耐克第二季度财报：从库存修复到节奏调整

Core Insights - Nike reported Q2 FY2026 revenue of $12.4 billion, exceeding analyst expectations, with direct sales at $4.6 billion and wholesale sales at $7.5 billion, reflecting an 8% year-over-year growth [1] - The company's inventory assets decreased to $7.7 billion, down 3% year-over-year, indicating significant progress in inventory management [1][4] - Nike's Greater China revenue reached $1.423 billion, with inventory decreasing in double digits year-over-year, highlighting ongoing challenges in that market [1] Financial Performance - Nike's total revenue for the quarter was $12.4 billion, surpassing analyst forecasts [1] - Direct business revenue was $4.6 billion, while wholesale revenue was $7.5 billion, both contributing to an overall 8% growth [1] - Inventory assets decreased by 3% year-over-year, marking a continuous decline over several quarters [4] Strategic Focus - Nike emphasized its commitment to long-term strategic execution rather than aggressive promotions, focusing on inventory management and channel adjustments to reshape market fundamentals [1] - The company is transitioning from short-term inventory reduction to long-term proactive restructuring [3] - Nike's CEO highlighted the importance of the "Sport Offense" strategy, which aims to center innovation around athletes and enhance brand growth and profitability [1][6] Market Recovery - Different regions are recovering at varying paces, with North America experiencing a 9% revenue growth and wholesale business growing over 20% [4] - Nike's inventory optimization is synchronized with overall organizational efficiency and retail system adjustments, leading to a stable growth model [4] Organizational Changes - Nike has restructured its management to enhance decision-making efficiency, allowing key regional leaders to report directly to the global CEO [5] - This reduction in hierarchy is expected to facilitate quicker responses to market changes, particularly in the Greater China region [5] Brand Positioning - Nike's focus on sports has strengthened its brand influence, as evidenced by its performance in recent marathons, where its athletes achieved top placements [6][7] - The company is leveraging local insights to create relatable marketing narratives, enhancing its connection with younger consumers [8] Innovation and Product Development - Nike is restructuring its innovation framework by integrating its Nike, Jordan, and Converse brands into a unified "athlete-centric" innovation engine [9] - The company is launching new products in various categories, including running and basketball, with a focus on performance and market-specific needs [10] - Upcoming innovations include the Mind 001 and Mind 002 shoes, which apply neuroscience principles to enhance athletic performance [11]