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营收超预期、库存连降,耐克CEO贺雁峰最新答卷:以“运动”为锚,曙光已见
Cai Jing Wang· 2025-10-10 06:38
2026财年第一季度,耐克的财报数据进一步释放出复苏信号:117亿美元营收同比微增1%,悄然超出市 场分析师的预期;经销商业务以68亿美元营收远超自营业务的45亿美元,成为业绩增长的关键引擎;全 球库存同比减少2%至81亿美元,大中华区库存更是同比锐减11%,库存结构优化成效显著。 这份成绩单的背后,是耐克集团总裁兼首席执行官贺雁峰(Elliott Hill)执掌耐克集团帅印近一年的战 略落地成果。从一年前股价年内持续下跌的困境,到如今华尔街分析师中17位给予"买入"评级、17位维 持"持有"的积极反馈;从2024年中期品牌声量触底,到通过运动场景深耕重新激活消费者共鸣,贺雁峰 用全年布局,推动这家全球运动巨头完成战略重心的锚定,逐步推动业务实现全面复苏。 上任一年:以"运动引领"重构业务,四大动作夯实复苏基础 贺雁峰履职首年,始终将 "运动" 作为战略核心,推动"Win Now"计划,通过组织架构优化、推动产品 创新、市场生态修复、品牌价值重塑和本土化执行,搭建起环环相扣的"复苏"路径,而这些动作的成 效,已在2026财年第一季度财报中逐步显现。 这种对复苏复杂性的清醒认知,也贯穿在耐克未来的战略规划中。在 ...
耐克触底反弹,全球战略转型已见成效
Bei Jing Shang Bao· 2025-10-01 02:19
10月1日,耐克集团公布2026财年第一季度财报,本季度耐克营收117亿美元,同比增长1%,超分析师预期。其中,自营业务营收为45亿美元,经销商业务 营收68亿美元,同比增长7%。耐克集团库存资产为81亿美元,与去年同期相比减少2%,库存管理持续优化,为持续反弹创造良好基础。耐克大中华区营收 15.12亿美元,库存同比下降11%。财报公布后,耐克股价盘后涨超4%。 把目光从线下转向线上,为帮助更多跑者跑得更快、更远、更长久,耐克近日与运动科技公司Keep联合推出专属线上服务。该专属服务可为跑者提供Keep AI教练卡卡与NRC跑步教练双重体验,并为用户解锁更多耐克会员权益,合力为更多跑者提供更好服务,满足更多个性化需求。通过"产品体验+运动场 景"的双轮驱动,耐克跑步从单一运动升级为具有社交属性和情感联结的品牌生态,持续构筑用户在真实运动场景中对品牌的信任感与归属感。 本季度,耐克以创新持续夯实产品竞争力,在跑步、篮球、足球等核心运动品类全面发力,其中跑步领域成为最大亮点,跑步业务在全球市场取得20%增 长,在中国市场实现了高个位数增长。 全新 Nike Vomero Premium 耐克顶级迈柔与 Nike ...
NIKE(NKE) - 2026 Q1 - Earnings Call Transcript
2025-09-30 22:02
Financial Data and Key Metrics Changes - Revenues for the quarter were up 1% on a reported basis and down 1% on a currency-neutral basis [20] - Gross margins declined 320 basis points to 42.2% due to higher wholesale discounts, increased product costs, and channel mix headwinds [21] - Earnings per share was $0.49 [21] - Inventory decreased 2% versus the prior year, indicating progress towards a healthier marketplace [22] Business Line Data and Key Metrics Changes - Nike Direct was down 5%, with Nike Digital declining 12% and Nike stores down 1% [21] - Wholesale grew 5%, indicating a positive trend in that segment [21] - The running business grew over 20% this quarter, showcasing strong performance in that category [9] - Sportswear continued to decline, with a 30% drop in classic footwear franchises [23][15] Market Data and Key Metrics Changes - North America revenue grew 4%, with wholesale up 11% [22] - Greater China revenue declined 10%, with Nike Digital down 27% and Nike stores down 4% [25] - EMEA revenue grew 1%, with Nike Digital down 13% and Nike stores up 1% [24] - APLA revenue grew 1%, with Nike Digital down 8% and Nike stores down 5% [26] Company Strategy and Development Direction - The company is focusing on the "Sport Offense" strategy, which aims to align teams by sport for better consumer insights and innovation [6] - There is a commitment to improving the sportswear segment and addressing challenges in Greater China and Nike Direct [15][17] - The company is investing in innovative products and emotional storytelling to connect with consumers [19] - The goal is to serve consumers across multiple channels, including specialty sporting goods and Nike Direct [63] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a cautious consumer environment and tariff uncertainties impacting business recovery [19] - There is confidence in the Win Now actions and the potential for growth, particularly in North America [19] - The company expects Q2 revenues to be down low single digits, reflecting ongoing challenges [30] - Management remains focused on long-term health and profitability despite short-term pressures [34] Other Important Information - The company is facing a significant cost headwind from new tariffs, estimated at approximately $1.5 billion annually [28] - The strategic decision to reduce reliance on classic franchises and pull back on promotions is aimed at long-term brand health [18] - The company is actively working on refreshing retail environments and improving consumer experiences in Greater China [70] Q&A Session Summary Question: Can you help us think about the spring order book in the context of the holiday book? - Management noted that the spring order book is positive and reflects growth across North America, EMEA, and APLA, offsetting headwinds in Greater China [39][44] Question: How is the current marketplace in September trading? - Management indicated that the environment is dynamic, with good sell-throughs for recent product launches, but they are closely monitoring consumer behavior [49][51] Question: Can you elaborate on the early wins in North America and running? - Management highlighted a 20% growth in running and positive momentum in North America, attributing success to the Win Now actions and the Sport Offense strategy [57][59] Question: How much of the pressure in Nike Digital is due to reduced promotions? - Management confirmed that the organic traffic decline is primarily due to strategic repositioning and reduced promotional activity, with a focus on building momentum with wholesale partners [63][66] Question: What strategies are being used to turn the digital business in China? - Management emphasized leading with sport, innovative products, and local athlete activations to improve the digital marketplace, while also focusing on store refreshes [68][70]