Nike's (NKE) FQ3: Gross margin was 43.8%, down 200 bps Y/Y due to higher commodity costs, but up 110 bps Q/Q. SG&A expenses rose 10%, trailing revenue growth. Futures orders for products to be delivered between March and July totaled $9.4B, +15% Y/Y. North American sales +17%, China +21%, and other emerging markets +30%, offsetting weakness in Western Europe and Japan. $239M worth of shares were repurchased. NKE +1.1% AH
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