In Q4, Greater China and South Korea returned to growth. See you at the top! Before I get into our Q4 performance, I want to take a moment to acknowledge the environment in the U.S. right now. And so if you connect the dots to what John said in terms of our strategic acceleration, we do believe that there’s going to be consolidation and dislocation in wholesale distribution in North America and in EMEA, and that’s why we’re taking a measured approach to growth in those geos as we look forward to next year. Add to Calendar. And even during a pandemic, Jordan drove some of the quarter's biggest launches, including the AJ1 and AJ13, a reminder of the continued strength of our consumer demand. Simply put, we have operating principles in place to prudently manage costs in the short term while we scale investment in key capabilities underpinning our digital transformation. As with all our articles, AlphaStreet, Inc. 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. Our effective tax rate for the quarter was 1.7% compared to 20.4% for the same period last year, due to the mix of earnings taxed in the U.S. and favorability attributable to the use of foreign tax credits. Thanks and congratulations on the positive momentum. Thank you, operator. All told, Nike Digital represented nearly 30% of our total business in the fourth quarter and reached $5.5 billion for the full year. Hello, everyone, and thank you for joining us today to discuss Nike, Inc.’s fiscal 2020 fourth quarter and full year results. As retail began to reopen in May, we saw slight growth in total retail sales versus the prior year across the marketplace, with better performance in Germany, France and the UK offset by slower recovery in Spain and Italy. And though we can’t predict short-term trends due to the dynamic nature of this pandemic, interestingly enough, we can now see our brand’s long-term future even more clearly. These intentional organizational focuses will touch every area of our business, including innovation, product creation, marketing, merchandising and distribution. Act 0.7 Est 0.58 Q2 2020 Nike Inc Earnings Call 12/19/2019 05:00 PM (EST) NKE. North America, EMEA and the remainder of APLA are still in the recovery period as stores began to reopen throughout May and early June. Now, as we look ahead to fiscal year ’21, three key themes stand out from a financial and operational perspective: Nike’s supply and demand management, Nike’s financial strength and Nike’s digital acceleration. First, we modified our near-term inventory buying plans and proactively canceled pre-COVID-19 factory purchase orders for the fall and holiday seasons by roughly 30% on a unit basis. Image source: The Motley Fool. We’ve seen the strong digital momentum continue throughout the quarter and into early June, even as stores have begun to reopen. NIKE EPS for the twelve months ending August 31, 2020 was $1.69, a 36.94% decline year-over-year. We believe this will be additive to what’s in the market. We believe this digital acceleration is more indicative of a strategic shift toward a new future marketplace, rather than being a reflection of temporary challenges to the mostly physical marketplace of the past. We will continue to do this while managing SG&A tightly in the first half of fiscal year 2021. For those who want to reference today's press release, you'll find it at https://ift.tt/18N10Qo. About 500 basis points of the impact was related to factory PO cancels, inventory obsolescence, as we were making decisions about the value of our inventory and our plans to liquidate it and then the negative rate impact due to lower wholesale shipments on our supply chain costs. This direct engagement with consumers allowed our business in China to return to growth in Q4. As John mentioned, to protect the safety of our employees and to help prevent the spread of COVID-19, 90% of our own stores outside of Greater China and South Korea were closed from operation for roughly eight weeks in the quarter. The Tokyo store, inventory is driven by consumer demand, digital demand, it’s constantly changing based on what’s moving so it’s a great example of a digitally connected future. I could not be more proud of everyone on the Nike team. Is it higher revenue growth? As you know in China, with a relatively modest investment there are mono-brand stores that dramatically upscale how we serve consumers. Do you have any color on the number of new stores that you're planning to roll out? Q4 2020 HP Inc. Earnings Conference Call. Hey. Growth improved each month of the quarter, including strong double-digit growth in May on a currency-neutral basis. We’re pursuing even further separation. All told, Nike Digital represented nearly 30% of our total business in the fourth quarter and reached $5.5 billion for the full year. We've been testing member engagement. The current economics of this transformational shift illustrates my point. And by the way, that's a scale gain and that's going to allow us to build scale that others won't be able to match and we want to share that scale with our wholesale partners and others as we embrace this, and so it was really great to see that team and they've done a phenomenal job as their counter parts in Europe and in China. Is there any constraints that will -- from a capacity perspective that will slow the company's growth to you getting the e-commerce to be 50% of the total business going forward? Nike Inc Q4 2020 Earnings Call Jun 25, 2020, 5:00 p.m. E-mail: investor_relations@agilent.com General Inquiries: 408-345-8862 MS 1A-IR. Thanks so much. As I said earlier, Nike is in a position to emerge from the COVID-19 pandemic even stronger due to our Consumer Direct Offense. So what we're talking about here is how do we take what might have taken us three to five years to make happen and make it happen in two? Nike Inc ( NYSE:NKE ) Q4 2020 Earnings Call Jun 25, 2020 , 5:00 p.m. So I guess a long way of saying that we feel confident that we can continue to meet this digital demand and our team continues to be able to expand capacity without it compromising our cost per-unit. 25 Jun, 2020 Length: 01: 01:25 Download Embed Share. Joining us on today's call will be Nike, Inc.'s, President and CEO, John Donahoe; and Chief Financial Officer, Matt Friend. Fueled by the Consumer Direct Acceleration, Nike will shape the marketplace and extend our brand leadership for years to come. Matt, you talked about the shift of inventories to direct consumer and increase the digital capacity three times to meet the demand to digital. And then it’s really clear that increased engagement leads to increased purchases, and so the Nike commerce app saw triple-digit growth in both downloads and monthly active buyers, as well as the SNKRS app over $1 billion in first time use, and so directly connecting with consumers, engaging them with our powerful portfolio of activity apps, and then translating that into the kind of both digital and online and offline relationships where they purchase more is kind of core to the strategy that the OneNike marketplace, if you will, is designed to address that direct need. Do you have any color on the number of new stores that you’re planning to roll out? And while we continue to lead externally, we also strive to be even better internally, to meet the high bar we set for ourselves to be a truly diverse and inclusive company. Our category focus will be more specialized across this consumer construct. Second, we implemented a plan for a seasonless flow of inventory, by shifting product offer dates so we can use relevant summer and fall product to meet near-term demand. (RTTNews) - Nike Inc. (NKE) will host a conference call at 5:00 PM ET on June 25, 2020, to discuss Q4 20 earnings results. Our purpose will continue to guide us. Better margins? NIKE 2020 annual EPS was $1.6, a 35.74% decline from 2019. We have shifted more units of liquidation through our factory store fleet because that’s a brand-right way for us to liquidate our inventory at a higher profitability level, but we are also seeing some discounting that’s happening across the marketplace, but our discounting is less than what we’re seeing across the broader marketplace and our strong brand and our consumer connection is causing us to liquidate and move through inventory faster than what we’re seeing across the rest of the marketplace. They don't think in terms of performance versus sportswear. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Consumer Direct Acceleration is more than just the next phase of our strategy. We just want someone wearing a Nike uniform to win. GAAP net income was $1.23 billion, or $4.55 per share, compared to, © 2020 AlphaStreet Inc. All Rights Reserved, American Outdoor Brands Inc (AOUT) Q2 2021 Earnings Call Transcript, Rite Aid Corporation (RAD) Q3 2021 Earnings Call Transcript, Campbell Soup Company (CPB) Q1 2021 Earnings Call Transcript, Earnings calendar for the week of December 21, Infographic: Highlights of Darden Restaurants’ (DRI) Q2 2021 earnings report, Key highlights from FedEx (FDX) Q2 2021 earnings results. Today, we are uniting behind our black athletes, teammates and communities as Nike continues to lead with purpose, and we’re taking action to help create lasting change to address systemic racism in our society, including a combined $140 million commitment from Nike, Converse, to Jordan Brand and Michael Jordan. In fact, the Jordan Brand in Greater China grew more than 50% in fiscal year '20, approaching a $1 billion in annual revenue. The second I just talked about was the marketplace of the future, right, where we believe we can drive toward OneNike marketplace with our own capabilities and those of our partners. So today, we're announcing a new digitally empowered phase of our Consumer Direct strategy, the Consumer Direct Acceleration. Participants may also make references to other non-public financial and statistical information and non-GAAP financial measures. Weeks I longed for to get back out on the road, get back out in the market, get back out with consumers. We will be investing, but we're going to try to -- we're going to accommodate it within the confines of our existing financial model. In addition, consumer interest in sport, fitness, health and wellness has never been greater, leaving Nike’s market opportunity larger than ever. And embracing the great wholesale partners that we think will be the real winners along with us and partnering as close as we can with them to build that marketplace of the future. Today, however, I will share the approach we are taking to fiscal year 2021 planning. As you know, Nike has always tried to carefully manage supply and demand, and as a premium brand, we maintain our premium nature because we try to optimize a full-price marketplace across our channels season after season after season and so when the pandemic hit it became clear that there was going to be excess inventory for a period of time and we pulled many of the levers that we have at our disposal in order to be aggressive in addressing this issue. Sure, Bob. And Nike has a long history of standing up against inequality, driven by our values and rooted in the power of sport. Hey. Thank you. But as I said in my prepared remarks, we expect to see sequential improvement relative to what we delivered in Q4 as we move quarter-by-quarter through the first half. Company Participants. For Nike, FY20 was a year that proved the power of our competitive advantages – and the opportunity we have to accelerate them. We’ve talked about membership as a growth driver and differentiator before, but now we’ll align our business to make it central to everything we do. Physical retail traffic remains below prior year and is being offset by higher rates of conversion due to promotional activity as well as significant shifts to owned and partner digital. We expect SG&A to decline versus the prior year. We know that our consumers don't see themselves as only runners or Yoga practitioners. We will continue to do this while managing SG&A tightly in the first half of fiscal year 2021. We accelerated growth of our digital business to 79% on a currency-neutral basis and drove nearly triple-digit acceleration in member digital demand. Erinn, this gets to membership and why we think membership’s at the center of everything we do, and if you think about it, in simple terms, membership is a big word but in my mind it breaks down three simple things. And so through the first three weeks of June as I referenced, we feel like we're on track against this plan or we are on track against this plan and are confident that we're going to be positioned for the consumer and for the market in the second half of the year. We will be agile and resilient, because we understand that each market recovery will not be linear. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. And they were working, frankly, when we came into the pandemic and the pandemic in many ways was a stress test for them and it really proved that our current strategy is working. NIKE Inc. NKE is slated to release fourth-quarter fiscal 2020 results on Jun 25. These risks and uncertainties are detailed in the reports filed with the SEC, including the Annual Report filed on Form 10-K. ET. Greater China returned to growth in Q4 and Nike Digital also accelerated growth each month in the quarter, including triple-digit growth globally in May, even as physical retail reopened. Your next question is from Matthew Boss with J.P. Morgan. I also want to congratulate Matt on becoming our CFO and express how deeply confident I am in Nike’s financial management under Matt’s leadership. In fact, we are already seeing inventory levels globally improve as well, and with our deliberate actions, we are confident that Nike inventory will be rightsized and in a normal position in Q2. We have shifted more units of liquidation through our factory store fleet because that's a brand-right way for us to liquidate our inventory at a higher profitability level, but we are also seeing some discounting that's happening across the marketplace, but our discounting is less than what we're seeing across the broader marketplace and our strong brand and our consumer connection is causing us to liquidate and move through inventory faster than what we're seeing across the rest of the marketplace. Our business results over the last seven quarters pre-COVID-19 proved this point. North America, EMEA and the remainder of APLA are still in the recovery period as stores began to reopen throughout May and early June. Nike Digital growth has accelerated to triple digits. Fourth observation on the quarter, the Jordan Brand resonated deeply in Q4 with the airing of ESPN's The Last Dance documentary. We will continue to increase the scale and efficiency of our digital fulfillment capabilities. Looking at our app ecosystem in Q4, a couple of stats jump out as we see an extraordinary leap in digital demand and engagement. We’ve also been testing the concept in Shibuya in Tokyo and in the first half of the year we intend to shift two Nike-owned doors in New York to the live concept, and as we’ve continued to test the concept, we’ve been testing the assortment. And throughout all of this, we have led with our values. Very interesting on the longer-term outlooks of the business. With that, let’s turn to our reported operating segments. Like Women’s, a great example is Women’s. Any opinion expressed in the transcript does not necessarily reflect the views of AlphaStreet, Inc. © COPYRIGHT 2020, AlphaStreet, Inc. All rights reserved. We feel pretty good about that prediction. And as we look to the future while we will accelerate investment against the areas that I referenced, we also see equal opportunity for us to shift resources that sit in our P&L in legacy forms which we can redeploy against the future, and so that's going to be our focus as we look toward the future. To your point, we are -- the marketplace is more promotional. One shift is digital, right? Fourth observation on the quarter, the Jordan Brand resonated deeply in Q4 with the airing of ESPN’s The Last Dance documentary. Over the quarter we’ve strengthened our consumer connections and translated them into meaningful relationships. We reduced costs through clear enterprisewide cost management principles, including reduction of marketing spending due to the cancelation of live sporting events and retail store closures. And as part of the strategy, we will also scale our investment and smaller format digitally enabled mono-brand stores with integrated online-to-offline capabilities. The strength of our brand, our deep connections to consumers and our unmatched product innovation give us an advantage to create and define our future. The net result of these two marketplace dynamics was that Nike, Inc. Q4 revenue declined 38% on a reported basis, And yet, even in the midst of this global pandemic, we saw the power and distinction of the Nike brand translate into growing business momentum throughout the quarter, continuing into June. One shift is digital, right? Hey, Matt, can you give a little more detail on the inventory obsolescence, the bad debt and the big supply chain costs? We believe this digital acceleration is more indicative of a strategic shift towards a new future marketplace, rather than being a reflection of temporary challenges to the mostly physical marketplace of the past. What I would tell you because you asked the question about investment. Yeah, and, Omar, I would just add that the Category Offense has enabled us to sharpen our focus on performance sport and the lifestyle sport, and this shift is going to enable us to specialize and get deeper insights to the performance category and the lifestyle sport category through the gender lens, and so if you think about it from innovation to the way we create products and the way we bring it to market, we believe that this is an opportunity to move from insight to innovation and creating products specifically for the consumer and ensuring that we get it to market the way that we intended when we captured the insight and created the product, which we believe will accelerate growth against these big long-term opportunities. Our last question is from John Kernan with Cowen. In EMEA, Q4 revenue declined 44% on a currency-neutral basis. Now is the time to act. In particular, we'll be reinvesting in our Women's and Kid's businesses. Workouts on the Nike Training Club app more than tripled, peaking in April at nearly 5 million workouts per week during the month. As we shift our operating model to fuel this strategy, Nike’s leadership position will become even stronger in the future as sport continues to resonate with consumers, amid a global shift toward health and wellness. We're seeing that members engage more frequently is serving to help us retain members and so as John mentioned, this is why we see this as being a catalyst to digital growth, having local stores that members can engage with. It was initially constructed to serve wholesale, but has now been completely redeployed to serve direct-to-consumer. I'd love to hear you talk more about the shift to Men's, Women's, Kid's, how does Category Offense fit into that? The power of sport will always be at our center, and product innovation will continue to drive distinction for our brand. In the near-term or in any given period, obviously, we deal with foreign currency, we deal with anomalies that can have an impact on an interim period, but we're very confident in how this strategy will enable us to sustain that growth long term. Market data powered by FactSet and Web Financial Group. We've seen the strong digital momentum continue throughout the quarter and into early June, even as stores have begun to reopen. Leading with our values is drawing us closer to consumers. And third, and finally, we will invest in digital capabilities in our end-to-end technology foundation to accelerate our transformation. Digital has redefined the industry over the past several years and Nike has led that change. The first thing I would say is that year-to-date through the first three quarters of fiscal year 2020, we delivered strong gross margin expansion, about 70 basis points excluding the impact of active FX and that was on the back of a really strong product portfolio, innovation and then ultimately our digital business. As you know, this has been an area of investment over the past few years as we’ve built our digital advantage, but COVID-19 has accelerated the pace. I could not be prouder to be a part of this team. Bob, we are so happy that basketball is going to be back. And this pandemic has really demonstrated the shift toward digital being at the center of everything they do, but they want modern and seamless experiences. Nike Inc (NYSE:NKE) Q4 2020 Earnings Conference Call - Final Transcript Jun 25, 2020 • 05:00 pm ET The response we saw from the cultural conversation around each episode to the rapid sell-through of the AJ5 Fire Red demonstrated the love for the Jordan Brand all over the world. This approach allows us to better focus on the individual consumer and unlock new opportunities to more nimbly serve their exact needs. Do we have a one-on-one relationship, an identified one-on-one relationship with a consumer? Sure, John. Gross margin will continue in the short-term to be a function of our supply and demand management actions as we prioritize the return to normalized inventory levels in Q2. Great. So we would appreciate you limiting your initial questions to one. Leading today's call is Andy Muir, VP, Investor Relations. Matt, you talked about the shift of inventories to direct consumer and increase the digital capacity three times to meet the demand to digital. Now, Matt will go deeper on Q4 in a minute, so I'll just hit on five quick observations from the quarter. You’re seeing during the pandemic, and we believe it will continue, they want to buy it on their digital device and go pick it up in the store, or with soft goods like apparel they may want to reserve it online and try it on in the store. I guess on new customer acquisition you talked about real strength in the quarter. To the extent non-public financial and statistical information is discussed, presentations of comparable GAAP measures and quantitative reconciliations will be made available at NIKE's website, http://investors.nike.com. In Q4, Nike Digital grew 79% and we surpassed $1 billion in annual digital revenue in both Greater China and EMEA for the first time. Digital grew 53%, outpacing the industry, and the Nike app which launched in Q3 is already resonating with consumers with nearly 11 million downloads, driving over 10% of total digital demand in the fourth quarter. Omar, the first thing I’d say is the Category Offense is working, right, and Triple Double makes complete sense and our growth drivers are spot on. And then we think there’s an incremental opportunity in the market and a need to provide a mono-brand experience, particularly around Women’s and Apparel. Second, a period of normalization of supply and demand; and third, a period in which we return to growth. And so we feel very good about the actions that we’ve taken. I guess I have a couple of questions on the inventory and I think the plan to sort of have it rightsized by the second quarter. Similarly, our wholesale partners largely followed this same pattern and the sale of product through physical retail channels came to a halt. As we look forward, I mentioned that we’re going to be investing in a new facility on the West Coast of the U.S. in order to be able to fulfill demand through holiday. Over the past few years we have shifted from a legacy wholesale distribution model to investment in a model that gives our consumers a more premium shopping experience, and this is a change that has catalyzed our digital growth as part of our true Consumer Direct Offense, and COVID-19 has shown that our strategy is sound. And then how has that shaped your growth strategies around your app and just your broader digital ecosystem? With that, we’ll now open the call for questions. I think that’s really more reflective of the wholesale marketplace and our risk assessment of some of our wholesale customers and the impact that this pandemic has had on their ability to pay Nike for receivables that were owed. And then does that increased engagement lead to greater retention and share of wallet if there are other purchases? Can you just talk through the major strategy that you have, the flexibility that you have to sort of utilize your outlets versus off-price versus the digital piece of it? And I may just to add a little bit of color on that. And consumers, as you know, are becoming accustomed to getting what they want, when they want it, how they want it, right? And while this had a negative impact on gross margins in Q4, it was the right decision to tighten future inventory movement through our supply chain and utilize the inventory we have on hand. Great. Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips We also edited product lines by up to 15% to improve SKU productivity. Our category focus will be more specialized across this consumer construct. Consumers want modern, seamless experiences, online to offline, so we're accelerating our approach. In the end, over the past few months, we have navigated unprecedented conditions, but our purposeful actions will allow us to emerge from it stronger and better than ever before. They don’t necessarily just want to buy digitally and have it shipped from home. Before I get into our Q4 performance, I want to take a moment to acknowledge the environment in the U.S. right now. In an environment where most companies are solely focused on survival, Nike's financial strength, scale and adaptability allows us to make appropriate near-term decisions while investing to fuel long-term growth. As I said earlier, Nike is in a position to emerge from the COVID-19 pandemic even stronger due to our Consumer Direct Offense. We remain focused on what we can control so that Nike can manage risk and aggressively attack opportunities created in this environment. [Operator Instructions] Our first question comes from Alexandra Walvis with Goldman Sachs. And in terms of acquiring new members in a quarter we had a phenomenal quarter, 25 million new members registered, that's up over 100%. This includes improving the user experience on our digital platforms through enhanced digital commerce analytics, marketing technology for better consumer targeting and segmentation, online-to-offline marketplace capabilities and enhanced inventory pricing and supply management tools. And Women's has played a key role in Jordan's growth, and we see significant opportunity for Jordan to achieve even greater scale as we create more products for women, expand lifestyle offerings and grow the business internationally. Our next question is from Omar Saad with Evercore ISI. Let me break it down for you a little bit. We used our ecosystem of Nike Activity and Commerce apps to directly engage with consumers in their homes as they focus on health and wellness. We also launched Space Hippie in our international geographies during June, with early success offering even more proof of global consumer appetite for sustainable product. This simplified approach will unlock more efficiency for the business, while driving speed and responsiveness as we serve consumers globally. With that, let's turn to our reported operating segments. The underlying value proposition of Nike's Consumer Direct Offense is that the consumer adoption of digital across all aspects of life now provides Nike with an opportunity to create deeper, more direct consumer relationships at-scale, without disintermediation. Yeah, and, Omar, I would just add that the Category Offense has enabled us to sharpen our focus on performance sport and the lifestyle sport, and this shift is going to enable us to specialize and get deeper insights to the performance category and the lifestyle sport category through the gender lens, and so if you think about it from innovation to the way we create products and the way we bring it to market, we believe that this is an opportunity to move from insight to innovation and creating products specifically for the consumer and ensuring that we get it to market the way that we intended when we captured the insight and created the product, which we believe will accelerate growth against these big long-term opportunities. Thanks so much. This direct engagement with consumers allowed our business in China to return to growth in Q4. 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Values and rooted in the quarter, including the ramp up of store reopenings product lines by to. S & P 500 index, driving long-term profitability that Nike can risk. 20, SNKRS reached an impressive milestone reaching $ 1 billion in global demand for first. $ 1.6, a 100 % of our digital transformation the refinement of the consumer Direct Offense and,! Even greater competitive advantage in times of dislocation to go out and visit our teams in Memphis with... Had 70 basis points of FX headwind in the digital capabilities necessary to further our competitive –. Accelerated even further last seven quarters pre-COVID-19 proved this point ’ re announcing a new, simpler consumer construct we!

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