<p>2020 年 5 月 11 日，新冠疫情期间，戴着防护口罩的人们经过纽约第五大道上关闭的耐克商店。</p>
<p>Mike Segar | 路透社</p>
<p>耐克首席执行官约翰·多纳霍似乎处境艰难。</p>
<p>自 2020 年 1 月以来一直担任耐克首席的前 eBay 高管，在结束了一个表现平平的财政年度后，开始失去华尔街的信心。</p>
<p>周四，耐克警告称，预计本季度销售额将下降 10%，远远超出伦交所预测的 3.2%，此前该公司除了新冠疫情外，实现了 14 年来最慢的年度销售增长。</p>
<p>该公司还表示，预计 2025 财年销售额将下降中等个位数，而此前预期将增长。</p>
<p>耐克股价在季度报告后的周五暴跌 20%，公司市值目前约为 1140 亿美元。</p>
<p>随着华尔街消化这家全球最大运动服装公司的惨淡前景，至少有六家投行下调了耐克的股票评级。摩根士丹利和史蒂芬尔的分析师更进一步，明确质疑了公司的管理层。</p>
<p>史蒂芬尔分析师吉姆·达菲写道：“2025 财年指引（在 6 个季度中的第 5 次下调共识），将增长转折的前景进一步推迟到 2025 年（或最早在 2025 财年第 4 季度或 2025 年春季），要求投资者既要支持尚未被证明成功的款式，又要在不确定的消费者自由选择背景下审视 2024 年下半年，直到 2025 年下半年动能再次增长。”“管理层的信誉受到严重挑战，高管层变动的可能性增加了进一步的不确定性。”</p>
<p>自多纳霍接任耐克高管以来，截至周五盘中交易，其股价下跌约 25%，明显表现不佳，远远落后于标普 500 指数和以零售为重点的 ETF XRT，在同一时期分别上涨约 69% 和 67%。</p>
<p>周四，耐克财务主管马特·弗兰德将指引下调归因于一系列因素。其中一些，如中国市场疲软和具有挑战性的外汇风险，超出了耐克的控制范围，但其他问题则是多纳霍领导下明显造成的。</p>
<p>该公司预计批发订单将放缓，因为它推出新款式，减少经典系列，并在几年来削减关键零售合作伙伴的同时，努力修复与其关键零售合作伙伴的关系，以取代直销策略。</p>
<p>与此同时，在耐克网站购物的忠实客户不再购买新的 Air Force 1s、Air Jordan 1s 或 Dunks，这是公司的核心系列。批评者称，运动鞋系列长期主导了零售商的产品，导致顾客转向寻求来自一大批新兴竞争对手的新款式和创新设计。</p>
<p>这使得耐克不得不重新赢回一些最重要的顾客——跑步者。随着零售商专注于直销策略而牺牲创新，像 On Running 和 Hoka 这样的竞争对手夺走了市场份额。</p>
<p>简·哈利与合伙人高级研究分析师杰斯·拉米雷斯告诉 CNBC：“解封后，我们看到消费者开始参与跑步，并且非常认真，有一大批日常跑步者，而耐克并没有真正回应这一点。”“我认为当管理层错过关键的消费者转变时，公司就存在问题...某些事情发生了变化，他们没有把握住。”</p>
<p>纽伯格伯曼高级研究分析师凯文·麦卡锡周四告诉 CNBC 的斯科特·瓦普纳，公司需要管理层变革，并推测多纳霍的雇佣合同可能很快到期。</p>
<p>麦卡锡在 CNBC 的 “收盘钟” 节目上说：“你提到的这家公司存在的所有问题似乎都可以追溯到执行、管理和其他方面。”</p>
<p>“目前有几位内部候选人非常有能力...你还有几位前耐克候选人，也在讨论之中，然后还有其他竞争对手也在讨论之中。但我认为可以假设这家公司的领导层将在未来六个月内发生变化。”</p>
<p>公平地说，新冠疫情在多纳霍上任不到两个月后就开始在美国严重爆发，他不得不应对关闭的商店、远程工作人员以及不断变化的消费者偏好和能力的过山车般变化。</p>
<p>尽管公司股价下跌，但在他的领导下，耐克的年度销售额从 2020 财年的 374 亿美元增长了约 37%，至 2024 财年的 513.6 亿美元。</p>
<p>如果你问耐克创始人和名誉主席菲尔·奈特，多纳霍做得很好。</p>
<p>86 岁的奈特在一份声明中告诉 CNBC：“我已经看到了耐克的未来计划，并完全相信它们。我对耐克的未来充满乐观，约翰·多纳霍拥有我的坚定信心和全力支持。”</p>

耐克

<p>耐克首席执行官约翰·多纳霍在公司业绩疲软后受到华尔街的批评。在多纳霍的领导下，公司股价表现不佳，市场份额下降。预计耐克本季度销售额将下降 10%，导致投资银行下调评级。多纳霍的管理信誉受到质疑，有呼吁进行领导层变革。自多纳霍接任以来，公司股价已下跌 25%，而标普 500 指数和零售行业 ETF 则有所增长。耐克在中国面临挑战，外汇风险，需要通过创新设计 reconquista 客户</p>

<p>People wearing protective face masks walk past the closed Nike store on 5th Avenue during the outbreak of Covid-19 in New York City on May 11, 2020.</p>
<div class="lb-trans"><p>2020 年 5 月 11 日，新冠疫情期间，戴着防护口罩的人们经过纽约第五大道上关闭的耐克商店。</p>
</div><p>Mike Segar | Reuters</p>
<div class="lb-trans"><p>Mike Segar | 路透社</p>
</div><p>Nike CEO John Donahoe appears to be on thin ice.</p>
<div class="lb-trans"><p>耐克首席执行官约翰·多纳霍似乎处境艰难。</p>
</div><p>The former top executive of eBay, who has been at the helm of Nike since January 2020, is starting to lose Wall Street's confidence after the company capped off a lackluster fiscal year with more bad news.</p>
<div class="lb-trans"><p>自 2020 年 1 月以来一直担任耐克首席的前 eBay 高管，在结束了一个表现平平的财政年度后，开始失去华尔街的信心。</p>
</div><p>On Thursday, Nike warned that sales in its current quarter were expected to decline by a staggering 10% – far worse than the 3.2% drop LSEG had projected – after it posted its slowest annual sales gain in 14 years, excluding the Covid-19 pandemic.</p>
<div class="lb-trans"><p>周四，耐克警告称，预计本季度销售额将下降 10%，远远超出伦交所预测的 3.2%，此前该公司除了新冠疫情外，实现了 14 年来最慢的年度销售增长。</p>
</div><p>The company also said it expects fiscal 2025 sales to be down mid-single digits when it previously expected them to grow.</p>
<div class="lb-trans"><p>该公司还表示，预计 2025 财年销售额将下降中等个位数，而此前预期将增长。</p>
</div><p>Shares of Nike plummeted 20% Friday, the day after the quarterly report. The company's market value last stood at around $114 billion.</p>
<div class="lb-trans"><p>耐克股价在季度报告后的周五暴跌 20%，公司市值目前约为 1140 亿美元。</p>
</div><p>As Wall Street digested the dismal outlook from the world's largest sportswear company, at least six investment banks downgraded Nike's stock. Analysts at Morgan Stanley and Stifel took it a step further, specifically calling the company's management into question.</p>
<div class="lb-trans"><p>随着华尔街消化这家全球最大运动服装公司的惨淡前景，至少有六家投行下调了耐克的股票评级。摩根士丹利和史蒂芬尔的分析师更进一步，明确质疑了公司的管理层。</p>
</div><p>&#34;The FY25 guide (the 5th downward consensus revision in 6 quarters), pushes prospects for growth inflection further into 2025 (perhaps FY4Q or spring '25 at the earliest) asking investors to both underwrite success of not yet proven styles and look across an uncertain consumer discretionary backdrop into 2HCY24 until momentum could build again into 2HCY25,&#34; wrote Stifel analyst Jim Duffy. &#34;Management credibility is severely challenged and potential for C-level regime change adds further uncertainty.&#34;</p>
<div class="lb-trans"><p>史蒂芬尔分析师吉姆·达菲写道：“2025 财年指引（在 6 个季度中的第 5 次下调共识），将增长转折的前景进一步推迟到 2025 年（或最早在 2025 财年第 4 季度或 2025 年春季），要求投资者既要支持尚未被证明成功的款式，又要在不确定的消费者自由选择背景下审视 2024 年下半年，直到 2025 年下半年动能再次增长。”“管理层的信誉受到严重挑战，高管层变动的可能性增加了进一步的不确定性。”</p>
</div><p>Since Donahoe took over as Nike's top executive, its stock is down about 25%, as of intraday trading on Friday, significantly underperforming both the S&amp;P 500 and the XRT – the retail-focused ETF – which saw gains of around 69% and 67% in that time period, respectively.</p>
<div class="lb-trans"><p>自多纳霍接任耐克高管以来，截至周五盘中交易，其股价下跌约 25%，明显表现不佳，远远落后于标普 500 指数和以零售为重点的 ETF XRT，在同一时期分别上涨约 69% 和 67%。</p>
</div><p>Nike finance chief Matt Friend on Thursday attributed the guidance cut to a host of factors. Some, like softness in China and challenging foreign exchange headwinds, are outside of Nike's control, but others are problems it squarely created under Donahoe's leadership.</p>
<div class="lb-trans"><p>周四，耐克财务主管马特·弗兰德将指引下调归因于一系列因素。其中一些，如中国市场疲软和具有挑战性的外汇风险，超出了耐克的控制范围，但其他问题则是多纳霍领导下明显造成的。</p>
</div><p>The company is expecting wholesale orders to be slow as it scales new styles, pulls back on classic franchises and works to repair its relationships with key retail partners after spending the last few years cutting them off in favor of a direct-selling strategy.</p>
<div class="lb-trans"><p>该公司预计批发订单将放缓，因为它推出新款式，减少经典系列，并在几年来削减关键零售合作伙伴的同时，努力修复与其关键零售合作伙伴的关系，以取代直销策略。</p>
</div><p>At the same time, loyal customers that shop on Nike's website are no longer springing for new pairs of Air Force 1s, Air Jordan 1s or Dunks, the company's core franchises. Critics say the sneaker lines have dominated the retailer's offerings for too long and turned customers away as they sought fresh styles and innovative designs from a slew of upstart competitors.</p>
<div class="lb-trans"><p>与此同时，在耐克网站购物的忠实客户不再购买新的 Air Force 1s、Air Jordan 1s 或 Dunks，这是公司的核心系列。批评者称，运动鞋系列长期主导了零售商的产品，导致顾客转向寻求来自一大批新兴竞争对手的新款式和创新设计。</p>
</div><p>That's left Nike to win back some of its most essential customers – runners. As the retailer focused on its direct-selling strategy at the expense of innovation, scrappy competitors like On Running and Hoka snatched up market share.</p>
<div class="lb-trans"><p>这使得耐克不得不重新赢回一些最重要的顾客——跑步者。随着零售商专注于直销策略而牺牲创新，像 On Running 和 Hoka 这样的竞争对手夺走了市场份额。</p>
</div><p>&#34;It was almost silly towards the end of the call they talked about running being such a key sport that consumers are taking part in… We've known that for a long time, we've known that the consumer changed their mind post-pandemic, how they're much more active,&#34; Jess Ramírez, senior research analyst at Jane Hali &amp; Associates, told CNBC, adding a management change at Nike is &#34;quite needed.&#34;</p>
<div class="lb-trans"><p>简·哈利与合伙人高级研究分析师杰斯·拉米雷斯告诉 CNBC：“解封后，我们看到消费者开始参与跑步，并且非常认真，有一大批日常跑步者，而耐克并没有真正回应这一点。”“我认为当管理层错过关键的消费者转变时，公司就存在问题...某些事情发生了变化，他们没有把握住。”</p>
</div><p>&#34;Post-lockdown, we saw that the consumer did adopt running and was serious about that and there was an everyday runner, and Nike didn't really respond to that,&#34; she said. &#34;I think when you have management missing key consumer shifts, there's a problem with your company… something changed and they've missed the mark.&#34;</p>
<div class="lb-trans"><p>纽伯格伯曼高级研究分析师凯文·麦卡锡周四告诉 CNBC 的斯科特·瓦普纳，公司需要管理层变革，并推测多纳霍的雇佣合同可能很快到期。</p>
</div><p>Kevin McCarthy, a senior research analyst with Neuberger Berman, told CNBC's Scott Wapner on Thursday that the company needs a change in management and speculated that Donahoe's employment contract could soon expire.</p>
<div class="lb-trans"><p>麦卡锡在 CNBC 的 “收盘钟” 节目上说：“你提到的这家公司存在的所有问题似乎都可以追溯到执行、管理和其他方面。”</p>
</div><p>&#34;Everything that you've suggested is wrong with this company seems to flow back to execution, management and everything else,&#34; McCarthy said on CNBC's &#34;Closing Bell.&#34;</p>
<div class="lb-trans"><p>“目前有几位内部候选人非常有能力...你还有几位前耐克候选人，也在讨论之中，然后还有其他竞争对手也在讨论之中。但我认为可以假设这家公司的领导层将在未来六个月内发生变化。”</p>
</div><p>&#34;They've got a couple internal candidates right now that are very capable… you've got a couple ex-Nike candidates, too, that have been in the discussion, and then you also have other competitors that have been discussed. But I do think that it's assumed that the leadership of this company will be changing over the next six months.&#34;</p>
<div class="lb-trans"><p>公平地说，新冠疫情在多纳霍上任不到两个月后就开始在美国严重爆发，他不得不应对关闭的商店、远程工作人员以及不断变化的消费者偏好和能力的过山车般变化。</p>
</div><p>In fairness to Donahoe, the Covid-19 pandemic started in earnest in the U.S. less than two months into his tenure, and he's had to grapple with shuttered stores, remote workers and a roller coaster ride of shifting consumer preferences and abilities.</p>
<div class="lb-trans"><p>尽管公司股价下跌，但在他的领导下，耐克的年度销售额从 2020 财年的 374 亿美元增长了约 37%，至 2024 财年的 513.6 亿美元。</p>
</div><p>While the company's stock may be down, Nike's annual sales have grown some 37% under his leadership from $37.4 billion in fiscal 2020 to $51.36 billion in fiscal 2024.</p>
<div class="lb-trans"><p>如果你问耐克创始人和名誉主席菲尔·奈特，多纳霍做得很好。</p>
</div><p>If you ask Phil Knight, Nike's founder and its chairman emeritus, Donahoe is doing just fine.</p>
<div class="lb-trans"><p>86 岁的奈特在一份声明中告诉 CNBC：“我已经看到了耐克的未来计划，并完全相信它们。我对耐克的未来充满乐观，约翰·多纳霍拥有我的坚定信心和全力支持。”</p>
</div><p>&#34;I have seen Nike's plans for the future and wholeheartedly believe in them,&#34; the 86-year-old told CNBC in a statement. &#34;I am optimistic in Nike's future and John Donahoe has my unwavering confidence and full support.&#34;</p>

耐克首席执行官约翰·多纳霍因表现平平而遭到华尔街的抨击