Nike sees Q3 revenue down low-double digits

Sees Q3 gross margin down 300-350 basis points. Sees Q3 SG&A dollars slightly down year-over-year. Sees Q3 other income and expense $30M-$40M. Says in early innings of elevating the marketplace. Says traffic in Nike (NKE) Direct has softened. Says has become far too promotional. Says Nike’s path to sustainable, profitable growth will be through sport. Says Q2 performance largely met expectations. Says inventory levels are higher than the company would like. Says near-term conditions are challenged. Says shifting Nike digital to full-price model. Says summer order books will be down compared to prior year. Comments and guidance taken from Q2 earnings conference call.