Nike reports Q1 inventories down 5% at $8.3B

Reports Q1 gross margin up 120bps at 45.4%. Reports Q1 NIKE Brand Revenues $11.1B, down 10% on a reported basis and down 9% on a currency-neutral basis, “due to declines across all geographies”. NIKE Q1 Direct revenues were $4.7B , down 13% on a reported basis and down 12% on a currency-neutral basis, primarily due to a 20% decrease in NIKE Brand Digital, partially offset by a 1% increase in NIKE-owned stores. Wholesale revenues were $6.4B, down 8% on a reported basis and down 7% on a currency-neutral basis.