Key Highlights:   Revenue Decline: Total revenue down 8% (reported) and 9% (currency-neutral) to $12.4B. Nike Brand revenue dropped 7% (reported) and 8% (currency-neutral); Converse down 17% (reported) and 18% (currency-neutral). NIKE Direct (-13%) and Wholesale (-3%) channels declined; NIKE Brand Digital fell 21%. Gross Margin Compression: Gross margin decreased by 100 basis points to 43.6%, due to higher discounts and channel mix changes. Profitability Impact: Net income fell 26% to $1.2B; diluted EPS down 24% to $0.78. Operating income dropped 27%, from $1,900M to $1,392M. Re-energizing the Brand: New CEO Elliott Hill emphasizes a return to sport and reigniting brand momentum. Management is repositioning the business to drive long-term shareholder value. Expense Management: Selling and administrative expenses down 3%; demand creation expenses up 1%, reflecting a shift in marketing focus. Balance Sheet Stability: Inventories flat at $8B; cash and equivalents at $9.8B. Increased debt, with $1B in current long-term debt (from $0). Shareholder Returns: $1.1B in share repurchases and a 7% dividend increase in Q2. 23 consecutive years of dividend growth. Geographical Performance: Revenue declines in all regions: North America (-8%), EMEA (-7%), Greater China (-8%), and APAC/Latin America (-3%). Significant EBIT drops in Greater China (-27%) and Converse (-54%).