You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: 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 questions to one.
In the event you have additional questions that are not covered by others, please feel free to requeue and we will do our best to come back to you.
Looking at Q4 and the full fiscal year we just concluded, our strong business results proved yet again NIKE's unique competitive advantage.
Our relentless focus on our objectives is clear and our strategy is working.
We're excited by the momentum we continue to see.
In Q4, we saw growth of over 95%, which translates to 19% growth for the fiscal year.
This full-year growth was led by our owned digital business, which is now more than double versus fiscal '19, prior to the pandemic.
I've said before, these are times when strong brands can get stronger.
And each quarter this reality becomes even more clear.
Today, we are better positioned to drive sustainable long-term growth than we were before the pandemic.
Our team has proven their ability to be unrelenting and executing against the macro complexities while also building the future.
We saw broad-based growth this quarter, led by North America at over 140%.
Greater China's currency-neutral growth of 9% was impacted amid marketplace dynamics with improving trends as we exited the quarter.
One of NIKE's strengths is our diverse global portfolio.
And through the power of that portfolio, we once again over delivered on our expectations for the quarter.
As we look ahead to fiscal '22, the opportunity ahead of us is significant.
We remain very confident in our long-term strategy and our growth outlook.
The structural tailwinds we discussed before, including the return to sport and permanent shifts in consumer behavior toward digital and health and wellness continue to create energy for us.
And we remain focused on our largest growth drivers, including our women's business, apparel, Jordan and international.
NIKE sets the pace through a continuous flow of new innovation, the world's greatest roster of athletes and compelling experiences for consumers that create lifelong relationships with our brand.
Our strengths and proven playbook give us the confidence to move even faster to invest even a more accelerated pace against the opportunities we see ahead.
As the world's largest athletic, footwear and apparel brand we take seriously our leadership position to promote sport participation and an active lifestyle through inspiration and innovation.
Our goal isn't merely to take market share.
Our goal is also to grow the entire market.
NIKE's growth has been and will continue to be the result of three areas I'll walk through today.
Connecting with consumers through compelling brand experiences across NIKE Jordan and Converse, driving product innovation against our greatest growth opportunities and expanding our digital advantage.
First, let's discuss how we serve consumers.
As sport continues to return, NIKE leads with our unique rich heritage and our deep roster of global superstars and up new comers who connect us with consumers everywhere.
Euro 2020 started two weeks ago with Cristiano Ronaldo becoming the leading scorer in Euros history.
England, France, Portugal and the Netherlands are among the teams with great momentum heading into the tournament's next stage.
And we're proud that more goals have been scored thus far wearing NIKE boots than all other brands combined.
On the club side, Chelsea won the Champions League on the men's side and Barcelona was the top team on the women's side.
In the US, the WNBA season is under way with the Seattle Storm in first place led by Sue Bird and Jewell Loyd.
And in the NBA, a captivating playoffs showcased our unmatched rosters of the game's greatest players across NIKE and Jordan including KD, LeBron, Luka, Jokic and several who are still in the hunt like Giannis, Chris Paul, Devin Booker, and Paul George.
And earlier this week, I was in Eugene for the US Track and Field trials and got to see incredible performances from Sha'Carri Richardson, Michael Norman, Ryan Crouser and many others.
We remain excited for the power of sport on full display during the Olympics and Paralympics in Tokyo this summer and in Beijing next year.
This authentic connection with consumers is also fueled by our belief in redefining how we open access to sports for consumers everywhere.
Our recent campaign Play New, launched in May kicking off our largest ever invitation to Gen Z and marking the ignition point of a month long rally around finding joy and movement in play.
We focus Play New on TikTok and Snapchat to show Gen Z apps, in their words sport is a change accelerator.
And their response has been remarkable.
The apps augmented reality lenses featuring yoga, dance, and [Indecipherable] led to more than 600 million Gen Z impressions in just the first two weeks.
Earlier I mentioned our goal to grow the market well by inspiring people to try something for the first time, we vastly expand the community of athletes.
And we continue to bring the emotion and power of our brand to life through our digital ecosystem, which is led by the sneakers out.
In Q4 sneakers grew over 90% in demand and saw nearly 80% growth in monthly active users.
We're now offering this growing audience of high-value members in almost daily flow of compelling content and product launches.
For Air Max Day in March, six different live stream events gave sneakers live its highest viewership ever.
So whether it's through sneakers live or user generated style inspiration, sneakers is the perfect intersection of content, community and commerce.
Moving to my second point, our relentless pipeline of innovative product continues to create separation between us and our competition.
Our product is fueled by sharp consumer insight supported by marketing data and analytics as we continue to invest in our digital transformation.
And through our new operating model, we are bringing more precision to the art of product creation as we blend the heart and science of innovation.
For Q4, let me touch on two great examples of how we're investing in our top growth opportunities, our women's business and Jordan brand.
We're investing and focused across the entire value chain to unlock the vast opportunity we see for women's.
For the full year, our women's business drove outsized growth of 22% versus the prior year.
And despite the tremendous momentum we're seeing in women's, we know that there is even greater growth ahead as we move even faster with our new organization structure and invest far more resources in serving women end-to-end.
For instance, in the marketplace, we continue to provide more compelling retail environment through our NIKE Live format.
In fact, this past year, we opened nine new NIKE Live doors, which offer personalized experiences and services for female consumers.
Our investments also mean a larger sharper focus on women's only insights, services and product innovation.
And we're already seeing this work come to life.
Consumer insight from our female consumer drove the new Pegasus 38, which kept the best cushioning innovations from this popular franchise while improving and tailoring comfort and fit that she wants.
The Peg 38 has sold extremely well and we continue to be energized by the potential we see in footwear for her.
For WNBA's 25th season this year, we created the most comprehensive player, team, and fan apparel collection in league history.
The new WNBA uniforms were completely reengineered to deliver the exact fit, movement, and comfort players said that they want from their Jersey and sport.
The players love them and consumers have agreed, with sales growth well above our expectations.
And that heightened demand extended to the larger product assortment with the WNBA 25th anniversary T selling out in one day.
This is just one example of how we drive energy for women's sport across the marketplace, as we remain excited by this enormous opportunity looking forward.
Next, let's discuss Jordan brand whose momentum continues to be driven by its unique blend of heritage and innovation as well as its deep connections to consumers and communities around the globe.
In fiscal '21, Jordan brand grew 31% propelling the business to nearly $5 billion.
This growth was driven by continued energy for Jordan's most coveted icons including the AJ1 and AJ11 as well as new product dimensions.
For example, Jordan's women's business nearly tripled in Q4, fueled by compelling product such as the flight essentials apparel collection.
We are also increasingly are excited about our delivery of exclusive access for women through [Indecipherable] AJ1, which drove over 40% female buyers, more than 10 points higher than average AJ1 buyer profile.
In Q4, Jordan also launched Zion Williamson's first signature shoe, the Zion 1 as well as the apparel collection.
As the first Gen Z signature shoe in Jordan brands history, Zion offers both transcended athletic possibility as well as a deep personal connection with fans.
The strong sell-through of Zion signature shoe collection demonstrates the continued love for Jordan brands roster of athletes all over the world.
Quickly looking to the summer in Tokyo.
In the next few weeks, we will be officially launching more of our Olympic product including our USA women's basketball and football uniforms, our four skateboarding Federation kits, and a new medal stand shoe featuring our hands-free FlyEase technology.
We're excited by the strong reaction we've seen for our Olympic product thus far.
And we're also thrilled to see our innovation continue to separate us.
In running, this includes our Vaporfly NEXT% 2 for distance runners as well as our best-in-class track spikes.
As you probably heard, our spikes are creating dominant performances at the US track and field trials, not just for NIKE athletes but competitor athletes as well.
From performance to the medal stand, to sustainability, we're excited for the world stage this summer in Tokyo to put a global spotlight on our advantage and innovation.
One final observation on innovation.
I recently got the chance to see the long-term product plans that our teams are developing against our new consumer construct of women's, men's, kids and Jordan, with sharpness against poor performance and sport lifestyle and I could not be more excited.
It's safe to say that we're more confident than ever in our product pipeline, as our focus on the consumer of the future drives our relentless innovation engine.
And as we start welcoming employees back to work in our new state-of-the-art design and innovation centers, I know that our innovation pace will only quicken as we reinvent what's possible.
My third and final point is increasing our digital advantage.
As I said earlier, our owned digital business has more than doubled over the past few years to over $9 billion.
And at the center of our digital ecosystem is our suite of apps, which in Q4 reflected over 40% of our owned digital business.
This is the result of deeper consumer connections fueled by compelling product and content.
A key differentiator for us is membership.
It has proven to be a compelling driver of repeat engagement and buying across digital and physical retail.
In Q4, we continue to see growth and member demand outpace total digital growth hitting a new record of $3 billion.
This member demand growth was underscored by strong results across the consumer funnel including member engagement, average order value and buying frequency.
In this fiscal year, we met the goals we set at our last Investor Day around membership of full year early and now have more than 300 million NIKE members.
More importantly buying member growth is outpacing new member growth, signaling progress on a deeper member led commerce funnel.
We're always looking to elevate our unique member proposition, whether that means expanding the number of member exclusive products or creating new and meaningful retail experiences through Member Days, our NIKE only retail moments.
And this engaging membership experience fuels a virtuous cycle feeding insight to product creation, inventory optimization and more.
Knowing and serving our members drives greater competitive separation.
Today, we're the clear leaders in our industry and we continue to see digital as our leading channel for growth in fiscal '22.
The combination of owned and partner digital revenue is now nearly 35% of our total business, more than three years ahead of our prior plan.
And we see no sign of this shift slowing.
In fact, we believe we will achieve 50% digital mix of business across owned and partnered in fiscal '25.
As part of our overall One Nike Marketplace, we are also actively engaged with our strategic wholesale partners who share our vision.
Today, we're working closely with large strategic partners like Dick's Sporting Goods, Foot Locker, and JD Sports, as well as compelling local neighborhood partners who are authentic to sport performance and lifestyle.
Together, we are driving change to create a new more connected and seamless experience for consumers around the world, which is exactly what consumers want.
It's a shift that speaks to our belief that the strong get stronger.
We're super charging how we serve consumers with convenience, innovation, content and services.
This is how we stay ahead of the pack and expand our lead.
We've all been through a lot this past year.
And at NIKE that's included store closures, supply chain challenges, digital transformation, a new accelerated strategy and more.
And throughout it all our team has delivered for our consumers and communities.
You've demonstrated creativity, teamwork, and resilience and you are the reason NIKE leads.
I've said it before and I'll say it again, the people of NIKE are our greatest competitive advantage.
They've delivered extraordinary results over the past year.
I also want to take a moment and recognize Andy Muir, this will be her last earnings call as Vice President of Investor Relations after recently becoming CFO of our Jordan Brand.
I wish you the best of luck in your new role, I know you'll do great.
And backfilling Andy in this role as Paul Trussell, who many of you already know.
Paul joins us from Deutsche Bank.
Now I'd like to begin today's call with a baseline on where we are in our recovery.
Just as we anticipated, NIKE is emerging from the pandemic stronger and better positioned to serve the consumer.
And the reason for this is clear.
NIKE's Consumer Direct Acceleration is fueling a deeper consumer connection with our brands and driving business results, although highlighting in greater strategic and financial opportunity ahead.
Over the past 15 months we have navigated through this challenging environment with outstanding execution of our operational playbook.
We have faced every challenge head on, focused on what we could control, all while keeping the consumer at the center.
These actions had help set a strong foundation for sustainable growth and profitability with business performance, now exceeding pre-pandemic levels.
In the fourth quarter, we delivered over $12 billion of reported revenue, our largest quarter ever.
Our NIKE Direct business is now approaching 40% of total NIKE brand revenue.
NIKE Digital represents 21% of total NIKE brand revenue, a milestone we have reached several years ahead of our prior plan.
And finally, our fiscal '21 EBIT margin reached 15.5%, reflecting more than 300 basis points of expansion when compared to fiscal '19.
These metrics now become the new baseline from which we expect to grow.
As we recover from the global pandemic, it is clear that our Consumer Direct Acceleration strategy is transforming NIKE's financial model.
So later on the call, I will share our financial outlook through fiscal year '25, reflecting a more direct member-centric business model.
However, first I would like to provide additional detail on our extraordinary fourth quarter results and operating segment performance.
NIKE Inc. revenue increased 96% and 88% on a currency neutral basis.
This was driven by strong wholesale shipments and NIKE owned store performance as we anniversary pandemic related store closures.
Even as physical retail reopened, we continue to see strong growth in NIKE Digital of 37% versus the prior year.
Gross margin increased 850 basis points versus the prior year, driven by favorable NIKE Direct margins and the anniversary of higher costs including actions taken to manage supply and demand in the face of the COVID-19 pandemic.
SG&A grew 17% versus the prior year due to higher levels of brand activity connected to return of sport.
Digital marketing to drive digital demand, technology investments to support our digital transformation and higher wage related expenses.
Our effective tax rate for the quarter was 18.6% compared to 1.7% for the same period last year due to decreased benefits from discrete items in the prior year and a shift in earnings mix primarily related to pandemic recovery.
Fourth quarter diluted earnings per share was $0.93 and full year diluted earnings per share was $3.56, up 123% versus the prior year.
Now let's move to our operating segments.
In North America, Q4 revenue grew 141%.
This also marked the first ever $5 billion quarter for North America, driven by notable improvements in full price sell through as the marketplace reopened and sport activity returned.
Demand for NIKE remained incredibly strong.
And as we expected, delayed revenue from the global supply chain disruption in the third quarter was recaptured during the fourth quarter.
NIKE Direct grew over 120% as NIKE owned stores returned to positive sales growth versus pre-pandemic levels.
More importantly, NIKE Digital grew over 50% while physical traffic continued to improve across the marketplace.
NIKE Direct performance was propelled by our members across both digital and physical retail.
Member demand nearly doubled versus the prior year and the number of buying members grew roughly 80%.
Across the total marketplace, we continue to see strong retail sales growth and consumer demand for our brands exceeding marketplace supply, with marketplace inventory down double digits versus the prior year.
NIKE owned inventory declined 7% with double-digit declines in closeout inventory.
In transit full price inventory remains elevated as we continue to experience longer end to end lead times for supply.
We expect supply chain delays and higher logistics costs to persist throughout much of fiscal '22.
In EMEA, Q4 revenue grew 107% on a currency neutral basis with strong growth across the region, including the UK and Ireland, France, Germany and Italy.
NIKE Direct grew 57% despite government restrictions requiring nearly half of our NIKE owned stores to remain closed for the first two months of the quarter.
In May, as restrictions eased, we saw a strong consumer response with incredible pent-up demand and this momentum has continued into June.
NIKE Digital grew nearly 30% versus the prior year.
Through our Member Days, we saw strong engagement with member demand outpacing total NIKE Direct revenue growth with all-time highs for female active members during Air Max week.
In the fourth quarter, we also expanded the NIKE mobile app to more than 10 new countries across the region.
During our last earnings call, I shared our expectation that inventory in EMEA would normalize in the first quarter of fiscal '22.
We have exceeded that goal due to stronger-than-anticipated consumer demand, ending fiscal '21 in a healthy and normalized inventory position.
In Greater China, Q4 revenue grew 9% on a currency neutral basis.
For the full year, Greater China delivered its seventh consecutive year of double-digit growth, demonstrating our consistent brand strength and commitment to serving the consumer.
NIKE Direct grew 2% in Q4, with strong growth in NIKE owned stores, partially offset by declines in NIKE Digital.
As John mentioned earlier, Q4 business results were impacted by marketplace dynamics.
After a strong March, our business in Greater China was impacted in April and we adjusted our operations by suspending marketing activities and product launches.
We then began to see a recovery trend improving to a single-digit decline in May and sequentially improving into June with month-to-date retail sales trends approaching prior year levels.
And for the 6.18 consumer movement, our flagship store on Tmall ranked number one driving the highest demand across the sports industry.
Building on our 40-year history in Greater China, we continue to invest in serving consumers with the best products NIKE has to offer in locally relevant ways.
We also continue to invest in the creation of a premium seamless consumer digital experience.
And supply chain capabilities and we plan to open a new digital technology center in Shenzhen to better serve Chinese consumers.
We have an experienced local team in Greater China who helped create our operational playbook at the beginning of the pandemic.
They have proactively managed marketplace supply and demand in order to navigate through these dynamics.
And we expect inventory to be normalized by the end of Q2.
Now moving to APLA.
Q4 revenue grew 76% on a currency neutral basis with growth across all territories led by Japan, SOKO and Mexico.
And Korea, grew double-digits this quarter on top of the 8% growth they delivered in the fourth quarter of last year.
NIKE Digital grew more than 50% enabled and amplified by our membership offense.
This was highlighted by Member Days, which drove all-time highs for member demand.
This momentum also extended to our marketplace partners in APLA as they returned to growth versus pre-pandemic levels and achieved their highest level of full price realizations, since the beginning of the pandemic.
During Golden Week in Japan, the Express Lane assortment was heavily influenced by member insights and delivered a sell-through rate that was two times the rate of the rest of NIKE Digital in Japan, showcasing the power of blending art and science that John referenced earlier.
APLA was the last geography to launch our Express Lane offense and we see significant opportunity to leverage these capabilities to drive deeper authentic consumer connections across the region.
Now, as we look ahead to fiscal '22 and beyond, I want to provide a new financial outlook through fiscal '25.
As we emerge from the pandemic accelerate our Consumer Direct Strategy and transform the operating model of the company.
First of all NIKE is a growth company and we expect to sustain strong revenue growth going forward.
This is based on the significant market opportunity that we see for our brands across the portfolio.
As well as our accelerated shift to a more direct member-centric business model.
As a result, we expect revenue growth to inflect upwards to a range of high single-digit to low double-digit growth on average.
With outsized marketplace opportunities in women's, apparel, Jordan, digital and international.
Growth will be led by NIKE Direct and our strategic marketplace partners.
Earlier I mentioned NIKE Direct is approaching 40% of our brand business today.
And we expect it to represent approximately 60% of the business in fiscal '25, led by growth in digital.
And as John said earlier, we expect owned and partnered digital to achieve 50% business mix in fiscal '25 with NIKE own digital to represent 40% of the business.
We will continue reshaping our wholesale business portfolio which includes divesting from undifferentiated retail, while investing in our strategic wholesale partners for healthy growth.
Overall, we expect wholesale revenue to remain roughly flat versus fiscal '21.
We will support partners who continue to authenticate our brand as well as those who have the scale to create a consistent premium digitally connected experience for consumers across the marketplace.
Our longer-term revenue outlook reflects higher growth expectations across several operating segments.
We will continue to leverage the power of our diverse global portfolio.
And we expect on average, North America to grow mid-single to high-single digits.
EMEA to grow high single-digits and APLA to grow low double-digits.
And with respect to Greater China, while marketplace dynamics still exist, we are optimistic that we can continue to grow low to mid-teens over the long term.
We remain committed to investing in the local consumer experience and inspiring the next generation of athletes in China.
We will continue to serve consumers with NIKE performance innovation and sports style product franchises, while also increasing local customization of style and fit for consumers.
For several quarters now, I've highlighted that the strategic and financial benefit of shifting to a higher mix of business through NIKE Direct led by digital and leveraging enhanced data and analytics capabilities to optimize inventory, drive higher full-price realization and lower digital fulfillment costs.
We now see gross margin rate reaching the high 40s by fiscal '25.
We will continue to reallocate resources and invest to enable our digital transformation and fuel the long-term growth and profitability opportunities that we see.
Having said that we expect to invest in SG&A at a rate that drives leverage versus pre-pandemic levels, which averaged roughly 32% to 33% of revenue.
As a result of all of this, we see our EBIT margin reaching high teens by fiscal '25 with earnings-per-share growth of mid to high-teens on average over this period.
As we drive toward a more direct business model we remain committed to create long-term value for our shareholders through serving consumers and sustaining our disciplined financial management.
We expect to deliver strong growth in free cash flow, maintain annual capital expenditures at roughly 3% of revenue, drive returns on invested capital above prior guidance at the low 30% range.
And deliver consistent returns to shareholders through dividends and share repurchases.
Now that I've discussed our updated financial outlook through fiscal '25, I will provide guidance for fiscal '22.
As I've already said, we entered the fiscal year, strong confident that our deep consumer connections and brand momentum will continue, despite being in a dynamic operating environment.
Our confidence is rooted in the fact that consumers in key cities rate NIKE as their favorite brand.
As retail sales continue to grow strongly on lean marketplace inventory and our organization is aligned against our new consumer construct, which will help us accelerate even faster against our largest growth opportunities.
In fiscal '22, we expect revenue to grow low double digits and surpassed $50 billion, reflecting strong consumer demand across our operating segments, as we lead with digital, scale NIKE owned physical retail concepts and grow with our strategic partners.
It's important to note as we normalize our post-pandemic business and continue to reshape the marketplace, we do not expect quarter-by-quarter growth to be linear.
Therefore, we expect first half growth to be slightly higher than second half growth.
We expect gross margin to expand 125 basis points to 150 basis points, reflecting our continued shift to a more profitable NIKE Direct business and sustained strong full price realization, partially offset by higher product costs, supply chain investments and the annualization of certain one-time benefits in fiscal '21.
Foreign exchange is estimated to be a tailwind of roughly 70 basis points.
We expect SG&A growth to slightly outpace revenue growth as we normalize spend with return to sport and more consistent store operating schedules as well as investments focused against our largest growth opportunities, which I've shared previously.
However, we do expect leverage relative to pre-pandemic rates of investment.
And last, we expect the fiscal '22 effective tax rate to be mid-teens.
As we begin our next fiscal year, NIKE continues to navigate through a dynamic and rapidly changing environment.
At the same time we are on the offense and accelerating our strategy to serve more consumers personally and at scale.
Our unmatched innovation continues to enable world-class athletes to reach new levels of performance has sport returns to the main stage.
Our product pipeline is strong, and we are even more deeply connected to consumers than before the pandemic.
We are building upon the strong foundation we set in fiscal '21 and accelerating our pace for the next leg of the race.
We have a clear vision for our brand, long-term future and we are focused on what it will take to get there.

user
nike q4 earnings per share $0.93.
q4 earnings per share $0.93.
gross margin for q4 increased 850 basis points to 45.8 percent.
q4 revenue growth was led by higher wholesale shipments.
q4 reported revenues were $12.3 billion, up 96 percent compared to prior year.
during q4 of 2021, nike, inc. resumed share repurchase activity.

assistant