Key Takeaways NKE's Q2 fiscal 2026 gross profit fell 6.3% as gross margin dropped 300 bps to 40.6% amid cost pressures.Tariffs, inventory obsolescence in Greater China and weak demand weighed on margins and channel mix.NKE is mitigating tariffs via manufacturing diversification, selective price hikes and cost controls.NIKE, Inc. (NKE) continues to face considerable margin pressure stemming from higher tariffs, unfavorable channel mix and soft demand in key markets. These pressures are further compounded by ...

持续投入品牌建设。2025 年12 月26 日公司官宣同亚奥理事会开启新战略合作周期。在第八届中国国际 进口博览会上，公司联合赢创举办"第二代Mass Balance 低碳环保跑鞋361 度飞燃5 全球首发预热仪 式"。此外，公司"飞飚FUTURE2"、"栗蜂2"等专业竞速跑鞋亮相美国TRE 峰会，在国际范围展现品牌 科技。赛事赞助方面，持续作为国内马拉松赛事合作伙伴，并推进自有赛事举办。 机构：东北证券 即时零售加速布局。公司目前已推动超千家门店入驻淘宝闪购，赋能线下门店。线下门店方面，截至 2025 年12 月31 日，超品店数量126 家，ONEWAY 门店数量6 家。同时首家海外超品店于柬埔寨开业， 加速海外市场布局。 研究员：刘家薇/苏浩洋 事件： 公司发布2025Q4营运情况，361 度主品牌线下零售额同比增长约 10%，童装品牌线下零售额同比增长 约10%，361 度电子商务平台产品整体流水同比增长高双位数。 点评： 终端展现强劲增长韧性。361 度主品牌及童装品牌Q4 线下零售额同比增长约10%，环比Q3 增速基本持 平（25Q3 主品牌/童装品牌线下零售额均同比增长10%）。电商渠道流水仍保 ...

机构：华西证券 研究员：唐爽爽/李佳妮 我们分析，（1）短期来看，消费降级趋势下361 度受益。跑鞋方面，飞燃、飞飚等跑鞋销售表现出 色，专业马拉松竞速跑鞋飞燃5、飞燃5FUTURE 上市，速湃家族3 代全面升级，速湃FLOAT3 以全新中 底科技实现更优缓冲保护和回弹加速；高性能双密缓震越野跑鞋凌刺1 代破界登场，为跑者在山地环境 中提供卓越抓地力与足部防护，为跑步爱好者打造升级脚感。篮球鞋方面，尼古拉约基奇第二代签名蓝 球鞋「JOKER2」于美国首发，搭载碳临界中底科技及前掌轻弹科技框架，满足多类型消费者实战需 求；阿隆 戈登第六代签名篮球鞋AG6上市，产品采用OARING-AREA 弹跳分区和C-FLOW 特调中底， 为篮球爱好者带来更强的启动感受。（2）超品店25 年开店超预期，且连带率、拉新率表现靓丽，26 年 超品店有望持续开店、并贡献店效增长；（3）奥莱、即时零售（与美团闪购及美团团购合作）有望为 公司业绩增长提供新增量；（4）ONEWAY 门店数量为6 家，未来有望持续开店， 为公司收入增长提供 新动力。维持盈利预测， 维持25/26/27 年收入预测116.16/133.53/153.17 ...

事件描述 1 月12 日，公司发布2025 年第四季度经营数据。2025Q4，361 度主品牌线下零售流水同比增长10%， 361 度童装品牌线下零售流水同比增长10%，361 度电商平台零售流水同比增长高双位数。 事件点评 投资建议 机构：山西证券 维持盈利预测，预计公司2025-2027 年EPS 为0.62、0.69、0.76 元，1 月12 日收盘价对应公司2025-2027 年PE 约8.4、7.5、6.9 倍，我们预计公司凭借高质价比产品、超品店布局，零售流水有望持续稳健增 长，维持"买入-B"评级。 研究员：王冯/孙萌 2025Q4 线下流水保持双位数增长，电商渠道增长快于线下。2025Q4，361度主品牌线下零售流水同比 增长10%，361 度童装品牌线下零售流水同比增长10%，361 度电商平台零售流水同比增长高双位数。 分品类看，本季度，公司新品密集发布，在跑步领域，全新竞速家族"飞燃5""飞燃5 FUTURE"上市；速 湃家族3 代全面升级。在篮球领域，尼古拉约基奇第二代签名篮球鞋"JOKER2"于美国首发，阿隆·戈登 第六代签名篮球鞋"AG6"上市。 2025Q4 运营指标保持稳定，2 ...

Financial giants have made a conspicuous bearish move on On Holding. Our analysis of options history for On Holding (NYSE:ONON) revealed 16 unusual trades.Delving into the details, we found 25% of traders were bullish, while 68% showed bearish tendencies. Out of all the trades we spotted, 14 were puts, with a value of $547,732, and 2 were calls, valued at $79,590.Projected Price TargetsTaking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price ran ...

Financial Data and Key Metrics Changes - The company is targeting a 10% operating margin by fiscal 2028 and is trending on plan towards that goal [15] - There has been a decline in revenue, necessitating modest revenue growth to return to baseline levels [18] - The company is confident in achieving free cash flow growth this year, supported by operating income growth and improved inventory management [42][43] Business Line Data and Key Metrics Changes - The company has seen 70% of its portfolio return to growth, excluding the Dickies business [11] - The North Face brand is underdeveloped in the U.S. compared to Europe and APAC, indicating significant growth opportunities [28] - Vans is undergoing a turnaround with new product launches and marketing strategies, although financial outcomes have yet to reflect these changes [21][24] Market Data and Key Metrics Changes - The consumer environment is showing mixed signals, with a slight increase in negative commentary from medium and lower-end consumers [12] - The U.S. market remains strong for direct-to-consumer sales, with 70% of Vans' business coming from this channel [25] Company Strategy and Development Direction - The company aims to create a multi-brand organization that leverages best-in-class processes across its brands [5] - There is a focus on elevating brand positioning and expanding distribution, particularly for Timberland and North Face [32][28] - The company is committed to minimizing markdowns and using promotions strategically during key sales periods [41] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the consumer's resilience, particularly in the U.S., despite some signs of shifting trends [12][13] - The company is focused on long-term growth trajectories rather than short-term fluctuations, aiming for consistent upward trends over the next three to five years [26] Other Important Information - The company is implementing integrated business planning and markdown management to improve gross margins and operational efficiency [16][41] - There is a strong emphasis on training and aligning leadership teams to ensure a unified vision for the company's future [9][10] Q&A Session Questions and Answers Question: What is the company's plan to offset tariffs by fiscal 2027? - The company is on a run rate to offset all tariffs within fiscal 2027, having established a pricing plan and worked closely with supplier partners [39][40] Question: How does the company plan to drive favorable promotions? - The company aims to minimize markdowns and use promotions as a strategic tool during key moments rather than as a regular practice [41] Question: What is the outlook for cash flow and deleveraging the balance sheet? - The company is confident in its free cash flow growth and plans to pay down debt, supported by operating income growth and improved working capital management [42][43]

V.F. (NYSE:VFC) FY 2026 Conference January 13, 2026 09:30 AM ET Company ParticipantsPaul Vogel - CFOBracken Darrell - CEOConference Call ParticipantsJonathan Komp - Senior Research AnalystJonathan KompGreat. We'll get started with the 9:30 A.M. session here. Welcome, everyone. I'm Jonathan Komp, the senior research analyst from Baird. Very pleased to have VF Corp with me today. VF Corp, as you know, operates a portfolio of authentic performance brands, apparel, and footwear. With me today, we have Bracken D ...

V.F. (NYSE:VFC) FY 2026 Conference January 13, 2026 09:30 AM ET Speaker0Great. We'll get started with the 9:30 A.M. session here. Welcome, everyone. I'm Jonathan Komp, the senior research analyst from Baird. Very pleased to have VF Corp. with me today. VF Corp., as you know, operates a portfolio of authentic performance brands, apparel, and footwear. With me today, we have Bracken Darrell, CEO, who joined in mid-2023 executing on the turnaround. Paul Vogel joined us, CFO, in mid-2024. Hopefully, we'll have ...

NIKE, Inc. (NYSE:NKE) is one of the stocks Jim Cramer discussed, along with recent market rotation. Cramer discussed the recent downgrade by a Needham analyst, as he remarked: “Or take Nike. Oh boy, the stock of Nike. What had it been? [The house of pain]. This thing spiked when they canned the previous CEO and put in an old hand, Elliott Hill. He’s had to work fast with his Win Now initiative that includes returning the company to its roots as a sports-based business. Still, if you take a longer-term vie ...

Core Insights - VF Corporation will participate in a fireside chat at the 28th Annual ICR Conference on January 13, 2026, at 9:30 a.m. ET [1] - The event will be broadcast live online, with an archived version and transcript available afterward [1] Company Overview - VF Corporation is a portfolio of leading outdoor, active, and workwear brands, including The North Face, Vans, and Timberland [2] - The company is committed to providing innovative products that emphasize performance and design while delivering sustainable and long-term value for employees, communities, and shareholders [2]