China Sportswear Sector: Read-through from Nike‘s Q4 results; comments on online channel reset in China

研报英文原文证据摘录

China Sportswear Sector: Read-through from Nike‘s Q4 results; comments on online channel reset in China

Global Research

2 July 2026ab

China Sportswear Sector Equities

ChinaRead-through from Nike's Q4 results; comments

on online channel reset in China Retail

Samuel Wang

Analyst

samuel-za.wang@ubs.com

Nike's Q4 results contained few surprises +86-105-832 8777

Nike reported Q4 FY26 (March-May 2026) earnings on 30 June Pacific Time (1 July HKT). Christine Peng, CFA

UBS US analyst, Jay Sole, commented that Q4 sales in Greater China (down 12% YoY) Analyst

were better than UBS expectations (see report). Within Greater China, we note Nike is christine-y.peng@ubs.com

taking a more aggressive approach in managing inventory sell-in in a bid to improve the +852-2971 7571

marketplace ecosystem. We expect this strategic decision to continue to have a Molly Huang

pronounced adverse impact on Nike's top-line performance in Greater China. Analyst

S1460525110001

Read-through from Nike's China online channel reset molly.huang@ubs.com

Nike commented that it will reduce excess inventory and improve both online and offline +86-213-866 8823

storefronts to deliver a more consistent consumer experience with local partners in

mind. Regarding Nike's potential online channel strategy shift in China, we see three

possible choices: 1) retain authorisation for retailers to livestream in offline stores and

WeChat mini-program stores, while terminating authorisation for e-commerce platform

sales such as Tmall; 2) withdraw authorisation for online operations from smaller

distributors while keeping it for major distributors; and 3) fully terminate online

distribution authorisation. Based on management's comments during the earnings call,