耐克第二财季营收124美元同比增长1%，库存改善，北美市场回暖

Core Insights - Nike's latest financial report shows robust revenue growth and significant inventory improvement, indicating enhanced operational efficiency, although profit margins are pressured by transformation investments [1][3][6] - The North American market and running category show positive recovery signals, while the Greater China region continues to face challenges, suggesting a full recovery will take time [1][4][6] Financial Performance - For the second fiscal quarter ending November 30, Nike reported net sales of $12.43 billion, a 1% year-over-year increase, outperforming Wall Street expectations [1][5] - Net profit for the quarter was $792 million, a 32% decline, with diluted earnings per share at $0.53 [5] - Inventory decreased by 3% to $7.7 billion, reflecting effective inventory management and preparation for new product launches [1][5] Profitability Challenges - The decline in profit margins is attributed to a significant drop in gross margin by 3 percentage points, influenced by rising tariffs in North America, markdowns from clearing old inventory, and an 8% decrease in direct-to-consumer (DTC) sales [1][3][5] - Marketing expenses increased by 13% year-over-year to stimulate demand, further impacting profit margins in the short term [3][5] Market Performance by Region - North America emerged as a highlight for the quarter, driven by strong performance in running products and new launches [4] - The Europe, Middle East, and Africa (EMEA) region recorded a 3% growth, while Greater China faced challenges with revenue of $1.423 billion, affected by a soft macroeconomic environment and intensified competition [4][5] Strategic Outlook - Nike's management indicated that the current transformation is at a "mid-stage," with a non-linear recovery path expected, particularly in Greater China and the Converse brand [2][6] - The company anticipates low single-digit revenue decline for the third fiscal quarter, reflecting a cautious approach amid a complex external environment [2][6]