Simeon Siegel

Denton said the range came from a bottoms-up business and financial plan review that pressure-tested trends, and that teams are accountable for delivering it.

Hill credited Running, Global Football and Basketball for North America's 2% growth and strong sell-through, but did not size Performance vs. Sportswear/Jordan in the U.S.

Elliott reframed DTC as one part of a balanced, integrated marketplace; Matt cited sequential Digital growth in North America, improvement in average retail discounts, higher NIKE app demand, and February's inflection to positive growth across all NA channels for the first time in two years.

Elliott cited running, global football, training, basketball (GT Future, AJ4 Black Cat largest Black Friday launch ever, AJ11 Gamma), and Jordan as NA growth drivers; Matt said wholesale unit growth creates meaningful supply chain and overhead leverage, demand creation will stay near 10% of revenue.

Elliott said excess inventory will be cleared through NIKE value channels while digital and physical retail floor sets go full price, using running resets as a template.

Friend declined to size the classic franchises but explained they carry attractive margins (especially via Digital), so trimming them in the Direct/Digital channels creates a transitory margin headwind.

Conroy confirmed new customers were the primary driver of transactions but did not provide a specific split. Hartshorn added long-term model of double-digit EPS growth with 5% unit growth and 3-4% comp.

Conroy said AUR increase was modest and disproportionately in home (tariff-affected). Other categories saw minimal AUR change. Gained confidence in ability to shift to slightly higher-priced goods. Sheehan split CapEx: ~1/3 each DCs and new stores, ~25% store maintenance, balance for tech.

Hartshorn confirmed EBIT margin held flat on a flat comp this quarter but longer-term leverage point remains 3-4%. Said nothing notable about children's to call out.

high

Ernie said too early to predict vendor behavior with tariff changes but expects some vendors to adjust prices down if tariff relief comes. TJX model benefits from watching and reacting. On shrink, John noted 20bp annual improvements each of last 2 years back to pre-COVID levels. Wins going forward will be smaller but teams not taking foot off the gas.

Ernie explained retail-backwards buying is core to the model. John clarified the inventory hedge mark-to-market is a timing item that will offset when invoices are paid in Q2-Q3.

Paula noted Q1 ticket growth driven by higher ASP from category/brand mix and lower promo. Declined to forecast ticket/transaction split. Investment spend shifted to later quarters.

Kimbell confirmed promotional intensity continuing but Q3 rates lower than Q2, with tent-pole event amplification improving effectiveness. Oyibo raised full-year operating margin and EPS reflecting Q3 performance.