She’s been in the league four years, so congratulations on beating years 1 through 3.
Also SHAI HAS A NEW SHOE.
Please look at the shoes and stop looking at the income statement.
The turnaround program is now called PACE.
Which is objectively hilarious because about a month ago everybody was asking how the he-l Nike still has an 18-month go-to-market timeline.
Analyst basically asked that exact question on the call:
“What are you doing about the 18-month timeline?”
We hit him with:
“Anyway, let me tell you about PACE.”
That was the quickest deflection of the entire earnings call.
PACE.
Because nothing says speed like taking a year and a half to get a shoe to market.
Part of PACE is simplifying the organization, removing layers and moving work closer to where it can be done faster.
Translation: your job is going to the new campus in India.
Good luck finding out where your shipment is when your entire supply-chain support team is asleep.
Also we’re going down to three geographies because apparently four geographies was simply too many geographies.
Did we mention Caitlin Clark yet?
“Removing layers.”
For anybody who has worked in corporate America, “removing layers” is not a strategy. That’s a warning.
We paid a small nation’s GDP for the German Football Federation, so now we have to make that sh-t work.
And somewhere in there was basically the realization that after backing up the Brinks truck for Germany, maybe Mbappé wasn’t in the budget anymore.
Notice what none of the analysts asked:
“So exactly how many people are getting laid off?”
Tells you everything you need to know about who the earnings call is actually for.
Overall guidance:
More pain before the gain.
Maybe FY28.
Maybe FY29.
Maybe FYNever.
But don’t worry.
PACE.
Caitlin Clark has a new shoe.
Shai has a new shoe.
Air Force 1s are back.
See y’all next quarter.