“For the fourth quarter, this translates into flat to low single-digit revenue growth.”

In context

“consumer demand as our product innovation, brand storytelling and consumer connections drive distinction and growth in the marketplace. That being said, we are closely monitoring the building pressure on consumer confidence and the uncertainties of the macro environment. We continue to take a cautious approach in planning our business, leading with intentional financial and operational guardrails. And looking ahead, we will continue to transform our operating model, unlocking speed, agility and efficiency with an improved marginal cost of growth. As a result of our strong Q3 performance, we now expect fiscal '23 reported revenue to grow high single digits, an improvement from mid-single-digit guidance in the prior quarter with approximately 600 basis points of foreign exchange headwinds. For the fourth quarter, this translates into flat to low single-digit revenue growth. Remember, more than six months ago, we strategically reduced our inventory commitments for the spring and summer seasons to ensure that both NIKE and our partners can work through excess and early arriving inventory. As a result, we expect wholesale revenue growth to moderate for the next few quarters. We expect fiscal '23 gross margin to decline approximately 250 basis points at the low end of our previous guidance range. This reflects ongoing and accelerated actions to reduce inventory by year-end, elevated freight and logistics expenses, including higher supply chain network costs in North America and 100 basis points of foreign exchange headwinds. For the full year, we expect SG&A to grow approximately 10%. We continue to expect our tax rate to be in the high teens range. And consiste”