Sportswear industry- Nike 4Q26 results – Outlook remains weak

研报英文原文证据摘录

Sportswear industry- Nike 4Q26 results – Outlook remains weak

Taiwan Equity | US results

Event Analysis

Fubon Research Sportswear industry

July 1, 2026

Nike 4Q26 results – Outlook remains weak

Highlights

1. 4Q26 sales, profit beat market expectations

2. Sales expected to decline by low to mid-single digit percentage ahead, GM

beginning to recover from 1Q27

3. Weak sales recovery momentum; recommend Buy on Pou Chen, Lai Yih, Nan Pao

4Q26 sales, profit beat market expectations

Source: google 4Q26 sales were US$10.97bn (better than market analyst expectations), down 1% YoY

(down 4% YoY on currency-neutral basis). GM was 49.2%, up 8.9ppts YoY, mainly due to

the expected recovery of IEEPA tariffs of US$986mn, which increased GM by 9.0ppts

(excluding this factor, GM was 40.2%, down 0.1ppts YoY, better than market expectations).

Net profit was US$1.06bn, up 407% YoY, with diluted EPS of US$0.72 (better than the

consensus).

4Q26 details are as follows:

◼ By brand, Nike brand US$10.72bn, flat YoY, Converse brand US$244mn, down 32%

YoY (currency-neutral basis down 3%, 34% YoY, respectively). Nike brand was

impacted by the decline in Great China and EMEA, partially offset by growth in

North America; Converse brand saw a sales decline across all regions.

◼ By region for Nike brand, North America performed better, while Great China,

EMEA, and APAL (Asia Pacific and Latin America) declined, as follows: North

America market US$4.83bn, up 3% YoY (also up 3% on currency-neutral basis),

EMEA US$2.97bn, down 1% YoY (down 6% YoY on currency-neutral basis), APLA

US$1.49bn, up 1% YoY (down 1% on currency-neutral basis), Great China US$1.29bn,

down 12% YoY (down 17% on currency-neutral basis).

◼ By channel, Wholesale sales were US$6.6bn, up 4% YoY (up 1% on currency-neutral