$NKE: Wholesale up 9%, Direct down 6%. Demand recovery or channel stuffing?

Nike’s latest numbers look like an early turnaround on the surface, but the underlying mechanics are mixed:

North American wholesale grew 9%, while Direct dropped 6%. Meanwhile, gross margin ticked up 60 bps, but absolute gross profit dollars shrank \~3%.

Restoring wholesale accounts explains the wholesale spike. But filling the channel is one thing; consumer pull-through is another. If Foot Locker and Dick's are just absorbing inventory that doesn't clear the floor, we're going to see margin erosion and canceled reorders down the road.

What I'm watching closely:

* Are retailers actually placing repeat orders, or was this a one-time shelf-restocking cycle?
* Is the traction in Performance broad enough to offset weakness in Lifestyle?
* Does management's margin discipline translate into actual gross profit dollar growth, or just lower supply-chain costs masking negative operating leverage?

Curious what you guys are looking for to confirm the bottom is actually in.

*(Did a quick balance-sheet and channel breakdown video here if anyone's interested: \[https://youtu.be/CCSN1ys0xJg\])*