NIKE Q1 Earnings Call Highlights

Impact · against what's priced in

The results are largely a confirmation of the market's current bear case for Nike, as severe declines in Greater China and lifestyle categories validate the priced-in revenue stall. The only material positive catalyst is the new 'Pace' productivity program, which introduces a specific $2.5B savings target not previously detailed in the price reconstruction's margin assumptions.

NKE−0.10

Already priced in

The price assumes

A severe China headwind, including the reported 12% revenue decline

The 26% revenue fall in Greater China exceeds the 12% decline previously paid for, though the price already assumes a 'severe' headwind and a digital strategy hit.

What NKE's price assumes · Sep 11

• earnings▲12%
• retail
• NKE
• apparel
• consumer discretionary
• footwear
• greater china
• inventory

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