NIKE's deliberate channel rebalancing—shifting from discount-heavy digital to full-price wholesale—is restoring brand health and margin structure in its largest market. North America's 14% wholesale growth combined with 210bp gross margin expansion demonstrates that rebuilding wholesale partnerships can simultaneously drive volume and profitability, a playbook the company expects to replicate in other regions through December 2026.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedsix sentences · whole, uncut
the claims it rests on · in our words, not the filing’s