nike earnings call 2023

And our team continues to drive China-for-China capabilities, like delivering hyper-local product design and localizing marketing content creation. June 01, 2023 at 04:20 pm. In a dynamic retail environment, our global traffic is up, thanks in part to the unique NIKE experiences we offer across our assortment of retail concepts. Earlier this month, we celebrated the Milan opening of Jordan World of Flight, a premium retail concept at the forefront of basketball culture. 2023 All View the Nike Inc. News Archive Quarterly Earnings Share News, Events and Reports Annual Reports 2022 Annual Report In FY22, Nike's momentum was driven by the underlying strengths we enjoy - the competitive advantages that allow us to navigate whatever dynamics we face. Well, first, I'd say, you know, we raised our guidance to low teens on a currency-neutral basis, really reflecting the accelerating brand momentum that we saw in August, carrying through back to school into September, and then accelerating through the holiday season and even the first couple of weeks of December. I'll just give you a couple of specifics in a couple of geographies, Paul. Along with Frances Tiafoe and Jannik Sinner, the future of men's tennis was on full display, with NIKE proud to represent this next generation of exciting players. And consumers are responding to innovation and compelling storytelling. Here's How NIKE (NKE) is Positioned Just Before Q4 Earnings - Yahoo Finance And the SNKRS app continues to fuel energy to our growing audience of high-value members. And finally in our marketplace strategy, we continue to build a compelling retail footprint with our own brick-and-mortar fleet. And as the consumer focus on comfort continues to gain momentum, we see vast opportunity ahead for scaling forward in our entire performance-driven sportswear apparel business. We will give more detailed guidance on that in our normal course. Information presented was current only as of the date of the conference call and may have subsequently changed materially. 1 favorite brand as we connect directly and deeply with consumers worldwide. And so, we will be aggressive, as Matt said, on liquidating excess inventory but also coming hard with our key popular franchises to bring heat and energy to them in Q just like we did in Q1, like the Travis Scott AJ1, and that had very strong full price realization. investor.relations@nike.com, Media Contact: We also celebrated our most successful Mercurial launch ever and an unforgettable moment for women's sport at the European Championships, with our Never Settle, Never Done campaign driving over 450 million impressions. And hello to everyone on the call. And the fact that we're moving quickly to move through an inventory will be a competitive advantage for us in that marketplace, and we're ready to compete beginning next quarter. And Bob, I'd add on to the second, just part of your question around -- you're right, it's the entire industry. Second, we are making progress where we are focused most. We plan to compete, as I mentioned, in a more promotional environment. Hey, guys. In this current environment, our consumer demand stands out. Nike (NKE) Q3 earnings 2023 - CNBC As some of you have seen with its launch last week, I'm talking about NIKE Forward, our biggest apparel innovation since Dri-FIT 30 years ago. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. As a result, we faced a new degree of complexity. The same consumers shop online and offline. Well, thanks to computational design pioneered by NIKE for industrial design uses, Scorpion introduces a radical new system for airbags, moving from simple forms into complex new geometries for a unique underfoot sensation that has to be felt to be believed. Consumer direct acceleration is fueling our marketplace approach in which we directly connect with the consumer no matter where they shop. BEAVERTON, Ore.--(BUSINESS WIRE)-- *Stock Advisor returns as of December 1, 2022, John Donahoe -- President and Chief Executive Officer. You know, as we look at transit times continuing to improve, one of the things that gives -- gives us greater confidence is a more predictable flow of supply on normal lead times. Later in the call, Matt will share more about our progress on inventory in North America and our return to healthy inventory levels in China. Consumers continue to rate us their No. These risks and uncertainties are detailed in NIKE's reports filed with the SEC. Yeah, sure, Matt. We do expect that there will be some residual liquidation that takes place in the third quarter. Cost basis and return based on previous market day close. You saw in Q1, we had the Air Zoom Mercurial. Above all, our Q2 -- Q2 results reinforce our confidence that NIKE's brand and business momentum starts with the value that we create for consumers through our product innovation, deep brand connection, and elevated experiences across the marketplace. So when we look at our overall inventory, we think that there's about 10% of the inventory that we're focused on in terms of trying to drive more accelerated liquidation. However, our North America inventory grew 65% versus the prior year, with in-transit inventory growing approximately 85%. And then, Air Max Scorpion was the starting point in the lifestyle basis, we have a strong Air Max pipeline over the next six to 12 months. So, you're going to see some, I think, interesting announcements in the coming -- coming weeks about -- about partnerships and things we're doing to drive engagement across NIKE members. Looking at the strength in wholesale -- and I know you said there was better inventory availability to ship through those wholesale channels -- but can you just talk about how you're viewing the wholesale channel, considering your direct strategy? And then, wholesale plays a very important part of that, right? Within NIKE Direct, retail traffic was up, conversion rates expanded, and member buying fueled record digital results. Q2 revenue grew 33% on a currency-neutral basis, and EBIT grew 23% on a reported basis. Jordan Brand's momentum was another highlight with year-over-year growth, driven by a standout Luka 1 launch, key franchise strength and the energy of Jordan's 25th anniversary campaign. This will require higher markdowns in our own channels and through wholesale partners. Good afternoon, everyone. And secondly, because we're seeing current season product becoming available earlier, we saw a stronger pull of shipments from Q3 into Q2 into -- into our revenue growth this quarter. That wasn't for China. Today, NIKE's potential for growth has no limits as we create our future through a steadfast focus on serving the consumer. And our members also shop seamlessly across the marketplace. To make the world smarter, happier, and richer. And so, we continue to take a cautious approach to the second half. Since fiscal '19, our digital business has nearly tripled to exceed $10 billion in revenue, representing 24% of total NIKE brand revenue in fiscal '22. BEAVERTON, Ore., June 01, 2023--NIKE, Inc. (NYSE: NKE) plans to release its fourth quarter fiscal 2023 financial results on Thursday, June 29, 2023, at approximately 1:15 p.m. PT, following the . All three NIKE Rise stores use real-time shopping insight and the community focus to deliver tailored in-store experiences for consumers. As Matt mentioned, EMEA and APLA, strong consumer demand with a strong pipeline. It's in North America predominantly. It provides a very strong footprint, both physical footprint, as well as digital. The first one is the disruption that started over a year ago when our factories closed for almost 15 weeks in Vietnam, and for a lesser extent in Indonesia, and the decisions that were taken after that with regards to inventory that was in process to be made. And like I said just before, the total annual impact we see as a transitory 150 basis point cost to effectively liquidate the inventory that we want to liquidate and serve the marketplace with the fresh holiday product and then looking forward that we see. NIKE brand ASP is up year over year across our geographies even with higher discounts to liquidate excess inventory. Thank you. And we -- we reduced our buys, and we focused on -- on -- on moving through the excess inventory that we had. Consumers want to get what they want when they want it and how they want it. NIKE : Q3FY23 EARNINGS CALL OFFICIAL TRANSCRIPT - MarketScreener.com But you'll recall that we've been starving the wholesale channel for six to eight quarters because of supply constraints. And so, they're responding to our strong flow of global innovative product. Partners enable us to serve consumers with expanded access, choice and convenience, and above all, letting us know and serve these consumers across the full marketplace. Second, our partners are and will remain a vitally important part of our marketplace strategy. In fact, many of our most important membership benchmarks, reflecting how well we convert, engage and retain buying members, are at near all-time highs. And we keep setting new records as part of this important shopping holiday: No. You know, we had mid-teens growth overall. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Nikewasn't one of them! Nike ( NKE 1.24%) Q2 2023. NIKE, Inc. (NYSE:NKE) Q3 2023 Earnings Call Transcript - Yahoo Finance Alphafly Next% sold out. And with that, I'll turn the call over to Matt. In Korea, one of our fastest-growing marketplaces, we're excited to integrate our digital business onto NIKE's global platform, which will enable us to serve Korean consumers through the NIKE SNKRSapp. For those who want to reference today's press release, you'll find it at investors.nike.com. Dunk outperformed in men's, and Pegasus continues to win with everyday runners. In times like this, it's people that make the difference. NIKE will continue investing to deliver the very best brand in the industry to elevate our collective game with the right product experiences and unmatched storytelling through content and insights to help us win with the consumer. Inventory dollars declined 3% this quarter, and closeout inventory was down high double digits versus the prior year with closeout mix now in line with pre-pandemic levels. News, Events & Reports - NIKE, Inc. - Investor Relations Hey, guys. In addition to digital, a key member on-ramp for us is through our NIKE stores. NIKE, Inc. Announces Fourth Quarter Fiscal 2023 Earnings - Morningstar And so, it's that combination that that certainly, and as we come out of more and more COVID, we're being able to to pull together time and time again. Hi. Participants may also make reference to other nonpublic financial and statistical information and non-GAAP financial measures. In EMEA, we closed our biggest Cyber Week ever, increasing demand by 75% from last year. From product innovation to rich storytelling, the value that NIKE creates for the consumer continues to drive business momentum and competitive separation across the marketplace. This will truly be one of the greatest 18 months in footfall history, and NIKE will be there in full force. I wanted to just hit on macro fears, which are obviously top of mind for investors right now, particularly as it relates to potential recession. Now as you know, connected membership again last year with DICK'S Sporting Goods before two of our key partners in Greater China joined in, TopSport and Pou Sheng. It starts with price value of our products and how we create value for consumers in the products that we make. Transcript : NIKE, Inc., Q1 2023 Earnings Call, Sep 29, 2022 And today, we're very excited to announce that we're now extending connected membership to EMEA with Zalando and JD Sports as increased opportunities for connected data and inventory make us even quicker and more precise in jointly serving the consumer. At the end of the day, like John said, we're going to focus on the consumer and leverage the operational playbook that we have. So, maybe for John, two straight quarters of double-digit, accelerating constant-currency revenue growth, I guess can you speak to the level of brand heat for NIKE that you're seeing in the marketplace today? Your line is open. The quarter saw more than 30% currency-neutral growth in our North America, EMEA, and APLA geographies. You will find the appropriate reconciliations in our press release, which was issued about an hour ago or at our website, investors.nike.com. We already showed strong improvement this quarter. And is there a level of conservatism as you look in the back half of the year? Today, we're working toward being more seasonally relevant across the full assortment. Just look at women's football this quarter. We expect that third-quarter gross margin will decline at a similar rate as the second quarter, including a 120 basis points of foreign exchange headwinds. With that, let's open up the call for questions. If you can maybe share your thinking on international, anything outside of North America. So whether that's in China coming out, we are very enthusiastic about the signs we're seeing in China and coming with a full wave of innovation and storytelling and hyper-localized innovation and storytelling, we think, will serve us well in China. Simply put, we have a roster of athletes, teams, leagues and federations that represents the very best in sport, creating inspiration for consumers worldwide. Q2 was our biggest member demand quarter ever. Making the world smarter, happier, and richer. And can you just remind us how NIKE has performed in previous periods of economic pressure, as well as if you've seen any signs of trade down so far within the business? Thank you, operator. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Nike (NKE) Q2 earnings 2023 - CNBC Brand strength is our competitive advantage, with NIKE setting the pace as Chinese consumers' No. 1 cool and No. Finally, in APLA, our team continues to overdeliver in our fastest-growing, most diverse geography. NIKE, Inc. Announces Second Quarter Fiscal 2023 Earnings and Conference We saw strong growth in the North America marketplace, up 31%. NIKE's growth is strengthened quarter by quarter by the expanded definition of sport, by the societal movement toward comfort and health and wellness and by the fundamental shift in consumer behavior toward digital. NIKE Direct grew 30% on a currency-neutral basis, and NIKE Digital grew 35%. But we expect that spread to continue to narrow in the second half, and that will be driven based on strong demand and also the -- the buy -- the buy tightening that we did for the second half last quarter. NIKE digital grew 23% with double-digit growth across EMEA, North America and APLA, fueled by increasing traffic, higher conversion and growth in average order value. I might just add, Matt, that when we look at our performance in Q1 and then to date in September, we're seeing double-digit growth in retail sales. Just talk about some of the assumptions regarding the macro. And as I said in my script, we're No. Nike (NKE) Q2 2023 Earnings Call Transcript | The Motley Fool We've been very focused on youth in China, the young consumer, both kids and Gen Z. I mentioned our strong -- strong demand that we saw over the holiday season and, in particular, the consumer moments right at the end of the quarter. And Mike, on the second part of your question, it's -- I'm really glad you asked that because it gets to why we're so focused on the medium to long term because we do believe there is some very strong structural advantages that come into play. And what I would say, Brian, is that this encouragement that we've been noticing for the past three quarters is really giving us confidence from across the marketplace that while we've been navigating through some near-term issues, that NIKE is positioned to grow in Greater China. We're continuing to accelerate against our One Nike Marketplace approach in which we directly connect with the consumer no matter where they shop and with each channel playing an integrated role in the consumer's overall journey. And so, you know, the first thing I'll say about that I think is a -- is a really important dimension of membership, is membership is no longer just something that happens in NIKE channels. Michael Binetti -- Credit Suisse -- Analyst. We're confident in our ability to compete and win in this marketplace for the long term. September 29, 2022 04:15 PM Eastern Daylight Time. And then, Matt, you can comment on some of the details. Leading today's call is Paul Trussell, Vice President of Investor Relations and Strategic Finance. We do expect total inventory to improve as we go from the first quarter. Our current headwinds, such as foreign exchange and inventory challenges, are transitory, but our tailwinds are structural, like the expanding definition of sport, the consumers' move toward digital, and the cultural shifts toward comfort and health and wellness. But even more what they're responding to is when they take a global innovation and hyper-localize it. It's directly connecting with consumers, is critical to serve consumers going forward to have that direct connection, use our membership program to translate what has been a transactional relationship into a lifetime relationship of value, whether it's through directly or through our partners. Good afternoon. On a transitional basis, as Matt said, we're going to work through the excess inventory to get to a full marketplace as fast as we can and try to do it in an intelligent way to take share. Yes, Alex, we again will repeat some consistent things. And for all the history NIKE has already made, it's the future that inspires us most. Does the Secret to Nike's Success Make Its Stock a No-Brainer Buy? And given where we sit today, we're confident in the next -- the plan we have for the next 90 days and the way that the consumer is responding. 1 cool and No. As I mentioned earlier, our Q2 results speak to the continued success of our strategy. I just wanted to check that. For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, October 20, 2022. And given the macro uncertainty that's out there for the consumer, we're taking a more measured approach and we're tightening our inventory buys around the world based on some of the risks that could materialize in the second half. In other words, with a consumer base that comes directly to our apps, to our website, and to our owned and partner stores, we, alongside our partners, are in a position to control our own destiny. In this environment, strong brands set the pace and we are confident NIKE will emerge even stronger. No matter the macroeconomic dynamics, no matter the competitive landscape, the NIKE brand, and indeed, all three of our brands, including Jordan and Converse, have created meaningful relationships with consumers across age, gender, ethnicity and more. So we continue to be confident in the five-year macro outlook that -- and guardrails Matt put out there. Driven by volatility in transit times in North America, strategic decisions to buy inventory for future seasons earlier and lower inventory levels due to last year's factory closures in Vietnam and Indonesia. Welcome to NIKE, Inc.'s Fiscal 2023 Second Quarter Conference Call. Also in the quarter, the Las Vegas Aces won the WNBA title, led by Coach of the Year Becky Hammon, Kelsey Plum and League MVP A'ja Wilson. Our effective tax rate for the quarter was 19.3%, compared to 10.9% for the same period last year, primarily due to decreased benefits from stock-based compensation and earnings mix. I could not be more proud of their efforts. We think it puts us in a position of strength relative to the marketplace to be clean and to be ready to face whatever uncertainties are in front of us. And when is it starting to put forth that -- that China-specific product? As I said, I think we're in the relatively early days. We'll continue to build an even stronger position, and I couldn't be more excited. And really, for the first time in six quarters or so, we can finally supply the channel against the level of demand we believe is there. And it's kind of a balance. With that, let's open up the call for questions. NIKE, inc ( NKE -3.46%) Q1 2022 Earnings Call Sep 23, 2021, 5:00 p.m. Earlier, I mentioned this landmark 18 months for global football we've got coming up. For those who want to reference today's press release, you'll find it at investors.nike.com. These strategic partnerships are truly win-win with plenty of opportunities still ahead. Now as you look at this quarter's strong results, we can see our brand momentum and global portfolio come to life. Looking ahead, we are especially excited about the breadth and depth of our product pipeline. The leading sports apparel retailer is likely to have witnessed top-line growth in the fiscal second quarter,. Our culture of innovation is fueled not just by what we make but also how we make it. Zegama created energy in trail-running, the sport's fastest-growing segment. And this quarter, I'd like to highlight an important part of our culture of innovation: our constant pursuit to improve on our most popular platforms. As we look toward the rest of our fiscal year, we are confident in our strategy and in our opportunity ahead. Great. Analysts currently guide Nike to report FQ4 revenue of $12.59 billion and EPS of $0.67, down from a previous $12.61 billion and $0.70 right after the FQ3 earnings report as we have seen quite some . Our campaign led with sport, adding more than 1 million new NIKE members, as we invited consumers to join us in celebrating the World Cup. And we keep elevating our ability to serve these consumers. And so, we're entering the next 90 days and the remainder of this fiscal year with the same mindset we've had in the last two and a half years, which is through whatever period of turbulence we've got, we want to leverage our strengths to emerge in a stronger position than our competition at the other end of it. Good afternoon. In the end, I just want to say how proud I am of our entire global team. NIKE, Inc. Announces First Quarter Fiscal 2023 Earnings and Conference Call They represent our true competitive advantage and our greatest reason for confidence as we create NIKE's future. and U/G to OW." Read more about this call here. Nike (NKE) Q2 2023 Earnings Call Transcript - MSN To the extent nonpublic financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, investors.nike.com. In addition, with the recent announcement of future NIKE Off-White collections, we are deeply honored to introduce the next chapter of Virgil Abloh's continuing legacy with NIKE. And while, over the last 90 days, we've seen strength, those macro concerns have not abated. Thank you. In North America, Q1 revenue grew 13% and EBIT declined 4%. Good afternoon. So, you know, those -- those structural drivers, you know, we continue to believe are going to be accelerants for us. Our effective tax rate for the quarter was 19.7% compared to 11% for the same period last year, primarily due to decreased benefits from stock-based compensation. 3 Passive Income Stocks to Hold for the Next 20 Years. Announces First Quarter Fiscal 2023 Earnings and Conference Call, Nominating & Corporate Governance Committee, Corporate Responsibility & Sustainability Committee, https://www.businesswire.com/news/home/20220830005792/en/. NIKE, Inc. I obviously mentioned that we had 1,500 of our stores closed in the last week in November. We continue to deepen connections with Chinese consumers in locally relevant ways, from elevating the street dance community with hyperlocal product and storytelling to igniting youth basketball culture through the lens of the Chinese high school basketball league. And we feel that plays well to our positioning into our opportunity.

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