Nike sees Q2 revenue down 8%-10%

Sees Q2 gross margin down 150 basis points. Sees Q2 SG&A roughly flat. Sees other income and expense $30M-$40M, reflecting lower interest rates. Sees Q2 tax rate in low teens. Sees indications of slight improvements in second half revenue trends. Sees FY25 gross margins down from last year. Says has taken most aggressive action in Nike Direct and digital. Says men’s and women’s lifestyle brand declines to continue through FY25. Says expects Jordan brand and digital declines to continue as well. Says especially encouraged by running offense. Says order book is currently strong. Says continues to be number one sports brand in China. Comments and guidance taken from Q1 earnings conference call.