Sportswear industry: Nike 4Q results: Implications for sportswear companies

研报英文原文证据摘录

Sportswear industry: Nike 4Q results: Implications for sportswear companies

J P M O R G A N Asia Pacific Equity Research

01 July 2026

Sportswear industry

Nike 4Q results: Implications for sportswear companies

Nike (covered by Matthew R. Boss) announced 4Q (Mar-May) results on June 30 Japan Equity Research

(early morning of July 1 JST). 4Q sales were down 3% YoY (FX neutral), slightly

Retail

outperforming JPM’s forecast of a 5% decline. However, in light of the current

macro environment and sell-through trends, management expressed a cautious Ami Terai AC

outlook regarding future sales. Although Nike’s earnings are not a positive for (81-3) 6736-8660

ami.terai@jpmorgan.com

other sporting goods companies, neither are they a reason for outsize concern, in

Dairo Murata

our view, given that earnings trends at Nike differ from those at other companies. (81-3) 6736 8620

We note that the recording of reciprocal tariff refunds boosted Nike’s gross margin, dairo.murata@jpmorgan.com

and surmise that refunds to other sporting goods companies will not be Kazuha Matsuo

significantly delayed. (81-3) 6736-8614

kazuha.matsuo@jpmorgan.com

• 4Q results overview: March-May sales were down 3% YoY (FX neutral), JPMorgan Securities Japan Co., Ltd.

slightly outperforming JPM’s forecast of a 5% decline. By region, sales trends

were largely unchanged from 3Q in North America (from +3% in 3Q to +3%

in 4Q) and Europe (from -7% to -6%), but the pace of sales decline in Greater

China accelerated (from -10% to -17%). Management said that in North

America, the sales trend was favorable from March through mid-April, but

then slowed from mid-April onward. The reciprocal tariff refunds boosted the

gross margin by 9ppt.

• Outlook: When Nike reported 3Q results, it guided for a low-single-digit YoY