The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Matthew Boss - JPMorgan Chase & Co - Analyst
: So Elliott, could you maybe elaborate on the accelerated actions under your sport offense realignment and maybe speak to the phasing of innovation
into the back half of the year in FY26? And then, Matt, if you could just speak to the cadence of revenues this year or puts and takes to consider in
terms of items impacting the first-quarter revenues relative to the back half of the year?
Question: Brian Nagel - Oppenheimer & Co Inc - Analyst
: So I'm just going to put two questions together, if I could. They're, I guess, relatively short. I mean, first off, with respect to the continued, sort of
say, cleanup of the marketplace that you're telegraphing now through the first half of fiscal '26, the question I have is that consistent with your
prior plans? Or have you found something new as you've continued to work on the business?
Then the second question I have, with regard to tariffs, the way that you described it, this could be an impact here in Q1. But then over time, you'll
be able to mitigate that, I think was $1 billion you said. Is that as simply saying that it takes time for these mitigation efforts to take hold? Is that
why we're expecting this -- the Q1 impact? Thanks.
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JUNE 26, 2025 / 9:00PM, NKE.N - Q4 2025 Nike Inc Earnings Call
Question: Lorraine Hutchinson - BofA Global Research - Analyst
: I wanted to focus on gross margin for a minute. Are you expecting the pressures to abate sequentially as the year progresses? And can you talk
about the back half if there's an opportunity to return the gross margins to growth?
Question: Jonathan Komp - Robert W. Baird & Co Inc - Analyst
: I want to follow up. There's obviously too many dynamics to think about guiding past Q1. But just given that wholesale is the largest driver of your
business today and you are seeing the inflection in order growth, are there any scenarios where you could get back to total growth at any point
in this year? Just trying to get a sense of how you're looking out on the horizon here.
Question: Adrienne Yih - Barclays Services Corp - Analyst
: It's nice to see the progress at wholesale. Elliott, I guess I'm going to start on that topic. Can you talk about the marketplace at a high level, kind of
where DKS-Foot Locker JV kind of sit in that specialty retail and then the segmentation with the newly added Amazon expansion of distribution?
And then Matt, along the same line, when did you start shipping or recognizing wholesale revenue? I know you're going to be on board there in
late July.
So just wondering how that revenue -- is that part of the revenue wholesale order book being kind of having more visibility as we go into the back
half, the addition of Amazon? Thank you very much.
Question: Brooke Roach - Goldman Sachs Group Inc - Analyst
: Elliott, I'm curious on your thoughts on the China marketplace and the opportunity to drive full recovery there over time. Understand there's some
unique characteristics of the marketplace that are making it a little bit more difficult to clean it up as quickly as the other geos. Can you talk about
the timeline and the cadence of what we should see over the course of the next fiscal year as you look to return that to growth? And how are you
thinking about the competitive and operating environment for the brand there today? Thank you.
Question: Alex Straton - Morgan Stanley & Co Ltd - Analyst
: Perfect, thanks so much. Maybe for Elliott or Matt, as you think about kind of once the smoke clears through this year, just structurally, is there any
reason why this business like should not be a double-digit margin business? Or maybe just high level, can you walk us through perhaps what's
changed in as you think about clearing these actions and those all getting behind you, if anything has really changed in like the structural margin
of the business longer term?
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