“In addition, based on current spot rates, we do not expect any material translation impact on revenue in fiscal 2024.”

In context

“efficiency in our operating model. We are focused on what we can control as we position NIKE to compete at its best. We are taking a balanced approach to planning our business, building on our proactive decisions more than six months ago to [tighten buys] [ph]. We expect this to translate into an improved marginal cost of growth, expanding profitability and higher returns on invested capital. We have also taken into account several non-count factors from the prior year that will impact overall rates of growth, as well as quarterly comparisons. For the full-year, we expect fiscal 2024 reported revenue to grow mid-single-digits, led by NIKE Direct. This includes approximately four points of headwinds from the prior year from wholesale shipment timing and accelerated liquidation activities. In addition, based on current spot rates, we do not expect any material translation impact on revenue in fiscal 2024. We expect gross margins to expand a 140 basis points to a 160 basis points on a reported basis, which translates to approximately 200 basis points of operational gross margin expansion, excluding 50 basis points of negative impact from foreign exchange headwinds. This reflects the beginning of recovery from transitory headwinds, including more favorable ocean freight rates starting halfway through the second quarter and a modest improvement in markdowns versus the prior year. We also expect continued structural gains from our focus on price value, including low-single-digit price increases in fiscal 2024, plus ongoing benefits from our shift to a more direct business. We expect this to be partially offset by higher product costs with inflation causing higher labor and fulfillment expenses”