CLAIM #46145 · Nike Inc (NKE) · 2022Q3 earnings call · Mar 21, 2022 · due May 31, 2022
“We continue to expect revenue for the full year to grow mid-single digits versus the prior year.”
Matt Friend · CFO
In context
“tories led by Korea, Mexico and SOKO. We're winning with the consumer in sport across performance and lifestyle, demonstrated by strong growth in running, fitness, Jordan and Classics. NIKE Direct grew 39%, led by NIKE Digital growth of 61% due to record-setting member days across a number of territories, delivering more than 2.5x the demand versus a typical week. NIKE-owned stores grew 17% while the wholesale channel grew 9%. Our focus on localized product and content, particularly the launch of our Kwondo1 collaboration with K-Pop star G-Dragon demonstrated yet again our deep connection to consumers. It was APLA's biggest hyperlocal launch ever, reaching 91 million users on social and 3.8 million entries across SNKRS and our marketplace partners. Now let's turn to our financial outlook. We continue to expect revenue for the full year to grow mid-single digits versus the prior year. As you know, comparing quarters to prior periods has not been intuitive, so we continue to look at the size, trend and health of our business, market share and profitability relative to pre-pandemic periods, and we remain confident we are on track towards our long-term financial goals. Specifically for the fourth quarter, in North America, we expect a decline in revenue due to year-over-year comparisons. And in Greater China, we expect to see another quarter of sequential improvement while we closely monitor the operational impact related to recent COVID lockdowns. We now expect gross margin to expand by at least 150 basis points versus the prior year as strong consumer demand continues to fuel high levels of full price realization, low markdown rates and low customer returns. Benefits of”
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SEC filings for NKE ↗ · Claim quote is verbatim from the 2022Q3 earnings call.