“For the full year, we continue to expect SG&A to increase high single digits.”

In context

“the prior quarter. As of today, we expect approximately 700 basis points of foreign exchange headwinds, resulting in full year reported revenue growth of mid-single digits. Third quarter revenue growth is expected to be higher than the fourth quarter due to timing of wholesale shipments. We continue to expect gross margin to decline between 200 basis points to 250 basis points versus the prior year, reflecting ongoing liquidation actions in the second half. This outlook reflects our strong performance in Q2, mostly offset by an additional 25 basis points of negative foreign exchange impact, now totaling 95 basis points for the full year. We expect the third quarter gross margin will decline at a similar rate as the second quarter, including 120 basis points of foreign exchange headwinds. For the full year, we continue to expect SG&A to increase high single digits. We expect third quarter SG&A dollars to be in line with the second quarter. And we now expect our effective tax rate to be in the high teens range, primarily due to decreased benefits from stock-based compensation. As many of you know, we closed out NIKE's 50th anniversary this year. And for all the history NIKE has already made, it's the future that inspires us most. After all, NIKE's culture of innovation doesn't just shape the products we create and the stories we tell. It also defines the way we adapt and accelerate through dynamic conditions. Over this past year, no matter what we have faced, our teammates have continued to come together and deliver. I could not be more proud of their efforts. And as we turn toward NIKE's next 50 years, I have every confidence in the future this tea”