CLAIM #46312 · Nike Inc (NKE) · 2024Q1 earnings call · Sep 28, 2023 · due May 31, 2024
“For the full year, we continue to expect reported revenue to grow mid-single digits.”
Matt Friend · CFO
In context
“eeding plan, and Mexico's digital business delivered double-digit growth. Kids led our growth in the geography, up double digits with strong growth from Mercurial, Court Borough and Fleece. We also saw market share gains in women's lifestyle with positive consumer response to Air Max Koko, V2K and Gamma Force. In addition, Jordan continues its global growth with Luca and Tatum fueling strong momentum in Performance Basketball, and our new streetwear footwear franchise is resonating with consumers. Now let me turn to our financial outlook. As we look forward, we are confident in NIKE's new product innovation pipeline, brand strength, deep consumer connections and the health and shape of our marketplace. Our Q1 results reaffirm our expectation for healthy profitable growth this fiscal year. For the full year, we continue to expect reported revenue to grow mid-single digits. At the same time, we are closely monitoring the operating environment, including foreign currency exchange rates, consumer demand over the holiday season and our second half wholesale order book. As a reminder, this growth outlook includes approximately 4 points of headwinds from accelerated liquidation and higher wholesale sell-in during the prior year as we sold roughly five seasons of supply within four financial quarters. Therefore, quarterly comparisons across marketplace channels and in the aggregate, will be nonlinear. We continue to expect gross margins to expand 140 to 160 basis points on a reported basis, which includes 50 basis points of negative impact from foreign exchange headwinds. We are cautiously planning for modest markdown improvements for the balance of the year given”
Verify independently
SEC filings for NKE ↗ · Claim quote is verbatim from the 2024Q1 earnings call.