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4 2024 ANNUAL REPORT ANDNOTICE OF ANNUAL MEETING
TO OUR SHAREHOLDERS, At Nike, our athletes inspire us to always raise the bar for ourselves. We re inspired by elite athletes who perform at the highest levels and drive the energy and excitement We're world s biggest stages. And we invite new generations into sport, growing the worldwide of sport on the world's community of athletes in neighborhoods and communities everywhere. As the global athletic market leader, our scale and breadth provide the opportunity to create impact on a level that only Nike can. We start with innovation that pushes human potential forward and combine that with storytelling that connects with the consumer. Today, consumers all over the world continue to recognize Nike as their #1 brand for athletes and sport. That said, we have work to do to reach our full potential. For FY24, revenue growth was up approximately 1% on a currency neutral basis and earnings per share grew 15%. However, we underperformed our expectations for the past three quarters and lowered our outlook. This does not meet what we expect of ourselves, and we are working tirelessly to make the necessary adjustments. we re taking as a company. These actions Over this past year, we ve we've been clear about the strategic shifts we're include leadership and organizational changes, kick-starting a multi-year innovation cycle and creating capacity to invest in consumer-facing activities. we re aligned, focused and positioned to compete and win: Today, we're We're We re sharpening our focus on sport. We re accelerating our pace and scaling of newness and innovation. We're We're We re driving bigger, bolder storytelling. And we're we re elevating the entire marketplace to fuel brand distinction and be in the path of the consumer. This is our playbook. And while FY25 will be a transition year for our business, we continue to make real progress on our comeback. It began by aligning our organization to put a sharp focus on sport back at the center of everything we do. This meant reinvestment in consumer-led, sport-focused teams that are the foundation of our offense. As we fuel a pipeline of new innovation, we will introduce new franchises, concepts and platforms. Key innovations from this past year ranged from breakthrough innovation for runners with the AlphyFly 3 to basketball innovation with the GT Cut and Sabrina 1, a shoe that continues to resonate across gender. In FY24, we also launched a new lifestyle platform in Dynamic Air and updated our biggest performance that s more comfortable, durable and responsive than ever. franchise, Pegasus 41, to create a shoe that's FISCAL YEAR 2024
We're We re driving bigger, bolder storytelling through brand campaigns like our Euro Champs anthem, "Awaken Your Madness. Madness." Our signing of the German football federation this year will give us an opportunity Awaken we re excited for the to make the German team a global brand and make their athletes global heroes. And we're Paris Olympics to offer us a pinnacle moment to communicate our vision of sport to the world, with athletes at the center from brand voice to retail activations. And we're we re building energy across the full marketplace, including Nike Direct and our strategic partners. Our wholesale partners help us scale our innovation and newness in physical stores and connect our We ve also accelerated our ground game in FY24, including a deeper brands in the path of the consumer. We've investment in neighborhood activations to drive consumer trialing of new products. And we continue to connect directly with consumers through our membership program regardless of where they shop across the marketplace. In the end, we're we re making these strategic shifts with urgency in the face of the opportunities we see ahead. This is all thanks to the passion and grit of our global team, which is laser-focused on aggressively asserting the future of Nike. As we look ahead to what promises to be a thrilling Olympic Games in Paris, we know this summer will help set the tone for a stronger Nike - one better positioned to create long-term value for consumers and shareholders. Respectfully, John JOHN DONAHOE President and Chief Executive Officer NIKE, Inc. FISCAL YEAR 2024
NIKE, Inc. Revenue Performance Fiscal Years 2020-2024 Revenue in millions $44,538 $46,710 $51,217 $51,362 NIKE, Inc. Earnings Per Share Performance Fiscal Years 2020-2024 $37,403^ $3.56 $3.75 2021 2022 $3.73 $3.23 $1.60^ 2020 2021 2022 2023 2024 2020 2023 NIKE, Inc. Return on Invested Capital* NIKE, Inc. Stock Performance vs. S&P 500* Fiscal Years 2020-2024 Fiscal Years 2020-2024 48.8% 108.26% 46.5% 31.5% 34.9% 21.5%^ 2020 2024 29.37% 2021 2022 2023 2024 "* ROIC is considered a non-GAAP financial measure and should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies. ROIC is included in the quarterly earnings section of our investor relations website, http://investors.nike.com. Please refer to this site for more detail on this calculation. S&P 500 NKE "* Performance of the S&P 500, S&P 500 Apparel, Accessories & Luxury Goods Index and NIKE stock is calculated by comparing the total returns of each assuming the reinvestment of dividends over the time period of 5/31/2019 to 5/31/2024. A Fiscal 2020 reflects the material adverse impacts to NIKE, Inc. s Inc.'s business from COVID-19. Refer to Item 7. Management s Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Company s FY20 Annual Report on Form 10-K for additional information on the impacts of COVID-19 to the Company's Company s results. FISCAL YEAR YEAR 2024 2024 FISCAL
2024 NOTICE OF ANNUAL MEETING
 • shareholder letter icon 7/31/2024 Letter Continued (Full PDF)
 • stockholder letter icon 7/28/2023 NKE Stockholder Letter
 • stockholder letter icon More "Textiles & Apparel" Category Stockholder Letters
 • Benford's Law Stocks icon NKE Benford's Law Stock Score = 90


NKE Shareholder/Stockholder Letter Transcript:

4
2024
ANNUAL
REPORT
ANDNOTICE
OF ANNUAL
MEETING

TO OUR SHAREHOLDERS,
At Nike, our athletes inspire us to always raise the bar for ourselves.
We   re inspired by elite athletes who perform at the highest levels and drive the energy and excitement
We're
world   s biggest stages. And we invite new generations into sport, growing the worldwide
of sport on the world's
community of athletes in neighborhoods and communities everywhere.
As the global athletic market leader, our scale and breadth provide the opportunity to create impact on a
level that only Nike can. We start with innovation that pushes human potential forward and combine that with
storytelling that connects with the consumer. Today, consumers all over the world continue to recognize Nike
as their #1 brand for athletes and sport.
That said, we have work to do to reach our full potential. For FY24, revenue growth was up approximately
1% on a currency neutral basis and earnings per share grew 15%. However, we underperformed our
expectations for the past three quarters and lowered our outlook. This does not meet what we expect
of ourselves, and we are working tirelessly to make the necessary adjustments.
we   re taking as a company. These actions
Over this past year, we   ve
we've been clear about the strategic shifts we're
include leadership and organizational changes, kick-starting a multi-year innovation cycle and creating
capacity to invest in consumer-facing activities.
we   re aligned, focused and positioned to compete and win:
Today, we're
    We're
We   re sharpening our focus on sport.
We   re accelerating our pace and scaling of newness and innovation.
    We're
    We're
We   re driving bigger, bolder storytelling.
    And we're
we   re elevating the entire marketplace to fuel brand distinction and be in the path of the consumer.
This is our playbook. And while FY25 will be a transition year for our business, we continue to make real
progress on our comeback.
It began by aligning our organization to put a sharp focus on sport back at the center of everything we do.
This meant reinvestment in consumer-led, sport-focused teams that are the foundation of our offense.
As we fuel a pipeline of new innovation, we will introduce new franchises, concepts and platforms. Key
innovations from this past year ranged from breakthrough innovation for runners with the AlphyFly 3 to
basketball innovation with the GT Cut and Sabrina 1, a shoe that continues to resonate across gender.
In FY24, we also launched a new lifestyle platform in Dynamic Air and updated our biggest performance
that   s more comfortable, durable and responsive than ever.
franchise, Pegasus 41, to create a shoe that's
FISCAL YEAR 2024

We're
We   re driving bigger, bolder storytelling through brand campaigns like our Euro Champs anthem,
"Awaken Your Madness.   
Madness." Our signing of the German football federation this year will give us an opportunity
   Awaken
we   re excited for the
to make the German team a global brand and make their athletes global heroes. And we're
Paris Olympics to offer us a pinnacle moment to communicate our vision of sport to the world, with athletes
at the center from brand voice to retail activations.
And we're
we   re building energy across the full marketplace, including Nike Direct and our strategic partners.
Our wholesale partners help us scale our innovation and newness in physical stores and connect our
We   ve also accelerated our ground game in FY24, including a deeper
brands in the path of the consumer. We've
investment in neighborhood activations to drive consumer trialing of new products. And we continue to
connect directly with consumers through our membership program regardless of where they shop across
the marketplace.
In the end, we're
we   re making these strategic shifts with urgency in the face of the opportunities we see ahead.
This is all thanks to the passion and grit of our global team, which is laser-focused on aggressively asserting
the future of Nike. As we look ahead to what promises to be a thrilling Olympic Games in Paris, we know
this summer will help set the tone for a stronger Nike -    one better positioned to create long-term value for
consumers and shareholders.
Respectfully,
John
JOHN DONAHOE
President and Chief Executive Officer
NIKE, Inc.
FISCAL YEAR 2024

NIKE, Inc. Revenue Performance
Fiscal Years 2020-2024
Revenue in millions
$44,538
$46,710
$51,217
$51,362
NIKE, Inc. Earnings Per Share
Performance
Fiscal Years 2020-2024
$37,403^
$3.56
$3.75
2021
2022
$3.73
$3.23
$1.60^
2020
2021
2022
2023
2024
2020
2023
NIKE, Inc. Return on
Invested Capital*
NIKE, Inc. Stock
Performance vs. S&P 500*
Fiscal Years 2020-2024
Fiscal Years 2020-2024
48.8%
108.26%
46.5%
31.5%
34.9%
21.5%^
2020
2024
29.37%
2021
2022
2023
2024
"* ROIC is considered a non-GAAP financial measure and should not be considered in isolation
or as a substitute for other financial measures calculated and presented in accordance with
U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other
companies. ROIC is included in the quarterly earnings section of our investor relations website,
http://investors.nike.com. Please refer to this site for more detail on this calculation.
S&P 500
NKE
"* Performance of the S&P 500, S&P 500 Apparel, Accessories & Luxury Goods Index and NIKE
stock is calculated by comparing the total returns of each assuming the reinvestment of
dividends over the time period of 5/31/2019 to 5/31/2024.

A Fiscal 2020 reflects the material adverse impacts to NIKE, Inc.   s
Inc.'s business from COVID-19. Refer to Item 7. Management   s
Management's Discussion and Analysis of Financial Condition and Results of Operations in the
Company's
Company   s FY20 Annual Report on Form 10-K for additional information on the impacts of COVID-19 to the Company's
Company   s results.
FISCAL YEAR
YEAR 2024
2024
FISCAL

2024
NOTICE OF
ANNUAL
MEETING



shareholder letter icon 7/31/2024 Letter Continued (Full PDF)
 

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