8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):		September 25, 2017
NIKE, Inc.
(Exact name of registrant as specified in charter)
OREGON	1-10635	93-0584541
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
ONE BOWERMAN DRIVE BEAVERTON, OR		97005-6453
(Address of principal executive offices)		(Zip Code)
Registrant’s telephone number, including area code:		(503) 671-6453
NO CHANGE
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

r Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

r Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

r Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

r Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01 Regulation FD Disclosure

NIKE Brand Operating Segments

On June 15, 2017, NIKE, Inc. (the “Company” or “NIKE”) announced the Consumer Direct Offense, a new alignment designed to allow the Company to better serve the consumer personally, at scale. In connection with this new formation, NIKE, Inc. also announced the realignment of its NIKE Brand geographic operating segments into a new structure consisting of four geographies and communicated that financial results for the NIKE Brand will be reported based on these four operating segments beginning in fiscal 2018.

On September 25, 2017, the Company furnished changes to its financial disclosures in connection with its new reportable operating segments for the NIKE Brand which are: North America; Europe, Middle East & Africa (EMEA); Greater China; and Asia Pacific & Latin America (APLA). In addition, the Company recast certain historical financial information to reflect the new reportable operating segments which have been posted to its website located at http://investors.nike.com.

NIKE Inc.’s business model is evolving. Combined with previously communicated shifts the Company has been making toward direct, faster and closer to market business models, Futures Orders have become an increasingly less reliable indicator of NIKE Inc.’s future performance. Over the past year, the Company has accordingly clarified the lesser relevance of Futures Orders reporting. While Futures Orders remain an important element of the Company's supply chain, the Company has not recast reported Futures Orders in accordance with its new operating segments and, beginning with NIKE Inc.’s first quarter of fiscal 2018, will discontinue reporting Futures Orders in its financial disclosures.

Each NIKE Brand geographic segment operates predominantly in one industry; the design, development, marketing and selling of athletic footwear, apparel and equipment. NIKE Direct operations continue to be managed within each geographic operating segment. Converse continues to be a reportable segment and operates in one industry: the design, marketing, licensing and selling of casual sneakers, apparel and accessories.

Unaudited, Recast Operating Segment Data

Exhibits 99.2, 99.3 and 99.4 to this Current Report on Form 8-K provide unaudited summary financial information reflecting the realignment of the Company's operating segments described above on the Company’s historical segment results.

The changes in the segment structure discussed above in this Current Report on Form 8-K affect only the manner in which the results for the Company’s operating segments were previously reported. The recast historical segment information has no impact on the Company’s previously reported consolidated statements of income, balance sheets, statements of cash flows and statements of shareholders’ equity. The information in this Current Report on Form 8-K, including Exhibits 99.2, 99.3 and 99.4, should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2017, which was filed with the Securities and Exchange Commission on July 20, 2017.

The information in this Form 8-K, including the Exhibits hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

The following exhibits are furnished with this Form 8-K:

99.1 Press Release

99.2 Divisional Revenues (Unaudited)

99.3 Supplemental NIKE Brand Geography Revenue Details (Unaudited)

99.4 Earnings Before Interest and Taxes (Unaudited)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		NIKE, Inc. (Registrant)
Date:	September 25, 2017	By:	/s/   Andrew Campion
			Andrew Campion
			Chief Financial Officer

Exhibit Index

Exhibit No.	Exhibit
99.1	Press Release
99.2	Divisional Revenues (Unaudited)
99.3	Supplemental NIKE Brand Geography Revenue Details (Unaudited)
99.4	Earnings Before Interest and Taxes (Unaudited)

EX-99.1

Investor Contact:	Media Contact:
Nitesh Sharan	Kellie Leonard
(503) 532-2828	(503) 671-6171

NIKE, INC. RECASTS SEGMENT FINANCIALS IN CONNECTION WITH THE CONSUMER DIRECT OFFENSE

BEAVERTON, Ore., Sept. 25, 2017 - On June 15, 2017, NIKE, Inc. (NYSE: NKE) announced the Consumer Direct Offense, a new Company alignment designed to allow NIKE to better serve the consumer personally, at scale. In connection with this new formation, NIKE, Inc. also announced the realignment of its NIKE Brand geographic operating segments into a new structure consisting of four geographies and communicated that financial results for the NIKE Brand will be reported based on these four operating segments beginning in fiscal 2018.

On September 25, 2017, the Company furnished changes to its financial disclosures in connection with its new reportable operating segments for the NIKE Brand which are: North America; Europe, Middle East & Africa (EMEA); Greater China; and Asia Pacific & Latin America (APLA). In addition, the Company recast certain historical financial information to reflect the new reportable operating segments which will be posted to its website located at http://investors.nike.com.

NIKE, Inc.’s business model is evolving. Combined with previously communicated shifts the Company has been making toward direct, faster and closer to market business models, Futures Orders have become an increasingly less reliable indicator of NIKE, Inc.’s future performance. Over the past year, the Company has accordingly clarified the lesser relevance of Futures Orders reporting. While Futures Orders remain an important element of the Company's supply chain, the Company has not recast reported Futures Orders in accordance with its new operating segments and, beginning with NIKE, Inc.’s first quarter of fiscal 2018, will discontinue reporting Futures Orders in its financial disclosures.

Each NIKE Brand geographic segment operates predominantly in one industry; the design, development, marketing and selling of athletic footwear, apparel and equipment. NIKE Direct operations continue to be managed within each geographic operating segment. Converse continues to be a reportable segment and operates in one industry: the design, marketing, licensing and selling of casual sneakers, apparel and accessories. The changes in the segment structure discussed above affect only the manner in which the results for the Company’s operating segments were previously reported. The recast historical segment information has no impact on the Company’s previously reported consolidated statements of income, balance sheets, statements of cash flows and statements of shareholders’ equity.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly-owned NIKE, Inc. subsidiary brands include Converse, which designs, markets and distributes athletic lifestyle footwear, apparel and accessories; and Hurley, which designs, markets and distributes surf and youth lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at http://investors.nike.com. Individuals can also visit http://news.nike.com and follow @NIKE.

EX-99.2

NIKE, Inc.
DIVISIONAL REVENUES1
(Unaudited)
						% Change		% Change Excluding Currency Changes2							% Change		% Change Excluding Currency Changes2							% Change		% Change Excluding Currency Changes2							% Change		% Change Excluding Currency Changes2							% Change		% Change Excluding Currency Changes2
	1st Quarter									2nd Quarter									3rd Quarter									4th Quarter									Full Year
(Dollars in millions)	2017		2016							2017		2016							2017		2016							2017			2016						2017		2016
North America
Footwear	$	2,518	$	2,366		6	%	7	%	$	2,219	$	2,162		3	%	3	%	$	2,490	$	2,404		4	%	3	%	$	2,457		$	2,367	4	%	4	%	$	9,684	$	9,299		4	%	4	%
Apparel	1,317		1,247			6	%	6	%	1,273		1,221			4	%	4	%	1,154		1,115			3	%	3	%	1,142			1,163		-2	%	-2	%	4,886		4,746			3	%	3	%
Equipment	196		186			5	%	5	%	158		164			-4	%	-3	%	138		164			-16	%	-16	%	154			205		-25	%	-25	%	646		719			-10	%	-10	%
Total	4,031		3,799			6	%	6	%	3,650		3,547			3	%	3	%	3,782		3,683			3	%	3	%	3,753			3,735		0	%	1	%	15,216		14,764			3	%	3	%
Europe, Middle East & Africa
Footwear	1,457		1,409			3	%	7	%	1,116		1,086			3	%	7	%	1,271		1,257			1	%	6	%	1,348			1,291		4	%	11	%	5,192		5,043			3	%	8	%
Apparel	684		583			17	%	22	%	588		534			10	%	16	%	566		507			12	%	17	%	557			525		6	%	12	%	2,395		2,149			11	%	17	%
Equipment	121		112			8	%	12	%	88		87			1	%	7	%	88		89			-1	%	4	%	86			88		-2	%	3	%	383		376			2	%	7	%
Total	2,262		2,104			8	%	11	%	1,792		1,707			5	%	10	%	1,925		1,853			4	%	9	%	1,991			1,904		5	%	11	%	7,970		7,568			5	%	10	%
Greater China
Footwear	710		599			19	%	25	%	669		600			12	%	16	%	776		719			8	%	14	%	765			681		12	%	18	%	2,920		2,599			12	%	18	%
Apparel	269		246			9	%	15	%	355		306			16	%	21	%	271		235			15	%	22	%	293			268		9	%	14	%	1,188		1,055			13	%	18	%
Equipment	41		41			0	%	4	%	31		32			-3	%	3	%	28		28			0	%	7	%	29			30		-3	%	-3	%	129		131			-2	%	3	%
Total	1,020		886			15	%	21	%	1,055		938			12	%	17	%	1,075		982			9	%	15	%	1,087			979		11	%	16	%	4,237		3,785			12	%	17	%
Asia Pacific & Latin America
Footwear	787		749			5	%	13	%	818		744			10	%	14	%	777		694			12	%	15	%	903			743		22	%	20	%	3,285		2,930			12	%	16	%
Apparel	279		265			5	%	15	%	319		301			6	%	7	%	278		267			4	%	8	%	309			284		9	%	8	%	1,185		1,117			6	%	9	%
Equipment	65		69			-6	%	-4	%	69		62			11	%	11	%	67		71			-6	%	-6	%	66			68		-3	%	-3	%	267		270			-1	%	-1	%
Total	1,131		1,083			4	%	12	%	1,206		1,107			9	%	11	%	1,122		1,032			9	%	11	%	1,278			1,095		17	%	15	%	4,737		4,317			10	%	13	%
Global Brand Divisions3	15		26			-42	%	-30	%	21		18			17	%	17	%	19		17			12	%	12	%	18			12		50	%	68	%	73		73			0	%	2	%
TOTAL NIKE BRAND	8,459		7,898			7	%	10	%	7,724		7,317			6	%	8	%	7,923		7,567			5	%	7	%	8,127			7,725		5	%	7	%	32,233		30,507			6	%	8	%
Converse	574		555			3	%	4	%	416		398			5	%	5	%	498		489			2	%	3	%	554			513		8	%	10	%	2,042		1,955			4	%	6	%
Corporate4	28		(39		)	—		—		40		(29		)	—		—		11		(24		)	—		—		(4		)	6		—		—		75		(86		)	—		—
TOTAL NIKE, INC. REVENUES	$	9,061	$	8,414		8	%	10	%	$	8,180	$	7,686		6	%	8	%	$	8,432	$	8,032		5	%	7	%	$	8,677		$	8,244	5	%	7	%	$	34,350	$	32,376		6	%	8	%
TOTAL NIKE BRAND
Footwear	$	5,472	$	5,123		7	%	10	%	$	4,822	$	4,592		5	%	7	%	$	5,314	$	5,074		5	%	7	%	$	5,473		$	5,082	8	%	10	%	$	21,081	$	19,871		6	%	8	%
Apparel	2,549		2,341			9	%	12	%	2,535		2,362			7	%	9	%	2,269		2,124			7	%	9	%	2,301			2,240		3	%	4	%	9,654		9,067			6	%	9	%
Equipment	423		408			4	%	6	%	346		345			0	%	2	%	321		352			-9	%	-7	%	335			391		-14	%	-14	%	1,425		1,496			-5	%	-3	%
Global Brand Divisions3	15		26			-42	%	-30	%	21		18			17	%	17	%	19		17			12	%	12	%	18			12		50	%	68	%	73		73			0	%	2	%
TOTAL NIKE BRAND REVENUES	$	8,459	$	7,898		7	%	10	%	$	7,724	$	7,317		6	%	8	%	$	7,923	$	7,567		5	%	7	%	$	8,127		$	7,725	5	%	7	%	$	32,233	$	30,507		6	%	8	%
1 Certain prior year amounts have been recast to conform to fiscal 2018 presentation. This includes recast operating segment data to reflect the changes in the Company's operating structure, which became effective June 1, 2017. These changes had no impact on previously reported consolidated results of operations or shareholders' equity.
2 The percentage change has been calculated using actual exchange rates in use during the comparative prior year period to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure.
3 Global Brand Divisions revenues are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment.
4 Corporate revenues primarily consist of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through our central foreign exchange risk management program.

EX-99.3

NIKE, Inc.
SUPPLEMENTAL NIKE BRAND GEOGRAPHY REVENUE DETAILS1
(Unaudited)
					% Change		% Change Excluding Currency Changes2						% Change		% Change Excluding Currency Changes2						% Change		% Change Excluding Currency Changes2						% Change		% Change Excluding Currency Changes2						% Change		% Change Excluding Currency Changes2
	1st Quarter								2nd Quarter								3rd Quarter								4th Quarter								Full Year
(Dollars in millions)	2017		2016						2017		2016						2017		2016						2017		2016						2017		2016
North America
Sales to Wholesale Customers	$	2,824	$	2,749	3	%	3	%	$	2,637	$	2,678	-2	%	-1	%	$	2,650	$	2,597	2	%	2	%	$	2,645	$	2,650	0	%	0	%	$	10,756	$	10,674	1	%	1	%
Sales through NIKE Direct	1,207		1,050		15	%	15	%	1,013		869		17	%	17	%	1,132		1,086		4	%	4	%	1,108		1,085		2	%	2	%	4,460		4,090		9	%	9	%
Total	4,031		3,799		6	%	6	%	3,650		3,547		3	%	3	%	3,782		3,683		3	%	3	%	3,753		3,735		0	%	1	%	15,216		14,764		3	%	3	%
Europe, Middle East & Africa
Sales to Wholesale Customers	1,733		1,686		3	%	6	%	1,313		1,329		-1	%	3	%	1,428		1,434		0	%	4	%	1,443		1,420		2	%	7	%	5,917		5,869		1	%	5	%
Sales through NIKE Direct	529		418		27	%	30	%	479		378		27	%	33	%	497		419		19	%	25	%	548		484		13	%	20	%	2,053		1,699		21	%	27	%
Total	2,262		2,104		8	%	11	%	1,792		1,707		5	%	10	%	1,925		1,853		4	%	9	%	1,991		1,904		5	%	11	%	7,970		7,568		5	%	10	%
Greater China
Sales to Wholesale Customers	695		634		10	%	15	%	673		657		2	%	6	%	703		672		5	%	10	%	703		660		7	%	11	%	2,774		2,623		6	%	11	%
Sales through NIKE Direct	325		252		29	%	37	%	382		281		36	%	42	%	372		310		20	%	27	%	384		319		20	%	26	%	1,463		1,162		26	%	32	%
Total	1,020		886		15	%	21	%	1,055		938		12	%	17	%	1,075		982		9	%	15	%	1,087		979		11	%	16	%	4,237		3,785		12	%	17	%
Asia Pacific & Latin America
Sales to Wholesale Customers	887		871		2	%	11	%	936		894		5	%	9	%	837		790		6	%	10	%	971		856		13	%	12	%	3,631		3,411		6	%	10	%
Sales through NIKE Direct	244		212		15	%	20	%	270		213		27	%	23	%	285		242		18	%	18	%	307		239		28	%	25	%	1,106		906		22	%	21	%
Total	1,131		1,083		4	%	12	%	1,206		1,107		9	%	11	%	1,122		1,032		9	%	11	%	1,278		1,095		17	%	15	%	4,737		4,317		10	%	13	%
Global Brand Divisions3	15		26		-42	%	-30	%	21		18		17	%	17	%	19		17		12	%	12	%	18		12		50	%	68	%	73		73		0	%	2	%
TOTAL NIKE BRAND REVENUES	$	8,459	$	7,898	7	%	10	%	$	7,724	$	7,317	6	%	8	%	$	7,923	$	7,567	5	%	7	%	$	8,127	$	7,725	5	%	7	%	$	32,233	$	30,507	6	%	8	%
TOTAL NIKE BRAND
Sales to Wholesale Customers	$	6,139	$	5,940	3	%	6	%	$	5,559	$	5,558	0	%	2	%	$	5,618	$	5,493	2	%	5	%	$	5,762	$	5,586	3	%	5	%	$	23,078	$	22,577	2	%	5	%
Sales through NIKE Direct	2,305		1,932		19	%	22	%	2,144		1,741		23	%	25	%	2,286		2,057		11	%	13	%	2,347		2,127		10	%	12	%	9,082		7,857		16	%	18	%
Global Brand Divisions3	15		26		-42	%	-30	%	21		18		17	%	17	%	19		17		12	%	12	%	18		12		50	%	68	%	73		73		0	%	2	%
TOTAL NIKE BRAND REVENUES	$	8,459	$	7,898	7	%	10	%	$	7,724	$	7,317	6	%	8	%	$	7,923	$	7,567	5	%	7	%	$	8,127	$	7,725	5	%	7	%	$	32,233	$	30,507	6	%	8	%
1 Certain prior year amounts have been recast to conform to fiscal 2018 presentation. This includes recast operating segment data to reflect the changes in the Company's operating structure, which became effective June 1, 2017. These changes had no impact on previously reported consolidated results of operations or shareholders' equity.
2 The percentage change has been calculated using actual exchange rates in use during the comparative prior year period to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure.
3 Global Brand Divisions revenues are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment.

EX-99.4

NIKE, Inc.
EARNINGS BEFORE INTEREST AND TAXES1,2
(Unaudited)
	1st Quarter						% Change		2nd Quarter						% Change		3rd Quarter						% Change		4th Quarter						% Change		Full Year						% Change
(Dollars in millions)	2017			2016					2017			2016					2017			2016					2017			2016					2017			2016
North America	$	1,004		$	1,042		-4	%	$	912		$	882		3	%	$	980		$	903		9	%	$	979		$	936		5	%	$	3,875		$	3,763		3	%
Europe, Middle East & Africa	485			597			-19	%	313			407			-23	%	361			415			-13	%	348			368			-5	%	1,507			1,787			-16	%
Greater China	371			330			12	%	375			327			15	%	381			358			6	%	380			357			6	%	1,507			1,372			10	%
Asia Pacific & Latin America	209			280			-25	%	266			264			1	%	228			226			1	%	277			232			19	%	980			1,002			-2	%
Global Brand Divisions3	(771		)	(624		)	-24	%	(619		)	(625		)	1	%	(598		)	(625		)	4	%	(689		)	(722		)	5	%	(2,677		)	(2,596		)	-3	%
TOTAL NIKE BRAND	1,298			1,625			-20	%	1,247			1,255			-1	%	1,352			1,277			6	%	1,295			1,171			11	%	5,192			5,328			-3	%
Converse	153			147			4	%	78			85			-8	%	109			127			-14	%	137			128			7	%	477			487			-2	%
Corporate4	(163		)	(323		)	50	%	(196		)	(365		)	46	%	(119		)	(264		)	55	%	(246		)	(221		)	-11	%	(724		)	(1,173		)	38	%
TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES	1,288			1,449			-11	%	1,129			975			16	%	1,342			1,140			18	%	1,186			1,078			10	%	4,945			4,642			7	%
Interest expense (income), net	7			4			—		15			5			—		19			5			—		18			5			—		59			19			—
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES	$	1,281		$	1,445		-11	%	$	1,114		$	970		15	%	$	1,323		$	1,135		17	%	$	1,168		$	1,073		9	%	$	4,886		$	4,623		6	%
1 The Company evaluates performance of individual operating segments based on earnings before interest and taxes (commonly referred to as “EBIT”), which represents net income before interest expense (income), net and income tax expense.
2 Certain prior year amounts have been recast to conform to fiscal 2018 presentation. This includes recast operating segment data to reflect the changes in the Company's operating structure, which became effective June 1, 2017. These changes had no impact on previously reported consolidated results of operations or shareholders' equity.
3 Global Brand Divisions primarily represent demand creation, operating overhead and product creation and design expenses that are centrally managed for the NIKE Brand. Revenues for Global Brand Divisions are primarily attributable to NIKE Brand licensing businesses that are not part of a geographic operating segment.
4 Corporate consists largely of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses.