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SG&A grew 10% in Q1, primarily due to wage-related expenses, strategic technology investments, increased NIKE Direct costs and increased demand creation expenses.
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2023 Q1
6 Oct 22
fueling NIKE's overall gross margin expansion
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2023 Q1
6 Oct 22
representing 24% of total NIKE Brand revenue in fiscal '22.
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2023 Q1
6 Oct 22
Since fiscal '19, our Digital business has nearly tripled to exceed $10 billion in revenue
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2023 Q1
6 Oct 22
Demand for NIKE, Jordan and Converse continues to be uniquely strong with positive consumer response and high full price realization
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2023 Q1
6 Oct 22
We’re also planning for supply chain costs for the full year to increase relative to our estimates 90 days ago with a greater impact in the second half.
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2022 Q2
2 Oct 22
Specifically for fiscal ‘22, we continue to expect revenue to grow mid-single digits versus the prior year, in line with guidance from 90 days ago.
For Q3, we expect revenue to grow low-single digits versus the prior year due to the ongoing impacts from lost production from COVID-related disruptions in Vietnam.
We are raising our gross margin guidance to expand 150 basis points versus the prior year.
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2022 Q2
2 Oct 22
we're looking at the fourth quarter and our revenue guidance for the quarter and feel confident that we can still deliver mid-single-digit revenue growth on a full year basis.
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2022 Q3
2 Oct 22
This reflects the combination of late delivery for the past two seasons plus early holiday orders that are now set to arrive earlier than planned and a prior year that was impacted by factory closures in Vietnam and Indonesia.
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2023 Q1
2 Oct 22
this quarter, we saw a significant improvement in transit times after we and many others had made the strategic decision to buy the holiday season earlier because of the longer transit times.
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2023 Q1
2 Oct 22
In North America in particular, we saw in-transit growth of 85%, and in-transit inventory now represents approximately 65%
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2023 Q1
2 Oct 22
inventories were $9.7 billion, up 44% compared to the prior year. Driven by volatility in transit times in North America, strategic decisions to buy inventory for future seasons earlier and lower inventory levels due to last year's factory closures in Vietnam and Indonesia.
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2023 Q1
2 Oct 22
we are taking decisive action to clear excess inventory, focusing on specific pockets of seasonally late products, predominantly in apparel.
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2023 Q1
2 Oct 22
our North America inventory grew 65% versus the prior year, with in-transit inventory growing approximately 85%
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2023 Q1
2 Oct 22
In September, month-to-date retail sales are up double digits versus the prior year
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2023 Q1
2 Oct 22
transit times began to rapidly improve with signals that further improvement may be coming
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2023 Q1
2 Oct 22
At the same time, consumers are facing greater economic uncertainty, and promotional activity across the marketplace is accelerating, especially in apparel.
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2023 Q1
2 Oct 22
We expect second quarter gross margins to decline approximately 350 to 400 basis points versus the prior year, the largest impact across the fiscal year as we discount out-of-season product more aggressively in a largely promotional marketplace.
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2023 Q1
2 Oct 22
on strong consumer demand despite 900 basis points of foreign exchange headwinds.
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2023 Q1
2 Oct 22
We continue to expect currency-neutral revenue growth of low double digits versus the prior year, equating to reported revenue growth of low to mid-single digits versus the prior year, assuming 800 basis points of foreign exchange headwinds.
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2023 Q1
2 Oct 22