Dec 20 (Reuters) - Nike Inc
* CEO on conf call- "there are areas in the short-term where we haven't executed as precisely as we would have liked"
* CEO on conf call- scaling a process we call the express lane which allows us to go from creation to market in weeks instead of months.
* CEO on conf call- .in q12 direct to consumer business grew 23% with Nike. Com leading the way at 46%
* President on Nike Brands- the Apple Watch Nike Plus is selling well ahead of our plans
* President on Nike Brands- N.America inventory down 4%., "we continue to keep supply tight which you'll see reflected in futures"
* CFO- for the full year, continue to expect reported revenue growth in the high single-digit range
* CFO- FX headwinds from further strengthening of the u.s. Dollar have put downward pressure on our second half revenue forecast
* CFO- for Q3, expect reported revenue to grow squarely in the mid single-digit range
* CFO- expect q3 gross margin to contract by approximately 100 to 125 basis points driven primarily by fx.
* Ceo on conf call- "direct-to-consumer continues to be one of the greatest returns on investment"
* President on Nike Brands- "we're seeing incredible momentum in basketball, to be clear, basketball is back"
* President on Nike Brands- we expect a return to growth in nike basketball over the back half of the fiscal year
* CFO- now expect n. America to continue growing in second half of fiscal year with return to expanding gross margins and tighter inventory levels
* CFO- in second half of fiscal year 2017, N. America revenue growth will continue to outpace futures, will be coupled with a return to gross margin expansion
* CFO- currency neutral futures orders are growing 2%, driven by a 1% increase in units, with increases in average selling prices contributing the other one percentage point of growth Further company coverage: