Executive Summary

• Nike reported fiscal 4Q16 EPS of $0.49, above the consensus estimate of $0.48.
• Total revenue was $8.24 billion, below consensus of $8.28 billion. Revenues for the Nike brand were up 13%, excluding the impact of foreign currency. Nike brand sales to the wholesale channel increased by 9%, excluding foreign exchange. Direct-to-consumer revenues were up 25%, excluding foreign exchange, driven by a 51% increase in online sales, new stores and 10% comp growth.
• As of May 31, worldwide future orders for June through November were up 8% year over year, or up 11% excluding foreign exchange, versus consensus of 12.0%.