For its full fiscal year, Nike's revenue was $51.2 billion, up 10% compared to the prior year. Nike's gross margins fell 1.4 percentage points during the fourth quarter to 43.6%, contributing to the earnings miss. For the last several quarters, Nike has grappled with bloated inventory levels, which have also weighed on its margins. But quarter over quarter, Nike offloaded about $400 million in inventories. Nike has been relying on its wholesale partners to reduce inventory levels.

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Persons: Refinitiv, Friend, Matthew Friend, Neil Saunders, Saunders, we're, Macy's, Macy's hasn't, John Donahoe, Donahoe Organizations: Nike, Refinitiv, Nike's Locations: China