NIKE, Inc.: Mgmt Access & Fieldwork = 2H27 & FY28 EPS ~20% Below Consensus; Downgrade to Underweight

研报英文原文证据摘录

NIKE, Inc.: Mgmt Access & Fieldwork = 2H27 & FY28 EPS ~20% Below Consensus; Downgrade to Underweight

different stages of progress, and we

expect to complete these actions by the end of December 2026. The timing of

Key Changes (FYE May)financial impacts has varied and will continue to vary by segment. North

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America has made the most progress against these actions, while Greater China Adj. EPS - 28E ($) 1.86 1.72 -7.4%

and Converse will take more time.”

Quarterly Forecasts (FYE May)

• (1) Greater China: Online Distribution Reset = $1B+ Unmitigated Adj. EPS ($)

Revenue Headwind Beginning Jan ’27. On Greater China, NKE stated 2026A 2027E 2028E

within the 10-K “we expect negative impacts from Greater China and Q1 0.49 0.44

Converse to continue throughout fiscal 2027” (consistent with mgmt’s prior Q2 0.53 0.55

Q3 0.35 0.38

commentary on the 6/30 4Q26 EPS Call). As an example of a Win Now action Q4 0.72 0.19

announced during CY26 that will carry notable “financial impact” FY 2.10 1.55 1.72

beyond the end of the CY26 – NKE announced on 7/21 that beginning in

January 2027, Nike’s digital marketplace in China will be anchored by Style Exposure

official Nike flagship experiences on Tmall, JD.com and Douyin, alongside

Nike.com.cn and the Nike App, while partner-operated online storefronts

will transition out of selling Nike product. On rationale behind the decision

– management is focused on creating digital “flagship” experiences for the

Nike brand to serve as the single elevated destination for Nike within these

ecosystems, with clearer product presentation, stronger storytelling and more

connected consumer journeys.

• As a result of the decision, our math points to an “unmitigated”

forward revenue headwind to Greater China of $1B+ in annualized