CLAIM #46108 · Nike Inc (NKE) · 2022Q1 earnings call · Sep 23, 2021 · due May 31, 2025
“As we look longer term, we’re absolutely continuing to look towards that high-40s gross margin outlook that we provided last quarter.”
Matt Friend · CFO
In context
“u saw that in skate in the Olympics. You see that in some of our brand campaigns being really close to where that Gen Z consumer is. And we think that bodes well for our future. Matt Friend: And I’ll just hit the gross margin quickly, Matt. We believe that this quarter was an excellent proof point of the success that we’re seeing in driving our consumer-led digital transformation. We’re seeing meaningful movement forward in both, NIKE Direct mix of business and also NIKE Digital mix of business, as I mentioned. And that’s what fueled our gross margin expansion in the first quarter, high levels of full price realization, greater mix of NIKE Direct and NIKE Digital business and lower markdowns as we leverage the capabilities that we have to serve consumer demand, how and where they want it. As we look longer term, we’re absolutely continuing to look towards that high-40s gross margin outlook that we provided last quarter. And in the short term, we’re going to navigate through these transitory impacts. But, when you’ve got a strong brand and you’ve got a healthy pull market, what we’re seeing is strong full price margins offsetting some of these transient costs that we’re going to experience as we move product around the world. Operator: Your next question comes from the line of Michael Binetti with Credit Suisse. Michael Binetti: Maybe, John, could you click into the China trends a little bit more in the quarter? I guess, John -- on that. Last quarter, you spoke to some of the trends within the quarter after the impact in April to help us give an understanding of the path back to what was headed back to normal at the time. Any kind of dimensions this quarter? You mentioned there are some COVID lockdowns in”
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SEC filings for NKE ↗ · Claim quote is verbatim from the 2022Q1 earnings call.