Nike's (NKE) futures orders were up 11% Y/Y as of the end of FQ4; they were up 12% at the end of FQ3. North American futures +11%, Western Europe +25%, Central/Easter Europe +10%, Greater China +6%, Japan -6%, Emerging Markets +2%.
Gross margin rose 110 bps Q/Q and 170 bps Y/Y to 45.6%, thanks to higher ASPs and growing direct-to-consumer sales (higher-margin). Forex and higher input costs acted as headwinds.
Overhead spend +13% Y/Y to $1.57B, demand creation spend (lifted by World Cup-related marketing) +36% to $876M. The figures outpaced continued ops revenue growth of 11%.
Footwear sales +14% Y/Y to $4.4B, apparel +12% to $2.1B, equipment -4% to $447M. Total Nike brand revenue +9% - wholesale +7%, direct to consumer +22%.
Inventories +13% Y/Y to $3.9B. $912M was spent to buy back 12.3M shares.