And that growth can be found in our core businesses: NIKE, Converse, Jordan and Hurley. In fact, at our last investor day meeting we shared a revenue target of $28 to $30 billion by the end of fiscal year 2015. I remain confident in that goal, even with our leaner portfolio of brands.*

WE ARE DESIGNED TO GROW.

When I started at this company we were still trying to make NIKE a $1 billion business. Things are different today. At the end of fiscal 2012...

Running alone is a $3.7 billion wholesale business, because we have emotional connections to those athletes.

China is a $2.5 billion geography, because young Chinese consumers understand our brands, and we understand them.

Converse is a $2.5 billion brand on a wholesale equivalent basis, because it does a great job of leveraging franchise products and inspiring youth culture.

Direct-to-Consumer is a $3.9 billion sales channel, because we create retail experiences that bring excitement to the marketplace.

Lunar cushioning is a $2 billion franchise at retail, because we know how to deliver real performance innovation and distinct style, and consumers appreciate that authenticity.

NIKE Free, one of our most popular franchise products, started in Running but now delivers almost half its revenue from outside the Running category. That’s the leverage model at its best.

All of these mega-businesses started out as simple ideas – opportunities to deliver profitable growth by exceeding consumers’ expectations through innovation. So we committed to these ideas, invested in them, and they continue to deliver new growth and potential.

This year we expanded NIKE+ into Basketball and Training, launched a new digital technology and community called the NIKE FuelBand, unveiled 32 new uniforms for the NFL, delivered our lightest, most sustainable kits for national football teams, and showed the world you could make most of a shoe upper with a single piece of thread through technology called Flyknit. These are just a few of the game-changing innovations we introduced in fiscal 2012, and we’re just getting started.

THE CATEGORY OFFENSE FUELS OUR GROWTH.

At NIKE, innovation comes from our focus on discrete parts of the business – Running, Global Football, Basketball, Men’s Training, Women’s Training, Action Sports and Sportswear. We call it our Category Offense. Our category teams live the lives of those athletes, mining for insights that help us innovate new ways to improve their performance and experience. And our geography teams bring these innovations to life at the local level, ensuring deep and meaningful connections with our consumers.

Revenue from Running alone was up 32 percent on the year. And that’s on top of a 30 percent jump the year before. Global Football increased 14 percent to pass $2 billion in revenue. And that’s before the 2012 Olympics and Euro Champs. Sportswear added $400 million in incremental revenue. And Men’s Training and Women’s Training grew 18 percent and 21 percent respectively. That’s the power of the Category Offense at work.

WE CREATE OPPORTUNITY BY REMAINING FOCUSED IN VOLATILE TIMES.

Looking ahead, we’ll continue to see uncertainty in the global economy. Commodity