衡量的進步，因為我們通過體育塑造更美好的未來來繼續創造長期價值。

And of course, 2022 isn't just an anniversary for our impact report. It's also a big year for NIKE itself. This May, NIKE will be celebrating our 50th anniversary as a company. 50 years ago, our journey began with a dream to serve athletes, and today, we're humbled by what we've achieved and we're thrilled and excited by what's to come.

當然，2022 年不僅僅是我們影響報告的周年紀念日。對於 NIKE 本身來說，這也是重要的一年。今年五月，NIKE 將慶祝公司成立 50 週年。 50 年前，我們的旅程始於為運動員服務的夢想，而今天，我們為所取得的成就感到謙卑，我們為即將到來的事情感到興奮和興奮。

Looking at Q3, NIKE's growth was and it will continue to be the result of 3 areas I'll touch on today: first, connecting with consumers through our strong portfolio of brands; second, driving a relentless flow of new product innovation; and third, expanding our digital advantage to create the marketplace of the future.

縱觀第三季度，耐克的增長過去並將繼續是我今天將談到的三個領域的結果：首先，通過我們強大的品牌組合與消費者建立聯繫；二是推動新產品創新源源不斷；第三，擴大我們的數字優勢以創造未來的市場。

So let's start with NIKE's strong brand and our connection to sport, which differentiates us all over the world. NIKE's connections with consumers are driven by sport and cultural authenticity. And our roster of athletes is second to none. Rafael Nadal made history by becoming the first male tennis player to win 21 majors with his victory at the Australian Open, and he now stands alone at the top of the men's game.

因此，讓我們從 NIKE 的強大品牌和我們與運動的聯繫開始，這讓我們在世界各地都與眾不同。耐克與消費者的聯繫受到運動和文化真實性的驅動。我們的運動員名單是首屈一指的。拉斐爾·納達爾創造了歷史，成為第一位在澳大利亞網球公開賽上贏得 21 個大滿貫冠軍的男子網球運動員，他現在獨自站在男子比賽的頂端。

Aaron Donald, Cooper Kupp and Odell Beckham Jr. led the L.A. Rams to a thrilling Super Bowl victory. And in the NBA All-Star game, a face-off between Team LeBron and Team KD ended with LeBron hitting the game winner. I was able to attend the game and I loved getting to see the league showcase of its 75th anniversary team. It was just an awesome reminder of the power of sport and what sport has meant to so many of us over the years.

Aaron Donald、Cooper Kupp 和 Odell Beckham Jr. 帶領洛杉磯公羊隊取得了激動人心的超級碗勝利。而在NBA全明星賽中，勒布朗隊與KD隊的對決以勒布朗擊中製胜球而告終。我能夠參加比賽，我很喜歡看到其 75 週年球隊的聯賽展示。這只是一個令人敬畏的提醒，提醒我們運動的力量以及多年來運動對我們許多人的意義。

The quarter also saw the Winter Olympics and Paralympics produce some extraordinary athletic performances. Nathan Chen won gold for the U.S. in the men's singles figure skating. And Chloe Kim won gold in the U.S. in the halfpipe, making her the first woman to win 2 gold medals in the event. And throughout the Olympics, our Never Done brand campaign was awesome. In Greater China, it featured snowboarder Cai Xuetong, and it saw an incredible response in that geo with over 6.1 billion impressions.

本季度還見證了冬季奧運會和殘奧會產生了一些非凡的運動表現。 Nathan Chen代表美國奪得花樣滑冰男單金牌。 Chloe Kim 在美國的半管比賽中獲得金牌，使她成為第一位在該賽事中獲得 2 枚金牌的女性。在整個奧運會期間，我們的 Never Done 品牌宣傳活動非常棒。在大中華區，它以滑雪板選手蔡學彤為主角，在該地區獲得了令人難以置信的反響，展示次數超過 61 億。

And we're also in the middle of an amazing March Madness with NIKE, Inc. having more teams still alive across the men's and women's brackets than all other brands combined. But there's 1 familiar face to the Sweet 16 I want to acknowledge. As you know, Mike Krzyzewski is coaching in his final season at Duke, having already announced his retirement as the winningest coach in NCAA men's basketball history. Coach K has been a member of the NIKE family for nearly 30 years, and his leadership and clear set of values have meant so much to this company and to me personally.

我們也正處於令人驚嘆的三月瘋狂之中，NIKE, Inc. 擁有比所有其他品牌加起來還要多的男裝和女裝隊伍仍然活躍的隊伍。但我想承認 Sweet 16 有一張熟悉的面孔。如你所知，邁克·克日澤夫斯基在杜克大學執教的最後一個賽季已經宣布退役，成為 NCAA 男籃歷史上最奪冠的教練。 K 教練加入 NIKE 大家庭近 30 年，他的領導能力和明確的價值觀對這家公司和我個人都意義重大。

My leadership role models have always been head coaches, leaders that serve their players, serve their programs and serve a broader cause, and Coach K has been right up there at the top of that list. So from the entire NIKE family, happy retirement, coach.

我的領導榜樣一直是主教練，為球員服務、為項目服務、為更廣泛的事業服務的領導者，而 K 教練一直位居榜首。所以來自整個 NIKE 大家庭，退休快樂，教練。

This was also a quarter where the world was reminded of how the NIKE Brand drives the culture around sport. In January, Sotheby's auctioned off 200 pairs of the Louis Vuitton Air Force 1 by Virgil Abloh and reported that it set the record for the most valuable sneaker and fashion auction ever at more than $25 million, with all proceeds going to Virgil Abloh's Post-Modern Scholarship Fund. The auction drew the most bidders of any auction in Sotheby's history and was their most valuable charity auction over the past decade. It's simply another reminder of how the NIKE Brand, our most iconic product franchises and our partnerships, can come together for the kind of power and cultural energy and excitement that only NIKE can create.

這也是讓全世界想起耐克品牌如何推動體育文化的四分之一。今年 1 月，蘇富比拍賣了 Virgil Abloh 的 200 雙 Louis Vuitton Air Force 1，據報導，它以超過 2500 萬美元的價格創下了有史以來最有價值的運動鞋和時裝拍賣的記錄，所有收益都將捐給 Virgil Abloh 的 Post-Modern獎學金基金。此次拍賣是蘇富比歷史上競拍人數最多的拍賣會，也是蘇富比過去十年最有價值的慈善拍賣。這只是再次提醒我們，耐克品牌、我們最具標誌性的產品特許經營權和我們的合作夥伴關係如何能夠匯聚在一起，以獲得只有耐克才能創造的那種力量、文化能量和興奮。

In fact, that power was also felt in one of the biggest stages of the quarter. During the halftime show of the Super Bowl, in front of the largest U.S. TV audience of the last 5 years, we saw NIKE Jordan and Converse footwear all on stage during the performance, which was simply an incredible moment for our portfolio of brands. Our portfolio is one of our best competitive advantages, fueling energy to consumers worldwide.

事實上，在本季度最大的階段之一也感受到了這種力量。在超級碗的中場表演期間，在過去 5 年最大的美國電視觀眾面前，我們看到 NIKE Jordan 和 Converse 鞋履在表演期間都出現在舞台上，這對於我們的品牌組合來說簡直是一個不可思議的時刻。我們的產品組合是我們最大的競爭優勢之一，為全球消費者提供能源。

And we also connect that energy to consumers through the investments we make. Driven by our commitment to women's sport, this quarter, we furthered our 25-year commitment to the WNBA by becoming an equity investor in the league. We'll work together to deepen WNBA's storytelling and bring more girls into basketball at the local level. The consumer response to our long-standing commitment has been clear. This season, we sold more WNBA jerseys on nike.com on launch day alone than we did over the entire previous year. And this is just simply the latest example of how driving the sport of basketball to a new generation of fans connects us to a vast market with plenty of growth ahead.

我們還通過我們所做的投資將這種能源與消費者聯繫起來。在我們對女子運動的承諾的推動下，本季度，我們通過成為聯盟的股權投資者進一步履行了對 WNBA 25 年的承諾。我們將共同努力，深化 WNBA 的故事講述，並讓更多的女孩在當地參與籃球運動。消費者對我們長期承諾的反應是明確的。本賽季，僅在發售日當天，我們在 nike.com 上售出的 WNBA 球衣就比去年全年都多。這只是將籃球運動推向新一代球迷的最新例子，將我們與未來充滿增長的廣闊市場聯繫起來。

As you know, at NIKE, everything starts with innovation. And our relentless pipeline of innovative product continues to create separation between us and our competition. And we don't just create new franchises, we grow them to global scale. Take a look at FlyEase. We've talked before about our hands-free accessibility line, and we're excited by our work to scale this innovation across our entire portfolio.

如您所知，在耐克，一切都始於創新。我們不懈的創新產品管道繼續在我們和我們的競爭對手之間造成分離。我們不僅創造新的特許經營權，我們還將它們發展到全球規模。看看飛易。我們之前曾討論過我們的免提無障礙產品線，我們對在整個產品組合中擴展這項創新的工作感到興奮。

Here's just 3 examples from Q3. As part of the Metal Stand look for the Team USA, Olympians and Paralympians, we designed the ACG Gaiadome FlyEase Boot, FlyEase's first crossover into our celebrated outdoor ACG line. And FlyEase also moved into Converse for the first time with the Chuck Taylor All Star CX FlyEase, as Converse now joins NIKE and Jordan in adding the hands-free innovation to footwear icons. And in kids, where helping make spontaneous play easy is one of our goals, the new Dynamo Go uses FlyEase to help kids quickly get their shoes on and off. Dynamo Go debuted in Japan, Korea and Greater China to become one of the season's top 5 sellers, and we have a North America launch scheduled for April.

這只是第三季度的 3 個示例。作為美國隊、奧運選手和殘奧會選手的金屬支架外觀的一部分，我們設計了 ACG Gaiadome FlyEase 靴子，這是 FlyEase 首次跨界到我們著名的戶外 ACG 系列。 FlyEase 也首次與 Chuck Taylor All Star CX FlyEase 一起進入 Converse，因為 Converse 現在加入了 NIKE 和 Jordan 的行列，為鞋類標誌添加了免提創新。在兒童中，幫助輕鬆自發玩耍是我們的目標之一，新的 Dynamo Go 使用 FlyEase 幫助孩子們快速穿上和脫下鞋子。 Dynamo Go 在日本、韓國和大中華區首次亮相，成為本賽季前 5 名賣家之一，我們計劃於 4 月在北美推出。

By driving impact across platforms, our work to scale FlyEase catalyzes growth. We expect FlyEase to be roughly $0.25 billion business by fiscal next year, with vast opportunity for even greater growth and value to come.

通過推動跨平台的影響，我們擴展 FlyEase 的工作促進了增長。我們預計 FlyEase 到明年財政年度的業務規模將達到 2.5 億美元左右，並有巨大的機會實現更大的增長和價值。

Looking at performance innovation. In Q3, we launched the ZoomX Streakfly, our lightest road racing shoe yet. The Streakfly offers an engineered knit upper and responsive ZoomX midsole, all designed for speed in the middle-distances. Also in running, the Pegasus 38 saw very strong sell-through in the quarter, continuing the Peg's lineage as one of our powerhouse franchises.

著眼於性能創新。在第三季度，我們推出了迄今為止最輕的公路賽車鞋 ZoomX Streakfly。 Streakfly 提供工程針織鞋面和靈敏的 ZoomX 中底，所有這些都是為中距離的速度而設計的。同樣在運行中，Pegasus 38 在本季度的銷量非常強勁，延續了 Peg 作為我們強大的特許經營權之一的血統。

And we're also always innovating in apparel. I mentioned the Olympics earlier. The hockey jersey worn by our federations, including the U.S. and Canada, were designed using brand-new 4D body mapping technology from our NIKE Sports Research Lab. This 4D body mapping, which gives our teams a fast, accurate and high detailed way to design, offers a hint of the future as we stay focused on bringing new technology into our growth opportunity in apparel.

我們也一直在服裝方面進行創新。我之前提到過奧運會。我們的聯合會（包括美國和加拿大）所穿的曲棍球球衣是使用我們 NIKE 運動研究實驗室的全新 4D 身體映射技術設計的。這種 4D 身體映射為我們的團隊提供了一種快速、準確和高度詳細的設計方式，為我們提供了未來的暗示，因為我們將繼續專注於將新技術引入我們的服裝增長機會。

And last but not least, we continue to set the standard for sustainable product creation. A few weeks ago, we announced the NIKE ISPA Link, a new proprietary platform where shoes are built with interlocking modules and they're connected without any glue. From a manufacturing standpoint, ISPA link is revolutionary in its simplicity. One pair takes about 8 minutes to assemble, a fraction of the time needed for a traditional sneaker. And it doesn't require energy-intensive processes like heating, cooling and conveyor belt systems. So with no sacrifice to comfort or stability, the ISPA link will be available at retail in June and we can't wait for consumers to give it a try.

最後但同樣重要的是，我們繼續為可持續產品創造設定標準。幾週前，我們發布了 NIKE ISPA Link，這是一個新的專有平台，鞋子採用互鎖模塊製成，無需任何膠水即可連接。從製造的角度來看，ISPA 鏈接的簡單性是革命性的。組裝一雙鞋大約需要 8 分鐘，這只是傳統運動鞋所需時間的一小部分。而且它不需要加熱、冷卻和傳送帶系統等能源密集型流程。因此，在不犧牲舒適性或穩定性的情況下，ISPA 鏈接將於 6 月在零售店上市，我們迫不及待地等待消費者試一試。

Now let's move to the marketplace as we align our business to build deeper and more meaningful relationships with consumers. Our marketplace strategy is a growth strategy, and it's driven by the consumer, fueled by their expectations of a consistent, seamless and premium shopping experience. Our approach begins with the understanding that consumers expect us to know who they are regardless of channel, online or offline, across the full array of mono brand stores, NIKE Digital and our wholesale partners.

現在讓我們進入市場，調整我們的業務，與消費者建立更深入、更有意義的關係。我們的市場戰略是一種增長戰略，它由消費者驅動，並受到他們對一致、無縫和優質購物體驗的期望的推動。我們的方法始於理解消費者希望我們知道他們是誰，無論是線上還是線下，在所有單一品牌商店、NIKE Digital 和我們的批發合作夥伴中。

Our wholesale partners continue to play a very important role in our marketplace strategy, so let me start there. Last quarter, we announced a new partnership model that makes real our vision to give consumers personalized experiences regardless of channel. It gives shoppers the benefits of NIKE membership to unlock exclusive offers, products and experiences in partner stores. And it also recognizes the importance of onboarding members in stores, which in turn accelerates in-store conversion and improve customer lifetime value.

我們的批發合作夥伴繼續在我們的市場戰略中發揮非常重要的作用，所以讓我從這裡開始。上個季度，我們宣布了一種新的合作模式，實現了我們的願景，即無論渠道如何，都可以為消費者提供個性化體驗。它為購物者提供耐克會員資格的好處，以解鎖合作夥伴商店的獨家優惠、產品和體驗。並且它還認識到在商店中加入會員的重要性，這反過來又會加速店內轉換並提高客戶的終身價值。

This quarter, we extended this model globally, including 2 new connected partners in Greater China, Topsports, Pou Sheng. This is an exciting step on our journey within our marketplace strategy because it continues to prove how powerful it is when brands and retailers work together for the benefit of consumers. We value the strong strategic relationships we have with our partners, particularly through our shared vision of connected data and inventory. And this approach lets us serve consumers with the greatest access to the best of NIKE and to do so with speed and convenience in a more personalized, engaging and sustainable way.

本季度，我們將這一模式擴展到全球，包括大中華區的 2 個新的互聯合作夥伴，Topsports，寶勝。這是我們在市場戰略中邁出的激動人心的一步，因為它繼續證明，當品牌和零售商為消費者的利益而合作時，它是多麼強大。我們重視與合作夥伴建立的牢固戰略關係，尤其是通過我們對互聯數據和庫存的共同願景。這種方法讓我們能夠以更個性化、更具吸引力和可持續的方式為消費者提供最大程度地接觸耐克最好的產品，並以更快、更方便的方式實現這一目標。

And what's more, in Greater China, this partnership model takes us into a new era of marketplace transformation. Moving forward, all of our existing contracts with our NSP partners in the geo will follow this connected membership model. And over time, we plan to convert all partner mono brand stores into digitally connected NIKE retail concepts as we unlock the benefits of data and inventory across the Greater China marketplace. We're excited by the promise of this new model, and we strongly believe it will elevate the entire marketplace and drive growth for both NIKE and our partners over the long term.

更重要的是，在大中華區，這種合作模式將我們帶入了市場轉型的新時代。展望未來，我們與地理區域內的 NSP 合作夥伴的所有現有合同都將遵循這種關聯的會員模式。隨著時間的推移，我們計劃將所有合作的單一品牌商店轉變為數字連接的耐克零售概念，因為我們在大中華市場釋放數據和庫存的好處。我們對這種新模式的承諾感到興奮，我們堅信它將提升整個市場並推動耐克和我們的合作夥伴的長期增長。

Next, let's dig a little deeper into our growing digital advantage. As we create the future of retail, we build on our own digital capabilities that connect and serve consumers at scale. In Q3, digital revenue was up 22% on a currency-neutral basis as we continue to drive greater competitive separation, particularly through our app ecosystem. The NIKE mobile app was up more than 50% in the quarter and overtook Nike.com on mobile for our highest share of digital demand.

接下來，讓我們更深入地挖掘我們不斷增長的數字優勢。隨著我們創造零售業的未來，我們建立在我們自己的數字能力之上，以大規模連接和服務消費者。在第三季度，由於我們繼續推動更大的競爭分離，特別是通過我們的應用生態系統，數字收入在貨幣中性的基礎上增長了 22%。 NIKE 移動應用在本季度增長了 50% 以上，並在移動端超過了 Nike.com，成為我們數字需求的最高份額。

And SNKRS continues to gain momentum, particularly as its strong consumer engagement leads to improved conversion. The live streaming on SNKRS remains incredibly popular with new features continuously coming online. For instance, we started to drop product launches within live streams, which helps lead our audience to quadruple since our live streaming began last fiscal year. And in December, the AJ11 Cool Grey launch on SNKRS was the largest for a single style in the history of NIKE Direct.

SNKRS 繼續保持增長勢頭，尤其是在其強大的消費者參與度提高了轉化率的情況下。 SNKRS 上的直播仍然非常受歡迎，新功能不斷上線。例如，我們開始在直播中放棄產品發布，這有助於使我們的觀眾自上一財年開始直播以來翻了兩番。而在 12 月，AJ11 Cool Grey 在 SNKRS 上的發布是 NIKE Direct 歷史上最大的單一款式。

We drove this unprecedented demand by engaging with consumers in new ways, including leveraging Snapchat's Try On lens, a #InMyJs Instagram activation and a Fortnite partnership with custom skins and a digital scavenger hunt. Looking forward, we're excited about the opportunity for SNKRS to continue to explore new dimensions and experiences like live streaming and to do so particularly for women's product and for apparel. More to come here soon as we continue to use digital to engage all consumers in ways that integrate culture, commerce, sport and innovation.

我們通過以新方式與消費者互動來推動這一前所未有的需求，包括利用 Snapchat 的 Try On 鏡頭、#InMyJs Instagram 激活以及與自定義皮膚和數字尋寶遊戲的 Fortnite 合作。展望未來，我們很高興 SNKRS 有機會繼續探索直播等新維度和體驗，尤其是在女性產品和服裝領域。隨著我們繼續使用數字化方式，以整合文化、商業、體育和創新的方式吸引所有消費者，很快就會有更多的東西來到這裡。

And at the same time, our growing participation in new digital platforms lets us create innovative ways to connect with consumers, letting them unlock virtual experiences, products and rewards as we expand access points to NIKE across the digital ecosystem. For instance, to celebrate the Super Bowl, we collaborated with EA Sports, giving NIKE members who ran 5 miles in our Nike Run Club rewards and unlocks within the Madden game. Members had to link accounts between NIKE and EA to join the challenge, representing the first incidence of account linking with our gaming partners.

與此同時，我們對新數字平台的參與度不斷提高，這讓我們能夠以創新的方式與消費者建立聯繫，讓他們在我們將 NIKE 接入點擴展到整個數字生態系統時解鎖虛擬體驗、產品和獎勵。例如，為了慶祝超級碗，我們與 EA Sports 合作，為在我們的 Nike Run Club 中跑了 5 英里的 NIKE 會員提供獎勵，並在 Madden 遊戲中解鎖。會員必須在 NIKE 和 EA 之間關聯賬戶才能參與挑戰，這是首次與我們的遊戲合作夥伴關聯賬戶。

The number of new members we acquired surpassed our expectations. And the framework we developed with EA Sports will allow future membership connects to come to life even more efficiently with new partners. And we expect that this, in turn, will lead to increased engagement, membership and revenue growth down the line.

我們獲得的新成員數量超出了我們的預期。我們與 EA Sports 共同開發的框架將使未來的會員聯繫更有效地與新合作夥伴建立聯繫。我們預計，這反過來將導致參與度增加、會員資格和收入增長。

And during NBA All-Star Week, LeBron visited NIKELAND on Roblox to inspire its community towards physical movement in play. On the NIKELAND court, LeBron coached and engaged with players, and participants were rewarded for physical gameplay with the ability to unlock virtual products. Since its launch, a total of 6.7 million players from 224 countries have visited NIKELAND on Roblox. And we plan to continue driving energy there with virtual products like LeBron 19 styles special to Roblox.

在 NBA 全明星周期間，勒布朗在 Roblox 上訪問了 NIKELAND，以激勵其社區在比賽中進行身體運動。在 NIKELAND 球場上，勒布朗執教球員並與球員互動，參與者獲得了能夠解鎖虛擬產品的物理遊戲獎勵。自推出以來，共有來自 224 個國家/地區的 670 萬玩家在 Roblox 上訪問了 NIKELAND。我們計劃通過 Roblox 專屬的 LeBron 19 款式等虛擬產品繼續推動能源發展。

In addition, we announced NIKE Virtual Studios this quarter, following our acquisition of RTFKT. With NIKE Virtual Studios, our vision is to take our best-in-class experiences in digital and build Web 3 products and experiences to scale this community so that NIKE and our members can create, share and benefit together. In Q3, RTFKT released the first official NIKE-branded NFT, our first step into the world of digital product creation. We're pleased by the positive momentum and energy we're already seeing in the space, and we're excited about the future as we continue to extend our digital leadership in the industry.

此外，在我們收購 RTFKT 之後，我們在本季度宣布了 NIKE Virtual Studios。通過 NIKE Virtual Studios，我們的願景是利用我們一流的數字體驗並構建 Web 3 產品和體驗來擴展這個社區，以便 NIKE 和我們的成員能夠共同創造、分享和受益。在第三季度，RTFKT 發布了第一個官方 NIKE 品牌 NFT，這是我們進入數字產品創造世界的第一步。我們對我們已經在該領域看到的積極勢頭和能量感到高興，我們對未來感到興奮，因為我們將繼續擴大我們在該行業的數字領導地位。

In the end, NIKE is doing what we always do. We are staying on the offense. Our confidence as we look long term hasn't changed one bit. We've been resolute in fueling innovation and our brand is as strong as ever. NIKE's unique strengths continue to set the pace and keep us in the lead.

最後，NIKE 正在做我們一直在做的事情。我們繼續進攻。從長遠來看，我們的信心絲毫沒有改變。我們一直堅定地推動創新，我們的品牌一如既往地強大。 NIKE 的獨特優勢繼續引領潮流，讓我們保持領先地位。

And with that, I'll now turn the call over to Matt.

有了這個，我現在把電話轉給馬特。

Thank you, John, and hello to everyone on the call. NIKE has become more agile, responsive and resilient over the past 2 years through the operational capabilities and playbook that we have developed to navigate the unexpected. This past quarter, the operating environment shifted rapidly as the latest COVID variant presented new challenges to business operations. And our teams around the world were prepared to do what was necessary to continue to serve the consumer.

謝謝你，約翰，大家好。在過去的 2 年裡，NIKE 通過我們為應對意外情況而開發的運營能力和手冊，變得更加敏捷、響應和彈性。在過去的這個季度，隨著最新的 COVID 變體對業務運營提出了新的挑戰，運營環境迅速變化。我們在世界各地的團隊已經準備好做必要的事情來繼續為消費者服務。

Our ability to optimize near-term performance through heightened levels of volatility while continuing to make strategic progress on Consumer Direct Acceleration reinforces NIKE's positioning as a portfolio of leading brands with unlimited potential. Marketplace demand continues to significantly exceed available inventory supply, with a healthy pull market across our geographies. When inventory supply is available in region, we are quickly moving it to the appropriate channels to serve consumer demand.

我們通過提高波動水平優化近期業績的能力，同時繼續在消費者直接加速方面取得戰略進展，鞏固了耐克作為具有無限潛力的領先品牌組合的定位。市場需求繼續大大超過可用庫存供應，在我們的地區擁有健康的拉動市場。當該地區有庫存供應時，我們會迅速將其轉移到適當的渠道以滿足消費者的需求。

Consumers continue to shift towards digital to find the products they love, and NIKE's digital experience continues to build deep consumer connections and capture digital market share. Now let me briefly update on the supply chain. All factories in Vietnam are operational, with total footwear and apparel production in line with pre-closure volumes and our forward-looking demand plans. Nearly all of our supplier base is operational without restrictions, and we are working closely with our partners around the world to navigate through the most recent risks related to COVID.

消費者繼續轉向數字化尋找他們喜愛的產品，而耐克的數字化體驗繼續建立深厚的消費者聯繫並佔領數字化市場份額。現在讓我簡要介紹一下供應鏈。越南的所有工廠都在運營，鞋類和服裝的總產量符合關閉前的產量和我們的前瞻性需求計劃。我們幾乎所有的供應商基礎都在不受限制地運作，我們正在與世界各地的合作夥伴密切合作，以應對與 COVID 相關的最新風險。

Inventory supply in our geographies is beginning to improve from here. Transit times, however, remain elevated. And in the case of North America, transit times in the third quarter have worsened. We have taken numerous actions to address these challenges, and in many cases, to protect against lead times increasing even further. Despite these ongoing challenges, we have been able to mitigate our transit delay impact by nearly 4 weeks versus industry averages. I am so proud of how our teams continue to respond, demonstrating how to win in a dynamic and rapidly changing environment.

從這裡開始，我們地區的庫存供應開始改善。然而，運輸時間仍然較高。就北美而言，第三季度的運輸時間已經惡化。我們採取了許多行動來應對這些挑戰，並且在許多情況下，以防止交貨時間進一步增加。儘管存在這些持續的挑戰，但與行業平均水平相比，我們仍能夠將運輸延誤影響減少近 4 週。我為我們的團隊如何繼續做出回應感到自豪，展示瞭如何在動態和快速變化的環境中取勝。

Now consumer demand for all 3 of our brands, NIKE, Jordan and Converse, remains incredibly strong. Our growth in the third quarter would have been even higher if we had greater quantities of available inventory to meet marketplace demand. Across the marketplace, holiday retail sales finished strong, and spring retail sales are off to a great start, fueled by strong demand for performance men's running, Air Jordan 1, classics footwear and our apparel fleece franchises. We are also sustaining a higher full-price mix with year-over-year improvement in markdown activity.

現在，消費者對我們所有三個品牌 NIKE、Jordan 和 Converse 的需求仍然非常強勁。如果我們有更多的可用庫存來滿足市場需求，我們第三季度的增長會更高。在整個市場，假日零售銷售強勁，春季零售銷售開局良好，這得益於對高性能男式跑步鞋、Air Jordan 1、經典鞋類和我們的羊毛服裝特許經營權的強勁需求。我們還維持較高的全價組合，降價活動同比有所改善。

NIKE Digital has seen improvement in conversion rates and lower customer returns despite having lower levels of available inventory in our most desired product franchises. And in Greater China, we saw improvement in full price realization versus the prior season. Speaking of product, we continue to refresh and reimagine our most iconic franchises through design, collaboration and creative storytelling. We are expanding the contribution of our Express Lane in all geographies to make more locally relevant product on shorter lead times, yielding higher rates of sell-through and profitability for NIKE and our partners.

儘管在我們最想要的產品系列中可用庫存水平較低，但 NIKE Digital 的轉化率有所提高，客戶退貨率也有所降低。在大中華區，我們看到與上一季相比，全價實現有所改善。說到產品，我們將繼續通過設計、協作和創造性的故事講述來更新和重新構想我們最具標誌性的特許經營權。我們正在擴大 Express Lane 在所有地區的貢獻，以在更短的交貨時間內生產更多與當地相關的產品，從而為耐克和我們的合作夥伴帶來更高的銷售率和盈利能力。

We continue to deliver a consistent flow of product innovation in performance sports like running, basketball and training and through platforms like ZoomX, FlyEase and with the Space Hippie with crater foam. Our product is our most valuable form of demand creation, and we have a highly loyal and engaged audience eager to share in the stories we have to tell around our athletes and products.

我們將繼續通過 ZoomX、FlyEase 等平台和帶有火山口泡沫的 Space Hippie 在跑步、籃球和訓練等高性能運動中提供一致的產品創新流程。我們的產品是我們最有價值的需求創造形式，我們擁有高度忠誠和參與的觀眾，他們渴望分享我們必須講述的關於我們的運動員和產品的故事。

This quarter, the NIKE Brand registered as both the #1 cool and #1 favorite brand in all 12 of our key cities around the world. Recent product announcements ranging from our collaboration with Drake on the NOCTA line of apparel and sneakers. To the Ted Lasso, AFC Richmond kits for the show's third season speaks to the depth of our cultural reach. Our brands live at the intersection of sport, media, music and increasingly, technology, enabling us to be highly relevant to today's youth.

本季度，NIKE 品牌在我們全球所有 12 個主要城市都註冊為#1 酷和#1 最受歡迎的品牌。最近的產品公告包括我們與 Drake 在 NOCTA 服裝和運動鞋系列上的合作。對於 Ted Lasso 來說，該劇第三季的 AFC Richmond 球衣說明了我們文化影響力的深度。我們的品牌生活在體育、媒體、音樂以及越來越多的技術的交匯處，使我們能夠與當今的年輕人高度相關。

As I've said repeatedly over the past year, NIKE's market opportunity is larger than ever. Consumer interest in sport, health and well-being has never been greater. And consumers' desire to wear athletic inspired footwear and apparel in more moments of their lives is here to stay. NIKE will always be a growth company, fueled through innovation to help all athletes achieve their full potential.

正如我在過去一年中反复說過的那樣，NIKE 的市場機會比以往任何時候都大。消費者對運動、健康和福祉的興趣從未如此強烈。消費者在生活中更多時刻穿著運動鞋和服裝的願望將繼續存在。 NIKE 將永遠是一家成長型公司，以創新為動力，幫助所有運動員充分發揮潛力。

Now continuing with the theme of growth, John said earlier that our marketplace strategy is a growth strategy. And so I'd like to go a little deeper on where we are in our journey to create the marketplace of the future, including how we have managed our wholesale portfolio. Over the past 4 years, we have reduced the number of wholesale accounts worldwide by more than 50% while delivering strong revenue growth through NIKE Direct and our remaining wholesale partners.

現在繼續增長的主題，約翰早些時候說我們的市場戰略是一種增長戰略。因此，我想更深入地了解我們在創建未來市場的過程中所處的位置，包括我們如何管理我們的批發產品組合。在過去 4 年中，我們將全球批發賬戶數量減少了 50% 以上，同時通過 NIKE Direct 和我們剩餘的批發合作夥伴實現了強勁的收入增長。

We are now moving into the next phase of our marketplace strategy. We have finished communicating the big account pivots. And our go-forward growth plans are aligned with our wholesale partners. Wholesale partners play an integral role in our future marketplace, first, to authenticate our brands and then to create scale of distribution through a consistent consumer experience across a larger retail footprint. We will drive healthy wholesale growth with our remaining wholesale partners and recapture dislocated demand by elevating our partner's retail environment and digitally connecting NIKE membership with their retail experience.

我們現在正進入我們市場戰略的下一階段。我們已經完成了大賬戶支點的溝通。我們的未來增長計劃與我們的批發合作夥伴保持一致。批發合作夥伴在我們未來的市場中發揮著不可或缺的作用，首先是驗證我們的品牌，然後通過在更大的零售足跡中提供一致的消費者體驗來創造分銷規模。我們將與我們剩餘的批發合作夥伴一起推動健康的批發增長，並通過提升我們合作夥伴的零售環境並將耐克會員資格與他們的零售體驗數字化連接來重新獲得錯位的需求。

Take, for example, our collaboration with James Whitner's Whitaker Group, owner of Social Status and other sneaker boutiques. We recently partnered with The Whitaker Group to develop unique silhouettes of Jordan and Dunk products as well as produce SNKRS Live content to connect our brand to important communities. We are committed to driving growth with partners like this as they create authentic, deeply connected consumer concepts in key cities and communities around the world.

舉個例子，我們與 James Whitner 的 Whitaker Group 合作，後者是 Social Status 和其他運動鞋精品店的所有者。我們最近與 The Whitaker Group 合作開發 Jordan 和 Dunk 產品的獨特輪廓，並製作 SNKRS Live 內容以將我們的品牌與重要社區聯繫起來。我們致力於與這樣的合作夥伴一起推動增長，因為他們在全球主要城市和社區創造了真實、緊密相連的消費者概念。

NIKE Digital continues to be our fastest-growing component of the marketplace. This quarter, downloads of the NIKE mobile app accelerated, and member buying frequency and average order values improved again as we continue to test member engagement across activity, content, community and commerce. In Q3, NIKE Digital gained 3 points from the prior year and now represents 26% of our total NIKE Brand revenue.

NIKE Digital 仍然是我們在市場中增長最快的組成部分。本季度，隨著我們繼續測試會員在活動、內容、社區和商業方面的參與度，NIKE 移動應用程序的下載量加速，會員購買頻率和平均訂單價值再次提高。在第三季度，NIKE Digital 比去年增加了 3 個點，現在占我們 NIKE 品牌總收入的 26%。

We're investing in NIKE stores to specifically address gaps in distribution to serve the growth opportunities we see in women's apparel and Jordan. Our NIKE Live concept is showing promising levels of productivity per square foot, store profitability and new member acquisition. We continue to obsess over the consumer experience and perfect the concept for her to maximize the incremental growth opportunity in the marketplace.

我們正在對耐克商店進行投資，以專門解決分銷方面的差距，以服務於我們在女裝和喬丹身上看到的增長機會。我們的 NIKE Live 概念展示了每平方英尺的生產力水平、商店盈利能力和新會員獲取水平。我們繼續關註消費者體驗並為她完善概念，以最大限度地增加市場的增量增長機會。

We will also begin testing a Jordan-only concept in North America in fiscal '23, leveraging a popular consumer experience that has been wildly successful in Greater China, the Philippines and Korea. Our approach is to first pilot these new concepts, iterate and perfect, and then move to scale. Since the onset of the pandemic, we have seen how creating the marketplace of the future will deepen our connections with consumers, fuel marketplace growth and expand the profit pool for NIKE and our wholesale partners.

我們還將在 23 財年開始在北美測試僅限約旦的概念，利用在大中華區、菲律賓和韓國大獲成功的流行消費者體驗。我們的方法是首先試驗這些新概念，迭代和完善，然後再擴大規模。自大流行開始以來，我們已經看到創建未來市場將如何加深我們與消費者的聯繫，推動市場增長並擴大耐克和我們的批發合作夥伴的利潤池。

Now let me turn to the details of our third quarter financial results and operating segment performance. NIKE, Inc. revenue grew 5% and 8% on a currency-neutral basis, led by 17% growth in NIKE Direct. Wholesale returned to growth, up 1% on a currency-neutral basis. NIKE Digital grew 22%, fueled by strong demand through our NIKE app. NIKE-owned stores grew 14% with significant improvements in traffic during the quarter.

現在讓我談談我們第三季度財務業績和運營部門業績的細節。 NIKE, Inc. 的收入在貨幣中性的基礎上增長了 5% 和 8%，其中 NIKE Direct 增長了 17%。批發業務恢復增長，在貨幣中性的基礎上增長 1%。 NIKE Digital 增長了 22%，這得益於我們的 NIKE 應用程序的強勁需求。 NIKE 擁有的商店在本季度增長了 14%，客流量顯著改善。

Gross margin increased 100 basis points versus the prior year, driven primarily by higher NIKE Direct margins due to lower markdowns, favorable foreign currency exchange rates and a higher full price mix, partially offset by increased freight and logistics costs. SG&A grew 13% versus the prior year, primarily due to strategic technology investments, normalization of investment against brand campaigns, wage-related expenses and digital marketing investment to fuel heightened digital demand. Our effective tax rate for the quarter was 16.4% compared to 11.4% for the same period last year. This was due to a shift in our earnings mix, effects of stock-based compensation and recently finalized U.S. tax regulations. Third quarter diluted earnings per share was $0.87.

毛利率較上年增長 100 個基點，主要是由於降價幅度較低、有利的外匯匯率和更高的全價組合導致 NIKE Direct 利潤率提高，部分被貨運和物流成本增加所抵消。 SG&A 與上一年相比增長 13%，主要是由於戰略技術投資、品牌活動投資的正常化、工資相關費用和數字營銷投資以推動數字需求的增加。我們本季度的有效稅率為 16.4%，而去年同期為 11.4%。這是由於我們的收益組合發生了變化、股票薪酬的影響以及最近敲定的美國稅收法規。第三季度每股攤薄收益為 0.87 美元。

Now let's review the operating segments. In North America, Q3 revenue grew 9% and EBIT was flat. NIKE continued to drive momentum through key product franchises across men's, women's and kids. This was highlighted by double-digit growth in key men's running franchises like Pegasus as well as updates on franchises like the Winflo and Zoom Air. NIKE Direct grew 27% versus the prior year, led by NIKE Digital delivering industry-leading growth, increasing 33% versus the prior year, driven by double-digit growth in traffic, strong growth in new members and member engagement and improvements in member buying frequency.

現在讓我們回顧一下運營部門。在北美，第三季度收入增長 9%，息稅前利潤持平。耐克通過男裝、女裝和童裝的主要產品特許經營權繼續推動勢頭。 Pegasus 等主要男子跑步專營權的兩位數增長以及 Winflo 和 Zoom Air 等專營權的更新突出了這一點。 NIKE Direct 同比增長 27%，其中 NIKE Digital 實現行業領先的增長，同比增長 33%，這得益於流量的兩位數增長、新會員和會員參與度的強勁增長以及會員購買的改善頻率。

NIKE Digital in North America now has the highest penetration of all the geographies, representing 1/3 of total North America revenue in the quarter. NIKE-owned stores grew 16% due to traffic improving towards pre-pandemic levels and successful activations in key cities during moments like the Super Bowl in L.A. North America continues to experience strong full price realization and low markdown rates across the marketplace as inventory supply begins to improve.

NIKE Digital 在北美的滲透率現在是所有地區中最高的，佔該季度北美總收入的 1/3。 NIKE 自有門店增長 16%，原因是客流量向大流行前水平改善，以及在洛杉磯超級碗等關鍵城市的成功激活隨著庫存供應開始，北美繼續經歷強勁的全價實現和整個市場的低降價率改善。

NIKE-owned inventory levels increased 22% versus the prior year, with in-transit inventory now representing 65% of total inventory at the end of the quarter, as transit times are now more than 6 weeks longer than pre-pandemic levels and 2 weeks longer than the same period in the prior year. In order to ensure the right assortment of products arrive on time for the fall selling season, we have moved forward our buying time lines to accommodate for longer transit times.

NIKE 擁有的庫存水平與去年同期相比增加了 22%，在途庫存現在佔本季度末總庫存的 65%，因為現在的運輸時間比大流行前水平和 2 周長了 6 週以上長於上年同期。為了確保正確的產品種類在秋季銷售季節準時到達，我們提前了我們的購買時間線以適應更長的運輸時間。

In EMEA, Q3 revenue grew 13% on a currency-neutral basis, with growth across all consumer segments, and EBIT grew 34% on a reported basis. Retail sales across the marketplace grew strong double digits with improvements in full price realization and lower average markdown rates. Team sports continues to make its comeback and the continuation of the Champions League tournament enabled global football to drive energy across the region. The momentum behind the Jordan brand in EMEA is also driving strong growth across all consumer segments, led by women.

在歐洲、中東和非洲地區，在貨幣中性的基礎上，第三季度的收入增長了 13%，所有消費領域都實現了增長，EBIT 在報告的基礎上增長了 34%。隨著全價實現的改善和平均降價率的降低，整個市場的零售額增長了兩位數。團隊運動繼續捲土重來，冠軍聯賽的延續使全球足球能夠在整個地區推動能量。 Jordan 品牌在歐洲、中東和非洲的發展勢頭也在推動所有消費領域的強勁增長，其中以女性為首。

NIKE Direct grew 22% on a currency-neutral basis, led by growth in NIKE-owned stores of 44% as we compare to uneven store closures due to COVID-related government restrictions in the prior year. NIKE Digital rose 11%, fueled by member-only access and app-exclusive releases and another quarter of strong double-digit growth in full price demand. Wholesale revenue grew 10%, led by even stronger growth rates from our strategic accounts.

在貨幣中性的基礎上，NIKE Direct 增長了 22%，其中耐克擁有的門店增長了 44%，而上一年由於與 COVID 相關的政府限制導致門店關閉不均衡。 NIKE Digital 增長 11%，這得益於會員專享訪問和應用程序獨家發布以及全價需求強勁兩位數增長的另一個季度。批發收入增長了 10%，這得益於我們戰略客戶的更高增長率。

As John mentioned in his remarks, we remain focused on the safety and well-being of our teammates regarding the deeply troubling crisis unfolding in Ukraine. Our own stores and digital commerce operations remain paused in Russia and Ukraine. As a note, our business in both countries represent less than 1% of total company revenue.

正如約翰在他的講話中提到的，在烏克蘭正在發生的令人深感不安的危機中，我們仍然關注我們隊友的安全和福祉。我們在俄羅斯和烏克蘭的商店和數字商務業務仍處於暫停狀態。需要注意的是，我們在這兩個國家的業務僅占公司總收入的不到 1%。

In Greater China, Q3 revenue declined 8% on a currency-neutral basis, and EBIT declined 19% on a reported basis. Our results for this quarter were in line with our expectations, with sequential improvement versus the prior quarter. As we continued rebuilding local brand activities again this quarter, NIKE was rated the #1 cool and #1 favorite brand in China, creating separation and distinction versus the competition.

在大中華區，在貨幣中性的基礎上，第三季度的收入下降了 8%，在報告的基礎上，息稅前利潤下降了 19%。我們本季度的業績符合我們的預期，與上一季度相比有所改善。在本季度我們繼續重建本土品牌活動的同時，NIKE 被評為中國第一酷和第一受歡迎的品牌，在競爭中創造了差異和差異。

And as I said earlier, we are observing continued improvement in full price realization. Greater China delivered over $2 billion in revenue this quarter, driven by the Lunar New Year period as Nike.com saw record weekly traffic. We leveraged our Express Lane capabilities to design hyperlocal products with the Year of the Tiger elements, resulting in strong sell-through across men's, women's, kids and Jordan. Speaking of Jordan, the brand had a record quarter for revenue in the region, growing versus the prior year through momentum in both footwear and apparel.

正如我之前所說，我們正在觀察全價實現的持續改善。在農曆新年期間，Nike.com 的每周訪問量創下歷史新高，大中華區本季度的收入超過 20 億美元。我們利用 Express Lane 的能力設計了帶有虎年元素的超本地化產品，從而在男裝、女裝、童裝和 Jordan 鞋款中實現了強勁的銷售。說到喬丹，該品牌在該地區的收入創下了創紀錄的季度記錄，通過鞋類和服裝的發展勢頭與去年相比有所增長。

NIKE Direct was down 11% on a currency-neutral basis, with declines in both digital and physical retail channels. COVID-related lockdowns continue to create challenges for retail traffic. NIKE-owned stores were down 5% and Digital declined 19% due to the ongoing supply delays that negatively impacted timing of product launches. We created marketplace energy with the opening of NIKE Beijing, the first connected partner-operated Rise door and 2 new Unite doors that set consecutive records for global opening sales.

在貨幣中性的基礎上，NIKE Direct 下跌 11%，數字和實體零售渠道均出現下滑。與 COVID 相關的封鎖繼續給零售流量帶來挑戰。由於持續的供應延遲對產品發布的時間產生了負面影響，NIKE 擁有的商店下降了 5%，Digital 下降了 19%。隨著耐克北京的開業，我們創造了市場能量，首個由合作夥伴經營的互聯互通的 Rise 門和 2 個連續創下全球開業銷售記錄的新 Unite 門。

Our relentless focus on sport, product innovation and our most iconic product franchises, combined with local athlete storytelling, remains a competitive advantage for us in Greater China. We are closely monitoring the current situation regarding the virus, but we are encouraged by the momentum we are building in the marketplace.

我們對運動、產品創新和最具標誌性的產品特許經營的不懈關注，結合當地運動員的故事，仍然是我們在大中華區的競爭優勢。我們正在密切關注有關病毒的當前情況，但我們對我們在市場上建立的勢頭感到鼓舞。

Now moving to APLA. Q3 revenue grew 19% on a currency-neutral basis and EBIT grew 17% on a reported basis. This quarter was the largest and most profitable in the history of the APLA region. We saw double-digit currency-neutral growth across nearly all territories led by Korea, Mexico and SOCO. We're winning with the consumer and sport across performance and lifestyle, demonstrated by strong growth in running, fitness, Jordan and Classics.

現在搬到APLA。在貨幣中性的基礎上，第三季度的收入增長了 19%，在報告的基礎上，息稅前利潤增長了 17%。本季度是 APLA 地區歷史上規模最大、利潤最高的季度。我們在以韓國、墨西哥和 SOCO 為首的幾乎所有地區都看到了兩位數的貨幣中性增長。我們在性能和生活方式方面贏得了消費者和運動的青睞，跑步、健身、喬丹和經典賽的強勁增長證明了這一點。

NIKE Direct grew 39%, led by NIKE Digital growth of 61% due to record-setting member days across a number of territories, delivering more than 2.5x the demand versus a typical week. NIKE-owned stores grew 17% while the wholesale channel grew 9%. Our focus on localized product and content, particularly the launch of our Kwondo 1 collaboration with K-Pop star G-Dragon demonstrated yet again our deep connection to consumers. It was APLA's biggest hyperlocal launch ever, reaching 91 million users on social and 3.8 million entries across SNKRS and our marketplace partners.

NIKE Direct 增長了 39%，其中 NIKE Digital 增長了 61%，原因是多個地區的會員天數創紀錄，與一般一周相比，需求量增加了 2.5 倍以上。耐克自有門店增長 17%，而批發渠道增長 9%。我們對本地化產品和內容的關注，特別是我們與 K-Pop 明星 G-Dragon 推出的 Kwondo 1 合作，再次證明了我們與消費者的深厚聯繫。這是 APLA 有史以來最大的超本地化發布，在社交媒體上吸引了 9100 萬用戶，在 SNKRS 和我們的市場合作夥伴中獲得了 380 萬個條目。

Now let's turn to our financial outlook. We continue to expect revenue for the full year to grow mid-single digits versus the prior year. As you know, comparing quarters to prior periods has not been intuitive, so we continue to look at the size, trend and health of our business, market share and profitability relative to pre-pandemic periods, and we remain confident we are on track towards our long-term financial goals.

現在讓我們轉向我們的財務前景。我們繼續預計全年收入將比上年增長中個位數。如您所知，將季度與前期進行比較並不直觀，因此我們繼續關注我們的業務規模、趨勢和健康狀況、市場份額和相對於大流行前時期的盈利能力，我們仍然相信我們正在朝著我們的長期財務目標。

Specifically for the fourth quarter, in North America, we expect a decline in revenue due to year-over-year comparisons. And in Greater China, we expect to see another quarter of sequential improvement while we closely monitor the operational impact related to recent COVID lockdowns. We now expect gross margin to expand by at least 150 basis points versus the prior year as strong consumer demand continues to fuel high levels of full price realization, low markdown rates and low customer returns.

特別是對於第四季度，在北美，由於同比比較，我們預計收入將下降。在大中華區，我們預計將看到另一個季度的連續改善，同時我們密切關注與最近 COVID 封鎖相關的運營影響。我們現在預計毛利率將比上一年至少增加 150 個基點，因為強勁的消費者需求繼續推動高水平的全價實現、低降價率和低客戶回報。

Benefits of strategic pricing expected in Q4 are being partially offset by elevated product costs, primarily due to higher macro input costs, supply chain costs and strategic actions to expedite delivery of product in North America. Despite the recent strengthening of the U.S. dollar, we continue to expect foreign exchange to be a 55 basis point tailwind versus the prior year. We now expect SG&A to grow mid-teens for the full year as our spend normalizes, and we continue to advance our capabilities to support our ongoing digital transformation. We continue to expect our effective tax rate to be in the low teens for the fiscal year.

預計第四季度戰略定價的好處部分被產品成本上升所抵消，這主要是由於宏觀投入成本、供應鏈成本和加快北美產品交付的戰略行動。儘管最近美元走強，但我們繼續預計外匯匯率將比上一年增加 55 個基點。隨著我們的支出正常化，我們現在預計 SG&A 全年將增長十幾歲左右，並且我們將繼續提升我們的能力以支持我們正在進行的數字化轉型。我們繼續預計本財年的有效稅率將保持在十幾歲以下。

And as we look ahead to fiscal '23, we are optimistic as our brand strength is unparalleled with a strong product pipeline and momentum against our largest growth drivers. Marketplace demand continues to exceed available supply as inventory supply begins to normalize in the fourth quarter, against the context of a healthy pull market, setting the foundation for another year of strong growth. We are focused on what we can control while there are several new dynamics creating higher levels of volatility. As a result, we will provide more specific financial guidance for fiscal '23 during our fourth quarter earnings call.

當我們展望 '23 財年時，我們感到樂觀，因為我們的品牌實力無與倫比，擁有強大的產品線和與我們最大的增長動力相抗衡的勢頭。隨著庫存供應在第四季度開始正常化，在健康的拉動市場的背景下，市場需求繼續超過可用供應，為又一年的強勁增長奠定了基礎。我們專注於我們可以控制的東西，同時有幾種新的動態會產生更高的波動性。因此，我們將在第四季度財報電話會議上為 23 財年提供更具體的財務指導。

In closing, our strategy is working. NIKE's brand strength and consumer demand remains at an all-time high and we are confident in our business momentum. Our deep focus on the consumer and sport is what sets us apart from the rest. We continue to leverage the same principles for how we are strategically and financially managing the company. And as we approach our 50-year anniversary, we are reminded of NIKE's rich history of delivering consistent results even through periods of uncertainty as we build NIKE for the future.

最後，我們的策略正在奏效。 NIKE 的品牌實力和消費者需求保持在歷史最高水平，我們對我們的業務發展勢頭充滿信心。我們對消費者和運動的高度關注使我們與眾不同。我們將繼續利用相同的原則來對公司進行戰略和財務管理。當我們接近 50 週年時，我們想起了耐克的悠久歷史，即使在我們為未來打造耐克的不確定時期，也能提供始終如一的成果。

With that, let's open up the call for questions.

有了這個，讓我們打開問題的電話。

(Operator Instructions) Your first question comes from the line of John Kernan with Cowen.

（操作員說明）您的第一個問題來自 John Kernan 和 Cowen 的台詞。

Congrats on the excellent results.

祝賀優異的成績。

Thanks, John.

謝謝，約翰。

So Matt, as we get into the fourth quarter and into the first half of 2023, can you talk to how you see product flows improving? And do you think you'll be able to meet this elevated level of demand as we go into the first half of your fiscal '23?

所以馬特，隨著我們進入第四季度和 2023 年上半年，你能談談你如何看待產品流的改善嗎？當我們進入 23 財年的上半年時，您認為您能夠滿足這種高水平的需求嗎？

Yes. Sure, John. Well, maybe I'll start by just saying that Vietnam at this point in time is operational and our production volume on plan. And while transit times remain elevated, particularly getting into the North America marketplace, beginning in the fourth quarter, we're going to start seeing an improved flow of supply. And so we are increasingly confident in that reality and continue to manage that dynamic with our partners, our factory partners and our transit partners around the world.

是的。當然，約翰。好吧，也許我會首先說越南目前處於運營狀態，我們的生產量按計劃進行。雖然運輸時間仍然延長，特別是進入北美市場，但從第四季度開始，我們將開始看到供應流的改善。因此，我們對這一現實越來越有信心，並繼續與我們的合作夥伴、我們的工廠合作夥伴和我們在世界各地的運輸合作夥伴一起管理這種動態。

Consumer demand continues to be incredibly strong. And while we've not been able to meet demand over the past couple of quarters, we're in a healthy pull market with that strong demand. And as a result of that, we really believe that, that sets a strong foundation for growth in the first half of fiscal '23 but for fiscal '23 in total.

消費者需求持續強勁。雖然我們在過去幾個季度無法滿足需求，但我們處於需求強勁的健康拉動市場。因此，我們真的相信，這為 23 財年上半年的增長奠定了堅實的基礎，但也為 23 財年的總體增長奠定了堅實的基礎。

Your next question comes from the line of Kate McShane with Goldman Sachs.

您的下一個問題來自高盛集團的 Kate McShane。

I wondered if you could talk a little bit more about the new model with your wholesale partners. Can we expect to see a further refinement of what your differentiated retail strategy is with this new model? And what is the timing of the rollout for this newer strategy?

我想知道您是否可以與批發合作夥伴多談談新型號。我們能否期待看到您對這種新模式的差異化零售戰略的進一步完善？這個新戰略的推出時間是什麼時候？

Yes. Thanks, Kate. Let me just start by reminding us why we're driving this, what we're calling NIKE Marketplace. And it's driven by the consumer, who I have this phrase of saying, consumers want to get what they want, when they want it, how they want it. And they expect us to know who they are regardless of channel, and they want a very consistent and premium experience.

是的。謝謝，凱特。讓我首先提醒我們為什麼要推動這個，我們稱之為 NIKE Marketplace。它是由消費者驅動的，我有這樣一句話，消費者想要得到他們想要的東西，他們想要什麼時候，他們想要什麼。他們希望我們無論渠道如何都知道他們是誰，他們想要一個非常一致和優質的體驗。

And so starts with NIKE Digital. I won't go into that, but the clear competitive separation in our digital capabilities. But wholesale plays a very, very important role in that, as I said in my remarks and Matt reinforced. And so we will continue to build strategic partnerships with our wholesale partners, in particular, around the ability to link our membership program so that consumers know that NIKE knows who they are, even through the wholesale channel and allows both of us to grow.

所以從 NIKE Digital 開始。我不會討論這個，而是我們數字能力的明顯競爭分離。但正如我在講話中所說，馬特強調，批發在其中扮演著非常非常重要的角色。因此，我們將繼續與我們的批發合作夥伴建立戰略合作夥伴關係，特別是圍繞連接我們的會員計劃的能力，以便消費者知道耐克知道他們是誰，甚至通過批發渠道，並允許我們雙方共同成長。

And then NIKE Direct, our own mono brand stores, will continue to play a role, an increased role, in particular, focusing on a couple of areas of the market where we feel like there's incremental need to reach the consumer, particularly around women's, around apparel, and as Matt mentioned, around Jordan. And so we'll increase our mono brand stores over the coming years.

然後，我們自己的單一品牌商店 NIKE Direct 將繼續發揮作用，並將發揮更大的作用，特別是專注於我們認為越來越需要接觸消費者的幾個市場領域，尤其是女裝，圍繞服裝，正如馬特所說，圍繞喬丹。因此，我們將在未來幾年增加我們的單一品牌商店。

But as Matt said, importantly, we're going to take an intelligent approach to that, where we're going to test, iterate and learn so that we get the consumer construct and consumer experiences in our mono brand store is clear before we rapidly expand. And so that expansion will happen some in fiscal '23 but even more so in fiscal '24 and '25. But again, the main goal is to be able to have consumers almost be indifferent where and how they have a first-rate NIKE experience.

但正如馬特所說，重要的是，我們將採取一種智能的方法，我們將在其中進行測試、迭代和學習，以便在我們迅速了解單一品牌商店的消費者結構和消費者體驗之前擴張。因此，這種擴張將在 23 財年發生一些，但在 24 財年和 25 財年更是如此。但同樣，主要目標是能夠讓消費者幾乎不關心他們在哪里以及如何獲得一流的 NIKE 體驗。

Yes. And I'd just add, Kate, that the point I was trying to make is that for the past several years, we have been editing our account portfolio. And at this pivot in time, we have made the edits and communicated those edits to our partners. And we're focused now on driving growth through our remaining wholesale partners. And to create the marketplace of the future, both through digital, our owned stores and our partners, it's going to require us to also invest with our partners in their consumer experiences so that the consumer has a premium consistent experience as they move across the marketplace and can find the NIKE product when and where they want it.

是的。我想補充一點，凱特，我想說的是，在過去的幾年裡，我們一直在編輯我們的賬戶組合。在這個關鍵時刻，我們進行了編輯並將這些編輯傳達給我們的合作夥伴。我們現在專注於通過我們剩餘的批發合作夥伴推動增長。為了通過數字化、我們的自有商店和我們的合作夥伴創造未來的市場，我們還需要與我們的合作夥伴一起投資他們的消費者體驗，以便消費者在整個市場移動時獲得優質一致的體驗並且可以隨時隨地找到他們想要的 NIKE 產品。

And one other thing I just want to really reinforce because I think there was some confusion on this, that's around Foot Locker. To be crystal clear, Foot Locker always has been and always will be a large and important partner of NIKE's. And that will continue to be the case. And they'll have a very distinct role in our marketplace strategy as a wholesaler, with a particular focus on the culture of basketball, on the sneaker culture and on kids, which is a really big and important opportunity for us. So just to be clear, they are one of our important partners going forward.

還有一件事我只是想真正加強，因為我認為在這方面有些混亂，那就是在Foot Locker周圍。明確地說，Foot Locker 一直是並將永遠是 NIKE 的重要合作夥伴。情況將繼續如此。作為批發商，他們將在我們的市場戰略中發揮非常獨特的作用，特別關注籃球文化、運動鞋文化和兒童，這對我們來說是一個非常重要的機會。因此，需要明確的是，他們是我們前進的重要合作夥伴之一。

Your next question comes from the line of Jay Sole with UBS.

您的下一個問題來自瑞銀的 Jay Sole。

My question is about China. Matt, when you said you expect sequential growth in fourth quarter, can you maybe give us a little bit more color on that? Do you expect the growth to turn positive on a year-over-year basis? And maybe if you can dive in a little bit more about what gives you conviction in both the near term and the long-term opportunity in China, if you could elaborate on that, that would be appreciated.

我的問題是關於中國的。馬特，當你說你預計第四季度會出現連續增長時，你能給我們更多的色彩嗎？您是否預計同比增長會轉為正數？也許如果你能更深入地了解是什麼讓你在短期和中國的長期機會中充滿信心，如果你能詳細說明這一點，那將不勝感激。

Yes, sure, Jay. So what I said specifically was we expect to see sequential improvement in the fourth quarter versus what we delivered in Q3. And that's based on the momentum that we're seeing in the marketplace. We're highly encouraged with our Q3 performance and a second straight quarter of metrics and facts around the way our teams are executing in the marketplace, that gives us confidence from a brand and consumer point of view.

是的，當然，傑。所以我具體說的是，與我們在第三季度的交付相比，我們預計第四季度會出現連續改善。這是基於我們在市場上看到的勢頭。我們對我們第三季度的表現以及我們團隊在市場上執行方式的連續第二個季度的指標和事實感到非常鼓舞，從品牌和消費者的角度來看，這讓我們充滿信心。

As I mentioned in my prepared remarks, we were rated the #1 cool and #1 favorite brand in China. And this is the second straight quarter where we've increased our investment in demand creation in order to reestablish and rebuild those consumer connections. And we're seeing the impact of it. John referenced 1 example in our brand campaign around the Beijing Olympics and the high levels of reach, engagement and positive consumer sentiment that we saw.

正如我在準備好的發言中提到的，我們被評為中國排名第一的酷和最受歡迎的品牌。這是我們連續第二個季度增加對創造需求的投資，以重建和重建這些消費者聯繫。我們正在看到它的影響。約翰在我們圍繞北京奧運會的品牌活動中引用了一個例子，以及我們看到的高水平的影響力、參與度和積極的消費者情緒。

We also saw this quarter an improvement in full price realization. And our team continues to do a great job navigating through the environment. But what we really see, as we dig deep into the full price metrics, is that the Jordan brand grew, as I mentioned, in footwear and apparel. And we see consumer demand around local storytelling and local dimensions of our product franchises like the Year of the Tiger and then just general consumer demand around our most popular footwear franchises continuing to drive growth versus the prior year.

我們還看到本季度全價實現有所改善。我們的團隊繼續在環境中導航方面做得很好。但是，當我們深入研究全價指標時，我們真正看到的是，正如我所提到的，Jordan 品牌在鞋類和服裝領域的增長。我們看到消費者對當地故事和我們產品特許經營的當地維度（如虎年）的需求，然後只是圍繞我們最受歡迎的鞋類特許經營的一般消費者需求繼續推動與上一年相比的增長。

And so we're encouraged by this momentum and what it says in terms of our optimism to be able to return to a long-term growth algorithm. In the short term, we're operationally watching the COVID-related lockdowns in the marketplace. And the impact on the fourth quarter of these lockdowns is unclear at this moment, but it feels different. And so we're looking at the fourth quarter and our revenue guidance for the quarter and feel confident that we can still deliver mid-single-digit revenue growth on a full year basis.

因此，我們對這種勢頭以及它對我們能夠恢復長期增長算法的樂觀態度感到鼓舞。在短期內，我們正在觀察市場上與 COVID 相關的封鎖。目前尚不清楚這些封鎖對第四季度的影響，但感覺不同。因此，我們正在關注第四季度和我們對該季度的收入指導，並相信我們仍然可以在全年實現中個位數的收入增長。

Got it, okay. And then if I can ask you another question. You mentioned that you'll give more color on fiscal '23 on the fourth quarter call. But I mean, at a high level, the long-term guidance that you gave for fiscal '25 talked about high single-digit to low double-digit revenue growth. Do you expect fiscal '23 at a high level to be sort of an on-algorithm type of year as it were to deliver that kind of growth? Is there any sort of broad brushstroke kind of contours of fiscal '23 that you're thinking about right now?

明白了，好吧。然後，如果我能再問你一個問題。您提到您將在第四季度電話會議上為 23 財年提供更多色彩。但我的意思是，在高層次上，你為 25 財年提供的長期指導談到了高個位數到低兩位數的收入增長。您是否預計 23 財年的高水平會是一種算法類型的年份，因為它會帶來這種增長？您現在正在考慮的 23 財年是否有任何廣泛的筆觸輪廓？

Yes. We're looking at fiscal '23 and believe the foundation is set for another year of strong growth, and that's because our Consumer Direct Acceleration strategy is working. Our brand is strong and continues to have -- create consumer demand at all-time highs. We're going to see inventory supply normalize this quarter, which gives us increased confidence that we'll have supply to meet the heightened levels of demand. And we've got a robust pipeline of product, and we're excited about the momentum that we're building in our biggest growth areas. So as we look to the long term, Jay, we continue to be optimistic and positive as it relates to our fiscal '25 long-term algorithm.

是的。我們正在關注 23 財年，並相信為又一年的強勁增長奠定了基礎，這是因為我們的消費者直接加速戰略正在發揮作用。我們的品牌很強大，並將繼續擁有——創造歷史最高的消費者需求。我們將看到本季度的庫存供應正常化，這使我們更加相信我們將有供應來滿足更高的需求水平。我們擁有強大的產品管道，我們對我們在最大增長領域所建立的勢頭感到興奮。因此，當我們展望長期時，傑伊，我們繼續保持樂觀和積極，因為這與我們的 25 財年長期算法有關。

We have the next question from Jonathan Komp with Baird.

我們有下一個問題來自 Jonathan Komp 和 Baird。

One follow-up as a clarification. Given some of the sizable shifts in the North America wholesale marketplace, I think you referenced Foot Locker, are you expecting to see a negative impact or a headwind to your total North America revenue at any point?

一項後續行動作為澄清。鑑於北美批發市場的一些重大變化，我認為您提到了 Foot Locker，您是否預計在任何時候都會對您的北美總收入產生負面影響或逆風？

And then maybe just a broader question on your view of the health of the consumer and the ability to accept some of the pricing that's coming in, in the category and broadly the inflation and how that impacts your view on the gross margin outlook beyond fiscal '22.

然後可能只是一個更廣泛的問題，關於您對消費者健康的看法以及接受一些即將到來的定價的能力，在類別和廣義上的通貨膨脹，以及這如何影響您對財政以外毛利率前景的看法' 22.

Maybe I'll take the first part of that, Matt, and you take the second. Jonathan, on the first part, quite the contrary. We see this marketplace strategy positioning us even more strongly for healthy, sustainable growth in North America. And it starts with Digital. You saw the Digital growth rate in North America, I think it was 33% this past quarter. It's been very strong. And NIKE is 1 of the very few brands that's on the home screen of the mobile app. And we don't just have 1 mobile app. We have the NIKE mobile app, the SNKRS mobile app, the NTC and NRC. And that is very scarce space to have clear digital competitive advantage.

也許我會接受第一部分，馬特，你接受第二部分。喬納森，在第一部分，恰恰相反。我們看到這一市場戰略為我們在北美的健康、可持續增長奠定了更加強大的地位。它從數字開始。你看到了北美的數字增長率，我認為上個季度是 33%。已經非常強大了。耐克是移動應用主屏幕上為數不多的品牌之一。而且我們不僅有 1 個移動應用程序。我們有 NIKE 移動應用程序、SNKRS 移動應用程序、NTC 和 NRC。這是非常稀缺的具有明顯數字競爭優勢的空間。

We also believe that it's going to become a healthier retail or wholesale, if you will, marketplace, as we described. We have our connected partnership and pilot we've done with DICK'S Sporting Goods, where we've taken one of our partners, one of our important strategic partners and we're learning together around connected membership. We have very strong initial results from that. Consumers really appreciate the fact that they know who we are and their NIKE members whether they're shopping at a DICK'S or shopping elsewhere. And we're working closely with DICK'S to provide that seamless experience.

我們還相信，正如我們所描述的，如果您願意的話，它將成為一個更健康的零售或批發市場。我們與 DICK'S Sporting Goods 建立了相互關聯的合作夥伴關係和試點項目，我們已經選擇了我們的合作夥伴之一，也是我們重要的戰略合作夥伴之一，我們正在圍繞關聯的會員資格一起學習。我們從中獲得了非常強大的初步結果。消費者非常欣賞這樣一個事實，即他們知道我們是誰以及他們的 NIKE 會員，無論他們是在 DICK'S 購物還是在其他地方購物。我們正在與 DICK'S 密切合作，以提供無縫體驗。

And as we learn more from that, we'll roll that connected partnership out to others. And then just to repeat, we believe in the North America marketplace in particular. There's a real need around women's, around Jordan and around some higher-end apparel where our mono brand stores, particularly NIKE Live concept, the 5,000- to 6,000-square-foot concept can really play a role in neighborhoods around North America. So we think that leads to a healthier marketplace that leads to even accelerated growth.

隨著我們從中學到更多，我們將把這種相互關聯的伙伴關係推廣給其他人。再說一遍，我們特別相信北美市場。圍繞女裝、喬丹和一些高端服裝存在真正的需求，我們的單一品牌商店，特別是 NIKE Live 概念店，5,000 至 6,000 平方英尺的概念可以在北美各地的社區中真正發揮作用。因此，我們認為這會帶來一個更健康的市場，從而導致甚至加速增長。

Yes. And just hitting the second part of your question, we continue to see strong consumer demand for our portfolio of brands. And that's been true for the past several quarters, and we know we haven't been able to meet marketplace demand with available inventory supply. We did implement a low single-digit price increase in the second half of this year or for the spring/summer '23 season to be more specific. And given the transit times delays, we'll start to see more of that hit the market in the fourth quarter.

是的。就您問題的第二部分而言，我們繼續看到消費者對我們品牌組合的強勁需求。過去幾個季度都是如此，我們知道我們無法通過可用的庫存供應來滿足市場需求。我們確實在今年下半年或更具體地為 23 年春/夏季節實施了低個位數的價格上漲。考慮到運輸時間的延誤，我們將在第四季度開始看到更多的產品進入市場。

But our approach to pricing and to the consumer is a careful one. We evaluate the price value of our products on a season-by-season basis. And our financial model as a premium brand starts first with the value that we create for the consumer in our products. And so we're very careful about how we approach pricing, and we take a long-term view with regards to the consumer because of that relationship that we have.

但我們對定價和對消費者的態度是謹慎的。我們按季節評估產品的價格價值。作為高端品牌，我們的財務模式首先從我們為消費者創造的產品價值開始。因此，我們對定價的方式非常謹慎，並且由於我們之間的關係，我們對消費者採取了長遠的眼光。

So as we look forward to the fourth quarter and fiscal '23, we're continuing to look at the opportunities for additional pricing, and we do see some. But as it relates to consumer demand for our brands, we continue to see strong consumer demand for our brands and for our products because they find value in our products.

因此，當我們期待第四季度和 23 財年時，我們將繼續尋找額外定價的機會，我們確實看到了一些。但由於這與消費者對我們品牌的需求有關，我們繼續看到消費者對我們的品牌和產品的強勁需求，因為他們在我們的產品中發現了價值。

We have your next question from Matthew Boss with JPMorgan.

我們有來自摩根大通的 Matthew Boss 的下一個問題。

Great. And congrats on a nice quarter despite the dynamic backdrop.

偉大的。儘管有動態的背景，但還是祝賀一個不錯的季度。

Thanks, Matt.

謝謝，馬特。

So John, can you elaborate on the spring demand that you're seeing for the brand and just your excitement for the product pipeline into next year? And Matt, as we move into phase 2 of the marketplace model, is there any way for us best to conceptualize wholesale versus direct-to-consumer margins maybe today relative to the opportunity that you see moving forward?

那麼約翰，您能否詳細說明您對該品牌的春季需求以及您對明年產品線的興奮？馬特，當我們進入市場模型的第二階段時，有沒有什麼方法可以讓我們最好地概念化批發與直接面向消費者的利潤，也許今天相對於你看到的未來機會？

Yes, Matt, I'm so glad you asked this question because one of the things that just gives us extraordinary confidence in our outlook is the innovation pipeline. And it's been so much fun because a growing number of our teams are back together here on campus. Matt and I both spent a whole bunch of time over our new Serena Williams building last week with Michael and Heidi and Andy and DJ and going through our products. And in person, physically touching the products in the pipeline, I can't tell you how energizing that is.

是的，馬特，我很高興你問了這個問題，因為讓我們對自己的前景充滿信心的一件事就是創新管道。這非常有趣，因為我們越來越多的團隊回到了校園。上週，馬特和我都花了很多時間與邁克爾、海蒂、安迪和 DJ 一起在我們的新塞雷娜威廉姆斯大樓上，並瀏覽了我們的產品。親自接觸管道中的產品，我無法告訴你這是多麼令人振奮。

And we have a very strong pipeline. And as Matt and I both described, that's both in our platforms and in our products. The FlyEase is just a great example of how NIKE has this extraordinary ability to take innovation insight. In this case, it was developed for people with ability challenges and now leverage it. You see it first with kids, right? One of the #1 challenges parents have is helping get their kids their shoes on in the morning or off at night. And this -- the Dynamo Go, along with several other new models coming that take advantage of FlyEase technology, both in lifestyle and performance.

我們有一個非常強大的管道。正如馬特和我都描述的那樣，這既存在於我們的平台中，也存在於我們的產品中。 FlyEase 就是耐克如何擁有這種非凡的創新洞察力的一個很好的例子。在這種情況下，它是為有能力挑戰的人開發的，現在可以利用它。你第一次看到孩子，對吧？父母面臨的第一大挑戰之一是幫助他們的孩子早上穿鞋或晚上脫鞋。還有這個——Dynamo Go，以及其他幾款在生活方式和性能方面都利用 FlyEase 技術的新車型。

And now women and men's want to embrace the FlyEase and Converse as I mentioned. So that's a great example of a platform that's scaling and there's a strong innovation pipeline. And then we've got a great pipeline coming over the next 3 to 12 months of running, is a great example where we have updated models around Infinity, around Invincible, and we're really excited about Invincible. The next Pegasus models are quite strong so that will be coming. Very excited about the running line going forward.

正如我所提到的，現在女性和男性都想要擁抱 FlyEase 和 Converse。所以這是一個很好的例子，一個平台可以擴展並且有一個強大的創新管道。然後在接下來的 3 到 12 個月的運行中，我們有一個很棒的管道，這是一個很好的例子，我們圍繞 Infinity、Invincible 更新了模型，我們對 Invincible 感到非常興奮。下一個 Pegasus 型號非常強大，因此即將推出。對前進的跑道感到非常興奮。

With women's, we just launched the Dri-FIT Alpha Bra. And in the pipeline is a really exciting next generation of leggings and bras that we think is just really going to continue to turbocharge our growth there. And obviously, the Free Metcon is seeing strong consumer demand already.

對於女裝，我們剛剛推出了 Dri-FIT Alpha 文胸。並且正在籌備中的是非常令人興奮的下一代緊身褲和胸罩，我們認為它們真的會繼續推動我們在那裡的增長。顯然，Free Metcon 已經看到了強勁的消費者需求。

And then with kids, we're bringing ACG into kids in the fall for the first time. In basketball, the GT Cut and Global Football, the Phantom and the Mercurial and what is going to be extraordinary. You think about the Global Football agenda for the next 15 months, both men's and women's, I can just tell you that our -- we are so excited about the product pipeline, both the breadth and the depth of it that -- and it's just fun to be able to really be together in person as our innovation teams continue to put the pedal to the metal.

然後是孩子們，我們將在秋季首次將 ACG 帶入孩子們。在籃球領域，GT Cut 和 Global Football、Phantom 和 Mercurial 以及將要成為非凡的東西。你想想未來 15 個月的全球足球議程，無論是男足還是女足，我只能告訴你，我們對產品線感到非常興奮，無論是廣度還是深度，當我們的創新團隊繼續腳踏實地時，能夠真正親自在一起很有趣。

Yes. And just on your margin question, Matt, the underlying drivers of the CDA are what's fueling our gross margin expansion. Obviously, this year, we're incredibly proud by 150 basis points or at least 150 basis points of gross margin expansion, where we've absorbed more than 100 basis points of unplanned costs associated with supply chain, logistics and wages to move product. And the large proportion of that actually sits in the North America marketplace. So when you look at the revenue and EBIT performance or operating income performance in North America, you're seeing a larger impact of that in that geography.

是的。就您的利潤率問題而言，馬特，CDA 的潛在驅動因素是推動我們毛利率擴張的因素。顯然，今年，我們為毛利率增長 150 個基點或至少 150 個基點而感到無比自豪，我們已經吸收了 100 多個與供應鏈、物流和工資相關的計劃外成本來移動產品。其中很大一部分實際上位於北美市場。因此，當您查看北美的收入和 EBIT 表現或營業收入表現時，您會看到該地區的更大影響。

As we look ahead to the marketplace shift, the underlying drivers are the same drivers. It's a higher mix of full price. It's us continuing to leverage our supply chain costs and fulfillment in order to drive more productivity. And while in the short term, we might see some normalization as inventory supply starts to flow, some normalization of channels because wholesale has had a little less product over the last couple of quarters to the normalization of full price because with lack of supply, we've got a couple of our geographies with full price realization that's well above our definition of 65% for full marketplace health. But that doesn't change our confidence in our ability to drive high 40s gross margin by fiscal year '25 and beyond.

當我們展望市場轉變時，潛在的驅動因素是相同的。這是全價的更高組合。是我們繼續利用我們的供應鏈成本和履行來提高生產力。雖然在短期內，隨著庫存供應開始流動，我們可能會看到一些正常化，渠道的一些正常化，因為過去幾個季度批發的產品少了一點，全價正常化，因為供應不足，我們'我們有幾個地區的全價實現遠高於我們對全面市場健康的 65% 的定義。但這並沒有改變我們對在 25 財年及以後推動 40 年代高毛利率的能力的信心。

Our last question comes from the line of Adrienne Yih with Barclays.

我們的最後一個問題來自巴克萊銀行的 Adrienne Yih。

Let me add my congratulations. We really are doing things to shift to Digital DTC. Along those lines, Matt, would it be fair to say that obviously, the Digital DTC is going to play a much bigger role to get to those fiscal '25 targets? And can you get there without China coming back to that algorithm, 13% to 15% growth? And are the EBIT margins in those 2 channels relatively similar?

讓我補充一下我的祝賀。我們確實在努力轉向數字 DTC。按照這些思路，馬特，可以公平地說，顯然，數字 DTC 將發揮更大的作用來實現那些 '25 財年目標嗎？如果中國不回到那個算法，13% 到 15% 的增長，你能做到嗎？這兩個渠道的息稅前利潤率是否相對相似？

Adrienne, we've got a strong portfolio of brands, products, geographies, and we're encouraged by the momentum that we're seeing in Greater China. As it relates to Digital, as both John and I mentioned on the call, the growth we continue to deliver through that channel continues to be fantastic and it's the consumer that's leading that transition.

Adrienne，我們擁有強大的品牌、產品、地域組合，我們對大中華區的發展勢頭感到鼓舞。正如約翰和我在電話會議上提到的那樣，與數字相關，我們繼續通過該渠道實現的增長仍然非常出色，而引領這種轉變的是消費者。

To be able to deliver double-digit traffic -- growth in traffic in North America this past quarter really stood out as an outlier relative to where other brands and retailers were seeing traffic growth. And to us, it's a signal of the strength of our brand and the fact that the consumer continues to choose this channel to engage, the fact that the app downloads have increased on a quarter-over-quarter basis, the fact that we're seeing the app drive a greater proportion of our overall business connects membership. And the way that we're going to try to connect membership into the marketplace, we continue to feel very strong that Consumer Direct Acceleration led by Digital is what's going to drive us towards that fiscal year '25 goal.

為了能夠提供兩位數的流量——與其他品牌和零售商的流量增長相比，過去一個季度北美的流量增長確實是一個異常值。對我們來說，這是我們品牌實力的信號，也是消費者繼續選擇這個渠道進行互動的信號，應用下載量環比增長的事實，以及我們正在看到該應用程序在我們的整體業務中佔據更大比例的連接會員。並且我們將嘗試將會員連接到市場的方式，我們仍然非常強烈地認為，由數字領導的消費者直接加速將推動我們實現 25 財年的目標。

And as we've mentioned before, we earn a higher gross margin on our sales through the digital channels, and we expect to see leverage in our costs, which will enable us to hit that high teens operating profit over the multiyear period.

正如我們之前提到的，我們通過數字渠道的銷售獲得了更高的毛利率，我們希望看到我們的成本槓桿，這將使我們能夠在多年期間達到十幾歲的高營業利潤。

All right. Well, thank you very much, everyone, for joining us today. We look forward to speaking with you next quarter. Take care. Have a good night.

好的。好吧，非常感謝大家今天加入我們。我們期待在下個季度與您交談。小心。祝你晚安。

Thanks, everyone.

感謝大家。

Thank you.

謝謝你。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。