<p>在周二 <strong>耐克</strong>（NKE -3.44%）的财年第一季度财报发布前，市场预期并不高。耐克曾承诺在上个季度收入下降 10% 后会有所改善，但仍预计会出现下滑。</p>
<p>耐克的问题已经显而易见一段时间。在前首席执行官约翰·多纳霍的领导下，公司偏离了其根基，忽视了批发合作伙伴，没有在新产品上进行创新，并且忽视了使耐克成为全球最知名标志之一的品牌营销。</p>
<p>首席执行官埃利奥特·希尔现在已经在这个关键位置上工作了大约一年，试图重新建立与关键零售合作伙伴如 Foot Locker 的关系，清理经典系列如 Dunks 的过剩库存，并重新回到与运动员产生共鸣的性能产品创新上。</p>
<p>第一季度财报的结果显示，这些努力似乎比预期的更快见效。该季度收入增长 1%，达到 117 亿美元，远超市场共识的 109.9 亿美元，或下降 5.2%。在不考虑汇率的情况下，收入下降 1%，但这仍然远好于预期。</p>
<p>毛利率下降 320 个基点至 42.2%，反映出批发和直销渠道的折扣增加，以及回归批发渠道的趋势，而后者通常毛利率较低。毛利率的下降似乎表明清理库存的努力增加，该季度库存下降 2%，至 81 亿美元，这是一个积极的信号。</p>
<p>在底线方面，每股收益下降 30%，至 0.49 美元，主要由于毛利率下降，尽管这仍然轻松超过市场共识的 0.27 美元。</p>
<p>投资者对结果表示欢呼，周二盘后股价上涨 4%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU3ODcvc2hvcHBpbmctZm9yLXNuZWFrZXJzLW5pa2UtYWRkaWRhcy1hdGhsZXRpYy1hcHBhcmVsLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU3ODcvc2hvcHBpbmctZm9yLXNuZWFrZXJzLW5pa2UtYWRkaWRhcy1hdGhsZXRpYy1hcHBhcmVsLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>新的希望正在形成</h2>
<p>尽管利润的急剧下降令人担忧，但耐克似乎在其转型的这一阶段超出了预期，并在关键领域取得了进展。</p>
<p>耐克对其跑步业务的改造持续见效，因为公司回应了客户在跑鞋中所希望的三点：缓震、稳定性和能量回馈的日常鞋。作为回应，耐克重新设计了热销款式如 Vomero、Structure 和 Pegasus，客户的反应非常明显。耐克的跑步销售在该季度增长了超过 20%。它还在尝试仅限跑步的商店，表示在奥斯丁重新设计了一家专注于跑步和训练的商店，推动了显著的销售增长。</p>
<p>耐克在北美也经历了令人印象深刻的反转，该地区被视为推动整体业务增长的关键，而希尔的努力主要集中在此。该地区的销售从财年第四季度的 11% 下降转为第一季度的 4% 增长，受益于跑步业务的顺风和扩大与新合作伙伴如 <strong>亚马逊</strong> 的合作，批发收入增长了 11%。除了跑步的强劲表现，训练和篮球的销售也增长了两位数，而经典鞋类系列则下降了 30%，因为公司正在降低对它们的重视。</p>
<p>管理层仍然表示，转型将需要时间，因为在中国等地区面临挑战，并预计在财年内耐克直销的销售将下降，因为它专注于批发渠道。</p>
<p>对于第二季度，管理层预计将出现类似的趋势，包括收入的低个位数下降和毛利率下降 300-375 个基点，其中包括由于新关税带来的 175 个基点的净压力。由于关税增加，公司现在预计今年将增加 15 亿美元的成本，高于之前的 10 亿美元目标。</p>
<h2>现在是买入耐克的时机吗？</h2>
<p>耐克管理层显然表示，投资者需要对复苏保持耐心，但这里有明显的进展迹象，至少一些阻力，如关税，是一次性的。</p>
<p>获得正确的库存平衡并清理经典系列将需要时间，但希尔的战略似乎正在奏效。耐克的股票并不便宜，这表明投资者对转型有一定信心，但如果公司能够恢复到最佳表现，仍然有很大的上行空间。</p>
<p>从长远来看，股票仍然看起来有望恢复。</p>

耐克

<p>耐克的 2024 财年第一季度财报显示出意外增长，收入增长 1% 至 117 亿美元，超出预期。尽管每股收益下降 30% 至 0.49 美元，但这一结果导致股价上涨 4%。首席执行官 Elliott Hill 在重建零售合作伙伴关系和创新产品方面的努力开始见效，尤其是在跑步产品领域，销售增长超过 20%。然而，仍然面临挑战，包括预计耐克直销的下降和关税增加。总体而言，尽管复苏仍在进行中，但长期恢复的积极迹象显现</p>

<p>Expectations were low coming into <strong>Nike</strong>'s (NKE -3.44%) fiscal first-quarter earnings report on Tuesday. The Swoosh had promised an improvement after revenue in its previous quarter tumbled 10%, but it still expected a decline.</p>
<div class="lb-trans"><p>在周二 <strong>耐克</strong>（NKE -3.44%）的财年第一季度财报发布前，市场预期并不高。耐克曾承诺在上个季度收入下降 10% 后会有所改善，但仍预计会出现下滑。</p>
</div><p>Nike's problems have been clear for some time. Under previous CEO John Donahoe, the company got away from its roots, neglecting its wholesale partners, not innovating in new products, and ignoring the kind of brand marketing that has made Nike one of the best-known logos in the world.</p>
<div class="lb-trans"><p>耐克的问题已经显而易见一段时间。在前首席执行官约翰·多纳霍的领导下，公司偏离了其根基，忽视了批发合作伙伴，没有在新产品上进行创新，并且忽视了使耐克成为全球最知名标志之一的品牌营销。</p>
</div><p>CEO Elliott Hill has now been in the hot seat for about a year, attempting to reestablish relationships with key retail partners like Foot Locker, clear out excess inventory in classic franchises like Dunks, and get back to innovating performance products that resonate with athletes.</p>
<div class="lb-trans"><p>首席执行官埃利奥特·希尔现在已经在这个关键位置上工作了大约一年，试图重新建立与关键零售合作伙伴如 Foot Locker 的关系，清理经典系列如 Dunks 的过剩库存，并重新回到与运动员产生共鸣的性能产品创新上。</p>
</div><p>The results from its first-quarter earnings report show those efforts seem to be paying off faster than expected. Revenue in the quarter rose 1% to $11.7 billion, which crushed the consensus of $10.99 billion, or down 5.2%. On a currency-neutral basis, revenue was down 1%, but that was still much better than expectations.</p>
<div class="lb-trans"><p>第一季度财报的结果显示，这些努力似乎比预期的更快见效。该季度收入增长 1%，达到 117 亿美元，远超市场共识的 109.9 亿美元，或下降 5.2%。在不考虑汇率的情况下，收入下降 1%，但这仍然远好于预期。</p>
</div><p>Gross margin declined 320 basis points to 42.2%, reflecting higher discounts in both the wholesale and direct channels and a shift back to the wholesale channel, which tends to be a lower gross margin. The margin decline seems to indicate more efforts to clear inventory, which fell 2% in the quarter to $8.1 billion, a positive sign.</p>
<div class="lb-trans"><p>毛利率下降 320 个基点至 42.2%，反映出批发和直销渠道的折扣增加，以及回归批发渠道的趋势，而后者通常毛利率较低。毛利率的下降似乎表明清理库存的努力增加，该季度库存下降 2%，至 81 亿美元，这是一个积极的信号。</p>
</div><p>On the bottom line, earnings per share were down 30% to $0.49, largely due to the decline in gross margin, though that still easily beat the consensus estimate of $0.27.</p>
<div class="lb-trans"><p>在底线方面，每股收益下降 30%，至 0.49 美元，主要由于毛利率下降，尽管这仍然轻松超过市场共识的 0.27 美元。</p>
</div><p>Investors cheered the results, sending the stock up 4% after hours on Tuesday.</p>
<div class="lb-trans"><p>投资者对结果表示欢呼，周二盘后股价上涨 4%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU3ODcvc2hvcHBpbmctZm9yLXNuZWFrZXJzLW5pa2UtYWRkaWRhcy1hdGhsZXRpYy1hcHBhcmVsLTEyMDB4ODAwLTViMmRmNzkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835787%2Fshopping-for-sneakers-nike-addidas-athletic-apparel-1200x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Green shoots are forming</h2>
<div class="lb-trans"><h2>新的希望正在形成</h2>
</div><p>While the sharp decline in profits is concerning, Nike seems to be ahead of where it expected to be at this point in its turnaround, and it's making progress in key areas.</p>
<div class="lb-trans"><p>尽管利润的急剧下降令人担忧，但耐克似乎在其转型的这一阶段超出了预期，并在关键领域取得了进展。</p>
</div><p>Its efforts to revamp its running business continue to pay off as the company responded to three things that customers said they wanted in a running shoe: cushioning, stability, and an everyday shoe that returns energy. In response, it redesigned top-selling styles like Vomero, Structure, and Pegasus, and the customer response was clear. Nike running sales grew by more than 20% in the quarter. It's experimenting with running-only stores, saying that it redesigned a store in Austin to focus only on running and training, driving significant sales growth.</p>
<div class="lb-trans"><p>耐克对其跑步业务的改造持续见效，因为公司回应了客户在跑鞋中所希望的三点：缓震、稳定性和能量回馈的日常鞋。作为回应，耐克重新设计了热销款式如 Vomero、Structure 和 Pegasus，客户的反应非常明显。耐克的跑步销售在该季度增长了超过 20%。它还在尝试仅限跑步的商店，表示在奥斯丁重新设计了一家专注于跑步和训练的商店，推动了显著的销售增长。</p>
</div><p>Nike has also undergone an impressive reversal in North America, which it sees as driving growth in the overall business, and where the bulk of Hill's efforts have been thus far. Sales in that region went from an 11% decline in the fiscal fourth quarter to 4% growth in the first quarter, benefiting from the tailwinds in the running business and efforts to expand its reach to new partners like <strong>Amazon</strong>, as wholesale revenue grew by 11%. In addition to the strength in running, training and basketball were up double digits, while its classic footwear franchises were down 30% as the company deemphasizes them.</p>
<div class="lb-trans"><p>耐克在北美也经历了令人印象深刻的反转，该地区被视为推动整体业务增长的关键，而希尔的努力主要集中在此。该地区的销售从财年第四季度的 11% 下降转为第一季度的 4% 增长，受益于跑步业务的顺风和扩大与新合作伙伴如 <strong>亚马逊</strong> 的合作，批发收入增长了 11%。除了跑步的强劲表现，训练和篮球的销售也增长了两位数，而经典鞋类系列则下降了 30%，因为公司正在降低对它们的重视。</p>
</div><p>Management still indicates the turnaround will take time as it struggles in regions like China, and it forecast a decline in Nike Direct sales for the fiscal year as it focuses on the wholesale channel.</p>
<div class="lb-trans"><p>管理层仍然表示，转型将需要时间，因为在中国等地区面临挑战，并预计在财年内耐克直销的销售将下降，因为它专注于批发渠道。</p>
</div><p>For the second quarter, management expects similar trends, including a low-single-digit decline in revenue and gross margins falling 300-375 basis points, which includes a net headwind of 175 basis points from new tariffs. Due to increased tariffs, The company now estimates a $1.5 billion incremental cost this year, up from a previous target of $1 billion.</p>
<div class="lb-trans"><p>对于第二季度，管理层预计将出现类似的趋势，包括收入的低个位数下降和毛利率下降 300-375 个基点，其中包括由于新关税带来的 175 个基点的净压力。由于关税增加，公司现在预计今年将增加 15 亿美元的成本，高于之前的 10 亿美元目标。</p>
</div><h2>Is Nike a buy now?</h2>
<div class="lb-trans"><h2>现在是买入耐克的时机吗？</h2>
</div><p>Nike management is clearly indicating that investors need to be patient with the recovery, but there are clear signs of progress here, and at least some of the headwinds, like tariffs, are one-time in nature.</p>
<div class="lb-trans"><p>耐克管理层显然表示，投资者需要对复苏保持耐心，但这里有明显的进展迹象，至少一些阻力，如关税，是一次性的。</p>
</div><p>Getting the right inventory balance and clearing out classic franchises will take time, but Hill's strategy appears to be working. Nike stock isn't cheap, a sign that investors have some confidence in the turnaround, but there's still a lot of upside if the company can get back to peak performance.</p>
<div class="lb-trans"><p>获得正确的库存平衡并清理经典系列将需要时间，但希尔的战略似乎正在奏效。耐克的股票并不便宜，这表明投资者对转型有一定信心，但如果公司能够恢复到最佳表现，仍然有很大的上行空间。</p>
</div><p>Over the long term, the stock still looks set to recover.</p>
<div class="lb-trans"><p>从长远来看，股票仍然看起来有望恢复。</p>
</div>

耐克意外恢复增长。运动服装股票现在值得购买吗？