“We expect other income and expense including net interest income to be $30 million to $40 million for Q3.”

In context

“fourth quarter compared to the third quarter. Turning to our third quarter outlook. We expect Q3 revenues to be down low double-digits. This reflects initial steps on the actions outlined above as well as worsening foreign exchange headwinds, partially offset by a timing benefit from Cyber Week shifting into our third quarter. We expect Q3 gross margins to be down approximately 300 basis points to 350 basis points, including restructuring charges during the same period in the prior year. This reflects the actions described earlier to clean and to reset the marketplace. We expect Q3 SG&A dollars to be slightly down year-over-year, including restructuring charges in the prior year. We will continue to tightly manage expenses while we strategically increased investment, as mentioned earlier. We expect other income and expense including net interest income to be $30 million to $40 million for Q3. With that, let me turn it back over to Elliott. Elliott Hill: Thanks, Matt. Before taking questions, I wanted to share some additional thoughts. Matt and I have made it clear that we're repositioning the business to get back to driving a pull market for NIKE. Over the coming quarters, we'll provide more details on our plans and I commit to being transparent on our progress. We'll also share more specifics about the marketplace moves, stories and products. They give us optimism. But I want you to know my bigger purpose for being here. I rejoined NIKE to take our consumers, our amazing athletes and this great company to someplace new. I want to be a part of a team that celebrates the biggest sports moments in unexpected ways, supports record-breaking athletes create innovation that people c”