$Nike(NKE.US) -4% AH as 1Q revs missed ($11.21B vs $11.33B est) and mgmt guided FY’27 revs to decline by HSD (vs -2%E). The company cited weakness in China, in sportswear, and the Jordan brand and is taking steps to reposition each. FY’2027 Adj EPS guidance of $1.15-$1.35 was well below consensus of $1.65. While NKE pro-forma 2027 P/E of 26.4x (at the midpoint of guidance) is low vs history (~30x forward EPS), an apparel company with negative rev and eps growth and struggling to show that CEO Elliott Hill’s turnaround plan after two years is taking root could be re-rated lower. Conf call at 5pm ET.