2024-03-21 20:35:02 ET
NIKE, Inc. (NKE)
Q3 2024 Earnings Conference Call
March 21, 2024, 05:00 PM ET
Company Participants
Paul Trussell - VP, Corporate Finance and Treasurer
John Donahoe - President and CEO
Matthew Friend - CFO
Conference Call Participants
Jay Sole - UBS
Matthew Boss - JPMorgan
Brooke Roach - Goldman Sachs
Michael Binetti - Evercore ISI
Alex Straton - Morgan Stanley
Robert Drbul - Guggenheim Securities
Presentation
Operator
Good afternoon, everyone. Welcome to NIKE, Inc.'s Fiscal 2024 Third Quarter Conference Call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, VP of Corporate Finance and Treasurer.
I would now like to turn the call over to Paul Trussell.
Paul Trussell
Thank you, operator. Hello, everyone, and thank you for joining us today to discuss NIKE, Inc.'s fiscal 2024 third quarter results. Joining us on today's call will be NIKE, Inc. President and CEO, John Donahoe; and our CFO, Matt Friend. Before we begin, let me remind you that participants on this call will make forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially.
These risks and uncertainties are detailed in NIKE'S reports filed with the SEC. In addition, participants may discuss non-GAAP financial measures and nonpublic financial and statistical information. . Please refer to NIKE's earnings press release or NIKE's website, investors.nike.com for comparable GAAP measures and quantitative reconciliations. All growth comparisons on the call today are presented on a year-over-year basis and are currency neutral unless otherwise noted.
We will start with prepared remarks and then open up for questions. We would like to allow as many of you to ask questions as possible in our allotted time. So we would appreciate you limiting your initial questions to one. Thanks for your cooperation on this. I'll now turn the call over to NIKI, Inc., President and CEO, John Donahoe.
John Donahoe
Thank you, Paul, and hello to everyone on today's call.
Before I get into our Q3 performance, I want to take a moment to acknowledge the tragic passing of Kelvin Kiptum last month. Kelvin had just set the Marathon world record in Chicago. He was a world-class athlete and Champion and beloved member of the NIKE family. Kelvin was an inspiration to so many us, and he'll long be remembered and honored for the impact he had both on the running community and beyond.
Looking at our business, Q3 performed in line with our expectations. That said, we know NIKE is not performing in our potential. While our Consumer Direct Acceleration Strategy has driven growth and direct connections with consumers, it's been clear that we need to make some important adjustments. Simply put, we need to make adjustments in four areas.
We need to sharpen our focus on sport, we must drive a continuous flow of new product innovation, our brand marketing must become bolder and more distinctive. And while NIKE Direct will continue to play a critical role, we must lead in with our wholesale partners to elevate our brand and grow the total marketplace....
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NIKE, Inc. (NKE) Q3 2024 Earnings Call Transcript