Nike Inc. (NKE): F4Q trackers point to mixed trends; World Cup a test of refreshed brand playbook

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Nike Inc. (NKE): F4Q trackers point to mixed trends; World Cup a test of refreshed brand playbook

Goldman Sachs Nike Inc. (NKE)

Key Debates

n Will North America continue to grow in FY27: The path towards sustainable

growth for both the wholesale and DTC channels in North America remains in focus.

Our DTC pricing trackers were constructive this quarter, with average prices on

Nike.com continuing to trend ahead of prior year levels and with promotional levels

encouraging (declines in markdown breadth and recent improvement in markdown

depth). That said, net purchase intent for both the Nike brand and store remains

muted, with declines in price and value perception driving recent pressure. Store

traffic at Nike Factory locations has sequentially improved in April and May following

a pronounced decline in March, though trends remain choppy across the broader

sportswear landscape. Web traffic on Nike.com has been a bright spot, with notable

Y/Y growth through April and May, although app downloads remain pressured. As

we look ahead to results, NKE’s ability to deliver continued growth in the North

America market in F1H remains in focus, particularly given limited sportstyle

product greenshoots and toughening wholesale comparisons. Additionally, investors

are increasingly looking for proofpoints that NKE’s NA DTC can improve following

last year’s promotionality reset.

n What is the path forward for China: Performance in China continues to lag other

regions as the company works through a structural marketplace reset. Our trackers

indicate encouraging positive momentum in the Baidu Index through C1Q and into

C2QTD, though combined sales across Tmall + JD + TikTok continue to show weak

trends. We continue to expect outsized pressure in the region until inventory and