supported by experience-enhancing infrastructure investments. We know when consumers shop online they want a seamless, personalized, premium experience – and we deliver it on NIKE.com. While we’re proud of achieving the milestone of $1 billion in revenue for NIKE.com, we are only scratching the surface of what’s possible with e-commerce, which remains one of the company’s largest growth opportunities.



A WINNING TEAM



Finally, a critical element of NIKE’s success remains our management team. We spent fiscal 2015 preparing to say goodbye to our Chief Financial Officer, Don Blair, whose guidance of the company’s finances was steady and superior. I’m thankful to Don for his work creating a foundation of excellence, and I know his legacy will be continued by all those who worked with him. And, of course, soon after fiscal 2015 ended, another leadership change was announced: the start of the succession planning process for our Chairman, Phil Knight. Much more will be said about Phil’s eventual next steps, but I would be remiss if I didn’t salute our co-founder at the start of his considered transition.



Our deep bench of talented leaders serves as a reminder of how NIKE is always looking to the future. This is a leadership team completely aligned against driving NIKE’s biggest growth opportunities, in both our existing business and in new areas that we discover every day. NIKE is all about progress, because athletes are all about progress: the next goal, the next opportunity, the next triumph. As a company, we are always looking to expand the market through the right growth accelerators: digital platforms, advanced manufacturing, supply chain innovation and new partnerships. And throughout, we maintain a relentless focus on serving the consumer – anytime, anywhere.



As we look toward fiscal 2016 and beyond, NIKE faces a world of possibility. Every day a new chance for athletes to get better is unlocked. Every day a new way to make the consumer experience deeper is uncovered. Every day a new opportunity to serve our community is identified. The vast potential to innovate something amazing – not just in product, but in everything we do – is our greatest inspiration. Like athletes all over the globe, NIKE’s future holds nothing but limitless potential.



Thanks,



Mark Parker

President and Chief Executive Officer

NIKE, Inc.



Management’s Discussion and Analysis of Financial Condition and Results of Operations 

NIKE designs, develops, markets and sells athletic footwear, apparel, equipment, accessories and services worldwide. We are the largest seller of athletic footwear and apparel in the world. We sell our products to retail accounts, through NIKE-owned in-line and factory retail stores and NIKE- owned internet websites (which we refer to as our “Direct to Consumer” or “DTC” operations), and through a mix of independent distributors, licensees and sales representatives in virtually all countries around the world. Our goal is to deliver value to our shareholders by building a profitable global portfolio of branded footwear, apparel, equipment and accessories businesses. Our strategy is to achieve long-term revenue growth by creating