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<p>耐克的股票在盘后交易中大幅下跌，因为该公司警告当前季度收入将下降，突显其在关键中国市场面临的持续挑战以及不均衡的复苏轨迹。</p>
<p>这家运动鞋制造商表示，预计当前季度收入将下降 2% 至 4%，主要是由于中国销售预计下降 20%。</p>
<p>这一前景掩盖了其他方面表现好于预期的季度业绩，导致股票在延长交易中下跌近 9%，而在周三的盘前交易中也下跌了相同幅度。</p>
<h2>中国的疲软仍然是主要拖累</h2>
<p>耐克在中国的挣扎继续影响整体业绩。</p>
<p>截至 2 月 28 日的季度，该地区销售下降了 7%，虽然比前一个季度的 17% 大幅下降有所改善，但仍然表明需求疲软。</p>
<p>高管们表示，近期前景仍然充满挑战，预计当前季度将进一步恶化。</p>
<p>中国的疲软，加上对 Converse 和运动服装系列的需求减弱，抵消了其他市场的增长。</p>
<p>相比之下，北美显示出韧性，收入同比增长 3%。</p>
<p>欧洲、中东和非洲，以及亚太和拉丁美洲的销售也有所增加，为整体收入提供了一定支持。</p>
<h2>盈利超预期未能安抚投资者</h2>
<p>耐克报告的季度收入为 113 亿美元，与去年同期基本持平，但超出华尔街预期。</p>
<p>然而，盈利能力下降，反映出持续的成本压力和折扣活动。</p>
<p>净收入从去年同期的 7.94 亿美元（每股 54 美分）下降至 5.2 亿美元（每股 35 美分）。</p>
<p>尽管下降，盈利仍高于分析师预期的每股 29 美分。</p>
<p>首席执行官埃利奥特·希尔承认，公司复苏的进展比预期慢。</p>
<p>“其中一些部分花费的时间比我希望的要长，但方向是明确的，” 他说。</p>
<h2>库存清理和促销对利润率造成压力</h2>
<p>耐克面临的一个主要挑战是清理最近几个季度积累的过剩库存。</p>
<p>该公司已在全球范围内加大促销活动，特别是在欧洲和其数字平台上，以减少库存水平。</p>
<p>首席财务官马特·弗伦德表示，与去年相比，市场上的促销活动有所增加，并补充说公司在数字渠道上的折扣力度 “更加积极”。</p>
<p>即使采取了这些措施，耐克预计库存水平将在下个季度保持高位，原因是需求持续疲软、促销活动不断以及与中东地缘政治紧张局势相关的干扰。</p>
<p>长期的库存清理周期引发了投资者的担忧。</p>
<p>晨星分析师大卫·斯瓦茨表示，时间表比预期的要长，这引发了对执行的质疑。</p>
<p>“他们自上个财年的第四季度以来就一直在说要这样做，因此投资者可能会问，‘这为什么还不够？’” 他说。</p>
<h2>成本削减和长期重置正在进行中</h2>
<p>耐克还采取了简化运营的措施，作为其更广泛重组的一部分。</p>
<p>本月早些时候，该公司表示预计将因成本削减措施（包括裁员）而产生 3 亿美元的税前费用。</p>
<p>约 775 个岗位将被裁减，主要集中在美国的配送中心。</p>
<p>希尔在 2024 年重新回到公司领导岗位时表示，组织变革开始显现，但需要时间才能见到成效。</p>
<p>“2027 年春季将是我们第一次看到这些团队共同努力的成果，” 他说。</p>
<p>尽管公司在某些地区取得了进展，但分析师表示，复苏的速度将取决于中国需求的稳定以及在未来几个季度成功管理库存和利润率。</p>
<p>耐克股价因疲软前景和中国市场下滑而重挫的文章首次出现在 Invezz 上。</p>

耐克

中国消费者指数 ETF - GlobalX

精选消费品板块指数 ETF - SPDR

KLXY

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零售业 ETF - VanEck Vectors

<p>耐克的股价在盘后交易中下跌近 9%，原因是公司警告当前季度收入将下降 2-4%，主要是由于预计中国销售额将下降 20%。尽管报告的季度收入为 113 亿美元，超出预期，但净收入降至 5.2 亿美元。公司面临着库存过剩的挑战，并已启动削减成本的措施，包括裁员。分析师对缓慢的复苏以及中国持续需求疲软的影响表示担忧</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/04/image-1.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/04/image-1.png"/></p>
<p>Shares of Nike fell sharply in after-hours trading after the company warned of a decline in current-quarter revenue, underscoring persistent challenges in its key China market and an uneven turnaround trajectory.</p>
<div class="lb-trans"><p>耐克的股票在盘后交易中大幅下跌，因为该公司警告当前季度收入将下降，突显其在关键中国市场面临的持续挑战以及不均衡的复苏轨迹。</p>
</div><p>The sneaker maker said it expects revenue to fall between 2% and 4% in the ongoing quarter, driven largely by a projected 20% drop in China sales.</p>
<div class="lb-trans"><p>这家运动鞋制造商表示，预计当前季度收入将下降 2% 至 4%，主要是由于中国销售预计下降 20%。</p>
</div><p>The outlook overshadowed an otherwise better-than-expected quarterly performance, sending the stock down nearly 9% in extended trading, and it was also down by the same magnitude during premarket trading on Wednesday.</p>
<div class="lb-trans"><p>这一前景掩盖了其他方面表现好于预期的季度业绩，导致股票在延长交易中下跌近 9%，而在周三的盘前交易中也下跌了相同幅度。</p>
</div><h2>China's weakness remains a key drag</h2>
<div class="lb-trans"><h2>中国的疲软仍然是主要拖累</h2>
</div><p>Nike’s struggles in China continue to weigh on overall performance.</p>
<div class="lb-trans"><p>耐克在中国的挣扎继续影响整体业绩。</p>
</div><p>Sales in the region declined 7% in the quarter ended February 28, an improvement from a steeper 17% drop in the previous quarter but still indicative of subdued demand.</p>
<div class="lb-trans"><p>截至 2 月 28 日的季度，该地区销售下降了 7%，虽然比前一个季度的 17% 大幅下降有所改善，但仍然表明需求疲软。</p>
</div><p>Executives signalled that the near-term outlook remains challenging, with further deterioration expected in the current quarter.</p>
<div class="lb-trans"><p>高管们表示，近期前景仍然充满挑战，预计当前季度将进一步恶化。</p>
</div><p>Weakness in China, along with softer demand for Converse and sportswear lines, has offset gains in other markets.</p>
<div class="lb-trans"><p>中国的疲软，加上对 Converse 和运动服装系列的需求减弱，抵消了其他市场的增长。</p>
</div><p>In contrast, North America showed signs of resilience, with revenue rising 3% year-on-year.</p>
<div class="lb-trans"><p>相比之下，北美显示出韧性，收入同比增长 3%。</p>
</div><p>Sales also increased across Europe, the Middle East and Africa, as well as Asia Pacific and Latin America, offering some support to the overall topline.</p>
<div class="lb-trans"><p>欧洲、中东和非洲，以及亚太和拉丁美洲的销售也有所增加，为整体收入提供了一定支持。</p>
</div><h2>Earnings beat fails to reassure investors</h2>
<div class="lb-trans"><h2>盈利超预期未能安抚投资者</h2>
</div><p>Nike reported quarterly revenue of $11.3 billion, broadly flat compared with the same period a year earlier but ahead of Wall Street expectations.</p>
<div class="lb-trans"><p>耐克报告的季度收入为 113 亿美元，与去年同期基本持平，但超出华尔街预期。</p>
</div><p>However, profitability declined, reflecting ongoing cost pressures and discounting activity.</p>
<div class="lb-trans"><p>然而，盈利能力下降，反映出持续的成本压力和折扣活动。</p>
</div><p>Net income fell to $520 million, or 35 cents per share, from $794 million, or 54 cents per share, a year earlier.</p>
<div class="lb-trans"><p>净收入从去年同期的 7.94 亿美元（每股 54 美分）下降至 5.2 亿美元（每股 35 美分）。</p>
</div><p>Despite the drop, earnings still came in above analyst forecasts of 29 cents per share.</p>
<div class="lb-trans"><p>尽管下降，盈利仍高于分析师预期的每股 29 美分。</p>
</div><p>Chief executive Elliott Hill acknowledged that the company’s turnaround is progressing more slowly than anticipated.</p>
<div class="lb-trans"><p>首席执行官埃利奥特·希尔承认，公司复苏的进展比预期慢。</p>
</div><p>“Parts of it are taking longer than I’d like, but the direction is clear,” he said.</p>
<div class="lb-trans"><p>“其中一些部分花费的时间比我希望的要长，但方向是明确的，” 他说。</p>
</div><h2>Inventory clearance and promotions weigh on margins</h2>
<div class="lb-trans"><h2>库存清理和促销对利润率造成压力</h2>
</div><p>A key challenge for Nike remains its effort to clear excess inventory built up over recent quarters.</p>
<div class="lb-trans"><p>耐克面临的一个主要挑战是清理最近几个季度积累的过剩库存。</p>
</div><p>The company has been stepping up promotional activity globally, particularly in Europe and on its digital platforms, to reduce stock levels.</p>
<div class="lb-trans"><p>该公司已在全球范围内加大促销活动，特别是在欧洲和其数字平台上，以减少库存水平。</p>
</div><p>Chief financial officer Matt Friend said promotions across the marketplace have increased compared with last year, adding that the company has been “more aggressive” with discounting on its digital channels.</p>
<div class="lb-trans"><p>首席财务官马特·弗伦德表示，与去年相比，市场上的促销活动有所增加，并补充说公司在数字渠道上的折扣力度 “更加积极”。</p>
</div><p>Even with these efforts, Nike expects inventory levels to remain elevated into the next quarter, citing ongoing demand softness, continued promotions and disruption linked to geopolitical tensions in the Middle East.</p>
<div class="lb-trans"><p>即使采取了这些措施，耐克预计库存水平将在下个季度保持高位，原因是需求持续疲软、促销活动不断以及与中东地缘政治紧张局势相关的干扰。</p>
</div><p>The prolonged inventory clearance cycle has raised concerns among investors.</p>
<div class="lb-trans"><p>长期的库存清理周期引发了投资者的担忧。</p>
</div><p>Morningstar analyst David Swartz said the timeline has been longer than expected, prompting questions about execution.</p>
<div class="lb-trans"><p>晨星分析师大卫·斯瓦茨表示，时间表比预期的要长，这引发了对执行的质疑。</p>
</div><p>“They’ve been saying they were doing that since the fourth quarter of last fiscal year, so investors may be asking, ‘Why wasn’t that enough?’” he said.</p>
<div class="lb-trans"><p>“他们自上个财年的第四季度以来就一直在说要这样做，因此投资者可能会问，‘这为什么还不够？’” 他说。</p>
</div><h2>Cost cuts and long-term reset underway</h2>
<div class="lb-trans"><h2>成本削减和长期重置正在进行中</h2>
</div><p>Nike has also moved to streamline operations as part of its broader restructuring.</p>
<div class="lb-trans"><p>耐克还采取了简化运营的措施，作为其更广泛重组的一部分。</p>
</div><p>Earlier this month, the company said it expects to incur $300 million in pre-tax charges related to cost-cutting measures, including job reductions.</p>
<div class="lb-trans"><p>本月早些时候，该公司表示预计将因成本削减措施（包括裁员）而产生 3 亿美元的税前费用。</p>
</div><p>Around 775 roles are set to be eliminated, primarily at distribution centres in the US.</p>
<div class="lb-trans"><p>约 775 个岗位将被裁减，主要集中在美国的配送中心。</p>
</div><p>Hill, who returned to lead the company in 2024, said organisational changes are beginning to take shape but will take time to deliver results.</p>
<div class="lb-trans"><p>希尔在 2024 年重新回到公司领导岗位时表示，组织变革开始显现，但需要时间才能见到成效。</p>
</div><p>“Spring 2027 will be the first time we see the fruits of those teams working together,” he said.</p>
<div class="lb-trans"><p>“2027 年春季将是我们第一次看到这些团队共同努力的成果，” 他说。</p>
</div><p>While the company is making progress in certain regions, analysts say the pace of recovery will depend on stabilising demand in China and successfully managing inventory and margins in the coming quarters.</p>
<div class="lb-trans"><p>尽管公司在某些地区取得了进展，但分析师表示，复苏的速度将取决于中国需求的稳定以及在未来几个季度成功管理库存和利润率。</p>
</div><p>The post Nike shares sink as weak outlook and China slump hit recovery appeared first on Invezz</p>
<div class="lb-trans"><p>耐克股价因疲软前景和中国市场下滑而重挫的文章首次出现在 Invezz 上。</p>
</div>

耐克股价下跌，因疲软的前景和中国市场的低迷影响了其复苏进程