Leading position in the highly competitive global athletic footwear and apparel market; Strong geographic and channel diversification; Continuous product innovations, efficient global supply chain and growing direct-to-consumer (DTC) segment supporting above-average margins; and Significant brand concentration, with the NIKE brand generating majority of revenues. Solid credit measures with forecasted debt leverage to remain below 1x; Consistently strong cash flows; and Strong cash balances. The stable outlook reflects S&P Global Ratings' expectation that NIKE Inc. will maintain its strong operating performance based on the global strength of its brand, continuous product innovations, pricing power, and expanding global distribution and DTC network. We expect the company's debt leverage will remain below 1.0x. We could lower the ratings if NIKE undertakes more-aggressive shareholder
