Superb results from Nike (NKE). Revenue grew by 6.7% including fx headwind and lapping World Cup surge in revenue last year. No fx excuses. NKE is delivering on all fronts. Direct-to-customer, DTC, revenue up 27% constant currency. North America up 14%, no port slow down excuses. Oh and fx hedges are going to add $50mm in other income per quarter for the next 4 quarters! NKE management is performing well. Margins up across the board, and guidance is for 50 bps improvement in gross margin in FY 2016. The only negative is the stock valuation which is elevated, but I still NKE. Management delivers with no excuses.