耐克四季度收入小幅超预期但中国疲弱和下半年收入下滑指引压制复苏预期

Nike (NKE.N) signaled on Tuesday that CEO Elliott Hill's turnaround strategy still faces significant obstacles, as persistent weakness in China and a cautious outlook overshadowed a modest fourth-quarter revenue beat.

Quarterly results, which include a 1% decline in revenue and a ​double-digit sales decline in China, failed to reassure investors seeking clear signs that Hill's nearly two-year effort to revive growth is gaining ‌traction.

The sportswear giant also projected a further revenue drop through the first half of fiscal 2027, as it continues to grapple with stiff competition and elevated inventory levels that have hindered its recovery.

"Overall, the results aren't there yet," Hill said on a post-earnings call, expressing dismay at the turnaround timeline for the second consecutive quarter. "We know we're not living ​up to our full potential."

Nike's shares have fallen 35% so far this year. They fell roughly 4% in extended trading on Tuesday before ​recouping some of the losses.

While Hill, who took the helm in 2024, said efforts to reset Nike's strategy by refocusing on ⁠sports, rebuilding wholesale relationships and introducing more products are still inconsistent, he acknowledged on an analyst call that progress "continues to be uneven."

Nike plans to launch ​more than a dozen footwear styles, he said, adding that it will take time for those products to deliver consistent results.

"Our consumer is under pressure around ​the world, and we can particularly see it having a larger impact on sportswear," outgoing finance chief Matthew Friend said.

The operating environment became more challenging through the fourth quarter and was not expected to improve over the next six months, Friend said, adding that tariffs remain a continuing cost headwind.

Nike's turnaround has been complicated by tariffs, geopolitical uncertainty and consumer ​caution, as well as internal efforts to clear older lifestyle-focused inventory that have weighed on margins.

"Expectations were low and Nike had a sales decline, so ​these are still not good results," Morningstar analyst David Swartz said.

TROUBLES IN CHINA

China remains a key source of concern for Nike. Sales in Greater China fell 17% on a ‌constant-currency basis ⁠in the fourth quarter, steepening from a 10% decline in the previous quarter.

While the drop was slightly less severe than the 20% decline Nike had projected three months earlier, the region continues to suffer with weak product assortments and market-share losses to domestic rivals such as Anta (2020.HK) and Li Ning (2331.HK) .

China revenue trends were expected to remain broadly in line with recent steep declines as Nike continues working with retail partners to clean up excess inventory in the market, ​Friend said.

Greater China accounts for about 15% ​of Nike's annual revenue and ⁠is its third-largest market after North America and Europe, the Middle East and Africa.

Despite the challenges, Nike pointed to early signs of progress.

As part of efforts to reignite growth, the company has stepped up marketing around this year's World ​Cup and accelerated product launches to counter competitors including Adidas.

The company said demand is improving for its football products ​after a temporary ⁠slowdown in April, and forecast first-quarter gross margin to be slightly positive.

Revenue in North America, its largest market, rose 3% in the fourth quarter, helping boost wholesale sales as Nike benefits from renewed efforts to rebuild relationships with retailers that had been sidelined under former CEO John Donahoe's direct-to-consumer strategy.

The company reported earnings per share ⁠of 72 ​cents for the quarter, aided by a 52-cent boost tied to the anticipated recovery of import tariffs.

Nike reported a $986 million benefit from ​tariff refunds for the three-month period ended May 31. The company had previously projected last October that tariffs would cost it around $1.5 billion overall.

On an adjusted basis, the company reported quarterly earnings per share of 20 cents, beating estimates of ​13 cents, according to data compiled by LSEG.