Executive Summary

• Nike 1Q20 revenues rose 7.1% to $10.66 billion, driven by growth across all geographies, beating the $10.44 billion consensus estimate.
• By region, China grew most rapidly, at 22% to $1.68 billion, with equal growth in footwear, apparel and equipment.
• For 2Q20, Nike expects 7% revenue growth (in line with Q1 reported revenue growth) and a 25-bps increase in gross margin. For FY20, Nike expects high single-digit constant-currency revenue growth.