NIKE(US:NKE) 智通财经网·2025-06-26 23:30Core 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].