Image source: The Motley Fool.

圖片來源：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 財年第四季度電話會議

2024年6月27日，美東時間下午 5 點

Prepared Remarks:

準備聲明:

Operator

操作員

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。歡迎參加耐克公司 2024 財年第四季度電話會議。想要查閲今天的新聞稿的人，請訪問 investors.nike.com。今天的電話會議由企業財務副總裁兼財務主管保羅·特魯塞爾主持。

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

現在我將把電話交給保羅·特魯塞爾。

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

保羅·特魯塞爾 -- 投資者關係和戰略財務副總裁

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.

謝謝，操作員。大家好，感謝大家今天加入我們討論耐克公司 2024 財年第四季度業績的電話會議。今天的電話會議上，我們將有耐克公司總裁兼首席執行官約翰·多納霍和我們的首席財務官馬特·弗蘭德參加。

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.

在我們開始之前，讓我提醒大家，本次電話會議的參與者將根據當前預期發表前瞻性聲明，這些聲明可能會受到某些風險和不確定性的影響，從而導致實際結果出現重大差異。這些風險和不確定性在耐克向美國證券交易委員會提交的報告中有詳細説明。此外，參與者可能會討論非通用會計準則財務指標和非公開的財務和統計信息。請參考耐克的盈利新聞稿或耐克的網站 investors.nike.com，以獲取可比的通用會計準則財務指標和數量調和情況。

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.

今天電話會議上的所有增長比較均以同比基礎呈現，並且除非另有説明，否則均為貨幣中性。我們將從準備聲明開始，然後開放提問環節。我們希望在規定時間內儘可能讓更多人提問，因此我們希望您將初始問題限制在一個問題上。感謝您在此方面的合作。

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

現在我將把電話交給耐克公司總裁兼首席執行官約翰·多納霍。

John J. Donahoe -- President and Chief Executive Officer

約翰·J·多納霍 -- 總裁兼首席執行官

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.

謝謝，保羅，也向今天參加電話會議的所有人問好。我想先簡要評論一下我們的財務業績。截至 2024 財年全年，收入在貨幣中性基礎上增長約 1%，每股收益增長 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，我們在性能產品方面取得了強勁增長。然而，這一增長被生活方式產品的下降所抵消。這些下降對我們的數字業績產生了顯著影響。這些因素，再加上宏觀不確定性加劇和外匯惡化，導致我們下調了 2025 財年的指引。

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.

馬特將在通話後期提供更多關於我們的業績和展望的細節。雖然 2025 財年將是我們業務的過渡年，但我們在復甦方面持續取得實質性進展。在過去的一年裏，我們強調了公司正在進行的戰略轉變，包括領導和組織變革，啓動多年創新週期，並創造投資於面向消費者活動的能力。正如我在上一季度的電話會議中提到的，我們正在進行一系列調整，以使我們能夠競爭並取得勝利。

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.

我們正在專注於體育，加快新產品的推出速度和創新規模，推動更大膽的故事敍述，並提升整個市場以推動品牌差異化並引領消費者之路。這是我們的策略，我們看到在所有四個領域，特別是在產品組合的性能方面，動力正在逐漸增強。我們還有很多工作要做，但我們正在努力。我們的團隊正在充滿活力和緊迫感地應對我們看到的機遇。

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.

現在，正如我們在過去幾個季度中討論的那樣，我們一直在加速我們的創新管道，包括提前推出幾項創新，有些甚至提前了一年。我們正在積極努力恢復我們的創新優勢。我們始終從性能方面入手，而新產品和創新的早期成果令人鼓舞。本季度，性能增長了兩位數，許多關鍵運動項目都實現了增長。

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.

在啓動我們的多年創新週期時，我們的一個關鍵重點是加快面向消費者的速度。我們相信加快創新的速度和一致性將使我們能夠在每個季節交付影響力和規模。正如您所知，多年來，耐克一直擁有 Express Lane，這使得短交貨時間的補貨和超地方設計成為可能，我們將繼續利用 Express Lane。但在過去的一年裏，我們還建立了一種全新的工作方式，貫穿整個產品創造過程。

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.

我們稱之為 Speed Lane，這是公司範圍內加快速度和更加響應消費者的更廣泛努力的一部分。例如，通過 Speed Lane，我們利用我們的鮑爾曼鞋類實驗室加快設計。我們利用先進的數字工具加快開發。我們利用關鍵製造合作伙伴加快產品測試和生產。

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.

我們已經通過這種新能力加速推出了半打模型，在本財年下半年，您將看到 Speed Lane 帶來的其他新創新，包括在健身和生活方式領域推出的幾個令人振奮的新系列。正如我所提到的，我們圍繞新產品和創新的明確重點始於性能，我們看到在關鍵運動項目中的影響。讓我給您舉幾個簡短的例子，涵蓋籃球、健身和跑步三個方面。首先是籃球，在第四季度，男裝、女裝、兒童裝和喬丹品類均實現了兩位數增長。

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.

這一切都源於從 G.T. Cut 到科比的新鞋服再到 Sabrina 1 的創新，Sabrina 1 在整個美國籃球市場，包括男女籃球市場，都佔據了兩個份額。我們最近宣佈了 Sabrina 的下一款鞋，以及 A'ja Wilson 的簽名系列，還宣佈了 Caitlin Clark 加入已經是該領域最佳運動員陣容之一的消息。

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.

所有這些活力將繼續推動我們女子籃球業務的快速增長，隨着 WNBA 的激情在不斷擴大的球迷羣中達到歷史最高點。當然，本月傑森對陣盧卡的 NBA 總決賽是喬丹簽名運動員首次在籃球巔峯舞台上相遇。我們通過喬丹品牌有史以來最大規模的營銷活動慶祝了傑森的冠軍。接下來，讓我們來看看我們的健身業務。

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.

健身代表着我們公司看到的最大市場份額機會之一，特別是針對我們的女性消費者。我們已經做出了有意義的決定，在健身領域進行了有意義的投資，這些舉措正在取得成效。在過去的一個季度，我們看到健身業務實現了廣泛增長，服裝增長率領先，其中運動褲是我們的重點關注對象，在第四季度增長率高達兩位數，這主要得益於我們在過去幾個季度推出的 Universa、Zenvy 和 Go 等創新產品。

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.

女性健身鞋也在上個季度表現強勁，得益於 Motiva 和去年夏天推出的最新版本的 Free Metcon。Free Metcon 現在是耐克排名第一的女性健身鞋，從健身房擴展到街頭。接下來，讓我們來看看路跑，這仍然是一個競爭激烈的領域，但我們致力於取得勝利。

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.

在過去的通話中，我們已經討論過我們現在對齊、資源充足，並充滿信心地迎接這一挑戰。我們一直在努力加速我們的跑步創新，並增強我們的基礎。儘管我們在第四季度的整體跑步業務受到了管理 Pegasus 系列轉型的積極影響，但我們很高興看到 Vomero、Invincible、Infinity 和 Structure 等最新發布的產品在季度內增長了兩位數。我們通過簡化零售渠道上的跑步結構，突出我們一流的緩震技術，使消費者更容易發現這些款式。

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，幾周前，我們推出了 Pegasus 41，這是耐克最大性能系列的新篇章。Peg 41 將 Zoom Air 與全長 React X 泡沫相結合，帶來了比以往更舒適、耐用和響應更快的體驗。它受到行業專家的高度評價。我們通過耐克多年來最全面的跑步活動支持了 41，這將持續數個季度。

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.

這也得益於刷新的基礎工作。這包括在社區推動大規模消費者試用，並在整個市場，包括耐克直營店、戰略合作伙伴和我們的性能認證者，如跑步專門店，營造能量。這種活力推動 Peg 41 取得了強勁的開局，在批發和耐克直營店的銷售均超出預期。我們對財年'25 年的完整跑步之旅不僅僅止於 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.

在假日季節，我們將為 Peg 增加幾個維度，然後在下半年推出更多令人興奮的創新，包括 Pegasus Premium 和 Vomero 18。我們已經看到未來幾個季度跑步批發訂單的強勁增長，因為我們繼續採取有意義的步伐，鞏固我們在這一關鍵運動中的領導地位。現在，讓我們談談生活方式，我們專注於打造更多元化的生活方式鞋類組合，以補充行業三大主要系列。我們對新生活方式產品線的管道感到興奮。

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.

一個關鍵例子是上個季度推出的 Dynamic Air，我們最新的突破性創新平台。我們在全球推出了 Air Max Dn，僅僅幾個月內，Dn 已成為我們男士業務中排名前十的生活方式系列，並且在主要城市的熱衷運動鞋消費者中反響特別好。而且，Dynamic Air 是一個創新平台。我們已經在研發下兩代 Dynamic Air，並將繼續在這一平台上進行創新，包括定製氣墊，創造獨特的消費者福利。

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.

推動更多元化的生活方式產品組合的另一個組成部分是利用耐克無與倫比的寶庫。一個例子是復古跑步。我們看到市場對復古產品的需求，迅速靈活地填補了我們的 Y2K 系列，消費者做出了回應。我們在 Y2K 的零售銷售額季度增長顯著，現在預計到財年'25 年底，與財年'24 年初相比，我們的復古跑步業務將增長近三倍。

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.

現在，雖然我們正在推出新的生活方式產品，但我們也在加速計劃中減少我們三大主要系列的產品。這將對我們整體生活方式增長率產生近期重大影響。現在，雖然我們還有工作要做，但我們非常專注於擴大新產品以抵消這一計劃中的減少。我們對下半年財年'25 年即將推出的令人興奮的鞋類概念感到興奮。

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.

最後，巴黎奧運會為我們提供了一個向全世界傳達我們對體育願景的頂峯時刻。這是通過突破性創新引領的，並由一場您不容錯過的品牌活動宣佈。我們最近在巴黎的 Nike on Air 活動上推出了我們的 Air for Athletes 創新。我們迫不及待地要在全球超過 8,000 個門店中為所有這些奧運產品注入生命。

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.

在整個過程中，我們的品牌故事將會大膽而清晰，以運動和運動員為核心，從品牌聲音到零售激活。今年夏天，我們將突破雜亂，為耐克品牌創造強大的能量。我們正在迴歸做最擅長的事情，創造有影響力的故事，最終在運動領域樹立品牌差異。最終，我們正在迎接挑戰，重新奪回優勢。

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.

多虧了我們全球團隊的心血和努力，我們正在積極主張耐克的未來。懷着激情、清晰和毅力，我們正在推動業務向前發展。我們對眼前的機遇感到興奮，急於證明耐克的實力。現在，我將電話轉給馬特。

Matthew Friend -- Chief Financial Officer

馬修·弗蘭德 -- 首席財務官

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.

謝謝，約翰，打電話的每個人你好。對於耐克來説，'24 財年是一個關鍵的一年，我們要在運動領域與消費者重新進攻，加快創新步伐，擴大產品線的新穎性。今天，我們的策略正在實施中。我們的團隊專注並努力交付，我們從全球消費者和零售合作伙伴那裏看到了積極的信號。

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.

儘管如此，本季度，我們一直在應對幾個不利因素，我們預計這些因素將在'25 財年產生更為明顯的影響。儘管未來幾個季度將充滿挑戰，但我們有信心重新定位耐克，使其更具競爭力，擁有更平衡的組合以推動可持續、有利可圖的長期增長。在回顧我們的財務業績和展望之前，讓我深入解讀一下第四季度以及我們展望的影響。首先，在過去幾年中實現兩位數增長後，我們的休閒業務在第四季度出現下滑，男裝、女裝和喬丹品類的下滑超過了運動業務的強勁增長。

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，耐克數字業務在本季度下降了 10%。儘管自'19 財年以來，我們的數字業務以約 26% 的複合年增長率增長，但由於流量減少、促銷增加以及某些經典鞋類產品銷量下降，我們未能完成第四季度計劃。具體來説，這些經典鞋類產品在本季度表現不佳，特別是在 4 月和 5 月，一直延續到 6 月初。儘管這些產品繼續推動多品牌零售的高全價銷售增長，但它們在本季度的表現低於我們整體數字業務的表現。

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，我們在關鍵市場的消費者流量出現了明顯變化，特別是在大中華地區，實體店流量較去年同期下降了兩位數。我們還在歐洲、中東和非洲以及其他市場看到不穩定的趨勢。最後，外匯風險加劇，給本季度的營收帶來額外的一點不利影響。在這些動態中，我們迴歸強勁增長的目標依然不變：讀懂並回應消費者，最大化各渠道的全價銷售，保護長期品牌健康，優先考慮健康的拉動市場，為'25 財年即將推出的新產品和新故事創造市場容量。

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，儘管市場需求持續，我們正在加快時間表，調整全球不同渠道上某些經典鞋類產品的總供應量。特別是，我們正在積極調整這些產品在耐克數字業務上的前瞻計劃，因為它們在該業務中的佔比最高。總的來説，我們預計這些舉措將在'25 財年給營收帶來幾個短期不利因素。然而，過去的經驗讓我們有信心，積極地重新平衡我們的產品組合將增強我們的競爭力，並在引領消費者進入新領域時推動品牌勢頭。

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.

讓我分享一些最近的例子。回到'18 財年，我們重新調整了部分喬丹品牌產品的供應，重塑了我們的推出業務，併為我們的產品組合增添了更多元素。在隨後的幾個季度裏，我們從品牌的兩位數下滑轉變為連續多年強勁的兩位數增長。今年早些時候，我們迅速調整了日本和韓國的休閒鞋類產品組合，在這兩個最具潮流前沿的市場，我們的團隊讀懂並回應了消費者的信號。

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.

我們減少了某些經典產品系列的供應，同時擴大併為我們的庫存中的其他款式帶來新的活力。在第四季度，我們在韓國女士休閒鞋類市場重新奪回第一的位置，並在日本擴大領先優勢，迎接'25 財年的新動力。現在，隨着我們加快新產品和創新的步伐，消費者和合作夥伴的早期反饋加強了我們對耐克未來道路的樂觀看法。

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，對運動的更加聚焦正在產生影響。本季度，男裝、女裝、兒童裝和喬丹品類在所有渠道和地區都實現了增長，我們預計在'25 財年以運動為主導繼續保持這種勢頭。我們在關鍵關注領域看到了有利的跡象，包括北美跑步專業合作伙伴在'24 年假期和'25 年春季訂單書中實現強勁的兩位數增長。在休閒領域，新款式的發佈受到消費者的積極響應。

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，圍繞復古跑步和田徑系列的新設計，如 Cortez、Killshot 和 Field General，正在推動零售銷售強勁增長，我們準備在'25 財年擴大這些系列。我們的團隊還在各個價格點上尋找機會，包括一系列低於 100 美元的新鞋款。在本季度的兩位數增長基礎上，我們計劃在'25 年春季擴大新的運動和休閒款式。總的來説，我們預計新產品對業務貢獻將從'24 財年初開始翻番，直至'25 財年結束。

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.

最後，我們在產品週期轉型期間嚴格控制開支，同時重新分配資源以最大化消費者影響。這得益於我們的儲蓄投資計劃，為推動下一個增長階段創造了投資能力。到 '24 財年末，我們通過從降低小包配送成本到整合供應商、優化技術支出以及重組組織來釋放了各項倡議中的儲蓄，跨越了我們的損益表和價值鏈，簡化了層級和支持功能。反過來，我們將在 '25 財年重新投資近 10 億美元於面向消費者的活動，預計將加速我們強勁增長的迴歸。

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.

這包括加大我們在關鍵城市的地面進攻力度，增加在設計、產品創造和商品化方面的資源投入，深化我們的體育營銷組合，在實體零售中提升品牌的獨特性，並從 EC24 和巴黎奧運會開始推動更大膽的品牌宣傳活動。現在，讓我轉向我們耐克公司第四季度的業績。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%.

營收按報告基礎下降了 2%，按貨幣中性基礎持平。耐克直營下降了 7%。耐克門店下降了 2%，耐克數字業務下降了 10%。批發業務增長了 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.

毛利率按報告基礎擴大了 110 個基點，達到 44.7%，主要是由於戰略定價舉措、較低的海運費率和供應鏈效率提高，部分抵消了耐克直營的較低毛利率、不利的渠道組合和淨外匯影響。銷售、管理和一般行政費用按報告基礎下降了 7%，因為對需求創造的增加投資被運營開支的減少所抵消。其中包括約 4000 萬美元的重組費用影響。我們的有效税率為 13.1%，而去年同期為 17.3%，這是由於收入結構變化，部分抵消了來自一次性項目（如股權報酬）減少的益處。

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%.

每股攤薄收益為 0.99 美元，比去年同期增長了 50%。其中包括來自重組費用的非實質性影響。全年，營收按報告基礎持平，按貨幣中性基礎增長了 1%。每股攤薄收益增長了 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%.

經營活動現金流為 74 億美元，比去年同期增長了 27%，主要得益於營運資本的顯著改善。存貨較去年同期下降了 11%，存貨週轉天數持續改善。現在，讓我轉向各經營部門。在北美，第四季度營收下降了 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.

耐克直營下降了 9%，耐克數字業務下降了 11%，耐克門店下降了 5%。批發業務增長了 6%，這是由於從 '25 財年第一季度加快發貨時間，EBIT 按報告基礎增長了 5%。本季度，我們在工廠店看到了較低的客流量，突顯了價值消費者所感受到的壓力增加。儘管如此，我們也看到了一些亮點，包括籃球、健身和兒童領域的強勁增長，抵消了生活方式和喬丹領域的下降。

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%.

兒童領域在地理位置上引領了我們的業績，表現出強勁的兩位數增長。在女性健身領域，我們在鞋類市場份額上獲得了增長。在男性和女性跑步領域，秋季鞋類預訂量增長了兩位數，以 Pegasus 41 為主導。在歐洲、中東和非洲地區，第四季度營收增長了 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.

耐克直營下降了 8%，耐克門店增長了 1%，耐克數字業務下降了 14%。批發業務增長了 7%，EBIT 按報告基礎增長了 2%。在謹慎的宏觀環境下，我們看到性能創新推動了強勁的銷售。

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.

這在一定程度上被生活方式領域的整體下降所抵消，新產品發佈效果良好。全球足球領域男性和兒童領域增長了兩位數。在女性健身領域，我們在鞋類和新服裝發佈方面取得了強勁的勢頭，例如我們更新的耐克 Pro 系列。在生活方式領域，我們的復古跑步系列繼續擴大規模，我們的 Air Max Dn 推出帶來了全面的市場霸佔。

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%.

在大中華區，第四季度營收增長了 7%，其中包括來自天貓提前開始的 6.18 購物節的幾個百分點貢獻。除去這一時間效益，我們未能達到計劃，客流量疲軟在所有市場渠道持續存在。耐克直營下降了 2%，耐克門店下降了 6%，耐克數字業務增長了 8%。批發業務增長了 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 按報告基礎增長了 4%，繼續受到外匯影響。我們的兒童業務在該地區本季度引領了步伐，以跑步和籃球為主導。在男性和女性生活方式領域，復古跑步風格和我們最新的 Express Lane 發佈獲得了積極的消費者回應。在男性和女性跑步領域，我們的新發布產品 Structure、Vomero 和 Invincible 的零售銷售增長了兩位數。

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%.

中國市場仍然存在高度促銷，我們繼續謹慎管理耐克和合作夥伴的庫存。儘管我們對短期前景持謹慎態度，但我們對耐克在中國的競爭地位長期持續保持信心。在亞太及拉丁美洲地區，第四季度營收增長了 4%。耐克直營下降了 3%，耐克門店增長了 11%，耐克數字業務下降了 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.

批發業務增長了 9%，EBIT 按報告基礎增長了 4%。墨西哥、東南亞和印度在該地區引領了我們的增長。在整個亞太及拉丁美洲地區，我們在男子籃球、男子全球足球和女子健身領域取得了強勁的勢頭。喬丹品牌在東京和馬尼拉的街頭籃球活動中帶來活力，並在籃球鞋市場份額上取得增長。

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.

現在，讓我談談我們 '25 財年的財務展望。我們正在管理一個由渠道組合動態轉變加劇的產品週期轉型。這樣規模的復甦需要時間。考慮到這一點，我們在修訂 '25 財年展望時考慮了許多因素和情景。

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，這包括時間表和步調，以管理我們經典鞋類特許經營品牌的市場供應；由於較少推出新品、計劃中經典鞋類特許經營品牌在第四季度的趨勢下降以及促銷活動減少，NIKE 數字業務增長尤其在年初受到影響，由於流量減少；宏觀不確定性增加，特別是在大中華地區，歐洲、中東和非洲地區以及全球其他市場的消費者趨勢不穩定；隨着我們在市場上推廣產品創新和新品，並完成下半年訂單簿，向批發合作伙伴銷售。綜合考慮所有這些因素，我們現在預計 2025 財年的報告收入將下降個位數，上半年下降個位數。外匯匯率不利因素也加劇，將對 2025 財年的收入產生一點匯兑影響。轉向毛利率。

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.

我們預計全年報告基礎上擴張約 10 至 30 個基點。這反映了戰略定價行動和較低的產品投入成本帶來的好處，部分抵消了供應鏈槓桿效應、渠道組合變化和淨外匯影響。我們預計全年銷售、廣告和管理費用增長略高於去年，因為我們增加了對需求創造的投資，激發品牌動能，最大限度地擴大影響力，同時基本保持運營開支不變。其他收入和支出，包括淨利息收入，預計全年約為 2.5 億至 3 億美元。

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.

我們預計全年有效税率將在高十幾個百分點範圍內。現在，轉向我們的第一季度。我們預計第一季度收入將下降約 10%。這反映了我們在管理經典鞋類特許經營品牌方面採取了更積極的行動，NIKE 數字業務仍面臨挑戰，批發訂單簿不足，新品尚未達到規模，大中華地區前景疲軟，以及一些季度特定的時間因素。

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.

我們預計第一季度毛利率將與全年指導一致。我們預計第一季度銷售、廣告和管理費用將上升個位數，因為我們保持運營開支不變，同時投資於關鍵品牌時刻，包括 EC24 和巴黎奧運會。對於 NIKE，靈感源自我們服務的運動員。他們的夢想激勵我們創造體育界最具創新性的產品，並講述觸達全球數百萬人的故事。

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，他們提醒我們為贏得勝利所需的辛勤工作和奮鬥。在我結束之前，我想感謝我們的 NIKE 團隊，他們的激情和動力是我們復甦的動力。我今天從我們團隊中看到的心、專注和合作是我前進的最大信心來源。有了這一點，讓我們開始提問。

Questions & Answers:

問題與回答：

Operator

操作員

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

[操作員指示] 我們的第一個問題將來自摩根大通的 Matthew Boss。請開始。

Matthew Boss -- JPMorgan Chase and Company -- Analyst

Matthew Boss -- 摩根大通公司 -- 分析師

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。謝謝。也許，John，簡單總結一下，相對於三個月前，我想問一下，您如何評價宏觀前景和 NIKE 執行方面的變化，這些因素影響了您今天對 2025 年展望的變化？然後，Matt，關於毛利率，您能幫忙分解一下在 2025 年過程中考慮的因素，以及如何最好地從毛利率角度建模節奏？

John J. Donahoe -- President and Chief Executive Officer

John J. Donahoe -- 總裁兼首席執行官

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.

謝謝，Matthew。一年前，我們制定了我們稱之為復甦計劃，過去 90 天，我可以説，我們的執行繼續保持在正軌上。Matt，你可以談談宏觀和特許經營品牌管理對數字的影響。但在我們要積極推進的基本事項上，我們已經取得了進展，其中之一是將體育放在我們所做的一切的中心位置，為運動員服務。

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.

在過去的 90 天裏，我們完全沿着體育的線路對齊我們的組織，將這些團隊共同定位，現在，端到端，我們有清晰的，我們稱之為，基於體育的端到端團隊，這加快了我們的步伐，也提高了我們的執行效率。正如我們在過去幾個季度所談到的，我們重新點燃了我們的創新管道，包括提前推出幾項創新。因此，除了在本季度或本季度初推出 Dn 和 Peg 41 之外，我們還將提前推出關鍵創新，如 Peg Premium 和 Vomero 18，這只是春季 '25 即將推出的兩個例子。正如我之前提到的，速度是我們正在建立的一種能力，我們對此感到越來越有信心。

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.

品牌也變得更加強大。在歐錦賽中，您會看到我們的喚醒您的瘋狂活動，這實際上是您將聽到的更大膽的品牌聲音的第一個例子，然後我們對即將到來的奧運會感到非常興奮。奧運會的許多工作都是在第四季度完成的，但您將在幾周內看到它。然後在市場上，我們花了很多時間與我們的批發合作伙伴合作。

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.

我們舉辦了幾次批發合作伙伴峯會。我們邀請了 RSG 團隊、社區合作伙伴和認證者來校園。我們向他們展示了我們為期三年的產品創新管道，反饋非常積極。我們的假日、春季 '25 訂單簿非常強勁。

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，我們的信心正在增強。因此，在我們正在執行的基本事項上，我們對復甦的已證明的計劃感到自信，這需要時間，我們覺得我們已經取得了強勁的進展。

Matthew Friend -- Chief Financial Officer

Matthew Friend -- 首席財務官

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.

相對於 90 天前的財務影響，我們只是簡單地談一下。上個季度，我們説過我們認為收入在上半年會下降個位數，其中包括第一季度的更為顯著影響。我們還説過我們預計收入會增長。而在第四季度，我們看到了兩件事。

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 - 我們的生活方式業務在 NIKE 數字業務中下降更為顯著，特別是在四月和五月，這些趨勢持續到了六月。我在我的開場發言中強調的是，我們所談論的那些經典系列產品在第四季度表現不佳，低於我們整體數字業務的結果。因此，當我們看到我們全年指引下降個位數時，有三個因素推動了這一變化。首先，我將從外匯開始。

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.

我們對外匯和美元強勢的展望相對於 90 天前有了一點影響。我們對大中華區的展望有所減弱，這也對全年指引產生了一定影響。而剩下的變化大部分與我們在整個市場上採取的更為積極的行動有關，但實際上對整體數字業務產生了複合影響。

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.

這將在今年上半年產生更大的影響，但我們計劃在下半年實現有意義的環比改善。這就是我對相對於 90 天前我們所説的收入差異的看法。在第一季度，另一個影響是時間。我們看到 6.18 期提前到了五月，比去年同期提前了，這對第四季度的結果產生了影響，也對第一季度的結果產生了影響。

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，我們看到了一些有利的發貨時間，因為我們準備與我們的 ERP 系統一起投入運營，產品供應也更加充足。因此，這也對第一季度的數字產生了影響。

John J. Donahoe -- President and Chief Executive Officer

約翰·J·多納霍 - 總裁兼首席執行官

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.

我只想再補充一件事 - Matthew，你聽過 Matt 和我都談論過。這是一種無形的東西，但我認為它非常重要，那就是我們團隊的心與努力，過去一年以來表現非凡，過去 90 天也是如此，加速發展。Heidi 和 Craig 的團隊，他們如何全面合作，專注於消費者，提高速度，加快進度，我們團隊的信心和前瞻性質變化明顯。因此，我要對他們給予極大的讚揚，也要認識到這在 NIKE 是如此重要，我們的團隊，我認為，每天都在增加信心。

Operator

運營商

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

我們下一個問題將來自美國銀行的 Lorraine Hutchinson。請繼續。

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

Lorraine Hutchinson - 美國銀行美林證券 - 分析師

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?

謝謝。下午好。您能提供一些數字，讓我們對下半年的顯著改善有信心嗎？從停產一些系列產品帶來的阻力減少了多少？總訂單狀況如何？您能提供任何數字幫助您達到後半年的改善嗎？

Matthew Friend -- Chief Financial Officer

馬修·弗蘭德 - 首席財務官

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，我們在更新全年指引時考慮了許多不同因素和情景，這包括隨着時間推移不同曲線和不同產品的發展趨勢，並形成對我們最大系列產品的趨勢如何發展的看法。但這些系列產品繼續推動零售銷售增長，並在市場上實現高水平的全價銷售。因此，上半年的更大影響是我們為管理這些系列產品健康而採取的調整，首先是從 NIKE 數字業務開始。這對收入產生了顯著影響，從而在上半年產生更為有意義的影響。

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.

我們希望繼續讓這些系列產品在多品牌環境中繼續對我們的合作伙伴產生影響。我們維護這些系列產品健康的方式之一是通過減少我們通過數字渠道向消費者提供的產品。至於下半年，我們強調了一些事情，但我們計劃在下半年相對於上半年實現有意義的環比改善。這始於我們對我們推向市場的新產品的信心，Peg 41，Peg Premium，Vomero 18，Air Max Dn plus 下一個 Air Max 版本的訂單狀況。

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.

這些即將上市，再加上我們擴大創新和新產品的計劃。因此，當我們看到我們今天的狀態以及我們正在努力推動這一計劃的方式時，我們的新產品擴大計劃正在按計劃進行。我們的團隊正在努力看是否甚至有機會在下半年加速擴大這種新產品。我們對目前市場上所看到的指標感到自信。

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.

我們給出了一些具體的數字，涉及跑步和跑步專業領域。但我告訴你的是，我們對春季訂單狀況的初步瞭解與我們提供的指引一致。因此，我們相信我們正在在整個組合中創造更好的平衡，並與我們的批發合作伙伴建立動力。

Operator

運營商

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

我們下一個問題將來自 Guggenheim 證券的 Bob Drbul。請繼續。

Bob Drbul -- Guggenheim Partners -- Analyst

Bob Drbul - Guggenheim Partners - 分析師

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。我只有兩個問題。我想第一個問題是，當您看到業務的可見性時，我認為，在回答 Lorraine 的問題時，當您考慮到正在發生的變化時，您能否談談您對此的感受，與過去 12 到 24 個月相比，您對預測能力有何看法？然後，我想第二個問題是，當您看到正在發生的從批發到直銷到實體店的渠道轉變時，您能否就如何思考更高層次的損益影響給我們提供更多框架？

Matthew Friend -- Chief Financial Officer

馬修·弗蘭德 - 首席財務官

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.

當涉及到變化的可見性時，我想説，我們對第四季度的這些大型特許經營店的表現感到驚訝。這導致我們修訂了我們的指引。

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.

總的來説，過去四年我們在數字業務方面取得了令人難以置信的增長，我們對繼續推動這些結果對市場中的消費機會有很大信心。我認為最近在管理我們整體特許經營店的背景下，批發市場上這些特許經營店的供應量相對於數字渠道上的供應量以及這些因素之間的相對平衡是導致本季度一些波動的原因。通過觀察零售銷售趨勢，同時根據我們管理特許經營店的整體計劃，基於我們的經驗做出了這些前瞻性指引的調整，我們在耐克數字業務上更加積極。因此，我們在構建需求感知、利用數據和見解以更好地預測我們自有業務方面的能力方面持續改進。

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.

但我對我們目前正在做出的調整以及我們繼續管理的積極性感到非常滿意。我還想説，當我看整體數字業務時，我們已經計劃在第四季度推出較少新產品，因為去年第四季度我們推出了非同尋常數量的新產品。如果我排除對我們數字業務的最大特許經營店的影響，我們其餘的數字業務是健康的，我們對其提供的增長感到滿意。因此，從這個角度來看，我們對我們的看法感到滿意。

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.

至於未來渠道轉變的組合，它在 2025 財年肯定會對收入構成阻力，正如我在回答之前的問題中提到的，也會對利潤率構成阻力。由於我們在這些特許經營店中推動高水平的全價實現，這些產品對利潤率的影響也較大。因此，我們計劃在 2025 年渠道組合將成為一個阻力，但我很高興我們仍能在這一年將利潤率擴大 10 至 30 個基點。儘管受到約 15 個基點的外匯阻力的影響。

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，當我們展望 2025 財年時，我們正在擴大利潤率。我們仍然相信，儘管渠道組合在未來可能不再是一個驅動因素，但我們有許多其他機會可以繼續在長期內推動更具盈利性的業務。這始於一個強大的品牌，始於創造消費者喜愛的優秀產品。

John J. Donahoe -- President and Chief Executive Officer

約翰·J·多納霍 - 總裁兼首席執行官

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.

我想補充一點，一個健康的市場，渠道組合是由消費者需求驅動的。我們説過，我們希望在消費者所在的地方，無論是數字渠道還是我們自己的門店或批發渠道。因此，我們正在採取更加平衡的方式來發展整個市場。我認為健康的跡象之一是，我們提到業績在本季度實現了兩位數增長。

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.

批發業務和數字業務都實現了兩位數增長。Peg 41 的頭幾周在批發市場銷售良好，在耐克直銷渠道，無論是數字渠道還是實體店，都銷售良好。因此，隨着時間的推移，我們的渠道組合應該是由消費者需求和購物場合決定的。因此，我們認為它將以符合消費者需求的方式穩定下來。

Operator

運營商

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

我們的下一個問題來自巴克萊的 Adrienne Yih。

Adrienne Yih -- Barclays -- Analyst

Adrienne Yih - 巴克萊分析師

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.

非常感謝。我想知道您能否談談接下來六到十二個月即將推出的新產品數量。在歷史上，耐克是否曾經推出過這麼多新產品？您如何看待消費者的第二程度，對嗎？所以，它首先進入批發渠道。

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

當它到達批發渠道時，您如何看待最終消費者的成功？謝謝。

John J. Donahoe -- President and Chief Executive Officer

約翰·J·多納霍 - 總裁兼首席執行官

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.

我們已經説了幾個季度了。我們對這個多年創新管道和週期感到非常興奮。在過去的一個季度中，您已經看到了一些早期的例子，比如 Dn 和 Peg 41。隨着我們進入本財年下半年，也就是我們所説的'25 年春季和'25 年夏季，創新的數量、廣度和深度正在顯著加速。

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.

考慮到我們的規模和規模，我們知道我們需要廣泛和深入創新，同時也需要提供可擴展的創新。因此，我們設定了一個目標，即到'25 年底，將我們新創新的增長率與'24 年初相比翻一番。我們正在按計劃實現這一目標。當你問到我們如何知道這一點時，批發合作伙伴對他們在今年下半年和'26 年看到的情況的反饋，因為我們向他們展示了關於跑步、籃球、生活方式等方面的三年路線圖，在許多情況下，批發反饋非常積極。

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 剛提到的，他們的訂單簿反映了這一點。因此，我們認為我們的工作是能夠每個季度都提供強大的創新，同時能夠隨着時間推移擴大這些創新，既能讓消費者滿意，也能帶來健康和可持續的增長。因此，我們對我們正在走的道路感到非常滿意，我們認為隨着時間的推移，這種增長將加速。

Matthew Friend -- Chief Financial Officer

馬修·弗蘭德 -- 首席財務官

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，我想補充一點，新穎性的一個方面也體現在業務的生活方式方面。在過去的四年裏，我們推動了兩位數的增長，並創造了大量的活力。我們對 Air Force 1、Air Jordan 1 和 Dunk 業務進行了不斷的演變和擴展。由此，我們創造了非凡的消費者需求。

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，我們將市場上的新意思帶到了耐克的寶庫中，其他人沒有的東西，並且能夠像過去四年那樣創造能量，將消費者引向一個新的地方。這是我們可以做到的，我們有着成功的經驗。在 2019 財年，Dunk 業務佔耐克業務的比例為 0%。在過去三年裏，我們通過強大的消費者吸引力和回應大幅擴大了規模，現在我們正在管理這個品牌，以確保市場上的需求大於我們提供的供應。

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.

這就是我們管理這些品牌的方式。因此，一方面，當然有性能創新方面，我們在巴黎展示的內容以及 John 強調的即將推出的內容，我們感到非常滿意，但另一方面，耐克還利用其資產寶庫，帶來新的創新、新的故事、新的合作伙伴關係，推出新產品，以滿足市場上令人難以置信的運動鞋需求。

Operator

運營商

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

下一個問題來自高盛的 Brooke Roach。請發言。

Brooke Roach -- Goldman Sachs -- Analyst

布魯克·羅奇 -- 高盛 -- 分析師

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，感謝您回答我們的問題。我想就 Adrienne 提出的問題以及您關於 FY '25 重點關注的品牌管理發表評論。您能否將這些經典品牌與耐克當前銷售額與歷史平均水平相比的重要性放在背景下？您是否期望在年底時將這些新創新擴展到典型的品牌滲透率？然後，也許對 Matt 提出一個後續問題。您能否就您對毛利率橋樑的看法以及您預計從成本和定價方面獲得的有利因素與您看到的一些不利因素之間的關係提供一些額外的信息？謝謝。

Matthew Friend -- Chief Financial Officer

馬修·弗蘭德 -- 首席財務官

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.

這些品牌是行業歷史上最大的品牌。它們之所以變得如此，是基於消費者需求。因此，幾年前我們開始管理這些品牌時，我們最關注的是我們需要限制這些品牌進入市場的供應，因為我們在產品管道上存在創新缺口，這是我們在過去幾次電話會議中談到的。因此，管理這些品牌的目的是新意思是在推動消費者，我們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，其重要性在於在 2025 財年對我們的財務前景產生的影響，因為我們正在減少供應量，並在我們的產品組合中創造更好的平衡。當我説到這一點時，我並不是輕描淡寫。我指的是在性能和生活方式之間、高價位和低價位之間、批發和直銷之間，甚至在批發內部在體育用品和運動專業店或其他渠道之間創造更好的平衡。這是我們的重點所在。

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.

我認為我們正在採取的行動和我們提供的指導是為了貫徹這些行動。我在耐克工作已經超過 15 年了，我們以前經歷過這些產品週期的轉變。雖然這是具有挑戰性的，並且在接下來的幾個季度中將會更具挑戰性，但我們的歷史表明，當我們採取行動時，我們會積極行動，我們會全力支持新事物，並圍繞它建立營銷和故事，我們會迅速將消費者引向一個新的地方。我們在這裏所做的與以往並無不同。

Operator

運營商

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

我們的下一個問題將來自 Evercore ISI 的 Michael Binetti。請發言。

Michael Binetti -- Evercore ISI -- Analyst

邁克爾·比內蒂 -- Evercore ISI -- 分析師

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，夥計們。感謝您回答我們的問題，也感謝您在展望'25 年時提供的所有細節。我想，當我們展望'25 年以後時，您給了我們一個工作，您將在這裏做很多工作。當您擁有經典產品線更清晰時，您的渠道組合將更加穩定。

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.

您將有創新工作。您能幫助我們思考一下過去的歷史背景嗎？我記得您曾談到過耐克過去可能會實現高個位數的增長。但我認為在未來，批發將發揮更大的作用。中國可能不再像過去那樣增長，所以有一些與舊世界不同的因素。

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.

也許你可以幫助我們思考一下，隨着渠道、地理位置和特許經營權重新對齊，你認為這家企業的長期機會是什麼。然後，我想在更大的層面上，我們可以看到實驗室正在努力推出性能方面的新技術。但也許可以向我們解釋一下，您如何利用創新和性能，以及如何為生活方式創造光環，這實際上只是更多的週期性產品。我很好奇你們如何看待產品目錄，以及如何依靠創新來推動生活方式產品的增長。

John J. Donahoe -- President and Chief Executive Officer

約翰·J·多納霍 -- 總裁兼首席執行官

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，我可能會從這裏開始，邁克爾，通過一些投資組合調整，我們仍然在我們的行業中擁有重要的順風。事實上，體育正在增長。健康的生活方式正在全球範圍內得到接受。

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.

幾周前我在中國，專注於健康的生活方式，這非常引人注目。因此，我認為這個行業存在結構性的順風。我也認為體育發生的地方，是後疫情時代的衍生物之一。

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場。你可以在後院鍛鍊，散步或者其他方式鍛鍊。因此，體育正在更多的地方發生，體育和生活方式之間的界限與休閒運動服裝之間的界限變得模糊。因此，人們在運動時想要擁有出色的風格，他們在不運動時也想要有受運動啓發的風格。因此，我們將所有這些視為順風。

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.

關於生活方式創新，我們希望在我們的生活方式創新中以體育為基礎，無論是在鞋類還是服裝方面。我們認為在男裝、女裝、兒童裝以及喬丹（Jordan）系列方面都有巨大的機會。喬丹街頭服飾就是一個例子。

Matthew Friend -- Chief Financial Officer

馬修·弗蘭德 -- 首席財務官

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。我將結束這個問題，然後回到你之前提到的問題，邁克爾。但我也想説，性能和生活方式之間的界限實際上更多地取決於消費者如何使用產品。毋庸置疑的一點是，消費者想要更多的舒適性。

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.

你可以在市場上看到這一點。我們的團隊絕對專注於合身度和舒適度，當我們將這些新產品推向市場時。我認為當你看到像 Peg Premium、Peg 41 或 Vomero 18 這樣的產品時，你會開始看到消費者將它們帶入生活方式中，因為它們是新的，新穎的，有着獨特的外觀。因此，我們在平衡消費者對性能和創新的偏好，我們需要確保我們不僅有他們每天都可以穿的性能和創新產品，還要利用我們的寶庫，帶回經典產品，因為經典產品市場永遠存在。

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.

經典生活方式產品周圍永遠存在一個活躍的市場，我們有一個很棒的寶庫可以利用。至於你關於長期模型的問題，我想説的是，我們專注於推動單位增長。我想我在幾個季度前就説過了，重要的一點是，這不是關於某一個特定的渠道。

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.

這是在增長整體市場。因此，我們專注於在消費者所在的地方推動單位增長。鑑於我們目前看到的市場動態，我們也專注於奪回市場份額。特別是在性能方面，我們看到機會，通過強大的創新管道，奪回市場份額，但這種產品轉型需要一點時間來完成。

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，在接下來的幾個季度中，我們將執行我們在 2025 財年制定的計劃。在 11 月的投資者日上，我們將根據我們所面臨的投資組合市場動態、產品轉型進展以及過去一年中實施的一些戰略轉變，提供有關增長和盈利能力的更新展望。

Operator

運營商

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

下一個問題來自伯恩斯坦的 Aneesha Sherman。請發言。

Aneesha Sherman -- AllianceBernstein -- Analyst

Aneesha Sherman -- AllianceBernstein -- 分析師

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.

謝謝。我想先問一個簡短的跟進問題。馬特，你談到了未來幾個季度產品生命週期管理的挑戰。你能澄清一下，你是否預計到財年結束時這種重置會結束？因此，你是否預計在 FY '25 結束時，頂線會回到正常的運行速率而沒有阻力？其次，我想了解一下你們在組織重置和成本基礎轉變方面的進展。

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.

你們預計到財年結束時會完成多少這 20 億美元的成本重新分配？它會是前期集中完成嗎？還是會分散到未來幾年？謝謝。

Matthew Friend -- Chief Financial Officer

馬修·弗蘭德 -- 首席財務官

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，沒問題。關於你的第一個問題，我們在耐克直營和數字業務上採取的行動更為積極。因此，我們對我們的計劃所做的調整，特別是與我們自己的渠道相關的調整，將主要在今年上半年考慮在內。

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.

我們將繼續管理特許經營權，因為你可以想象到一個上升的曲線和一個下降的曲線。隨着曲線下降，這並不會在一瞬間發生。隨着時間的推移，消費者對市場供應的反應自然而然地發生。但我們正在採取的行動也導致我們在下半年審視更廣泛的市場，並確保我們在那裏減少供應，以維持一個健康的市場，同時確保我們有能力在市場中引入新產品。

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，我提到我們計劃擴大新產品系列 -- 這種新產品系列將隨着我們在今年的第一季度從負 10 下降到上半年下降高個位數，最終在年底下降中個位數。在全年的基礎上，這其中最大的推動因素將是我們推向市場的新產品系列的擴大。我們期望在年底時勢如破竹。這意味着我們期待我們推向市場的新產品將開始超過我們在今年中正在應對的特許經營權。

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.

而當我們展望到 2026 年時，我們將繼續根據消費者需求管理這些特許經營權。但使這成為可能的是我們有更多新產品即將推出，我們正在為這些新產品帶來的活力所帶來的效果將超過我們管理這些特許經營權的方式。

John J. Donahoe -- President and Chief Executive Officer

約翰·J·多納霍 -- 總裁兼首席執行官

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.

然後，關於你的第二個問題，Aneesha，你提出的方式，我想要澄清一件事。你提到了組織重置。那已經是過去時了。正如我之前提到的，我們現在在整個組織中完全圍繞體育領域進行了對齊。

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.

我們的團隊專注致力。他們充滿激情。整個組織中充滿了巨大的奮鬥精神，你可以感受到。因此，這將繼續下去。

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，節省以投資為目的的人員規模方面已經過去了。現在這些團隊專注於推動消費者創新和執行。我們將尋找其他領域提供節省的方式，非勞動領域。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.

但現在組織已經 100% 專注於推動我們在通話中一直在談論的增長和創新。我可以再次向你保證，每個人都對未來充滿活力、奮鬥和興奮。

Matthew Friend -- Chief Financial Officer

馬修·弗蘭德 -- 首席財務官

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。我是説，正如我們一直在談論的那樣，我們專注於建立一個運營模式，隨着我們的增長，速度更快，成本效率更高。因此，過去一年我們採取的行動為我們提供了在 2025 財年進行一些大膽舉措的機會。我們將 10 億美元重新分配到面向消費者的活動中。

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.

這包括我們投資的團隊成員和產品設計，建立商品銷售功能。正如 John 所説，我們現在在全球和各地區都有專注於體育的團隊，以便能夠執行這種新的進攻。我們正在將更多的投資資金投入需求創造，同時嚴格管理運營開支。我們在 2024 財年做到了這一點。

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，即使在進行重組費用方面，我們也付出了一些重大努力來管理運營開支，以便我們可以重新分配資源，正如我所提到的。雖然這些投資需要一些時間才能帶來回報，但對我們來説，這絕對是正確的做法，以重振品牌勢頭，讓我們重新回到與消費者的進攻中。這就是我們所做的，我們將繼續嚴格管理銷售、廣告和行政開支，利用這個項目和這個倡議來創造我們投資的能力，推動我們與消費者的前進。

John J. Donahoe -- President and Chief Executive Officer

約翰·J·多納霍 -- 總裁兼首席執行官

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.

當我們結束時，保羅，最後一句話。這是為耐克全球團隊而言的。我們 -- 過去一年是具有挑戰性的，付出了大量的辛勤工作和精力。我想要感謝全球耐克團隊的每個人，感謝你們在這個過程中的領導和運營。

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.

對我來説是如此清晰，我代表馬特、海蒂、克雷格和我們整個領導團隊説的。耐克真正的競爭優勢歸根結底是耐克的人和耐克的文化。因此，這些人和這種文化充滿活力，準備競爭，渴望推動我們一直在通話中談論的執行和增長。因此，我想要感謝耐克全球團隊的每個人。

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

保羅·特魯塞爾 -- 副總裁，投資者關係和戰略財務

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.

感謝您參加我們 2024 財年第四季度電話會議。我們期待在 11 月底舉行的投資者日活動中與您許多人在總部見面。更多細節即將公佈。這結束了我們的通話。

Good evening.

晚安。

Operator

運營人員

[Operator signoff]

[運營人員簽退]

Duration: 0 minutes

通話時長：0 分鐘

Call participants:

參與者:

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

保羅·特魯塞爾 -- 副總裁，投資者關係和戰略財務

John J. Donahoe -- President and Chief Executive Officer

約翰·J·多納霍 -- 總裁兼首席執行官

Matthew Friend -- Chief Financial Officer

馬修·弗蘭德 -- 首席財務官

Matthew Boss -- JPMorgan Chase and Company -- Analyst

馬修·博斯 -- 摩根大通公司 -- 分析師

John Donahoe -- President and Chief Executive Officer

約翰·多納霍 -- 總裁兼首席執行官

Matt Friend -- Chief Financial Officer

馬特·弗蘭德 -- 首席財務官

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

洛林·赫欽森 -- 美國銀行美林 -- 分析師

Bob Drbul -- Guggenheim Partners -- Analyst

鮑勃·德布爾 -- 古根海姆合夥公司 -- 分析師

Adrienne Yih -- Barclays -- Analyst

艾德琳·伊 -- 巴克萊 -- 分析師

Brooke Roach -- Goldman Sachs -- Analyst

布魯克·羅奇 -- 高盛 -- 分析師

Michael Binetti -- Evercore ISI -- Analyst

邁克爾·比內蒂 -- Evercore ISI--分析師

Aneesha Sherman -- AllianceBernstein -- Analyst

阿尼莎·謝爾曼 -- 安聯投資 -- 分析師

More NKE analysis

更多耐克分析

All earnings call transcripts

所有收益電話會議文本

Contents:

目錄:

Prepared Remarks:

準備聲明:

Questions & Answers:

問題與回答：

Call participants:

參與者:

耐克 (NKE) 2024 年第四季度收益電話會議記錄