Image source: The Motley Fool.

图片来源：The Motley Fool。

Nike(NKE 0.14%)

Q4 2024 Earnings Call

Jun 27, 2024, 5:00 p.m. ET

耐克(NKE 0.14%)

2024 财年第四季度电话会议

2024年6月27日，美东时间下午 5 点

Prepared Remarks:

准备声明:

Operator

操作员

Good afternoon, everyone. Welcome to NIKE, Inc.'s fiscal 2024 fourth-quarter conference call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, VP of corporate finance and treasurer.

大家下午好。欢迎参加耐克公司 2024 财年第四季度电话会议。想要查阅今天的新闻稿的人，请访问 investors.nike.com。今天的电话会议由企业财务副总裁兼财务主管保罗·特鲁塞尔主持。

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

现在我将把电话交给保罗·特鲁塞尔。

Paul Trussell -- Vice President, Investor Relations and Strategic Finance

保罗·特鲁塞尔 -- 投资者关系和战略财务副总裁

Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2024 fourth-quarter results. Joining us on today's call will be NIKE, Inc. president and CEO, John Donahoe; and our CFO, Matt Friend.

谢谢，操作员。大家好，感谢大家今天加入我们讨论耐克公司 2024 财年第四季度业绩的电话会议。今天的电话会议上，我们将有耐克公司总裁兼首席执行官约翰·多纳霍和我们的首席财务官马特·弗兰德参加。

Before we begin, let me remind you that participants on this call will make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in NIKE's reports filed with the SEC. In addition, participants may discuss non-GAAP financial measures and nonpublic financial and statistical information. Please refer to NIKE's earnings press release or NIKE's website, investors.nike.com, for comparable GAAP measures and quantitative reconciliations.

在我们开始之前，让我提醒大家，本次电话会议的参与者将根据当前预期发表前瞻性声明，这些声明可能会受到某些风险和不确定性的影响，从而导致实际结果出现重大差异。这些风险和不确定性在耐克向美国证券交易委员会提交的报告中有详细说明。此外，参与者可能会讨论非通用会计准则财务指标和非公开的财务和统计信息。请参考耐克的盈利新闻稿或耐克的网站 investors.nike.com，以获取可比的通用会计准则财务指标和数量调和情况。

All growth comparisons on the call today are presented on a year-over-year basis and are currency-neutral unless otherwise noted. We will start with prepared remarks and then open up for questions. 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.

今天电话会议上的所有增长比较均以同比基础呈现，并且除非另有说明，否则均为货币中性。我们将从准备声明开始，然后开放提问环节。我们希望在规定时间内尽可能让更多人提问，因此我们希望您将初始问题限制在一个问题上。感谢您在此方面的合作。

I will now turn the call over to NIKE, Inc. president and CEO, John Donahoe.

现在我将把电话交给耐克公司总裁兼首席执行官约翰·多纳霍。

John J. Donahoe -- President and Chief Executive Officer

约翰·J·多纳霍 -- 总裁兼首席执行官

Thank you, Paul, and hello to everyone on today's call. I want to start by briefly commenting on our financial results. For full-year fiscal '24, revenue grew approximately 1% on a currency-neutral basis and earnings per share grew 15%. Q4 revenue was flat.

谢谢，保罗，也向今天参加电话会议的所有人问好。我想先简要评论一下我们的财务业绩。截至 2024 财年全年，收入在货币中性基础上增长约 1%，每股收益增长 15%。第四季度收入持平。

For the quarter, we saw strong gains within performance product. However, this was more than offset by declines in lifestyle. These declines had a pronounced impact on our digital results. These factors, when combined with increased macro uncertainty and worsening foreign exchange have caused us to reduce our guidance for fiscal '25.

在本季度，我们在性能产品方面取得了强劲增长。然而，这一增长被生活方式产品的下降所抵消。这些下降对我们的数字业绩产生了显著影响。这些因素，再加上宏观不确定性加剧和外汇恶化，导致我们下调了 2025 财年的指引。

Matt will provide more detail on our results and outlook later in the call. While fiscal '25 will be a transition year for our business, we continue to make real progress on our comeback. Over the past year, we've highlighted the strategic shifts we're taking as a company, including leadership and organization changes, kick-starting a multiyear innovation cycle, and creating capacity to invest in consumer-facing activities. As I mentioned in last quarter's call, we're making a series of adjustments to position us to compete and win.

马特将在通话后期提供更多关于我们的业绩和展望的细节。虽然 2025 财年将是我们业务的过渡年，但我们在复苏方面持续取得实质性进展。在过去的一年里，我们强调了公司正在进行的战略转变，包括领导和组织变革，启动多年创新周期，并创造投资于面向消费者活动的能力。正如我在上一季度的电话会议中提到的，我们正在进行一系列调整，以使我们能够竞争并取得胜利。

We're sharpening our focus on sport, accelerating our pace and scaling of newness and innovation, driving bigger, bolder storytelling, and elevating the entire marketplace to fuel brand distinction and being the path of the consumer. This is our playbook, and we're seeing momentum build in all four areas, particularly on the performance side of our product portfolio. We have work to do, but we're on it. Our teams are moving with energy and urgency against the opportunity we see in front of us.

我们正在专注于体育，加快新产品的推出速度和创新规模，推动更大胆的故事叙述，并提升整个市场以推动品牌差异化并引领消费者之路。这是我们的策略，我们看到在所有四个领域，特别是在产品组合的性能方面，动力正在逐渐增强。我们还有很多工作要做，但我们正在努力。我们的团队正在充满活力和紧迫感地应对我们看到的机遇。

Now, as we've discussed over the past few quarters, we've been accelerating our innovation pipeline, including pulling forward several innovations, some more than a year. We're moving aggressively to reestablish our innovation edge. We began with a focus on performance as NIKE always does, and the early results from newness and innovation are encouraging. Performance grew double digits in the quarter, with growth in many of our key sports.

现在，正如我们在过去几个季度中讨论的那样，我们一直在加速我们的创新管道，包括提前推出几项创新，有些甚至提前了一年。我们正在积极努力恢复我们的创新优势。我们始终从性能方面入手，而新产品和创新的早期成果令人鼓舞。本季度，性能增长了两位数，许多关键运动项目都实现了增长。

And as we kicked off our multiyear innovation cycle, one of our key priorities has been increasing our speed to the consumer. We believe accelerating the pace and consistency of our innovation will allow us to deliver impacted scale season after season. Now, as you know, for years, NIKE has had an Express Lane, which enables short-lead-time replenishment and hyperlocal design, and we'll continue to leverage Express Lane. But over the past year, we have also built a new way of working across the entire product creation process.

在启动我们的多年创新周期时，我们的一个关键重点是加快面向消费者的速度。我们相信加快创新的速度和一致性将使我们能够在每个季节交付影响力和规模。正如您所知，多年来，耐克一直拥有 Express Lane，这使得短交货时间的补货和超地方设计成为可能，我们将继续利用 Express Lane。但在过去的一年里，我们还建立了一种全新的工作方式，贯穿整个产品创造过程。

We call this Speed Lane, and it's part of a broader companywide effort to move faster and be more responsive to the consumer. For example, through Speed Lane, we're leveraging our Bowerman Footwear Lab to accelerate design. We're leveraging advanced digital tools to quicken development. And we're leveraging key manufacturing partners to speed up product testing and production.

我们称之为 Speed Lane，这是公司范围内加快速度和更加响应消费者的更广泛努力的一部分。例如，通过 Speed Lane，我们利用我们的鲍尔曼鞋类实验室加快设计。我们利用先进的数字工具加快开发。我们利用关键制造合作伙伴加快产品测试和生产。

We've already accelerated half a dozen models through this new capability, and in the second half of the fiscal year, you'll see other new innovations come out of Speed Lane, including several exciting new franchises across fitness and lifestyle. As I've mentioned, our sharp focus around newness and innovation starts with performance, and we're seeing the impact across key sports. Let me give you a few brief examples across three: basketball, fitness, and running. First, basketball, which was up double-digit growth in Q4 across men's, women's, kids', and Jordan.

我们已经通过这种新能力加速推出了半打模型，在本财年下半年，您将看到 Speed Lane 带来的其他新创新，包括在健身和生活方式领域推出的几个令人振奋的新系列。正如我所提到的，我们围绕新产品和创新的明确重点始于性能，我们看到在关键运动项目中的影响。让我给您举几个简短的例子，涵盖篮球、健身和跑步三个方面。首先是篮球，在第四季度，男装、女装、儿童装和乔丹品类均实现了两位数增长。

This was driven by new innovation from the G.T. Cut to Kobe's new footwear and apparel to the Sabrina 1, which in itself has taken two points of share across the entire U.S. basketball market, including both men's and women's. We recently announced Sabrina's next shoe as well as A'ja Wilson's signature franchise, and we announced the signing of Caitlin Clark to a roster of athletes that was already the game's best.

这一切都源于从 G.T. Cut 到科比的新鞋服再到 Sabrina 1 的创新，Sabrina 1 在整个美国篮球市场，包括男女篮球市场，都占据了两个份额。我们最近宣布了 Sabrina 的下一款鞋，以及 A'ja Wilson 的签名系列，还宣布了 Caitlin Clark 加入已经是该领域最佳运动员阵容之一的消息。

All this energy will continue to fuel the rapid growth of our women's basketball business as excitement around the WNBA soars to historic highs amid an expanding fan base. And of course, this month's Jayson versus Luka NBA Finals matchup marked the first time Jordan signature athletes met on basketball's pinnacle stage. We celebrated Jayson's title with one of the Jordan Brand's biggest marketing efforts ever. Next, let's look at our fitness business.

所有这些活力将继续推动我们女子篮球业务的快速增长，随着 WNBA 的激情在不断扩大的球迷群中达到历史最高点。当然，本月杰森对阵卢卡的 NBA 总决赛是乔丹签名运动员首次在篮球巅峰舞台上相遇。我们通过乔丹品牌有史以来最大规模的营销活动庆祝了杰森的冠军。接下来，让我们来看看我们的健身业务。

Fitness represents one of the largest market share opportunities we see as a company, particularly for our female consumer. We've made intentional decisions to make meaningful investments in fitness, and these actions are paying off. Over the past quarter, we saw broad-based growth for fitness, led by double-digit growth in apparel. For example, statement leggings, which is a key focus for us, were up high double digits in Q4, led by innovations we've introduced over the past few quarters with Universa, Zenvy, and Go.

健身代表着我们公司看到的最大市场份额机会之一，特别是针对我们的女性消费者。我们已经做出了有意义的决定，在健身领域进行了有意义的投资，这些举措正在取得成效。在过去的一个季度，我们看到健身业务实现了广泛增长，服装增长率领先，其中运动裤是我们的重点关注对象，在第四季度增长率高达两位数，这主要得益于我们在过去几个季度推出的 Universa、Zenvy 和 Go 等创新产品。

Women's fitness footwear also had a strong quarter, driven by Motiva and the latest version of Free Metcon, which came out last summer. Free Metcon is now NIKE's No. 1 women's fitness shoe having expanded from the gym to the street. Next, let's look at road running, which remains a competitive battlefield, but we are playing to win.

女性健身鞋也在上个季度表现强劲，得益于 Motiva 和去年夏天推出的最新版本的 Free Metcon。Free Metcon 现在是耐克排名第一的女性健身鞋，从健身房扩展到街头。接下来，让我们来看看路跑，这仍然是一个竞争激烈的领域，但我们致力于取得胜利。

In past calls, we've discussed that we're now aligned, resourced, and taking this challenge head-on with confidence. We've been hustling to accelerate our running innovations and amplify our ground game. While our overall running business was impacted in Q4 by our proactive actions to manage the Pegasus portfolio transition, we're pleased that recent new releases in Vomero, Invincible, Infinity, and Structure all grew high double digits over the quarter. We're making it easier for consumers to discover these styles by simplifying our running construct at retail as we highlight our best-in-class cushioning technologies.

在过去的通话中，我们已经讨论过我们现在对齐、资源充足，并充满信心地迎接这一挑战。我们一直在努力加速我们的跑步创新，并增强我们的基础。尽管我们在第四季度的整体跑步业务受到了管理 Pegasus 系列转型的积极影响，但我们很高兴看到 Vomero、Invincible、Infinity 和 Structure 等最新发布的产品在季度内增长了两位数。我们通过简化零售渠道上的跑步结构，突出我们一流的缓震技术，使消费者更容易发现这些款式。

Now, as you know, a few weeks ago, we launched the Pegasus 41 a new chapter for NIKE's biggest performance franchise. Peg 41 pairs Zoom Air with full-length React X foam for a ride that's more comfortable, durable, and responsive than ever. It's received strong reviews from industry experts. We supported the 41 with our full playbook backed by NIKE's most comprehensive running campaign in years, which will last for several seasons.

正如您所知，几周前，我们推出了 Pegasus 41，这是耐克最大性能系列的新篇章。Peg 41 将 Zoom Air 与全长 React X 泡沫相结合，带来了比以往更舒适、耐用和响应更快的体验。它受到行业专家的高度评价。我们通过耐克多年来最全面的跑步活动支持了 41，这将持续数个季度。

It was also fueled by a refreshed ground game. This included neighborhood activations to drive consumer trialing at scale and building energy across the full marketplace, including NIKE Direct, our strategic partners, and our performance authenticators such as running specialty doors. This energy drove Peg 41 to a strong start, led by better-than-expected sell-through in both wholesale and NIKE Direct. And our full running journey for fiscal '25 goes beyond the Peg 41 launch.

这也得益于刷新的基础工作。这包括在社区推动大规模消费者试用，并在整个市场，包括耐克直营店、战略合作伙伴和我们的性能认证者，如跑步专门店，营造能量。这种活力推动 Peg 41 取得了强劲的开局，在批发和耐克直营店的销售均超出预期。我们对财年'25 年的完整跑步之旅不仅仅止于 Peg 41 的推出。

We'll be adding several dimensions for Peg in holiday before introducing additional exciting innovations in the second half of the year, including Pegasus Premium and Vomero 18. We're already seeing strong wholesale order book for running across the next few seasons as we continue to take meaningful strides to assert our leadership in this key sport. Now, let's talk about lifestyle, where we're focused on building a more diversified lifestyle footwear portfolio to complement the industry's three largest franchises. We're excited about our pipeline of new lifestyle product.

在假日季节，我们将为 Peg 增加几个维度，然后在下半年推出更多令人兴奋的创新，包括 Pegasus Premium 和 Vomero 18。我们已经看到未来几个季度跑步批发订单的强劲增长，因为我们继续采取有意义的步伐，巩固我们在这一关键运动中的领导地位。现在，让我们谈谈生活方式，我们专注于打造更多元化的生活方式鞋类组合，以补充行业三大主要系列。我们对新生活方式产品线的管道感到兴奋。

A key example was last quarter's introduction of Dynamic Air, our newest breakthrough innovation platform. We launched the Air Max Dn globally, and within just a few months, Dn has become a top 10 lifestyle franchise in our men's business and is resonating particularly well with sneaker-engaged consumers in major cities. And importantly, Dynamic Air is an innovation platform. We're already working on the two -- next two iterations of Dynamic Air, and we will continue to innovate on this platform, including customizing air cushioning to create unique consumer benefits.

一个关键例子是上个季度推出的 Dynamic Air，我们最新的突破性创新平台。我们在全球推出了 Air Max Dn，仅仅几个月内，Dn 已成为我们男士业务中排名前十的生活方式系列，并且在主要城市的热衷运动鞋消费者中反响特别好。而且，Dynamic Air 是一个创新平台。我们已经在研发下两代 Dynamic Air，并将继续在这一平台上进行创新，包括定制气垫，创造独特的消费者福利。

Another component of fueling a more diversified lifestyle portfolio is taking advantage of NIKE's unmatched vault. One example is retro running. We saw an opportunity in the marketplace for retro and moved quickly and nimbly to fill it with our Y2K portfolio, and consumers are responding. We experienced significant quarter-over-quarter retail sales growth for Y2K and now expect to nearly triple our retro running business by the end of fiscal '25 compared with the start of fiscal '24.

推动更多元化的生活方式产品组合的另一个组成部分是利用耐克无与伦比的宝库。一个例子是复古跑步。我们看到市场对复古产品的需求，迅速灵活地填补了我们的 Y2K 系列，消费者做出了回应。我们在 Y2K 的零售销售额季度增长显著，现在预计到财年'25 年底，与财年'24 年初相比，我们的复古跑步业务将增长近三倍。

Now, while we are growing new lifestyle offerings, we're also accelerating planned reductions for our three largest franchises. And this will have a meaningful impact near term on our overall lifestyle growth rate. Now, while we have work to do, we are very focused on scaling the newness to offset this planned reduction. And we're excited about the pipeline with exciting footwear concepts coming in the second half of fiscal '25.

现在，虽然我们正在推出新的生活方式产品，但我们也在加速计划中减少我们三大主要系列的产品。这将对我们整体生活方式增长率产生近期重大影响。现在，虽然我们还有工作要做，但我们非常专注于扩大新产品以抵消这一计划中的减少。我们对下半年财年'25 年即将推出的令人兴奋的鞋类概念感到兴奋。

Finally, the Paris Olympics offers us a pinnacle moment to communicate our vision of sport to the world. This is led by breakthrough innovation and announced by a brand campaign that you won't be able to miss. We recently unveiled our Air for Athletes innovation at our Nike on Air event in Paris. And we can't wait to bring all this Olympics product to life across the games and in more than 8,000 doors worldwide.

最后，巴黎奥运会为我们提供了一个向全世界传达我们对体育愿景的顶峰时刻。这是通过突破性创新引领的，并由一场您不容错过的品牌活动宣布。我们最近在巴黎的 Nike on Air 活动上推出了我们的 Air for Athletes 创新。我们迫不及待地要在全球超过 8,000 个门店中为所有这些奥运产品注入生命。

And throughout, our brand storytelling will be bold and clear, with sport and athletes at the very center of it all from brand voice to retail activations. This summer, we will cut through the clutter to create powerful energy for the NIKE brand. We're back doing what we do best, creating impactful storytelling, and ultimately, brand distinction in sport. In the end, we're taking our challenges head-on, and we're regaining our edge.

在整个过程中，我们的品牌故事将会大胆而清晰，以运动和运动员为核心，从品牌声音到零售激活。今年夏天，我们将突破杂乱，为耐克品牌创造强大的能量。我们正在回归做最擅长的事情，创造有影响力的故事，最终在运动领域树立品牌差异。最终，我们正在迎接挑战，重新夺回优势。

Thanks to the heart and hustle of our global team, we're aggressively asserting the future of NIKE. With passion, clarity, and grit, we're driving this business forward. We're excited about the opportunity in front of us, and we're eager to prove what NIKE can do. And with that, I'll turn the call over to Matt.

多亏了我们全球团队的心血和努力，我们正在积极主张耐克的未来。怀着激情、清晰和毅力，我们正在推动业务向前发展。我们对眼前的机遇感到兴奋，急于证明耐克的实力。现在，我将电话转给马特。

Matthew Friend -- Chief Financial Officer

马修·弗兰德 -- 首席财务官

Thanks, John, and hello to everyone on the call. For NIKE, fiscal '24 was a pivotal year to get back on the offense in sport with consumers, led by an urgency to accelerate our pace of innovation and scale newness across our product line. Today, our playbook is in motion. Our teams are focused and hustling to deliver, and we're seeing positive signals from consumers and retail partners across the world.

谢谢，约翰，打电话的每个人你好。对于耐克来说，'24 财年是一个关键的一年，我们要在运动领域与消费者重新进攻，加快创新步伐，扩大产品线的新颖性。今天，我们的策略正在实施中。我们的团队专注并努力交付，我们从全球消费者和零售合作伙伴那里看到了积极的信号。

That said, this quarter, we have been navigating several headwinds, which we now expect to have a more pronounced impact on fiscal '25. Although the next few quarters will be challenging, we are confident that we are repositioning NIKE to be more competitive with a more balanced portfolio to drive sustainable, profitable long-term growth. Let me provide some deeper insights into the fourth quarter and the implications we see as we look forward before reviewing our financial results and our outlook. First, after double-digit growth over the past several years, our lifestyle business declined in Q4 across men's, women's, and Jordan, more than offsetting strong growth in our sport performance business.

尽管如此，本季度，我们一直在应对几个不利因素，我们预计这些因素将在'25 财年产生更为明显的影响。尽管未来几个季度将充满挑战，但我们有信心重新定位耐克，使其更具竞争力，拥有更平衡的组合以推动可持续、有利可图的长期增长。在回顾我们的财务业绩和展望之前，让我深入解读一下第四季度以及我们展望的影响。首先，在过去几年中实现两位数增长后，我们的休闲业务在第四季度出现下滑，男装、女装和乔丹品类的下滑超过了运动业务的强劲增长。

Second, NIKE Digital declined 10% in the quarter. Although our digital business has grown at an approximately 26% CAGR since fiscal '19, we missed our Q4 plan on softer traffic, higher promotions, and lower sales of certain classic footwear franchises. More specifically, these franchises underperformed our overall digital business results in the quarter, especially in April and May, and continuing on into early June. This is even as these franchises continue to drive retail sales growth at high full-price realization in multi-brand retail.

其次，耐克数字业务在本季度下降了 10%。尽管自'19 财年以来，我们的数字业务以约 26% 的复合年增长率增长，但由于流量减少、促销增加以及某些经典鞋类产品销量下降，我们未能完成第四季度计划。具体来说，这些经典鞋类产品在本季度表现不佳，特别是在 4 月和 5 月，一直延续到 6 月初。尽管这些产品继续推动多品牌零售的高全价销售增长，但它们在本季度的表现低于我们整体数字业务的表现。

Third, we experienced meaningful shifts in consumer traffic in key markets, particularly in Greater China, where brick-and-mortar traffic declined as much as double digits versus the prior year. We also continue to see uneven trends in EMEA and other markets around the world. And last, foreign exchange headwinds worsened, creating an additional one-point headwind on revenue in the quarter. In the midst of these dynamics, our goals to return to strong growth remain the same: read and react to the consumer, maximize full-price sales across all channels, protect long-term franchise health, prioritize a healthy pull market, and create marketplace capacity for new products and new stories coming in fiscal '25.

第三，我们在关键市场的消费者流量出现了明显变化，特别是在大中华地区，实体店流量较去年同期下降了两位数。我们还在欧洲、中东和非洲以及其他市场看到不稳定的趋势。最后，外汇风险加剧，给本季度的营收带来额外的一点不利影响。在这些动态中，我们回归强劲增长的目标依然不变：读懂并回应消费者，最大化各渠道的全价销售，保护长期品牌健康，优先考虑健康的拉动市场，为'25 财年即将推出的新产品和新故事创造市场容量。

Therefore, despite continued marketplace demand, we are advancing our timelines to tighten total supply of certain classic footwear franchises at different paces across different channels around the world. In particular, we are aggressively adjusting our forward-looking plans for these franchises on NIKE Digital, where they have their highest share of business. All told, we expect these actions to create several points of short-term headwinds on revenue in fiscal '25. However, our past experience gives us confidence that proactively rebalancing our portfolio will strengthen our competitive position and fuel brand momentum as we take the consumer somewhere new.

因此，尽管市场需求持续，我们正在加快时间表，调整全球不同渠道上某些经典鞋类产品的总供应量。特别是，我们正在积极调整这些产品在耐克数字业务上的前瞻计划，因为它们在该业务中的占比最高。总的来说，我们预计这些举措将在'25 财年给营收带来几个短期不利因素。然而，过去的经验让我们有信心，积极地重新平衡我们的产品组合将增强我们的竞争力，并在引领消费者进入新领域时推动品牌势头。

Let me share a few recent examples. Back in fiscal '18, we recalibrated the supply of select Jordan Brand franchises, resetting our launch business and bringing more dimension to our portfolio. Over the subsequent quarters, we turned the page from double-digit declines in the brand to the start of multiple consecutive years of strong double-digit growth. And earlier this year, we moved quickly to reshape our lifestyle footwear portfolio in Japan and Korea, two of our most trend-forward markets, where our teams read and reacted to consumer signals.

让我分享一些最近的例子。回到'18 财年，我们重新调整了部分乔丹品牌产品的供应，重塑了我们的推出业务，并为我们的产品组合增添了更多元素。在随后的几个季度里，我们从品牌的两位数下滑转变为连续多年强劲的两位数增长。今年早些时候，我们迅速调整了日本和韩国的休闲鞋类产品组合，在这两个最具潮流前沿的市场，我们的团队读懂并回应了消费者的信号。

We reduced supply of some classic franchises while scaling and creating new energy around other models in our vault. In the fourth quarter, we regained our No. 1 position in Korea in women's lifestyle footwear and extended our lead in Japan with new momentum heading into fiscal '25. Now, as we accelerate our pace of newness and innovation, the early response from consumers and partners are reinforcing our optimism in NIKE's path forward.

我们减少了某些经典产品系列的供应，同时扩大并为我们的库存中的其他款式带来新的活力。在第四季度，我们在韩国女士休闲鞋类市场重新夺回第一的位置，并在日本扩大领先优势，迎接'25 财年的新动力。现在，随着我们加快新产品和创新的步伐，消费者和合作伙伴的早期反馈加强了我们对耐克未来道路的乐观看法。

First, the sharper focus on sport is creating impact. This quarter, performance grew across men's, women's, kids', and Jordan across all channels and geographies, and we expect to build on that momentum, leading with performance in fiscal '25. We are seeing favorable indicators in key focus areas, including strong double-digit growth in order books with North American running specialty partners in both holiday '24 and spring '25. In lifestyle, fresh releases are resonating positively with consumers.

首先，对运动的更加聚焦正在产生影响。本季度，男装、女装、儿童装和乔丹品类在所有渠道和地区都实现了增长，我们预计在'25 财年以运动为主导继续保持这种势头。我们在关键关注领域看到了有利的迹象，包括北美跑步专业合作伙伴在'24 年假期和'25 年春季订单书中实现强劲的两位数增长。在休闲领域，新款式的发布受到消费者的积极响应。

For instance, new executions around retro running and field franchises such as Cortez, Killshot, and the Field General are driving strong retail sales growth as we prepare to scale these franchises in fiscal '25. Our teams are also attacking opportunities across price points, including a refreshed lineup of new footwear products below $100. Building on this quarter's double-digit growth, we plan to scale new performance and lifestyle models in spring '25. Added up, we expect the business contribution from new products to more than double from the start of fiscal '24 to where we end the year in fiscal '25.

例如，围绕复古跑步和田径系列的新设计，如 Cortez、Killshot 和 Field General，正在推动零售销售强劲增长，我们准备在'25 财年扩大这些系列。我们的团队还在各个价格点上寻找机会，包括一系列低于 100 美元的新鞋款。在本季度的两位数增长基础上，我们计划在'25 年春季扩大新的运动和休闲款式。总的来说，我们预计新产品对业务贡献将从'24 财年初开始翻番，直至'25 财年结束。

Last, we are managing expenses tightly through this product cycle transition while reallocating resources to maximize consumer impact. This is enabled by our save-to-invest initiative, which is creating investment capacity to fuel our next phase of growth. At the end of fiscal '24, we have unlocked savings from initiatives up and down our P&L and across our value chain from reducing small parcel fulfillment costs to consolidating suppliers, optimizing technology spend, and restructuring our organization to streamline layers and support functions. In turn, we are reinvesting nearly $1 billion in consumer-facing activities in fiscal '25, which we expect to accelerate our return to strong growth.

最后，我们在产品周期转型期间严格控制开支，同时重新分配资源以最大化消费者影响。这得益于我们的储蓄投资计划，为推动下一个增长阶段创造了投资能力。到 '24 财年末，我们通过从降低小包配送成本到整合供应商、优化技术支出以及重组组织来释放了各项倡议中的储蓄，跨越了我们的损益表和价值链，简化了层级和支持功能。反过来，我们将在 '25 财年重新投资近 10 亿美元于面向消费者的活动，预计将加速我们强劲增长的回归。

This includes ramping up our ground game offense in running in key cities, increasing resources in design, product creation, and merchandising for our key sport dimensions, deepening our sports marketing portfolio, elevating the distinction of our brand in physical retail, and driving bigger bolder brand campaigns starting with EC24 and the Paris Olympics. Now, let me turn to our NIKE, Inc. fourth-quarter results. In Q4, NIKE, Inc.

这包括加大我们在关键城市的地面进攻力度，增加在设计、产品创造和商品化方面的资源投入，深化我们的体育营销组合，在实体零售中提升品牌的独特性，并从 EC24 和巴黎奥运会开始推动更大胆的品牌宣传活动。现在，让我转向我们耐克公司第四季度的业绩。在第四季度，耐克公司的

revenue was down 2% on a reported basis and flat on a currency-neutral basis. NIKE Direct was down 7%. NIKE stores were down 2%, and NIKE Digital was down 10%. Wholesale grew 8%.

营收按报告基础下降了 2%，按货币中性基础持平。耐克直营下降了 7%。耐克门店下降了 2%，耐克数字业务下降了 10%。批发业务增长了 8%。

Gross margins expanded 110 basis points to 44.7% on a reported basis, primarily due to strategic pricing actions, lower ocean freight rates, and improved supply chain efficiency, partially offset by lower margins in NIKE Direct, unfavorable channel mix, and net foreign exchange impact. SG&A was down 7% on a reported basis as increased investment in demand creation was more than offset by reductions in operational overhead. This includes impact from approximately $40 million in restructuring charges. Our effective tax rate was 13.1% compared to 17.3% for the same period last year due to changes in earnings mix, partially offset by decreased benefits from one-time items such as stock-based compensation.

毛利率按报告基础扩大了 110 个基点，达到 44.7%，主要是由于战略定价举措、较低的海运费率和供应链效率提高，部分抵消了耐克直营的较低毛利率、不利的渠道组合和净外汇影响。销售、管理和一般行政费用按报告基础下降了 7%，因为对需求创造的增加投资被运营开支的减少所抵消。其中包括约 4000 万美元的重组费用影响。我们的有效税率为 13.1%，而去年同期为 17.3%，这是由于收入结构变化，部分抵消了来自一次性项目（如股权报酬）减少的益处。

Diluted earnings per share was $0.99, up 50% versus the prior year. This includes nonmaterial impact from restructuring charges. For the full year, revenue was flat on a reported basis and up 1% on a currency-neutral basis. Diluted earnings per share grew 15%.

每股摊薄收益为 0.99 美元，比去年同期增长了 50%。其中包括来自重组费用的非实质性影响。全年，营收按报告基础持平，按货币中性基础增长了 1%。每股摊薄收益增长了 15%。

Cash flow from operations was $7.4 billion, up 27% versus the prior year on significant improvements in working capital. Inventory declined 11% versus the prior year with continued improvement in days in inventory. Now, let me turn to the operating segments. In North America, Q4 revenue declined 1%.

经营活动现金流为 74 亿美元，比去年同期增长了 27%，主要得益于营运资本的显著改善。存货较去年同期下降了 11%，存货周转天数持续改善。现在，让我转向各经营部门。在北美，第四季度营收下降了 1%。

NIKE Direct was down 9%, with NIKE Digital down 11% and NIKE stores down 5%. Wholesale grew 6% due to accelerated shipping timing from Q1 of fiscal '25, and EBIT grew 5% on a reported basis. This quarter, we saw softer traffic in our factory stores, highlighting increasing pressure being felt by the value consumer. That said, we saw a number of bright spots as well, including strong growth in basketball, fitness, and kids', offset by declines in lifestyle and Jordan.

耐克直营下降了 9%，耐克数字业务下降了 11%，耐克门店下降了 5%。批发业务增长了 6%，这是由于从 '25 财年第一季度加快发货时间，EBIT 按报告基础增长了 5%。本季度，我们在工厂店看到了较低的客流量，突显了价值消费者所感受到的压力增加。尽管如此，我们也看到了一些亮点，包括篮球、健身和儿童领域的强劲增长，抵消了生活方式和乔丹领域的下降。

Kids' led our results in the geography with performance dimensions of strong double digits. In women's fitness, we gained market share in footwear. In men's and women's running, fall footwear bookings are up double digits, led by the Pegasus 41. In EMEA, Q4 revenue grew 1%.

儿童领域在地理位置上引领了我们的业绩，表现出强劲的两位数增长。在女性健身领域，我们在鞋类市场份额上获得了增长。在男性和女性跑步领域，秋季鞋类预订量增长了两位数，以 Pegasus 41 为主导。在欧洲、中东和非洲地区，第四季度营收增长了 1%。

NIKE Direct was down 8% as NIKE stores grew 1%, and NIKE Digital declined 14%. Wholesale grew 7%. EBIT grew 2% on a reported basis. In a cautious macro environment, we are seeing performance innovation drive strong sell-through.

耐克直营下降了 8%，耐克门店增长了 1%，耐克数字业务下降了 14%。批发业务增长了 7%，EBIT 按报告基础增长了 2%。在谨慎的宏观环境下，我们看到性能创新推动了强劲的销售。

This is partially offset by overall declines in lifestyle with new product releases working well. Global Football grew double digits across men's and kids'. In women's fitness, we drove strong momentum in footwear and new apparel releases such as our refreshed Nike Pro line. In lifestyle, our retro running franchises continue to scale, and our Air Max Dn launch drove energy with a full marketplace takeover.

这在一定程度上被生活方式领域的整体下降所抵消，新产品发布效果良好。全球足球领域男性和儿童领域增长了两位数。在女性健身领域，我们在鞋类和新服装发布方面取得了强劲的势头，例如我们更新的耐克 Pro 系列。在生活方式领域，我们的复古跑步系列继续扩大规模，我们的 Air Max Dn 推出带来了全面的市场霸占。

In Greater China, Q4 revenue grew 7%, including several points of contribution from Tmall's earlier start to the 6.18 shopping holiday. Excluding this timing benefit, we fell short of our plan with traffic softness persisting across all marketplace channels. NIKE Direct declined 2%, with NIKE stores down 6% and NIKE Digital up 8%. Wholesale grew 15%.

在大中华区，第四季度营收增长了 7%，其中包括来自天猫提前开始的 6.18 购物节的几个百分点贡献。除去这一时间效益，我们未能达到计划，客流量疲软在所有市场渠道持续存在。耐克直营下降了 2%，耐克门店下降了 6%，耐克数字业务增长了 8%。批发业务增长了 15%。

EBIT grew 4% on a reported basis with continued impacts from foreign exchange. Our kids' business set the pace in the geography this quarter led by running and basketball. Within men's and women's lifestyle, retro running styles and our latest Express Lane releases drove positive consumer response. And in men's and women's running, retail sales for our new releases, Structure, Vomero, and Invincible, grew double digits.

EBIT 按报告基础增长了 4%，继续受到外汇影响。我们的儿童业务在该地区本季度引领了步伐，以跑步和篮球为主导。在男性和女性生活方式领域，复古跑步风格和我们最新的 Express Lane 发布获得了积极的消费者回应。在男性和女性跑步领域，我们的新发布产品 Structure、Vomero 和 Invincible 的零售销售增长了两位数。

The China marketplace remains highly promotional, and we continue to manage both NIKE and partner inventory carefully. While our outlook for the near term has softened, we remain confident in NIKE's competitive position in China in the long term. In APLA, Q4 revenue grew 4%. NIKE Direct declined 3% with Nike stores up 11% and NIKE Digital down 12%.

中国市场仍然存在高度促销，我们继续谨慎管理耐克和合作伙伴的库存。尽管我们对短期前景持谨慎态度，但我们对耐克在中国的竞争地位长期持续保持信心。在亚太及拉丁美洲地区，第四季度营收增长了 4%。耐克直营下降了 3%，耐克门店增长了 11%，耐克数字业务下降了 12%。

Wholesale grew 9%, and EBIT grew 4% on a reported basis. Mexico and Southeast Asia and India led our growth in the geography. And across APLA, we drove strong momentum in performance with men's basketball, men's global football, and women's fitness up double digits. Jordan Brand drove energy with street ball activations in Tokyo and Manila and market share gains in basketball footwear.

批发业务增长了 9%，EBIT 按报告基础增长了 4%。墨西哥、东南亚和印度在该地区引领了我们的增长。在整个亚太及拉丁美洲地区，我们在男子篮球、男子全球足球和女子健身领域取得了强劲的势头。乔丹品牌在东京和马尼拉的街头篮球活动中带来活力，并在篮球鞋市场份额上取得增长。

Now, let me turn to our fiscal '25 financial outlook. We are managing a product cycle transition with complexity amplified by shifting channel mix dynamics. A comeback at this scale takes time. With this in mind, we've considered a number of factors and scenarios in revising our outlook for fiscal '25.

现在，让我谈谈我们 '25 财年的财务展望。我们正在管理一个由渠道组合动态转变加剧的产品周期转型。这样规模的复苏需要时间。考虑到这一点，我们在修订 '25 财年展望时考虑了许多因素和情景。

Most importantly, this includes timelines and pacing to manage marketplace supply of our classic footwear franchises; lower NIKE Digital growth, especially in the first half of the year due to lower traffic on fewer launches, planned declines of classic footwear franchises given Q4 trends, as well as reduced promotional activity; increased macro uncertainty, particularly in Greater China, with uneven consumer trends continuing in EMEA and other markets around the world; and sell into wholesale partners as we scale product innovation and newness across the marketplace and finalize second half order books. Taking all of this into consideration, we now expect fiscal '25 reported revenue to be down mid-single digits with the first half down high single digits. Foreign exchange headwinds have also worsened and will now have a one-point translational impact on revenue in fiscal '25. Turning to gross margin.

最重要的是，这包括时间表和步调，以管理我们经典鞋类特许经营品牌的市场供应；由于较少推出新品、计划中经典鞋类特许经营品牌在第四季度的趋势下降以及促销活动减少，NIKE 数字业务增长尤其在年初受到影响，由于流量减少；宏观不确定性增加，特别是在大中华地区，欧洲、中东和非洲地区以及全球其他市场的消费者趋势不稳定；随着我们在市场上推广产品创新和新品，并完成下半年订单簿，向批发合作伙伴销售。综合考虑所有这些因素，我们现在预计 2025 财年的报告收入将下降个位数，上半年下降个位数。外汇汇率不利因素也加剧，将对 2025 财年的收入产生一点汇兑影响。转向毛利率。

We expect full-year expansion of approximately 10 to 30 basis points on a reported basis. This reflects benefits from strategic pricing actions and lower product input costs, partially offset by supply chain deleverage, channel mix shifts, and net foreign exchange impact. We expect full-year SG&A growth to be up slightly versus the prior year as we increase investments in demand creation to ignite brand momentum and maximize reach and impact while holding operating overhead largely flat. Other income and expense, including net interest income, is expected to be approximately $250 million to $300 million for the year.

我们预计全年报告基础上扩张约 10 至 30 个基点。这反映了战略定价行动和较低的产品投入成本带来的好处，部分抵消了供应链杠杆效应、渠道组合变化和净外汇影响。我们预计全年销售、广告和管理费用增长略高于去年，因为我们增加了对需求创造的投资，激发品牌动能，最大限度地扩大影响力，同时基本保持运营开支不变。其他收入和支出，包括净利息收入，预计全年约为 2.5 亿至 3 亿美元。

We expect our full-year effective tax rate to be in the high teens range. Now, turning to our first quarter. We expect first-quarter revenue to be down approximately 10%. This reflects more aggressive actions in managing our classic footwear franchises, continuing challenges on NIKE Digital, muted wholesale order books with newness not yet at scale, a softer outlook in Greater China, and a number of quarter-specific timing factors.

我们预计全年有效税率将在高十几个百分点范围内。现在，转向我们的第一季度。我们预计第一季度收入将下降约 10%。这反映了我们在管理经典鞋类特许经营品牌方面采取了更积极的行动，NIKE 数字业务仍面临挑战，批发订单簿不足，新品尚未达到规模，大中华地区前景疲软，以及一些季度特定的时间因素。

We expect first-quarter gross margins to be in line with the full-year guidance. And we expect first quarter SG&A to be up mid-single digits, as we hold operating overhead flat while investing in key brand moments, including EC24 and the Paris Olympics games. For NIKE, inspiration starts with the athletes we serve. Their dreams motivate us to create the most innovative product in sport and tell stories that reach millions of people around the world.

我们预计第一季度毛利率将与全年指导一致。我们预计第一季度销售、广告和管理费用将上升个位数，因为我们保持运营开支不变，同时投资于关键品牌时刻，包括 EC24 和巴黎奥运会。对于 NIKE，灵感源自我们服务的运动员。他们的梦想激励我们创造体育界最具创新性的产品，并讲述触达全球数百万人的故事。

Above all, they remind us of the hard work and the hustle that is required to win. Before I close, I'd like to thank our NIKE teammates whose passion and drive are the fuel for our comeback. The heart, the focus, and the collaboration that I'm seeing from our teams today are my greatest reasons for confidence as we move forward. With that, let's open up the call for questions.

最重要的是，他们提醒我们为赢得胜利所需的辛勤工作和奋斗。在我结束之前，我想感谢我们的 NIKE 团队，他们的激情和动力是我们复苏的动力。我今天从我们团队中看到的心、专注和合作是我前进的最大信心来源。有了这一点，让我们开始提问。

Questions & Answers:

问题与回答：

Operator

操作员

[Operator instructions] Our first question will come from the line of Matthew Boss with JPMorgan. Please go ahead.

[操作员指示] 我们的第一个问题将来自摩根大通的 Matthew Boss。请开始。

Matthew Boss -- JPMorgan Chase and Company -- Analyst

Matthew Boss -- 摩根大通公司 -- 分析师

Great. Thanks. Maybe, John, just to summarize and think about relative to three months back, I guess, how would you rank changes on the macro front and similarly on NIKE execution that impacted the change in your 2025 outlook today relative to three months ago? And then, Matt, just on the gross margin, could you just help break apart maybe the puts and takes to consider over the course of '25 and how best to model the cadence from a gross margin perspective?

好的。谢谢。也许，John，简单总结一下，相对于三个月前，我想问一下，您如何评价宏观前景和 NIKE 执行方面的变化，这些因素影响了您今天对 2025 年展望的变化？然后，Matt，关于毛利率，您能帮忙分解一下在 2025 年过程中考虑的因素，以及如何最好地从毛利率角度建模节奏？

John J. Donahoe -- President and Chief Executive Officer

John J. Donahoe -- 总裁兼首席执行官

Well, thanks, Matthew. We set out what we're calling our comeback plan a year ago, and in the last 90 days, I would say, our execution continues to stay on pace. Matt, you can talk about macro and the franchise management impacting the numbers. But on the fundamental things, we set out to do four things that we are moving aggressively on, one, put sport back at the center of everything we do, serving the athlete.

谢谢，Matthew。一年前，我们制定了我们称之为复苏计划，过去 90 天，我可以说，我们的执行继续保持在正轨上。Matt，你可以谈谈宏观和特许经营品牌管理对数字的影响。但在我们要积极推进的基本事项上，我们已经取得了进展，其中之一是将体育放在我们所做的一切的中心位置，为运动员服务。

And over the last 90 days, we completed completely aligning our organization along the lines of sport, are co-locating those teams, and now, end to end, have clear, what we call, field-to-play -- sport-based field-to-play teams end to end, which is accelerating our pace and also improving our execution. As we've talked about the last couple of quarters, we've reignited our innovation pipeline, including pulling several innovations forward. So, in addition to launching Dn and Peg 41 during the quarter or early this quarter, we'll also pull forward key innovations like the Peg Premium and Vomero 18, which are just two examples of what's coming in spring '25. And as I mentioned earlier, speed is a capability we're building, which we feel increasingly strong about.

在过去的 90 天里，我们完全沿着体育的线路对齐我们的组织，将这些团队共同定位，现在，端到端，我们有清晰的，我们称之为，基于体育的端到端团队，这加快了我们的步伐，也提高了我们的执行效率。正如我们在过去几个季度所谈到的，我们重新点燃了我们的创新管道，包括提前推出几项创新。因此，除了在本季度或本季度初推出 Dn 和 Peg 41 之外，我们还将提前推出关键创新，如 Peg Premium 和 Vomero 18，这只是春季 '25 即将推出的两个例子。正如我之前提到的，速度是我们正在建立的一种能力，我们对此感到越来越有信心。

And brand is getting strong. With Euro Champs, you see our Awaken Your Madness campaign, which is really the first of the bigger, bolder brand voice you're going to hear, and then we're very excited about the Olympics coming. A lot of the work that went into the Olympics happened in Q4, but you're going to get to see it in a few weeks. And then on marketplace, we've spent a lot of time leaning in with our wholesale partners.

品牌也变得更加强大。在欧锦赛中，您会看到我们的唤醒您的疯狂活动，这实际上是您将听到的更大胆的品牌声音的第一个例子，然后我们对即将到来的奥运会感到非常兴奋。奥运会的许多工作都是在第四季度完成的，但您将在几周内看到它。然后在市场上，我们花了很多时间与我们的批发合作伙伴合作。

We've had several wholesale partner summits. We've had RSG groups, neighborhood, partners, and authenticators to campus. We're exposing our three-year product innovation pipeline to them, and feedback has been very strong. Our order book for holiday, spring '25 -- holiday '24, spring '25 is strong.

我们举办了几次批发合作伙伴峰会。我们邀请了 RSG 团队、社区合作伙伴和认证者来校园。我们向他们展示了我们为期三年的产品创新管道，反馈非常积极。我们的假日、春季 '25 订单簿非常强劲。

And so, our confidence is building. So, on the fundamentals that we are executing against this proven playbook on a comeback that will take time, we feel like we've made strong progress.

因此，我们的信心正在增强。因此，在我们正在执行的基本事项上，我们对复苏的已证明的计划感到自信，这需要时间，我们觉得我们已经取得了强劲的进展。

Matthew Friend -- Chief Financial Officer

Matthew Friend -- 首席财务官

And just hitting the financial implications relative to 90 days ago. Last quarter, we said that we thought revenue was going to be down low single digits in the first half, and that included a more pronounced impact in the first quarter. We also said that we expected revenue to grow. And what we saw in the fourth quarter were really two things.

相对于 90 天前的财务影响，我们只是简单地谈一下。上个季度，我们说过我们认为收入在上半年会下降个位数，其中包括第一季度的更为显著影响。我们还说过我们预计收入会增长。而在第四季度，我们看到了两件事。

One, lifestyle -- our lifestyle business declining more pronounced on NIKE Digital, specifically in April and in May, and those trends continuing into June. And what I highlighted in my prepared remarks is that those specific classic franchises that we were talking about underperformed our overall digital business results in the fourth quarter. And so when we look at our updated guidance of down mid-single digits for the full year, there's really three things that are driving the change. One, I'll start with FX.

首先，生活方式 - 我们的生活方式业务在 NIKE 数字业务中下降更为显著，特别是在四月和五月，这些趋势持续到了六月。我在我的开场发言中强调的是，我们所谈论的那些经典系列产品在第四季度表现不佳，低于我们整体数字业务的结果。因此，当我们看到我们全年指引下降个位数时，有三个因素推动了这一变化。首先，我将从外汇开始。

Our outlook on foreign exchange and the strength of the U.S. dollar had a one-point impact relative to 90 days ago. We've softened our outlook for Greater China, and that also similarly had a level of impact for the full-year guidance. And then the majority of the remainder of the change is related to the more aggressive actions that we're taking on our key franchises across the total marketplace but really with the compounded impact on total digital.

我们对外汇和美元强势的展望相对于 90 天前有了一点影响。我们对大中华区的展望有所减弱，这也对全年指引产生了一定影响。而剩下的变化大部分与我们在整个市场上采取的更为积极的行动有关，但实际上对整体数字业务产生了复合影响。

And the bigger impact of this will be in the first half of this year, but we are planning for meaningful sequential improvement in the second half of the year. And that's how I think about the revenue differences relative to what we said 90 days ago. On the first quarter, the other impact was timing. And we saw the 6.18 period come earlier into May than we had in the prior year, and that had an impact on Q4's results but also an impact on Q1's results.

这将在今年上半年产生更大的影响，但我们计划在下半年实现有意义的环比改善。这就是我对相对于 90 天前我们所说的收入差异的看法。在第一季度，另一个影响是时间。我们看到 6.18 期提前到了五月，比去年同期提前了，这对第四季度的结果产生了影响，也对第一季度的结果产生了影响。

And we saw some favorable shipment timing in North America as we prepare to go live with our ERP and also just better general product availability. So, that also had an impact on the first quarter numbers.

在北美，我们看到了一些有利的发货时间，因为我们准备与我们的 ERP 系统一起投入运营，产品供应也更加充足。因此，这也对第一季度的数字产生了影响。

John J. Donahoe -- President and Chief Executive Officer

约翰·J·多纳霍 - 总裁兼首席执行官

I just want to add one more thing that -- Matthew, you've heard Matt and I both talk about it. It's an intangible thing, but I think it's just so important, which is the heart and hustle of our team, which has just been extraordinary over the last year but also in the last 90 days, just accelerating. Both Heidi's and Craig's teams, the teamwork of how they're working together end to end, the focus and focus on the consumer, the increasing speed, pulling things forward, there's a palpable shift in the confidence and forward-looking nature of our teams. So, I want to give huge credit to them but also just recognize that is so important at NIKE, and our teams are, I think, feeling more confidence each day comes along.

我只想再补充一件事 - Matthew，你听过 Matt 和我都谈论过。这是一种无形的东西，但我认为它非常重要，那就是我们团队的心与努力，过去一年以来表现非凡，过去 90 天也是如此，加速发展。Heidi 和 Craig 的团队，他们如何全面合作，专注于消费者，提高速度，加快进度，我们团队的信心和前瞻性质变化明显。因此，我要对他们给予极大的赞扬，也要认识到这在 NIKE 是如此重要，我们的团队，我认为，每天都在增加信心。

Operator

运营商

Our next question will come from the line of Lorraine Hutchinson with Bank of America. Please go ahead.

我们下一个问题将来自美国银行的 Lorraine Hutchinson。请继续。

Lorraine Hutchinson -- Bank of America Merrill Lynch -- Analyst

Lorraine Hutchinson - 美国银行美林证券 - 分析师

Thank you. Good afternoon. Can you provide some numbers that might help us to have confidence in the meaningful second-half improvements? How much less of a headwind is there from sunsetting some of these franchises? How do total order books look? And anything you can provide numerically that helped you to get to that back half improvement?

谢谢。下午好。您能提供一些数字，让我们对下半年的显著改善有信心吗？从停产一些系列产品带来的阻力减少了多少？总订单状况如何？您能提供任何数字帮助您达到后半年的改善吗？

Matthew Friend -- Chief Financial Officer

马修·弗兰德 - 首席财务官

Well, Lorraine, as I mentioned, we've looked at a number of different factors and scenarios as we've updated our guidance for the year, and that ranges from looking at different slopes of different curves and different products over time and developing a perspective on what -- how we think the trends are going to play out as it relates to some of our largest franchises. But those franchises continue to drive retail sales growth and high levels of full-price realization in the marketplace. And so, the bigger impact on the first half are the adjustments that we're taking to manage the health of those franchises starting first with NIKE Digital. And that has a pronounced impact on revenue, which is creating a more meaningful first-half impact.

好的，Lorraine，正如我所提到的，我们在更新全年指引时考虑了许多不同因素和情景，这包括随着时间推移不同曲线和不同产品的发展趋势，并形成对我们最大系列产品的趋势如何发展的看法。但这些系列产品继续推动零售销售增长，并在市场上实现高水平的全价销售。因此，上半年的更大影响是我们为管理这些系列产品健康而采取的调整，首先是从 NIKE 数字业务开始。这对收入产生了显著影响，从而在上半年产生更为有意义的影响。

We want to continue to let those franchises in the multi-brand environment continue to have the impact that they're having for our partners. And one of the ways that we maintain the health of those is by reducing what we're offering to consumers through our digital channel. As it relates to the second half, we highlighted a couple of things, but we are planning for meaningful sequential improvement in the second half versus the first half. And it starts with the confidence that we have around the new products that we're bringing to market, the Peg 41, the Peg Premium, the Vomero 18, the order book for Air Max Dn plus the next Air Max iteration.

我们希望继续让这些系列产品在多品牌环境中继续对我们的合作伙伴产生影响。我们维护这些系列产品健康的方式之一是通过减少我们通过数字渠道向消费者提供的产品。至于下半年，我们强调了一些事情，但我们计划在下半年相对于上半年实现有意义的环比改善。这始于我们对我们推向市场的新产品的信心，Peg 41，Peg Premium，Vomero 18，Air Max Dn plus 下一个 Air Max 版本的订单状况。

That's going to be coming to market, plus our plans to scale the innovation and the newness that we've been discussing. And so, when we look at where we are today and the ways in which we're working to drive this plan through the balance of the fiscal year, our scaling of newness is on track. And our teams are hustling to see whether there's even opportunities to accelerate the scaling of that newness in the second half. We are confident in the indicators that we're seeing in the marketplace right now.

这些即将上市，再加上我们扩大创新和新产品的计划。因此，当我们看到我们今天的状态以及我们正在努力推动这一计划的方式时，我们的新产品扩大计划正在按计划进行。我们的团队正在努力看是否甚至有机会在下半年加速扩大这种新产品。我们对目前市场上所看到的指标感到自信。

We gave you a couple of specific numbers as it relates to running and running specialty. But what I will tell you is that our initial read of our spring order book is in line with the guidance that we're providing. And so, we feel confident that we're creating better balance across our portfolio and also building momentum with our wholesale partners.

我们给出了一些具体的数字，涉及跑步和跑步专业领域。但我告诉你的是，我们对春季订单状况的初步了解与我们提供的指引一致。因此，我们相信我们正在在整个组合中创造更好的平衡，并与我们的批发合作伙伴建立动力。

Operator

运营商

Our next question will come from the line of Bob Drbul with Guggenheim Securities. Please go ahead.

我们下一个问题将来自 Guggenheim 证券的 Bob Drbul。请继续。

Bob Drbul -- Guggenheim Partners -- Analyst

Bob Drbul - Guggenheim Partners - 分析师

Hi. Just two questions for me. I guess the first one is, when you look at the visibility of the business, I think, in some of your answers to Lorraine's questions, when you look at the visibility of the business today with the shifts that are occurring, can you just talk about how you feel looking at that versus what you saw over the last 12 and 24 months just in terms of your ability to predict? And then I guess the second piece of this is when you look at the channel shift that is going on wholesale to direct to bricks and mortar, the digital pieces of the business, can you just give us any more framework around how to think about the P&L impacts at a higher level?

嗨。我只有两个问题。我想第一个问题是，当您看到业务的可见性时，我认为，在回答 Lorraine 的问题时，当您考虑到正在发生的变化时，您能否谈谈您对此的感受，与过去 12 到 24 个月相比，您对预测能力有何看法？然后，我想第二个问题是，当您看到正在发生的从批发到直销到实体店的渠道转变时，您能否就如何思考更高层次的损益影响给我们提供更多框架？

Matthew Friend -- Chief Financial Officer

马修·弗兰德 - 首席财务官

Sure. Sure, Bob. Well, as it relates to the visibility with the shifts, I mean, we were surprised at what we saw on these larger franchises as we're navigating through the fourth quarter. And that is what's caused us to revise our guidance.

当涉及到变化的可见性时，我想说，我们对第四季度的这些大型特许经营店的表现感到惊讶。这导致我们修订了我们的指引。

I would say, in general, we've driven incredible growth in our digital business over the last four years, and we've had a lot of confidence in our ability to continue to drive those results against the consumer opportunity that's in the marketplace. I think most recently in the context of managing our overall franchises, the dynamic of increasing supply of these franchises in the wholesale marketplace relative to having the supply of them on digital and the relative balance between those things are -- those factors are what drove some of the volatility this quarter. And looking at the trend in retail sales but also looking at our overall plans for how we manage franchises based on our experience of doing this, we've made the adjustments in this forward-looking guidance, and we've been more aggressive with it on NIKE Digital. And so, we're continuing to improve with the capabilities that we're building in terms of demand sensing, leveraging data and insights in order to have better predictability of our owned business.

总的来说，过去四年我们在数字业务方面取得了令人难以置信的增长，我们对继续推动这些结果对市场中的消费机会有很大信心。我认为最近在管理我们整体特许经营店的背景下，批发市场上这些特许经营店的供应量相对于数字渠道上的供应量以及这些因素之间的相对平衡是导致本季度一些波动的原因。通过观察零售销售趋势，同时根据我们管理特许经营店的整体计划，基于我们的经验做出了这些前瞻性指引的调整，我们在耐克数字业务上更加积极。因此，我们在构建需求感知、利用数据和见解以更好地预测我们自有业务方面的能力方面持续改进。

But I feel really good about the adjustments that we're making at this point in time and the aggressiveness through which we are -- the rest of the way that we continue to manage it. I'd also just say that when I look at the digital business overall, we were already planning for lower launches in Q4 because we had an extraordinary number of launches in the fourth quarter of the prior year. And if I exclude the impact of the biggest franchises on our digital business, the rest of our digital business was healthy, and we were pleased with the growth that it delivered. And so, from that end, we feel comfortable in the way that we're looking at this.

但我对我们目前正在做出的调整以及我们继续管理的积极性感到非常满意。我还想说，当我看整体数字业务时，我们已经计划在第四季度推出较少新产品，因为去年第四季度我们推出了非同寻常数量的新产品。如果我排除对我们数字业务的最大特许经营店的影响，我们其余的数字业务是健康的，我们对其提供的增长感到满意。因此，从这个角度来看，我们对我们的看法感到满意。

As far as the channel shift mix going forward, it certainly will have a headwind in fiscal year '25, both in terms of revenue, as I just mentioned in answering a prior question, but also on margin. And these products also have an outweighed impact on margin just given the high levels of full-price realization that we've been driving across these franchises. And so, we are planning for channel mix to be a headwind in '25, but I'm pleased that we're still able to expand margins 10 to 30 basis points in the year. And that's despite another year of about 15 basis points of foreign exchange headwinds.

至于未来渠道转变的组合，它在 2025 财年肯定会对收入构成阻力，正如我在回答之前的问题中提到的，也会对利润率构成阻力。由于我们在这些特许经营店中推动高水平的全价实现，这些产品对利润率的影响也较大。因此，我们计划在 2025 年渠道组合将成为一个阻力，但我很高兴我们仍能在这一年将利润率扩大 10 至 30 个基点。尽管受到约 15 个基点的外汇阻力的影响。

So, we are expanding margins as we look toward fiscal year '25. And we still believe, while channel mix may be less of a driver as we look forward, we have a number of other opportunities to continue to drive more profitable business over the long term. And it starts with a strong brand, and it starts with creating great products that consumers love.

因此，当我们展望 2025 财年时，我们正在扩大利润率。我们仍然相信，尽管渠道组合在未来可能不再是一个驱动因素，但我们有许多其他机会可以继续在长期内推动更具盈利性的业务。这始于一个强大的品牌，始于创造消费者喜爱的优秀产品。

John J. Donahoe -- President and Chief Executive Officer

约翰·J·多纳霍 - 总裁兼首席执行官

And I'd add to that a healthy marketplace where it's -- channel mix is driven by consumer demand. We said we want to be where the consumer is whether that's digital or our own door or wholesale. And so, we're embracing a more balanced approach to growing the whole marketplace. And a couple of nice evidence points of what I think health looks like is -- we've mentioned that performance grew double digits in the quarter.

我想补充一点，一个健康的市场，渠道组合是由消费者需求驱动的。我们说过，我们希望在消费者所在的地方，无论是数字渠道还是我们自己的门店或批发渠道。因此，我们正在采取更加平衡的方式来发展整个市场。我认为健康的迹象之一是，我们提到业绩在本季度实现了两位数增长。

It grew double digits in wholesale, and it grew double digits in digital. The first couple of weeks of Peg 41 sold through well in wholesale, and it sold well in NIKE Direct, both digital and outdoors. And so, over time, our channel mix should be driven by consumer -- being at the consumer at the right time and given shopping occasion. And so, we think it will settle out in a consumer-friendly way.

批发业务和数字业务都实现了两位数增长。Peg 41 的头几周在批发市场销售良好，在耐克直销渠道，无论是数字渠道还是实体店，都销售良好。因此，随着时间的推移，我们的渠道组合应该是由消费者需求和购物场合决定的。因此，我们认为它将以符合消费者需求的方式稳定下来。

Operator

运营商

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

我们的下一个问题来自巴克莱的 Adrienne Yih。

Adrienne Yih -- Barclays -- Analyst

Adrienne Yih - 巴克莱分析师

Great. Thank you very much. I was wondering if you can talk about the amount of newness that is coming down the pipeline kind of over the next six to 12 months. Has there been another time when NIKE has historically launched this magnitude of newness? And how do you read sort of the second degree of the consumer, right? So, it's going into the wholesale channel first.

非常感谢。我想知道您能否谈谈接下来六到十二个月即将推出的新产品数量。在历史上，耐克是否曾经推出过这么多新产品？您如何看待消费者的第二程度，对吗？所以，它首先进入批发渠道。

How do you read the success of that sort of at the end consumer as it goes to the wholesale pipeline? Thank you.

当它到达批发渠道时，您如何看待最终消费者的成功？谢谢。

John J. Donahoe -- President and Chief Executive Officer

约翰·J·多纳霍 - 总裁兼首席执行官

Well, we've said it now for a couple of quarters. We are very excited about this multiyear innovation pipeline and cycle. And it's just -- you've seen some early examples of it in this past quarter with Dn and Peg 41. And as we are saying, as we move into the end of this second half of this fiscal year, which we talk about is spring '25 and summer '25 of the seasons, the amount, and breadth and depth of the innovation is just accelerating significantly.

我们已经说了几个季度了。我们对这个多年创新管道和周期感到非常兴奋。在过去的一个季度中，您已经看到了一些早期的例子，比如 Dn 和 Peg 41。随着我们进入本财年下半年，也就是我们所说的'25 年春季和'25 年夏季，创新的数量、广度和深度正在显著加速。

And at our size and scale, we know we need to both innovate broadly and deeply but also provide innovations that can scale. And so, we've set a goal of doubling our -- the growth of our new innovations by the end of '25 versus the beginning of '24. And we're on track to achieve that. And one of the ways -- when you ask how do we know that, the wholesale partner feedback on what they see both in the second half of this year and into '26 because we're showing them three-year road maps, in many cases, around running, around basketball, around lifestyle, the wholesale feedback has been strong.

考虑到我们的规模和规模，我们知道我们需要广泛和深入创新，同时也需要提供可扩展的创新。因此，我们设定了一个目标，即到'25 年底，将我们新创新的增长率与'24 年初相比翻一番。我们正在按计划实现这一目标。当你问到我们如何知道这一点时，批发合作伙伴对他们在今年下半年和'26 年看到的情况的反馈，因为我们向他们展示了关于跑步、篮球、生活方式等方面的三年路线图，在许多情况下，批发反馈非常积极。

And their order books, as Matt mentioned a minute ago, are reflecting that. And so, we view our job to be able to deliver, season in, season out, strong innovations, also the ability to scale those innovations over time, both to delight consumers and also bring us to healthy and sustainable growth. So, we feel very good about the track we're on, and we think it will accelerate as the year goes on.

正如 Matt 刚提到的，他们的订单簿反映了这一点。因此，我们认为我们的工作是能够每个季度都提供强大的创新，同时能够随着时间推移扩大这些创新，既能让消费者满意，也能带来健康和可持续的增长。因此，我们对我们正在走的道路感到非常满意，我们认为随着时间的推移，这种增长将加速。

Matthew Friend -- Chief Financial Officer

马修·弗兰德 -- 首席财务官

Adrienne, I would just add that one element of newness is also in the lifestyle side of the business. Over the last four years, we have driven double-digit growth and created an extraordinary amount of energy. We've created iterations and dimensions to Air Force 1 to Air Jordan 1 to the Dunk business. And as a result of that, we've created extraordinary consumer demand.

Adrienne，我想补充一点，新颖性的一个方面也体现在业务的生活方式方面。在过去的四年里，我们推动了两位数的增长，并创造了大量的活力。我们对 Air Force 1、Air Jordan 1 和 Dunk 业务进行了不断的演变和扩展。由此，我们创造了非凡的消费者需求。

And so, one element of us bringing newness to the market is actually going into NIKE's vault, what no one else has, and being able to create energy the way that we've done over the last four years to be able to move consumers on to a new place. And it's something that we can do that we have a proven track record doing. In fiscal year '19, the Dunk represented 0% of NIKE's business. And we scaled that dramatically with strong consumer appeal and response over the last three years, and now we're managing that franchise back to continue to ensure that demand in the marketplace is greater than the supply that we're offering.

因此，我们将市场上的新意思带到了耐克的宝库中，其他人没有的东西，并且能够像过去四年那样创造能量，将消费者引向一个新的地方。这是我们可以做到的，我们有着成功的经验。在 2019 财年，Dunk 业务占耐克业务的比例为 0%。在过去三年里，我们通过强大的消费者吸引力和回应大幅扩大了规模，现在我们正在管理这个品牌，以确保市场上的需求大于我们提供的供应。

And that is how we're managing these franchises. And so, on the one hand, there's certainly a performance innovation side and what we showed in Paris and what John was highlighting in terms of what's coming, we feel great about, but there's also an element of NIKE taking advantage of its vault of assets and bringing new innovation, new stories, new partnerships to bring new products to market to capture an incredible amount of sneaker demand out in the marketplace.

这就是我们管理这些品牌的方式。因此，一方面，当然有性能创新方面，我们在巴黎展示的内容以及 John 强调的即将推出的内容，我们感到非常满意，但另一方面，耐克还利用其资产宝库，带来新的创新、新的故事、新的合作伙伴关系，推出新产品，以满足市场上令人难以置信的运动鞋需求。

Operator

运营商

Your next question comes from the line of Brooke Roach with Goldman Sachs. Please go ahead.

下一个问题来自高盛的 Brooke Roach。请发言。

Brooke Roach -- Goldman Sachs -- Analyst

布鲁克·罗奇 -- 高盛 -- 分析师

Good afternoon, and thank you for taking our question. I wanted to follow up on Adrienne's question and your comment about the franchise management that you're focused on for FY '25. Can you contextualize the importance of these larger classic franchises in relation to NIKE's current sales in comparison to historical averages? Do you expect to be remixed to typical franchise penetration rates by the end of the year as you scale these new innovations? And then perhaps a follow-up for Matt. Can you provide some additional color on how you're thinking about the gross margin bridge and the tailwinds that you expect from input costs and pricing relative to some of the headwinds that you see? Thank you.

下午好，感谢您回答我们的问题。我想就 Adrienne 提出的问题以及您关于 FY '25 重点关注的品牌管理发表评论。您能否将这些经典品牌与耐克当前销售额与历史平均水平相比的重要性放在背景下？您是否期望在年底时将这些新创新扩展到典型的品牌渗透率？然后，也许对 Matt 提出一个后续问题。您能否就您对毛利率桥梁的看法以及您预计从成本和定价方面获得的有利因素与您看到的一些不利因素之间的关系提供一些额外的信息？谢谢。

Matthew Friend -- Chief Financial Officer

马修·弗兰德 -- 首席财务官

I mean, these franchises are the largest franchises in industry history. And they've gotten that way based on consumer demand. And so, we certainly started managing these franchises a couple of years ago, and what we were most focused on was the fact that we needed to restrict supply of these franchises into the marketplace because we didn't -- because we had a gap in innovation in our pipeline, which we've talked about over the last couple of calls. And so, the intentionality around managing these franchises is that newness is what's moving the consumer, and we wanted to move to more newness.

这些品牌是行业历史上最大的品牌。它们之所以变得如此，是基于消费者需求。因此，几年前我们开始管理这些品牌时，我们最关注的是我们需要限制这些品牌进入市场的供应，因为我们在产品管道上存在创新缺口，这是我们在过去几次电话会议中谈到的。因此，管理这些品牌的目的是新意思是在推动消费者，我们希望更多地追求新意思。

And so, the significance of it is the impact that it's going to take in fiscal year '25 on our financial outlook as we're pulling the amount of supply down and creating better balance in our portfolio. And when I say that, I don't mean that lightly. I mean, better balance between performance and lifestyle, better balance between high price points and lower price points, better balance between wholesale and direct, even within wholesale between sporting goods and athletic specialty or other channels. And so, that is where our focus is.

因此，其重要性在于在 2025 财年对我们的财务前景产生的影响，因为我们正在减少供应量，并在我们的产品组合中创造更好的平衡。当我说到这一点时，我并不是轻描淡写。我指的是在性能和生活方式之间、高价位和低价位之间、批发和直销之间，甚至在批发内部在体育用品和运动专业店或其他渠道之间创造更好的平衡。这是我们的重点所在。

And I think the actions that we're taking and the guidance that we've provided is to follow through on those actions. And I've been at NIKE for over 15 years, and we've gone through these product cycle transitions before. And while this is challenging, and it's going to be challenging over the next couple of quarters, our history has demonstrated that when we take action, and we do it aggressively and we get behind the things that are new and we build marketing and storytelling around it, we move the consumer fairly quickly to a new place. And what we're doing here is nothing different than that.

我认为我们正在采取的行动和我们提供的指导是为了贯彻这些行动。我在耐克工作已经超过 15 年了，我们以前经历过这些产品周期的转变。虽然这是具有挑战性的，并且在接下来的几个季度中将会更具挑战性，但我们的历史表明，当我们采取行动时，我们会积极行动，我们会全力支持新事物，并围绕它建立营销和故事，我们会迅速将消费者引向一个新的地方。我们在这里所做的与以往并无不同。

Operator

运营商

Our next question will come from the line of Michael Binetti with Evercore. Please go ahead.

我们的下一个问题将来自 Evercore ISI 的 Michael Binetti。请发言。

Michael Binetti -- Evercore ISI -- Analyst

迈克尔·比内蒂 -- Evercore ISI -- 分析师

Hey, guys. Thanks for taking our question here, and thanks for all the details as we look out to '25. I guess as we look beyond '25, you've given us a work here, where you've got a lot of work you're going to do here. As you'll have classics cleaner, you'll have the channel mix more stable.

嘿，伙计们。感谢您回答我们的问题，也感谢您在展望'25 年时提供的所有细节。我想，当我们展望'25 年以后时，您给了我们一个工作，您将在这里做很多工作。当您拥有经典产品线更清晰时，您的渠道组合将更加稳定。

You'll have the innovation working. Can you just help us think about -- within a historical context in the past? I think you spoke to a NIKE that could grow high single digits. But I think in the future, wholesale plays more of a role. China maybe doesn't grow what it once did, so a few things like that that are kind of different than the old world.

您将有创新工作。您能帮助我们思考一下过去的历史背景吗？我记得您曾谈到过耐克过去可能会实现高个位数的增长。但我认为在未来，批发将发挥更大的作用。中国可能不再像过去那样增长，所以有一些与旧世界不同的因素。

Maybe you can help us think about what you see as the longer-term opportunity for this business as channels, geos, and franchises come back into alignment. And then I guess just at a bigger picture, we can see the lab is back at work bringing out new technologies on the performance side. But maybe walk us through how you can use innovation and performance and how you can create the halo for lifestyle, which is really just more cyclical product. I'm curious how you guys look at the catalog and how you lean on innovation to try to drive the lifestyle stuff back to growth.

也许你可以帮助我们思考一下，随着渠道、地理位置和特许经营权重新对齐，你认为这家企业的长期机会是什么。然后，我想在更大的层面上，我们可以看到实验室正在努力推出性能方面的新技术。但也许可以向我们解释一下，您如何利用创新和性能，以及如何为生活方式创造光环，这实际上只是更多的周期性产品。我很好奇你们如何看待产品目录，以及如何依靠创新来推动生活方式产品的增长。

John J. Donahoe -- President and Chief Executive Officer

约翰·J·多纳霍 -- 总裁兼首席执行官

Well, I might just start, Michael, by saying as we get to a more -- through some of this portfolio adjustment, we still have significant tailwinds in our industry. The fact is sport is growing. The definition of sport is growing. Healthy lifestyles is becoming embraced globally.

嗯，我可能会从这里开始，迈克尔，通过一些投资组合调整，我们仍然在我们的行业中拥有重要的顺风。事实上，体育正在增长。健康的生活方式正在全球范围内得到接受。

I was in China a couple of weeks ago. It was very striking to focus on healthy lifestyles. And so, I think there's a structural tailwind for the industry. I also think where sport happens, it's one of the derivatives of the post-COVID environment.

几周前我在中国，专注于健康的生活方式，这非常引人注目。因此，我认为这个行业存在结构性的顺风。我也认为体育发生的地方，是后疫情时代的衍生物之一。

You don't have to go to the gym or the field. You're working out in your backyard or working out or taking a walk or -- so sports happening in many more places and that line between sport and lifestyle is blurring with athleisure. And so, people want to look -- have a great style while they're doing sport, and they want to have sport-inspired style when they're not doing sport. And so, we view all those things as tailwinds.

你不必去健身房或操场。你可以在后院锻炼，散步或者其他方式锻炼。因此，体育正在更多的地方发生，体育和生活方式之间的界限与休闲运动服装之间的界限变得模糊。因此，人们在运动时想要拥有出色的风格，他们在不运动时也想要有受运动启发的风格。因此，我们将所有这些视为顺风。

And you ask about lifestyle innovation. We want to be sport-based in our lifestyle innovation, both in footwear and apparel. And we think there's a tremendous opportunity to do that across men's, women's and kids' and Jordan, Jordan streetwear being an example of it.

关于生活方式创新，我们希望在我们的生活方式创新中以体育为基础，无论是在鞋类还是服装方面。我们认为在男装、女装、儿童装以及乔丹（Jordan）系列方面都有巨大的机会。乔丹街头服饰就是一个例子。

Matthew Friend -- Chief Financial Officer

马修·弗兰德 -- 首席财务官

Yeah. I'll just finish up this question, and then I'll come back to the start, Michael, where you asked. But I would also say that the lines that blur between performance and lifestyle are really as much about how consumers are using products. The one thing that's undoubtable is that the consumer wants more comfort.

是的。我将结束这个问题，然后回到你之前提到的问题，迈克尔。但我也想说，性能和生活方式之间的界限实际上更多地取决于消费者如何使用产品。毋庸置疑的一点是，消费者想要更多的舒适性。

And you can see that across the marketplace. Our teams are absolutely focused on fit and comfort as we bring these new iterations to market. And I think that when you look at products like Peg Premium or even the Peg 41 or the Vomero 18, I think you're going to start to see consumers carrying those over into lifestyle because they're new, they're fresh, they've got a particular look. And so, we're balancing the fact that the consumer is voting for performance and innovation, and we need to make sure that we've got performance and innovation that they can wear every day in addition to leveraging the vault that -- as I said before, leveraging the vault to bring classics back because there will always be a classics business.

你可以在市场上看到这一点。我们的团队绝对专注于合身度和舒适度，当我们将这些新产品推向市场时。我认为当你看到像 Peg Premium、Peg 41 或 Vomero 18 这样的产品时，你会开始看到消费者将它们带入生活方式中，因为它们是新的，新颖的，有着独特的外观。因此，我们在平衡消费者对性能和创新的偏好，我们需要确保我们不仅有他们每天都可以穿的性能和创新产品，还要利用我们的宝库，带回经典产品，因为经典产品市场永远存在。

There will always be an energy business around classic lifestyle products, and we've got a great vault to be able to leverage doing that. As it relates to your question about the long-term model, I guess, here's what I would say. We're focused on driving unit growth. And I think I said that a couple of quarters ago, and the importance of that point was that it wasn't about one particular channel or the other.

经典生活方式产品周围永远存在一个活跃的市场，我们有一个很棒的宝库可以利用。至于你关于长期模型的问题，我想说的是，我们专注于推动单位增长。我想我在几个季度前就说过了，重要的一点是，这不是关于某一个特定的渠道。

It's growing the overall marketplace. And so, we're focused on driving unit growth where the consumer is. And given where we see the dynamics in the marketplace right now, we're also focused on taking back market share. And we see opportunity in the performance dimensions, in particular, to come strong with a strong pipeline of innovation, to come back, and to take market share, but this product transition is going to take a little bit of time for us to work through.

这是在增长整体市场。因此，我们专注于在消费者所在的地方推动单位增长。鉴于我们目前看到的市场动态，我们也专注于夺回市场份额。特别是在性能方面，我们看到机会，通过强大的创新管道，夺回市场份额，但这种产品转型需要一点时间来完成。

And so, over the course of the next couple of quarters, we're going to execute the plan that we've laid out here for fiscal '25. And at our Investor Day in November, we will provide an updated outlook on growth and profitability, taking into consideration the marketplace dynamics that we're dealing with across the portfolio, where we are in the product transition, and also some of the strategic shifts that we've put into place over the last year.

因此，在接下来的几个季度中，我们将执行我们在 2025 财年制定的计划。在 11 月的投资者日上，我们将根据我们所面临的投资组合市场动态、产品转型进展以及过去一年中实施的一些战略转变，提供有关增长和盈利能力的更新展望。

Operator

运营商

Your next question will come from the line of Aneesha Sherman with Bernstein. Please go ahead.

下一个问题来自伯恩斯坦的 Aneesha Sherman。请发言。

Aneesha Sherman -- AllianceBernstein -- Analyst

Aneesha Sherman -- AllianceBernstein -- 分析师

Thank you. I have a -- I'll start with just a quick follow-up. Matt, you talked about the challenges for the next couple of quarters on product life cycle management. Can you clarify, are you expecting this reset to be down by the end of the fiscal year? So, are you expecting to exit FY '25 at a normalized run rate on the top line without the headwind? And then second, I'm curious about where you are on the organizational reset and kind of shifting of the cost base.

谢谢。我想先问一个简短的跟进问题。马特，你谈到了未来几个季度产品生命周期管理的挑战。你能澄清一下，你是否预计到财年结束时这种重置会结束？因此，你是否预计在 FY '25 结束时，顶线会回到正常的运行速率而没有阻力？其次，我想了解一下你们在组织重置和成本基础转变方面的进展。

How much of that $2 billion cost reallocation do you expect to be done with by the end of the fiscal year? Is it going to be front-loaded? Or is it going to be spread out to the next couple of years? Thank you.

你们预计到财年结束时会完成多少这 20 亿美元的成本重新分配？它会是前期集中完成吗？还是会分散到未来几年？谢谢。

Matthew Friend -- Chief Financial Officer

马修·弗兰德 -- 首席财务官

Yes. No problem. So, on your first question, the actions that we're taking on NIKE Direct and Digital are more aggressive. And so, the adjustments that we're making to our plan, specifically as it relates to our own channels, are going to be largely taken into consideration in the first half of this year.

是的，没问题。关于你的第一个问题，我们在耐克直营和数字业务上采取的行动更为积极。因此，我们对我们的计划所做的调整，特别是与我们自己的渠道相关的调整，将主要在今年上半年考虑在内。

We will continue to manage franchises because you can picture a curve that goes up and a curve that comes down. And as the curve comes down, it doesn't happen in a moment. It happens naturally over time as consumers react to supply coming out of the marketplace. But the actions that we're taking are also causing us to look at the broader marketplace in the second half of the year and ensure that we're reducing supply there as well to maintain a healthy marketplace and also to ensure that we've got capacity in the market to bring newness in.

我们将继续管理特许经营权，因为你可以想象到一个上升的曲线和一个下降的曲线。随着曲线下降，这并不会在一瞬间发生。随着时间的推移，消费者对市场供应的反应自然而然地发生。但我们正在采取的行动也导致我们在下半年审视更广泛的市场，并确保我们在那里减少供应，以维持一个健康的市场，同时确保我们有能力在市场中引入新产品。

So, I mentioned that we're planning on scaling newness -- that newness is scaling as we make our way up through the year from minus 10 in the first quarter to down high single digits in the first half to finishing the year at down mid-single digits. And the largest driver of that is going to be, on a full-year basis, the scaling of newness that we're bringing to market. We expect to exit the year with momentum. And that means that we expect the new things that we're bringing to market to begin to outweigh the franchise management that we're navigating through in this year.

所以，我提到我们计划扩大新产品系列 -- 这种新产品系列将随着我们在今年的第一季度从负 10 下降到上半年下降高个位数，最终在年底下降中个位数。在全年的基础上，这其中最大的推动因素将是我们推向市场的新产品系列的扩大。我们期望在年底时势如破竹。这意味着我们期待我们推向市场的新产品将开始超过我们在今年中正在应对的特许经营权。

And as we look forward to '26, we'll continue to manage these franchises in line with consumer demand. But what's going to make it -- what makes that possible is the fact that we've got more new things coming that we're driving energy around that will be more than offsetting the way that we manage those franchises.

而当我们展望到 2026 年时，我们将继续根据消费者需求管理这些特许经营权。但使这成为可能的是我们有更多新产品即将推出，我们正在为这些新产品带来的活力所带来的效果将超过我们管理这些特许经营权的方式。

John J. Donahoe -- President and Chief Executive Officer

约翰·J·多纳霍 -- 总裁兼首席执行官

And then, Aneesha, on your -- the second question, the way you asked that, I want to just distinguish one thing. You mentioned organizational reset. That's behind us. And as I mentioned earlier, we are now completely aligned across the organization around sport, field to play.

然后，关于你的第二个问题，Aneesha，你提出的方式，我想要澄清一件事。你提到了组织重置。那已经是过去时了。正如我之前提到的，我们现在在整个组织中完全围绕体育领域进行了对齐。

And our teams are focused. They're excited. There's just a tremendous amount of hustle throughout the organization, and you can feel it. And so, that's going to continue.

我们的团队专注致力。他们充满激情。整个组织中充满了巨大的奋斗精神，你可以感受到。因此，这将继续下去。

So, the head count dimension of the save to invest is behind us. And now those teams are focused on driving for the consumer innovation and execution. We'll look to other areas to provide ways of savings, non-labor areas. Matt, you can describe some of these.

所以，节省以投资为目的的人员规模方面已经过去了。现在这些团队专注于推动消费者创新和执行。我们将寻找其他领域提供节省的方式，非劳动领域。Matt，你可以描述其中一些。

But the organization is now 100% focused on driving the growth and innovation we've been talking about through our call. And I can again just reassure you that everyone's got energy, hustle, and excitement about the future.

但现在组织已经 100% 专注于推动我们在通话中一直在谈论的增长和创新。我可以再次向你保证，每个人都对未来充满活力、奋斗和兴奋。

Matthew Friend -- Chief Financial Officer

马修·弗兰德 -- 首席财务官

Yeah. I mean, we've been focused, as we've been talking about it, about building an operating model that -- with greater speed and cost productivity as we grow. And so, the actions that we've taken over the past year have enabled us the opportunity to make some bold swings in fiscal year '25. We've reallocated $1 billion into consumer-facing activities.

是的。我是说，正如我们一直在谈论的那样，我们专注于建立一个运营模式，随着我们的增长，速度更快，成本效率更高。因此，过去一年我们采取的行动为我们提供了在 2025 财年进行一些大胆举措的机会。我们将 10 亿美元重新分配到面向消费者的活动中。

That includes teammates that we've invested in and product design, building out the merchandising function. To John's point, we have sport-focused teams now at global and in the geographies in order to be able to execute this new offense. And we're putting more of our investment dollars in demand creation while we're managing operating overhead tightly. We did that in fiscal year '24.

这包括我们投资的团队成员和产品设计，建立商品销售功能。正如 John 所说，我们现在在全球和各地区都有专注于体育的团队，以便能够执行这种新的进攻。我们正在将更多的投资资金投入需求创造，同时严格管理运营开支。我们在 2024 财年做到了这一点。

You saw even with the restructuring charge some significant effort to manage operating overhead so that we could reallocate resources as I've referenced. And while these investments will take some time to drive a return, they're absolutely the right thing for us to do to reignite brand momentum and to get us back on the offense with consumers. And so, that's what we've done, and we will continue to manage SG&A tightly, leveraging this program and this initiative to create the capacity for us to be -- to invest, to push us forward with the consumer.

你可以看到，即使在进行重组费用方面，我们也付出了一些重大努力来管理运营开支，以便我们可以重新分配资源，正如我所提到的。虽然这些投资需要一些时间才能带来回报，但对我们来说，这绝对是正确的做法，以重振品牌势头，让我们重新回到与消费者的进攻中。这就是我们所做的，我们将继续严格管理销售、广告和行政开支，利用这个项目和这个倡议来创造我们投资的能力，推动我们与消费者的前进。

John J. Donahoe -- President and Chief Executive Officer

约翰·J·多纳霍 -- 总裁兼首席执行官

As we wrap up, Paul, just one -- maybe just one final comment. And this is intended for NIKE's team around the world. We -- this has been a challenging last year, and so much hard work and energy has gone into it. And I want to just thank everybody on NIKE's team globally for what -- how you've led through this and how you've operated through this.

当我们结束时，保罗，最后一句话。这是为耐克全球团队而言的。我们 -- 过去一年是具有挑战性的，付出了大量的辛勤工作和精力。我想要感谢全球耐克团队的每个人，感谢你们在这个过程中的领导和运营。

It's so clear to me, and I'm saying this on behalf of Matt and Heidi and Craig and our whole leadership team. NIKE's real competitive advantage at the end of the day is NIKE's people and NIKE's culture. And so, those people and that culture is alive and well and ready to compete and hungry to drive the kind of execution and growth we've been talking about all calls. So, I just want to wrap up with thanks to everyone on NIKE's global team.

对我来说是如此清晰，我代表马特、海蒂、克雷格和我们整个领导团队说的。耐克真正的竞争优势归根结底是耐克的人和耐克的文化。因此，这些人和这种文化充满活力，准备竞争，渴望推动我们一直在通话中谈论的执行和增长。因此，我想要感谢耐克全球团队的每个人。

Paul Trussell -- Vice President, Investor Relations and Strategic Finance

保罗·特鲁塞尔 -- 副总裁，投资者关系和战略财务

Thank you for joining our fourth quarter fiscal 2024 call. We look forward to hosting many of you here at the headquarters for our Investor Day in late November. More details to come. This concludes our call.

感谢您参加我们 2024 财年第四季度电话会议。我们期待在 11 月底举行的投资者日活动中与您许多人在总部见面。更多细节即将公布。这结束了我们的通话。

Good evening.

晚安。

Operator

运营人员

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Duration: 0 minutes

通话时长：0 分钟

Call participants:

参与者:

Paul Trussell -- Vice President, Investor Relations and Strategic Finance

保罗·特鲁塞尔 -- 副总裁，投资者关系和战略财务

John J. Donahoe -- President and Chief Executive Officer

约翰·J·多纳霍 -- 总裁兼首席执行官

Matthew Friend -- Chief Financial Officer

马修·弗兰德 -- 首席财务官

Matthew Boss -- JPMorgan Chase and Company -- Analyst

马修·博斯 -- 摩根大通公司 -- 分析师

John Donahoe -- President and Chief Executive Officer

约翰·多纳霍 -- 总裁兼首席执行官

Matt Friend -- Chief Financial Officer

马特·弗兰德 -- 首席财务官

Lorraine Hutchinson -- Bank of America Merrill Lynch -- Analyst

洛林·赫钦森 -- 美国银行美林 -- 分析师

Bob Drbul -- Guggenheim Partners -- Analyst

鲍勃·德布尔 -- 古根海姆合伙公司 -- 分析师

Adrienne Yih -- Barclays -- Analyst

艾德琳·伊 -- 巴克莱 -- 分析师

Brooke Roach -- Goldman Sachs -- Analyst

布鲁克·罗奇 -- 高盛 -- 分析师

Michael Binetti -- Evercore ISI -- Analyst

迈克尔·比内蒂 -- Evercore ISI--分析师

Aneesha Sherman -- AllianceBernstein -- Analyst

阿尼莎·谢尔曼 -- 安联投资 -- 分析师

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耐克 (NKE) 2024 年第四季度收益电话会议记录