Executive Summary

• Nike 4Q19 revenues rose 10% at constant exchange rates, driven by growth across Nike Direct and wholesale.
• Sales in China grew double digits at constant exchange rates for Nike brand in all categories.
• The outlook for FY20 is high-single-digit revenue growth offset by foreign exchange effects (which are expected to abate in 2Q20), about 50 bps gross margin expansion and high-single-digit SG&A expense growth, in line with revenue growth