“We expect to build Express Lane into a larger portion of our business in fiscal '23 and beyond.”

In context

“real-time data and personalized journeys on the NIKE app with plans for further expansion in the coming months. In Greater China, we are also accelerating our digital capabilities, building on our 40-year history in the market with an ecosystem from China and for China. In fiscal '23, we will deliver a new suite of commerce and support activity apps, deepening our connections with Chinese consumers through an enhanced user experience, including locally relevant features across our digital apps, services and our owned and partner retail stores. Finally, we continue to scale our Express Lane, which combines hyper local consumer insights with improved responsiveness and speed to market. In fiscal '22, Express Lane drove approximately 25% of total NIKE Brand revenue with higher profitability. We expect to build Express Lane into a larger portion of our business in fiscal '23 and beyond. Now let me turn to NIKE, Inc. fourth quarter financial results and operating segment performance. In Q4, NIKE, Inc. revenue declined 1% and grew 3% on a currency-neutral basis. This was led by 11% growth in NIKE Direct, offset by a 3% decline in wholesale. NIKE Digital grew 18%, fueled by strong demand across our app ecosystem. Fourth quarter reported gross margin declined 80 basis points versus the prior year. This was primarily due to specific actions taken to manage supply and demand in Greater China following COVID-related disruption as well as elevated freight and logistics costs. Headwinds were partially offset by benefits from strategic pricing actions, favorable foreign currency exchange rates, improved NIKE Direct margins and a higher full price mix. SG&A grew 8% in Q4, primarily”