“We expect other income and expense, including net interest income, to be 0 to $10 million in the first quarter.”

In context

“all, we are pleased with the progress our teams are making against our Win Now actions. As I said last quarter, these are the building blocks for NIKE to return to sustainable profitable growth. Last, I'll finish with our first quarter guidance. We will continue navigating through several factors that create uncertainty in this operating environment, including for the consumer, and so our outlook reflects our best assessment of these factors based on the data we have available today. We expect Q1 revenues to be down mid-single digits. We expect Q1 gross margins to be down approximately 350 to 425 basis points. This includes approximately 100 basis points negative impact due to the new tariffs based on the rates that are in place today. We expect Q1 SG&A dollars to be up low single digits. We expect other income and expense, including net interest income, to be 0 to $10 million in the first quarter. And we expect the tax rate for the full year to be 19% to 20% due primarily to anticipated changes in earnings mix. With that, I'll pass it back to Elliott. Elliott J. Hill: Before taking questions, I want to share some final thoughts on another historic sports moment this past quarter, Rory McIlroy's Masters win. I was lucky enough to be at Augusta earlier that week, and I couldn't help but relate Rory's experience to NIKE's recent journey. To me, his final round performance was a master class on the power of the athlete mindset. And I've been asking my NIKE teammates to hold on to some of the lessons he taught us. For those of you that don't know, Rory has been chasing a Masters victory for 14 years. It would complete his career Grand Slam, the holy grail of golf, something only 5 other”