Скачать или смотреть Nike Q1 FY26 Earnings: 20% Running Growth Amid Tariff Challenges

Nike's Q1 fiscal 2026 earnings reveal a complex picture of strategic wins and financial pressures. The company beat expectations with a GAAP EPS of $0.49, significantly above the $0.27 consensus, and revenue of $11.7 billion, up 6% vs estimates. Key growth drivers included a remarkable 20% surge in the Running category, strong 7% growth in Wholesale, and a 4% increase in North America sales, highlighting the early success of Nike's 'Sport Offense' organizational realignment.

However, the quarter also exposed significant challenges, notably a 320 basis point decline in gross margin to 42.2%, driven by discounting, channel mix shifts, and a steep rise in North America tariffs now costing the company approximately $1.5 billion annually. Digital sales dropped sharply by 12%, reflecting Nike's deliberate strategy to reduce promotions and reset its direct-to-consumer channel for healthier full-price sales. Greater China continued to struggle with a 10% revenue decline, underscoring uneven global recovery.

Management's guidance for Q2 indicates expected revenue declines and further margin compression, with gross margin projected to fall an additional 300 to 375 basis points due to tariffs and increased SG&A expenses. Despite these headwinds, investors responded positively, signaling confidence in Nike's long-term strategic realignment and innovation pipeline, particularly ahead of key product launches in Football and Basketball. Nike's path forward hinges on execution, scaling the Running playbook across sports, and navigating external cost pressures for sustainable growth.

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