"Nike's wholesale revenue rose 5% to $6.50B, indicating stability in the traditional retail channel, while North America grew 3% to $5.03B, driven by wholesale strength."
"Greater China revenue fell 7% on a reported basis and 10% on a currency-neutral basis to $1.62B, highlighting a persistent issue rather than a temporary setback."
"Converse experienced a significant decline, down 35% to $264M, with EBIT turning negative, reflecting challenges in that segment of the business."
"Nike Direct slipped 4% to $4.50B, with digital revenues down 9%, partly due to a strategic pullback on heavy promotional activity, impacting near-term performance."
Nike reported a 24.25% earnings beat for fiscal Q3 2026, but shares dropped 13.41% in response. Wholesale revenue rose 5% to $6.50B, with North America growing 3% to $5.03B. Footwear sales increased 2% to $7.35B. However, Greater China revenue fell 7%, and Converse declined 35%. Nike Direct slipped 4% to $4.50B, with digital revenues down 9%. Gross margin contracted 130 basis points to 40.2%, influenced by rising costs. CEO Elliott Hill acknowledged the turnaround is taking longer than expected.
Read at 24/7 Wall St.
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