NKE Preview, Retail & Holiday Imports, Renewable Diesel Weekly

Research evidence excerpt

NKE Preview, Retail & Holiday Imports, Renewable Diesel Weekly

Briggs Barton - Specialist Sales - US Consumer AC North America Specialist Sales J P M O R G A Nbriggs.barton@jpmorgan.com

J.P. Morgan Securities LLC 29 June 2026

Briggs Barton

+1 212 622 2677

briggs.barton@jpmorgan.com

MORNING UPDATE

• NKE Preview — Matt Boss reduces FY27/28 estimates and calls out incremental headwinds moving forward here

• Retail & Holiday Imports — WSJ article over the weekend talking about how retailers are rushing in Holiday imports

to avoid rising costs here

• Renewable Diesel Weekly — Key pricing, margin, and production data here

DETAILED COMMENTARY

NKE Preview & Fieldwork

Quick Spec Sales Comment: Sentiment remains negative and NKE remains one of the more crowded shorts in Retail as the

protracted recovery (which contains lots of moving parts) continues to drive negative estimate revisions and the P/E multiple has

room to compress. The focus is on the fwd outlok more so than Q4 results themselves given NKE already indicated Q4 generally

in-line (which was met with a uniform “who cares” because NKE always beats their qtr ahead guides). I don’t think people are

expecting them to guide FY27 but they have a calendar ‘26 guide out currently which calls for reported revenues -LSD% and EPS

~flattish — seems likely that they will scrap this esp with new CFO coming in, but some think maybe they reiterate it for now (reit

could leave room for Bears to attack if it makes the outlook look hockey stickish). For Q1 we think investors would be expecting

Q1 reported revenues guided similar to last qtr (down 2-4%) or -MSD% as NKE exits Q4 weak

NKE reports tmrw after the close and Matt Boss reduces FY27/FY28 estimates and PT into the print ($47 vs $53 prior),

remaining Neutral.