Overview

• Shares hover near $160 after a roughly 70% slide from the peak, leaving the stock at one of its lowest valuations in years.
• Americas revenue rose just 1% last quarter, with physical-store comparable sales down 3% on a constant-dollar basis.
• Rival performance in North America provides context, with Nike revenue down 11%, Adidas up 8%, and Athleta down 9% year over year.
• International momentum remained strong, including 24% constant-currency growth in China and 15% growth in markets outside China and North America.
• Revenue outside North America now accounts for about 30% of the business, supported by new flagship stores in China and Europe.