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BRIEF-Nike CFO- Expect Q3 reported revenue to grow in mid single-digit range
December 20, 2016 / 11:16 PM / a year ago

BRIEF-Nike CFO- Expect Q3 reported revenue to grow in mid single-digit range

Dec 20 (Reuters) - Nike Inc

* CEO on conf call- “there are areas in the short-term where we haven’t executed as precisely as we would have liked”

* CEO on conf call- scaling a process we call the express lane which allows us to go from creation to market in weeks instead of months.

* CEO on conf call- .in q12 direct to consumer business grew 23% with Nike. Com leading the way at 46%

* President on Nike Brands- the Apple Watch Nike Plus is selling well ahead of our plans

* President on Nike Brands- N.America inventory down 4%., “we continue to keep supply tight which you’ll see reflected in futures”

* CFO- for the full year, continue to expect reported revenue growth in the high single-digit range

* CFO- FX headwinds from further strengthening of the u.s. Dollar have put downward pressure on our second half revenue forecast

* CFO- for Q3, expect reported revenue to grow squarely in the mid single-digit range

* CFO- expect q3 gross margin to contract by approximately 100 to 125 basis points driven primarily by fx.

* Ceo on conf call- “direct-to-consumer continues to be one of the greatest returns on investment”

* President on Nike Brands- “we’re seeing incredible momentum in basketball, to be clear, basketball is back”

* President on Nike Brands- we expect a return to growth in nike basketball over the back half of the fiscal year

* CFO- now expect n. America to continue growing in second half of fiscal year with return to expanding gross margins and tighter inventory levels

* CFO- in second half of fiscal year 2017, N. America revenue growth will continue to outpace futures, will be coupled with a return to gross margin expansion

* CFO- currency neutral futures orders are growing 2%, driven by a 1% increase in units, with increases in average selling prices contributing the other one percentage point of growth Further company coverage:

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