“We closed the year in line with our plans and remain on track to exit the first half of fiscal '26 in a healthy and clean position.”

In context

“sis points to 40.3% on a reported basis due to higher wholesale discounts, higher discounts in our NIKE Factory Stores, supply chain cost deleverage and channel mix headwinds. SG&A was up 1% on a reported basis. This was driven by increased investment in demand creation, up 15%, partially offset by a 3% decline in operating overhead. Our effective tax rate was 33.6% compared to 13.1% for the same period last year due primarily to decreased benefits from stock-based compensation and onetime items. Earnings per share was $0.14. For the full year, revenue was down 10% on a reported basis and 9% on a currency-neutral basis. Diluted earnings per share was $2.16. Inventory was flat versus the prior year and down 1% versus the prior quarter. Inventory remains elevated but we are making progress. We closed the year in line with our plans and remain on track to exit the first half of fiscal '26 in a healthy and clean position. Now let me go deeper into our performance over the last 90 days. As I shared last quarter, our geographies are at different stages of progress against our Win Now actions, and as a result, business recovery is trending on different time lines. Today, I will focus my geography remarks on the specific context and insights of our Win Now progress. In North America, Q4 revenue declined 11%, NIKE Direct declined 14% with NIKE Digital down 25% and NIKE stores up 3%. Wholesale declined 8%. EBIT declined 29% on a reported basis. North America made meaningful progress cleaning up the marketplace and repositioning NIKE Digital as a full-price model. Momentum is building in wholesale with newness in the product portfolio. Sportswear declined in the quarter, driven by a near 40% reduction in our clas”