Core Insights - Nike is increasing prices for US customers to counter an anticipated $1 billion cost increase due to tariffs [1][4] - The price hikes will be implemented in a phased manner starting in the fall, although specific products and price changes were not detailed [2][4] - Nike's strategy to mitigate tariff costs includes diversifying sourcing and reducing reliance on China, with expectations that the share of footwear imported from China will decrease from 16% to the high single digits by the end of fiscal year 2026 [3][4] Financial Performance - Nike's revenue for the fiscal year 2025 decreased by 10% year over year to approximately $46 million, but it exceeded Wall Street's expectations for quarterly sales and profit [4] - The company anticipates that the impact of tariffs will be most significant in the first half of fiscal year 2026 [4] Leadership and Strategy - CEO Elliott Hill, who has been in charge for about eight months, is focusing on revitalizing the company by reducing promotional sales, enhancing wholesale relationships, and prioritizing sports in its strategy [5]

Core Insights - Nike plans to reduce its dependence on production in China to lessen the impact of US tariffs, forecasting a smaller revenue drop in the first quarter than analysts expected, resulting in an 11% increase in its shares during extended trading [1][4][12] Company Strategy - The company aims to decrease the percentage of shoes imported from China from approximately 16% to a "high single-digit percentage range" by the end of May 2026 by shifting production to other countries [4][10] - Nike will optimize its sourcing mix and adjust production allocation across different countries to mitigate the cost impact of tariffs [5] - The company is also evaluating corporate cost reductions and has already announced price increases to partially offset the tariff effects [5][6] Financial Performance - Nike reported a smaller-than-expected revenue drop of 12% in the fourth quarter, totaling $11.10 billion, compared to analysts' expectations of a 14.9% decline to $10.72 billion [12] - The forecast for first-quarter revenue is expected to fall in the mid-single digits, slightly better than the anticipated 7.3% drop, attributed to a renewed focus on product innovation and marketing [7] Market Position - The running category has returned to growth, with significant investments in running shoes like Pegasus and Vomero, while production of other sneaker lines has been scaled back [7] - Under the new CEO Elliott Hill, Nike is increasing its marketing spending by 15% year-on-year, focusing on sports-related promotions [9]

Core Viewpoint - Nike's fourth-quarter financial results show a revenue decline of 12% year-over-year, but the results exceeded market expectations, indicating a potential stabilization in sales trends despite ongoing challenges [1][2]. Financial Performance - Nike reported a revenue of $11.1 billion for the fourth quarter, which is 3.8% higher than the market forecast of $10.72 billion [1]. - Adjusted earnings per share fell by 86% to $0.14, yet this was slightly above expectations by 2 cents [1]. - Gross margin contracted by 440 basis points, slightly better than the anticipated 403 basis points decline [1]. Market Dynamics - Sales in North America, Greater China, and Europe, the Middle East, and Africa experienced double-digit declines, but the actual declines were within expected ranges [1]. - Direct sales fell by 14%, which was greater than the 9% decline in wholesale channels, indicating a shift in consumer behavior back towards distributor channels [2]. Product Category Performance - Footwear led revenue with $7.2 billion, despite a 13% decline, outperforming apparel and equipment categories [2]. - Apparel revenue decreased by 10% to $3 billion, while equipment revenue fell by 2% to $567 million [2]. Strategic Initiatives - CEO Elliott Hill emphasized a restructuring strategy focusing on digital capabilities, global supply chain optimization, and core category innovation [1]. - The company aims to reduce reliance on Chinese production to mitigate the impact of U.S. tariffs, targeting a reduction of Chinese imports to a "high single-digit percentage" by May 2026 [3]. Cost Management - CFO Matthew Friend acknowledged the challenges faced in the fourth quarter but noted improvements in key operational metrics [2]. - The company plans to evaluate cost-cutting measures in response to tariff impacts and has announced price increases on some products in the U.S. [3]. Market Reaction - Following the executives' comments, Nike's stock rose over 10% in after-hours trading [4].

Company Performance - Nike reported fiscal Q4 earnings of $0.14 per share, exceeding expectations by $0.02, marking the eighth consecutive quarter of beating estimates [5] - Revenues for Nike in Q4 were $11.1 billion, although this represents a decline from $12.61 billion in the same quarter last year [5] - Full-year revenues for Nike totaled $46.3 billion, which was above the Zacks consensus but still down 10% year over year [6] - North America revenues for Nike decreased by 11% year over year, a trend that was consistent across all global regions [6] - Despite a strong trading day with a gain of 2.8%, Nike shares fell by 1.6% following the earnings announcement [6] Market Overview - The stock market is showing resilience, with all markets except the small-cap Russell 2000 up for the year, and the S&P 500 nearing all-time highs [2] - The AI sector is experiencing a resurgence, with companies like NVIDIA and Palantir reaching new record highs [2] - The White House indicated that the July 9th deadline on reciprocal tariffs is "not critical," which has alleviated concerns among investors [3] - Continuing Jobless Claims have worsened, suggesting a weakening labor market, which may prompt the Federal Reserve to consider cutting interest rates [4] Economic Indicators - Upcoming Personal Consumption Expenditures (PCE) data is anticipated, with year-over-year projections of 2.3% growth and 2.6% on core PCE, close to the Fed's inflation target of 2.0% [7]

Core Insights - The Trump administration's tariffs could cost Nike $1 billion if maintained at current levels, representing a significant cost headwind for the company [1] - Nike plans to reduce its reliance on Chinese imports from approximately 16% to a "high single-digit range" by the end of fiscal 2026 through reallocating supply lines [2] - The company is implementing price increases in the U.S. as part of its seasonal planning while also considering corporate cost cuts to mitigate the impact of tariffs [2][3] Financial Performance - Nike reported better-than-expected results for its fiscal fourth quarter, indicating progress in its turnaround plan under CEO Elliott Hill [3] - Following the earnings report, Nike's shares increased by 9% in extended trading, although they were down about 17% for 2025 through Thursday's close [3]

Core Insights - Nike reported revenue of $11.1 billion for the quarter ended May 2025, a decrease of 12% year-over-year, with EPS at $0.14 compared to $1.01 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $10.72 billion by 3.56%, and the EPS surpassed the consensus estimate of $0.12 by 16.67% [1] Financial Performance - Nike's shares returned -1.5% over the past month, while the Zacks S&P 500 composite increased by 5.1% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3] Geographic Revenue Breakdown - Asia Pacific & Latin America: $1.58 billion, exceeding the estimate of $1.50 billion, with a year-over-year change of -7.6% [4] - Greater China: $1.48 billion, matching the estimate, with a year-over-year decline of -20.8% [4] - Europe, Middle East and Africa: $3 billion, surpassing the estimate of $2.84 billion, with a year-over-year change of -8.9% [4] - North America: $4.70 billion, above the estimate of $4.48 billion, reflecting a -10.9% year-over-year change [4] - Total Nike Brand: $10.76 billion, exceeding the estimate of $10.34 billion, with a year-over-year change of -11.4% [4] Segment Revenue Performance - Greater China Equipment: $30 million, below the estimate of $43.42 million, with a year-over-year decline of -34.8% [4] - Converse: $357 million, below the estimate of $428.77 million, with a year-over-year change of -25.6% [4] - Global Brand Divisions: $9 million, compared to the estimate of $11.51 million, with a year-over-year change of -18.2% [4] - Corporate: -$23 million, slightly worse than the estimate of -$21.23 million, with no year-over-year change [4] - Footwear: $7.19 billion, exceeding the estimate of $6.84 billion, with a year-over-year change of -12.8% [4] - Equipment: $567 million, above the estimate of $550.19 million, with a year-over-year change of -1.9% [4] - Apparel: $3 billion, surpassing the estimate of $2.94 billion, with a year-over-year change of -9.7% [4]

Core Viewpoint - Nike reported quarterly earnings of $0.14 per share, exceeding the Zacks Consensus Estimate of $0.12 per share, but down from $1.01 per share a year ago, indicating a significant decline in profitability [1] - The company achieved revenues of $11.1 billion for the quarter, surpassing the Zacks Consensus Estimate by 3.56%, but down from $12.61 billion year-over-year [2] Financial Performance - Nike's earnings surprise was +16.67% for the recent quarter, and it has surpassed consensus EPS estimates in all four of the last quarters [1][2] - The company has topped consensus revenue estimates three times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $10.74 billion, and for the current fiscal year, it is $1.82 on revenues of $45.21 billion [7] Stock Performance and Outlook - Nike shares have declined approximately 19.6% since the beginning of the year, contrasting with the S&P 500's gain of 3.6% [3] - The company's Zacks Rank is currently 3 (Hold), indicating expected performance in line with the market in the near future [6] - The outlook for the Shoes and Retail Apparel industry is weak, currently ranking in the bottom 15% of over 250 Zacks industries, which may impact Nike's stock performance [8]

Financial Data and Key Metrics Changes - For Q4, revenues decreased by 12% on a reported basis and 11% on a currency-neutral basis [30] - Nike Direct revenues fell by 14%, with Nike Digital declining by 26% and Nike Stores increasing by 2% [30] - Gross margins declined by 440 basis points to 40.3% due to higher wholesale discounts and supply chain cost deleverage [30] - Earnings per share was $0.14, with full-year revenue down 10% on a reported basis [31] Business Line Data and Key Metrics Changes - In running, overall growth was high single digits, driven by the Bovero 18, which became a $100 million franchise [21] - Women's basketball business expanded over 50% this fiscal year, highlighted by the successful launch of Asia Wilson's signature collection [22] - Sportswear saw continued strength through products like P6000 and Vomero 5, while classic footwear franchises experienced significant declines [22][49] Market Data and Key Metrics Changes - North America Q4 revenue declined by 11%, with Nike Direct down 14% and wholesale down 8% [33] - EMEA Q4 revenue declined by 10%, with Nike Direct down 19% and wholesale down 4% [35] - Greater China Q4 revenue declined by 20%, with significant challenges in traffic and inventory management [38] Company Strategy and Development Direction - The company is focusing on a "sport offense" strategy, organizing teams by sport to drive innovation and consumer engagement [13][64] - Plans to clean up the marketplace and reposition Nike Digital as a full-price model are underway, with expectations for a healthier inventory by the end of H1 FY26 [45][50] - A new partnership with Amazon aims to expand distribution and enhance brand presence in the digital marketplace [19][96] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q4 results were not up to Nike's standards but expressed optimism about the impact of the WinNow actions [8][28] - The company expects headwinds to revenue and gross margin to moderate moving forward, with a clear path to recovery anticipated [29][47] - Management emphasized the importance of inspiring and innovating for consumers, aiming for sustainable growth [26][51] Other Important Information - The company is facing new tariffs that are expected to increase costs by approximately $1 billion, with plans to mitigate this impact over time [46] - Inventory remains elevated but is being managed down, with a focus on exiting H1 FY26 in a healthy position [32][50] Q&A Session Summary Question: Can you elaborate on the accelerated actions under your sport offense realignment? - The company is organizing into sport-obsessed teams to drive innovative product flow across all brands, focusing on performance and sportswear [64][65] Question: What is the expected cadence of revenues this year? - Revenue is expected to be down mid-single digits in Q1, reflecting ongoing challenges with classic footwear franchises and inventory liquidation [72][73] Question: How is the cleanup of the marketplace progressing? - The company remains on track for a healthy marketplace by the end of H1 FY26, with significant progress in managing classic footwear franchises [78] Question: What is the impact of tariffs on Q1? - The first quarter will see a larger impact from tariffs, but the company is confident in its ability to mitigate these costs over time [80] Question: Can you discuss the competitive environment in China? - The company is working to refresh the monobrand marketplace in China, which will take time due to unique market characteristics [40][104]

Financial Data and Key Metrics Changes - For Q4, revenues decreased by 12% on a reported basis and 11% on a currency-neutral basis [28] - Gross margins declined by 440 basis points to 40.3% due to higher wholesale discounts and supply chain cost deleverage [28] - Earnings per share was $0.14, with full-year revenue down 10% on a reported basis [29] Business Line Data and Key Metrics Changes - Nike Direct revenues were down 14%, with Nike Digital declining 26% and Nike Stores increasing by 2% [28] - In North America, Q4 revenue declined 11%, with Nike Direct down 14% and wholesale down 8% [31] - In EMEA, Q4 revenue declined 10%, with Nike Direct down 19% and wholesale down 4% [33] - Greater China saw a 20% revenue decline, with Nike Direct down 15% and wholesale down 24% [35] Market Data and Key Metrics Changes - North America made progress in cleaning up the marketplace, with a focus on repositioning Nike Digital as a full-price model [31] - EMEA demonstrated growth in key performance dimensions, with women's sportswear footwear returning to growth [34] - APLA experienced a 3% revenue decline, with mixed results across countries [38] Company Strategy and Development Direction - The company is implementing "WinNow" actions to reposition its brands and business for future growth, focusing on sport and innovation [26][27] - A new partnership with Amazon will feature a select assortment of footwear and apparel, aimed at expanding distribution [17] - The company is reorganizing into sport-focused teams to drive deeper relationships with athletes and enhance product innovation [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q4 results were not up to Nike's standards but expressed optimism about future improvements [7] - The company expects headwinds to revenue and gross margin to begin to moderate, with a clear path to recovery ahead [22][44] - Management emphasized the importance of inspiring and innovating for consumers, with a focus on returning to sustainable growth [25] Other Important Information - The company is facing new tariffs that are expected to increase costs by approximately $1 billion, with plans to mitigate this impact over time [42][43] - Inventory remains elevated but is being managed down, with a goal to exit the first half of fiscal 2026 in a healthy position [30][47] Q&A Session Summary Question: Can you elaborate on the accelerated actions under your sport offense realignment? - The company is organizing into sport-obsessed teams to drive a relentless flow of innovative products across all brands, focusing on performance and sportswear [61][62] Question: What is the expected impact of tariffs in Q1? - The first quarter will see a larger impact from tariffs, but the company is confident in its ability to mitigate these over time as actions are implemented [74][77] Question: Are you expecting gross margin pressures to abate sequentially? - Margins are expected to remain under pressure in the first half of fiscal 2026, but moderation is anticipated in the second half [79][80] Question: Can you discuss the timeline for recovery in the China marketplace? - The company believes in the long-term opportunity in China and is focused on inspiring consumers, although recovery will take time due to unique market characteristics [102]

| 市场概况 > 耐克 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 62.54 USD | | | | | | + 关注 | | +1.71 (2.81%) ↑ 今天 | | | | | | | | 收盘时间: 6月26日 GMT-4 下午5:47 · 免责声明 | | | | | | | | 盘后价 66.34 +3.80 (6.08%) | | | | | | | | 1 天 6 个月 | 5天 1个月 | YTD | 1年 | 5年 | 最大 | | | 68 | | | | | | | | 66 | | | | | | | | 64 | | | | | | | | 62 | | | | | | 昨日 | | | | | | | | 收盘价 | | 60 | | | | | | 60.83 | | 上午10:00 下午12:00 | | 下午2:00 | | 下午4:00 | 下午6:00 | 下午8:00 | | 开盘 市值 | 61.56 | | | 923.08亿 | 52 周高点 | 94.74 | | 最高 | 62. ...