Similarly, our wholesale partners largely followed this same pattern and the sale of product through physical retail channels came to a halt. And we expect that we will continue to invest in regional service centers in order to be able to fulfill demand closer to the consumer. Thanks for taking my question and congrats on all the momentum. We remain focused on what we can control so that Nike can manage risk and aggressively attack opportunities created in this environment. North America, EMEA and the remainder of APLA are still in the recovery period as stores began to reopen throughout May and early June. 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. 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. Let me break it down for you a little bit. And we think there's some pretty fundamental shifts in consumer behavior that give us this opportunity to accelerate our progress. I wanted to dig a little bit more into the Consumer Direct Acceleration that, John, you laid out in your remarks there. They have moved with speed and empathy and have demonstrated creativity, courage and true resilience. Our next question is from Erinn Murphy with Piper Sandler. 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. Your line is open. 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. Sure, Bob. Great. More dynamic product lines? 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. Importantly, this consumer construct will allow us to significantly simplify our organization and focus more of our resources on the capabilities and opportunities that will forge our future. Thank you, John, and hello to everyone on the call. We expect SG&A to decline versus the prior year. With positive developments on the vaccine front giving fresh hopes of markets reopening, major stock indexes continued their rally this week. On average, a sale of an incremental unit via digital generates double the revenue versus a sale to wholesale with a higher gross margin, translating into two times the operating income dollars. [Operator Instructions] Our first question comes from Alexandra Walvis with Goldman Sachs. Very interesting on the longer-term outlooks of the business. ET. Following the news release, NIKE management will host a … Now, let’s turn to the details of our fourth quarter financial results and operating segment performance. Let's conquer your financial goals together...faster. We have less than 10% of the Women’s Apparel market in the U.S. Women’s grew this quarter two times the rate of Men, and this will allow us to align our organization and focus our resources more directly on that opportunity as well as on others, and so we view it as an acceleration and I think it will result in more directly connecting and building deep consumer relationships which will result in higher growth market share, and as Matt said in his remarks, we believe also this is also healthy for profitability. Thanks so much. Today, however, I will share the approach we are taking to fiscal year 2021 planning. What I would tell you because you asked the question about investment. 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 towards the future. So thanks, everyone, for joining us today, and we look forward to speaking with you next quarter. We feel pretty good about that prediction. In North America, Q4 revenue declined 46% on a currency-neutral basis. One shift is digital, right? We feel pretty good about that prediction. 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. Your next question is from Jay Sole with UBS. They don’t necessarily just want to buy digitally and have it shipped from home. Andy Muir - Vice President, Investor Relations. First, we will create a marketplace of the future, one more closely aligned with what consumers want and need. Analysts were calling for the company to report earnings of … Sure, Bob. Now is the time to act. The power of sport will always be at our center, and product innovation will continue to drive distinction for our brand. And Nike has a long history of standing up against inequality, driven by our values and rooted in the power of sport. Like Women’s, a great example is Women’s. What’s the level that you faced in the fourth quarter, obviously pretty significant, how do we think about those line items in the first quarter and as fiscal 2021 evolves? Our current focus is to reduce discretionary spending while we invest in the digital capabilities necessary to further our competitive advantage in the marketplace. And then we also had 70 basis points of FX headwind in the quarter. Fourth observation on the quarter, the Jordan Brand resonated deeply in Q4 with the airing of ESPN’s The Last Dance documentary. Let me walk you through three areas of strategic acceleration: the marketplace of the future, our new consumer construct and our end-to-end technology foundation. Nike’s stock has gained 19% since the beginning of 2019, outperforming the sector and the S&P 500 index. 35 mins ABM Industries Incorporated’s (ABM) CEO Scott Salmirs on Q4 2020 Results – Earnings Call Transcript Seeking Alpha 35 mins It’s unusual for a big company like Nike to announce earnings on a Friday after the bell Yahoo Finance And last, a more digitally connected Nike is a more valuable Nike. 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. Joining us on today's call will be Nike, Inc.'s, President and CEO, John Donahoe; and Chief Financial Officer, Matt Friend. Nike’s financial strength enables us to stay focused on the long term, creating even greater competitive advantage in times of dislocation. The global pandemic has made it clear that consumer behavior is changing rapidly, providing the opportunity for us to accelerate the pace of our transformation. For those who want to reference today's press release, you'll find it at https://ift.tt/18N10Qo. Digital has redefined the industry over the past several years and Nike has led that change. Our category focus will be more specialized across this consumer construct. 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%. To your point, we are — the marketplace is more promotional. Third, we’re seeing a true step-function change in our digital transformation. Do we have a one-on-one relationship, an identified one-on-one relationship with a consumer? You recall that in fiscal year '18 we set a goal to reach 30% digital penetration, both owned and partnered, by fiscal year '23. Matt, you talked about the shift of inventories to direct consumer and increase the digital capacity three times to meet the demand to digital. Nike Inc (NKE) Q1 2021 Earnings Call Transcript ... Q1 2021 Earnings Call Sep 22, 2020, 5:00 p.m. Hey. The current economics of this transformational shift illustrates my point. Last quarter, we discussed how each of our markets would progress from a business perspective as they emerge from the COVID-19 outbreak. I could not be prouder to be a part of this team. Take care and stay safe. 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. Over the past month, we've seen racial tragedies, exposed systemic prejudice and injustice in America. Nike's gross margin fell more than 8 percentage points to 37.3% in Q4 FY 2020, compared to the same quarter a year ago. We're transforming Nike faster to define the marketplace of the future. And finally, we've invested in targeted promotions and markdowns to accelerate the liquidation of excess inventory, while we protect the long-term health of our product franchises, including increasing the volume of liquidation through our factory store fleet. 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. Now, Matt will go deeper on Q4 in a minute, so I'll just hit on five quick observations from the quarter. We've been testing member engagement. Maybe a little bit more behind the -- impetus behind that and what's the end results here? Nike's financial strength enables us to stay focused on the long term, creating even greater competitive advantage in times of dislocation. We believe this will be additive to what's in the market. Let me walk you through three areas of strategic acceleration: the marketplace of the future, our new consumer construct and our end-to-end technology foundation. As I said earlier, we have tightened our buys in the first half and are focused on moving through the inventory we have as profitably as we can. John Donahoe -- President and Chief Executive Officer. Following their prepared remarks, we will take your questions. 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. They may want to be in a store and buy something that is not in the store because of inventory and the associate uses a digital device to buy it and gets shipped home. And third, and finally, we will invest in digital capabilities in our end-to-end technology foundation to accelerate our transformation. I had a chance to see this firsthand during my first weeks at Nike in China. 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. 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%. What I would tell you because you asked the question about investment. Thank you, Andy, and let me congratulate you on your new role leading Investor Relations. Revenues rose 19% year-over-year to $20.6 billion. Leading with our values is drawing us closer to consumers. Excluding Q4 FY 2020… I guess on new customer acquisition you talked about real strength in the quarter. References to constant-dollar revenue are intended to provide context as to the performance of the business eliminating foreign exchange fluctuations. 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. They don’t think in terms of performance versus sportswear. Thank you, Andy, and let me congratulate you on your new role leading Investor Relations. We also edited product lines by up to 15% to improve SKU productivity. With that, let's turn to our reported operating segments. First, the power of Nike’s brand continues. Your line is open. Better margins? 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. Good afternoon everyone. As we look at opportunities to build deeper and more meaningful relationships with consumers, our vision is to create a clear and connected digital marketplace to match. We started in Melrose in Southern California. 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. This is accelerating it and refining it so that we're more directly connected to the biggest opportunities. SG&A declined 6% in Q4. Your line is open. Our business results over the last seven quarters pre-COVID-19 proved this point. Weeks I longed for to get back out on the road, get back out in the market, get back out with consumers. These trends have continued into early June, including Nike Digital growing triple digits. And Nike has a long history of standing up against inequality, driven by our values and rooted in the power of sport. June 25, 2020 – BEAVERTON, Ore., June 25, 2020 - NIKE, Inc. (NYSE:NKE) today reported financial results for its fiscal 2020 fourth quarter and full year ended May 31, 2020. In a funny way, I would characterize this investment in these new doors as continued investment in our digital future, and here's -- we look at everything through the eyes of the consumer. We committed to provide pay continuity for all of our teammates, even while our facilities remain closed or had altered schedules, and we have maintained this important investment over the past 12 weeks. Great. As compared to our long-term financial model, Nike has driven higher constant-dollar revenue growth and roughly double the annual gross margin expansion on an operational basis, excluding the impacts of foreign exchange headwinds and tariffs. This quarter was certainly like no other in Nike's history. The global pandemic has made it clear that consumer behavior is changing rapidly, providing the opportunity for us to accelerate the pace of our transformation. We’re pursuing even further separation. Welcome to Nike, Inc.'s Fiscal 2020 Fourth Quarter Conference Call. We donated footwear and apparel to help frontline workers around the globe and we’ve committed more than $25 million for COVID-19 response in our communities. In Q4, we saw strong demand for the Pegasus 37, particularly with women, and for the Air Max 2090, a new sportswear silhouette that reimagines the future of Air. 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. 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. On average, a sale of an incremental unit via digital generates double the revenue versus a sale to wholesale with a higher gross margin, translating into two times the operating income dollars. And I guess just a quick follow up is -- with the NBA season sort of looking to return, any early picks in terms of who you guys think will win the title in the back half? We will be agile and resilient, because we understand that each market recovery will not be linear. 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. Operator, I think we have time for one more question. References to constant-dollar revenue are intended to provide context as to the performance of the business eliminating foreign exchange fluctuations. This single integrated technology strategy across our business will accelerate how we serve consumers. Across all 12 of our key cities, Nike remains consumer's number one favorite brand. This approach allows us to better focus on the individual consumer and unlock new opportunities to more nimbly serve their exact needs. 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. Act 0.7 Est 0.58 Q2 2020 Nike Inc Earnings Call 12/19/2019 05:00 PM (EST) NKE. But we’re also enabling — we’ve also enabled Buy Online Pick Up In-Store and Ship-from-Store from our stores which will also be a way that we fulfill demand closer to the consumer. E-mail: investor_relations@agilent.com General Inquiries: 408-345-8862 Over the quarter we've strengthened our consumer connections and translated them into meaningful relationships. Importantly, this consumer construct will allow us to significantly simplify our organization and focus more of our resources on the capabilities and opportunities that will forge our future. We know that our consumers don't see themselves as only runners or Yoga practitioners. 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. Our last question is from John Kernan with Cowen. We finished the quarter with $12.5 billion in total available liquidity, including nearly $9 billion of cash and short-term investments, all supported by a strong investment-grade credit rating and a high-return on invested capital. As of today, a 100% of Nike-owned stores are open. I could not be more proud of everyone on the Nike team. We expect revenue in the first half of the year to be below prior-year levels, but less of a decline than experienced in Q4 as we continue to reopen stores and fuel our digital business. It is likely the final independent earnings report before its $3.7 billion sale to Volkswagen AG's Traton Group closes in 2021. And then how has that shaped your growth strategies around your app and just your broader digital ecosystem? 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. 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. 25 Jun, 2020 Length: 01: 01:25 Download Embed Share. We've opened a store in Long Beach and in Glendale. These trends have sustained through the first three weeks of June and in some markets digital growth has accelerated even further. And in particular, we said our first and primary principle was to get inventory clean in the marketplace as fast as we possibly can, and so we now feel confident based upon the actions that we've taken that we will have inventory rightsized and clean by Q2 or in Q2, and in China, as I referenced, given they faced the pandemic a little bit earlier, they're going to clear and come out of the situation from an inventory perspective by the end of June. We've been testing this format with Nike Live and have a great understanding of how to best deliver this experience and so we will proceed ahead this year with more test-and-learn examples of it and scale it through the next couple of years and again to be clear, we believe this is incremental to what's in the market today. While we strive to produce the best transcripts, it may contain misspellings and other inaccuracies. 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. Nike Digital growth has accelerated to triple digits. 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. 5301 Stevens Creek Blvd. As I said a minute ago, digital is now fundamental and central to everything consumers do and we are the clear leader in digital. Before discussing our fourth quarter results, I must recognize and thank our incredible team around the world. Q4 2020 HP Inc. Earnings Conference Call. We are calling this next phase of the Consumer Direct Offense an acceleration for a reason because it will drive greater growth, it will scale Nike's direct consumer connections in our most profitable channels driving higher consumer lifetime value and it will enable us to reposition our resources to accelerate our transformation to a digital-first company. 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. Welcome to Nike, Inc.’s Fiscal 2020 Fourth Quarter Conference Call. This leads me to the second theme. Thanks so much for taking my question here and thank you for all the comments and the prepared remarks. Thank you operator. It was initially constructed to serve wholesale, but has now been completely redeployed to serve direct-to-consumer. In North America, Q4 revenue declined 46% on a currency-neutral basis. 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. Thank you. Leading today’s call is Andy Muir, VP, Investor Relations. A very important piece of this is our strategic partners, our strategic wholesale partners. 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. Very interesting on the longer-term outlooks of the business. Fourth observation on the quarter, the Jordan Brand resonated deeply in Q4 with the airing of ESPN's The Last Dance documentary. Do we have a one-on-one relationship, an identified one-on-one relationship with a consumer? Your line is open. Your line is open. 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. Today, however, I will share the approach we are taking to fiscal year 2021 planning. As we look at opportunities to build deeper and more meaningful relationships with consumers, our vision is to create a clear and connected digital marketplace to match. 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? Digital has redefined the industry over the past several years and Nike has led that change. In Q4, we already pivoted our new adapt distribution facility in North America to fully support digital demand and we plan to open a new regional service center on the West Coast before the holiday season to forward-deploy digital inventory, leveraging advanced analytics and demand-sensing capabilities from our acquisition of Celect. And full year diluted EPS was $1.60, which includes a one-time non-cash charge associated with the anticipated strategic distributor partnership transition in South America which reduced EPS by $0.25. 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 so, to reiterate what John said and why this is so important, we now see that our owned and partner digital could grow to 50% of our total business in the foreseeable future, plus our measured investment in mono-brand stores will further catalyze digital growth and create new distribution for our largest growth and market share opportunities in Women’s and Apparel. So I’m incredibly proud of our teams that work in our global operation and logistics because they delivered no small feat in the quarter, increasing the amount of volume that we could ship by three times in North America and EMEA without much of an increase in cost on a per-unit basis, and the reason why they could do that is because our current distribution capabilities are omni-channel, which means we can ship to wholesale customers, our factory stores and to digital, and that enabled us to be agile in the moment to increase our demand, our digital demand fulfillment, sorry. Consumers want modern, seamless experiences, online to offline, so we're accelerating our approach. We'll double-down on that. Fourth quarter diluted net loss per share was $0.51, reflecting lower revenue and gross margin related to COVID-19 partially offset by lower SG&A expenses. The week before last, I had a chance to go out and visit our teams in Memphis along with Andy Campion. Connected data, inventory and membership will give consumers greater access to the best of Nike with more speed and convenience than ever. Your line is open. Thanks for taking my question and congrats on all the momentum. The financial and operating principles that will carry us through these unprecedented times are the same ones that have guided us over the decades. Thanks for taking my question. And so consumers increasingly want a consistent, seamless physical and digital experience, and so that’s what we’re committed to providing, and we’re committed to providing those through first and foremost our own digital capabilities, as well as our own digital stores, both factory or I’m sorry, own physical stores, factory and direct. Nike Q2 21 Earnings Conference Call At 5:00 PM ET By RTTNews Staff Writer | Published: 12/18/2020 6:00 AM ET Nike Inc. ( NKE ) will host a conference call at 5:00 PM ET on December 18, 2020, to discuss Q2 21 earnings results. Returns as of 12/20/2020. 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. 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. 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