Nike Inc (NYSE:NKE) Q3 2020 Earnings Conference Call - Final Transcript
Mar 24, 2020 • 05:00 pm ET
of COVID-19 very significantly across Asian and Latin American countries.
With that, let's turn to Greater China. While our full quarter results in Greater China were significantly impacted by COVID-19, it is worth providing some dimension. Our momentum in China continue to be extraordinary through mid-January. Our revenue growth was on track to exceed the expectations that we set 90 days ago, fueled by NIKE Digital. We launched the Nike App in China in Q3 and today, we already have 5 million Nike App downloads. And as John said, we're also seeing a spike in weekly average users on our activity apps as we inspire and enable consumers to engage in sport at home. We are now, as I said, through the recovery phase and into the normalization period in China.
Today, our digital commerce growth continues to accelerate with triple-digit growth in demand just this last week. Most of our stores and our partner stores are open. Retail traffic is significantly accelerating week-over-week and we're beginning to see a decline from the peak inventory levels we experienced. We are confident that Nike Greater China is on track to return to growth in fiscal year '21.
As we look ahead, we will not be providing financial guidance for Q4 due to the uncertainty resulting from the spread of COVID-19. For fiscal year 21 we have been planning performance in line with our long-term financial model. The year-over-year growth rate-based comparisons will no longer be meaningful. So, we'll share the approach that we're taking with respect to fiscal year '21 on our next earnings call.
All of that said, we are confident that executing our operational plan will position NIKE for a return to profitable capital efficient growth. That will happen over time as each country addresses COVID-19 at a different pace. But our confidence in the return to growth is founded on the relatively rapid recovery and early signs of normalization we are already seeing in China, Korea and Japan.
In these challenging times, NIKE's competitive advantages are showing up as extraordinary resilience. As we emerge from these challenges those same competitive advantages will show up as strength and brand distinction. Those unique strengths include NIKE's deep authentic connection to consumers, our pipeline of innovative products, our financial strength and capacity, our industry-leading digital capabilities, our strong partnerships and most importantly our talented and committed teams around the world. I would not trade NIKE's team or position with anybody.
With that, we'll now open up the call for questions.