“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.”

In context

“k. As we approach the end of the second year of the pandemic, it is becoming even more challenging to compare quarters and fiscal years due to multiple waves of COVID-related disruption at different times across the consumer marketplace and now supply chain. We expect the operating environment to remain volatile as COVID variants continue to cause disruption to business operations. Our fiscal ‘22 financial outlook reflects inventory supply significantly lagging consumer demand across NIKE’s portfolio of brands. However, NIKE’s long-term market opportunity is larger than ever. And so, we remain focused on what we can control in the short term and on where we are heading through our Consumer Direct Acceleration strategy and on what is required to deliver on our fiscal ‘25 financial outlook. 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. We expect to continue benefiting from exceptional demand against the backdrop of lean marketplace inventory. Full price realization will remain above our long-term target with lower channel markdowns. However, we expect product costs to rise in the second half due to higher macro input costs. 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. Last, we now expect foreign exchange to be a 55 basis-point tailwind versus the prior year. We c”