Overview
- Nike reported fourth‑quarter results on June 30 with revenue of $10.97 billion and diluted EPS of $0.72 that included about $0.52 per share from an expected $986 million IEEPA tariff refund.
- Stripped of the tariff benefit, adjusted EPS was roughly $0.20 and reported net sales fell about 1 percent year‑over‑year, showing the headline profit did not reflect stronger core demand.
- Channel trends diverged as Nike Direct fell about 7 percent while wholesale grew roughly 4 percent, signaling early recovery with retail partners but continued weakness in the company’s higher‑margin direct business.
- Greater China remains a major drag with reported sales down about 12 percent and larger declines on a currency‑neutral basis, and management warned fiscal 2027 revenue is likely to be down low‑ to mid‑single digits with 'flattish' earnings early in the year.
- Leadership and strategy updates include a CFO transition to David Denton on Aug. 17, an investor day moved to November, and a shift toward inventory cleanup and wholesale rebalance that will test whether new product momentum and World Cup marketing can restore sustainable sell‑through.