Executive Summary

• Nike reported fiscal 1Q17 adjusted EPS of $0.73, ahead of the $0.56 consensus estimate and up 9.0% year over year. Revenues were $9.1 billion, up 8.0% year over year and beating the consensus estimate of $8.9 billion.
• Apparel was the strongest product category in the quarter; revenues were up 9% year over year, and up 12% excluding currency changes. Globally, footwear sales grew by 7%, and by 10% in constant currency. Greater China was the strongest geographic region, with sales up 21% excluding currency changes.
• The company has reported that futures orders scheduled for delivery from September 2016 through January 2017 are up 5% year over year globally, or up 7% excluding currency changes, with the most significant increases represented by Japan at 26% and Greater China at 15%.