First Read: Nike Inc. "Management Meeting: Incrementally Positive, but..."

研报英文原文证据摘录

First Read: Nike Inc. "Management Meeting: Incrementally Positive, but..."

Management emphasized Q3 0.35 0.35

that the new sport-led offense is already improving execution and helping Q4E 0.09 0.12

reconnect the brand with consumers. From an equity perspective, that supports 05/26E 1.47 1.50

confidence in brand health even if the financial recovery still takes time. 05/27E 1.60 1.86

05/28E 2.00 2.42

Wholesale collaboration and channel coordination is improving meaningfully: A

key takeaway was Nike’s stronger level of collaboration with wholesale partners, Jay Sole

which appears more coordinated than in prior periods. The company outlined Analyst

jay.sole@ubs.com differentiated distribution across sporting goods, city specialty, boutiques, and

+1-212-713 3559

Nike-owned channels. That suggests a more disciplined marketplace strategy

aimed at driving both reach and brand elevation. Mauricio Serna, CFA

Analyst

Football is a long-term growth driver: Importantly, Nike framed global football as a mauricio.serna@ubs.com

long-term growth platform rather than a one-event opportunity tied only to the +1-212-713 9028

world cup. The goal is to use major sport moments to drive participation, especially Natalie Koltermann

among youth, and then convert that engagement into loyalty and repeat demand. Associate Analyst

natalie.koltermann@ubs.com

Storytelling and cultural relevance remain key differentiators: Nike’s messaging +1-212-713 4229

leaned heavily into emotion, authenticity, and cultural relevance, all of which

remain core to the brand’s playbook. Executives described a broader “universe of

Highlights (US$m) 05/23 05/24 05/25 05/26E 05/27E 05/28E 05/29E 05/30E

Revenues 51,217 51,362 46,309 46,291 46,876 48,710 50,638 52,629