“We expect SG&A to grow low double digits on a reported basis, driven by increased demand creation investments around the women's World Cup and transformational investments to drive efficiency including the activation of the next stages of our ERP implementation in North America.”

In context

“SG&A to remain below pre-pandemic levels as a percentage of revenue. Our other income and expense, including net interest income, is expected to be 225 million to 275 million of income the year, and we expect our effective tax rate to be similar to fiscal 2023. Now, let me provide a few important insights into our first quarter. We expect first quarter revenue growth to be flat to up low-single-digits, reflecting our decision to tighten first half buys and restrain marketplace inventory. We expect another quarter of sequential improvement in gross margin, down 50 basis points to 75 basis points on a reported basis, which translates to 25 basis points to 50 basis points of operational gross margin expansion, excluding the negative impact of a 100 basis points of foreign exchange headwinds. We expect SG&A to grow low double digits on a reported basis, driven by increased demand creation investments around the women's World Cup and transformational investments to drive efficiency including the activation of the next stages of our ERP implementation in North America. Looking ahead, we will remain agile and on the offense, leveraging our experience, and the capabilities that we have developed to lead through times of uncertainty, while investing to capture the growth opportunities in front of us. For NIKE, creating the future always starts with serving athletes and sport. As we look to fiscal 2024, we have an incredible year of sport ahead of us from this summer's World Cup to the road to the Paris Olympic Games, it will be a year to remember, and just like the athletes we serve, NIKE will be ready to bring our best. With that, let's open up the call for questions. Operator: Thank you, sir. [Operator Instructions] We'll take our first question from Tom Nikic with Wedbush Securities. Tom Nikic: Hi everybody. Thank you very much for taking my question. I”