Conference Call Transcript API

				
					{
  "company": "Nike",
  "ticker": "NKE",
  "change": "-6.90%",
  "earnings_call": {
    "period_ending": "December 31, 2023",
    "logo_source": "The Motley Fool",
    "Q3_2024_Earnings_Call": "Mar 21, 2024, 5:00 p.m. ET",
    "contents": [
      "Prepared Remarks",
      "Questions and Answers",
      "Call Participants"
    ],
    "prepared_remarks": [
      {
        "speaker": "Operator",
        "text": "Good afternoon, everyone. Welcome to Nike, Inc.'s fiscal 2024 third quarter conference call. For those who want to reference today's press release, you'll find it at investors.nike.com. Leading today's call is Paul Trussell, VP of corporate finance and treasurer. I would now like to turn the call over to Paul Trussell."
      },
      {
        "speaker": "Paul Trussell",
        "role": "Vice President, Investor Relations and Strategic Finance",
        "text": "Thank you, operator. Hello, everyone, and thank you for joining us today to discuss Nike, Inc.'s fiscal 2024 third quarter results. Joining us on today's call will be Nike, Inc. president and CEO, John Donahoe; and our CFO, Matt Friend. Before we begin, let me remind you that participants on this call will make forward-looking statements based on current expectations and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in Nike's reports filed with the SEC. In addition, participants may discuss non-GAAP financial measures and nonpublic financial and statistical information. Please refer to Nike's earnings press release or Nike's website, investors.nike.com, for comparable GAAP measures and quantitative reconciliations. All growth comparisons on the call today are presented on a year-over-year basis and are currency neutral unless otherwise noted. We will start with prepared remarks and then open up for questions. We would like to allow as many of you to ask questions as possible in our allotted time. So, we would appreciate you limiting your initial question to one. Thanks for your cooperation on this. I'll now turn the call over to Nike, Inc. president and CEO, John Donahoe."
      },
      {
        "speaker": "John Donahoe",
        "role": "President, Chief Executive Officer & Director",
        "text": "Thank you, Paul, and hello to everyone on today's call. Before I get into our Q3 performance, I want to take a moment to acknowledge the tragic passing of Kelvin Kiptum last month. Kelvin had just set the marathon world record in Chicago. He was a world-class athlete and champion and a beloved member of the Nike family. Kelvin was an inspiration to so many of us, and he'll long be remembered and honored for the impact he had both on the running community and beyond. Looking at our business, Q3 performed in line with our expectations. That said, we know Nike is not performing in our potential. While our consumer direct acceleration strategy has driven growth and direct connections with consumers, it's been clear that we need to make some important adjustments. Simply put, we need to make adjustments in four areas. We need to sharpen our focus on sport. We must drive a continuous flow of new product innovation. Our brand marketing must become bolder and more distinctive. And while Nike Direct will continue to play a critical role, we must lean in with our wholesale partners to elevate our brand and grow the total marketplace. And this is exactly what we're doing. Starting last June, we aligned our organization to put the consumer and a sharp focus on sport back at the center of everything we do. We integrated our leadership structure, appointing Heidi O'Neill and Craig Williams as co-presidents. We've reinvested in consumer-led, sport-focused teams that are the foundation of our offense. And...."