<p>2020 年 5 月 11 日，新冠疫情期間，戴着防護口罩的人們經過紐約第五大道上關閉的耐克商店。</p>
<p>Mike Segar | 路透社</p>
<p>耐克首席執行官約翰·多納霍似乎處境艱難。</p>
<p>自 2020 年 1 月以來一直擔任耐克首席的前 eBay 高管，在結束了一個表現平平的財政年度後，開始失去華爾街的信心。</p>
<p>週四，耐克警告稱，預計本季度銷售額將下降 10%，遠遠超出倫交所預測的 3.2%，此前該公司除了新冠疫情外，實現了 14 年來最慢的年度銷售增長。</p>
<p>該公司還表示，預計 2025 財年銷售額將下降中等個位數，而此前預期將增長。</p>
<p>耐克股價在季度報告後的週五暴跌 20%，公司市值目前約為 1140 億美元。</p>
<p>隨着華爾街消化這家全球最大運動服裝公司的慘淡前景，至少有六家投行下調了耐克的股票評級。摩根士丹利和史蒂芬爾的分析師更進一步，明確質疑了公司的管理層。</p>
<p>史蒂芬爾分析師吉姆·達菲寫道：“2025 財年指引（在 6 個季度中的第 5 次下調共識），將增長轉折的前景進一步推遲到 2025 年（或最早在 2025 財年第 4 季度或 2025 年春季），要求投資者既要支持尚未被證明成功的款式，又要在不確定的消費者自由選擇背景下審視 2024 年下半年，直到 2025 年下半年動能再次增長。”“管理層的信譽受到嚴重挑戰，高管層變動的可能性增加了進一步的不確定性。”</p>
<p>自多納霍接任耐克高管以來，截至週五盤中交易，其股價下跌約 25%，明顯表現不佳，遠遠落後於標普 500 指數和以零售為重點的 ETF XRT，在同一時期分別上漲約 69% 和 67%。</p>
<p>週四，耐克財務主管馬特·弗蘭德將指引下調歸因於一系列因素。其中一些，如中國市場疲軟和具有挑戰性的外匯風險，超出了耐克的控制範圍，但其他問題則是多納霍領導下明顯造成的。</p>
<p>該公司預計批發訂單將放緩，因為它推出新款式，減少經典系列，並在幾年來削減關鍵零售合作伙伴的同時，努力修復與其關鍵零售合作伙伴的關係，以取代直銷策略。</p>
<p>與此同時，在耐克網站購物的忠實客户不再購買新的 Air Force 1s、Air Jordan 1s 或 Dunks，這是公司的核心繫列。批評者稱，運動鞋系列長期主導了零售商的產品，導致顧客轉向尋求來自一大批新興競爭對手的新款式和創新設計。</p>
<p>這使得耐克不得不重新贏回一些最重要的顧客——跑步者。隨着零售商專注於直銷策略而犧牲創新，像 On Running 和 Hoka 這樣的競爭對手奪走了市場份額。</p>
<p>簡·哈利與合夥人高級研究分析師傑斯·拉米雷斯告訴 CNBC：“解封后，我們看到消費者開始參與跑步，並且非常認真，有一大批日常跑步者，而耐克並沒有真正回應這一點。”“我認為當管理層錯過關鍵的消費者轉變時，公司就存在問題...某些事情發生了變化，他們沒有把握住。”</p>
<p>紐伯格伯曼高級研究分析師凱文·麥卡錫週四告訴 CNBC 的斯科特·瓦普納，公司需要管理層變革，並推測多納霍的僱傭合同可能很快到期。</p>
<p>麥卡錫在 CNBC 的 “收盤鍾” 節目上説：“你提到的這家公司存在的所有問題似乎都可以追溯到執行、管理和其他方面。”</p>
<p>“目前有幾位內部候選人非常有能力...你還有幾位前耐克候選人，也在討論之中，然後還有其他競爭對手也在討論之中。但我認為可以假設這家公司的領導層將在未來六個月內發生變化。”</p>
<p>公平地説，新冠疫情在多納霍上任不到兩個月後就開始在美國嚴重爆發，他不得不應對關閉的商店、遠程工作人員以及不斷變化的消費者偏好和能力的過山車般變化。</p>
<p>儘管公司股價下跌，但在他的領導下，耐克的年度銷售額從 2020 財年的 374 億美元增長了約 37%，至 2024 財年的 513.6 億美元。</p>
<p>如果你問耐克創始人和名譽主席菲爾·奈特，多納霍做得很好。</p>
<p>86 歲的奈特在一份聲明中告訴 CNBC：“我已經看到了耐克的未來計劃，並完全相信它們。我對耐克的未來充滿樂觀，約翰·多納霍擁有我的堅定信心和全力支持。”</p>

耐克

<p>耐克首席執行官約翰·多納霍在公司業績疲軟後受到華爾街的批評。在多納霍的領導下，公司股價表現不佳，市場份額下降。預計耐克本季度銷售額將下降 10%，導致投資銀行下調評級。多納霍的管理信譽受到質疑，有呼籲進行領導層變革。自多納霍接任以來，公司股價已下跌 25%，而標普 500 指數和零售行業 ETF 則有所增長。耐克在中國面臨挑戰，外匯風險，需要通過創新設計 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，新冠疫情期間，戴着防護口罩的人們經過紐約第五大道上關閉的耐克商店。</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>耐克首席執行官約翰·多納霍似乎處境艱難。</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 月以來一直擔任耐克首席的前 eBay 高管，在結束了一個表現平平的財政年度後，開始失去華爾街的信心。</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>週四，耐克警告稱，預計本季度銷售額將下降 10%，遠遠超出倫交所預測的 3.2%，此前該公司除了新冠疫情外，實現了 14 年來最慢的年度銷售增長。</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>該公司還表示，預計 2025 財年銷售額將下降中等個位數，而此前預期將增長。</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>耐克股價在季度報告後的週五暴跌 20%，公司市值目前約為 1140 億美元。</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>隨着華爾街消化這家全球最大運動服裝公司的慘淡前景，至少有六家投行下調了耐克的股票評級。摩根士丹利和史蒂芬爾的分析師更進一步，明確質疑了公司的管理層。</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>史蒂芬爾分析師吉姆·達菲寫道：“2025 財年指引（在 6 個季度中的第 5 次下調共識），將增長轉折的前景進一步推遲到 2025 年（或最早在 2025 財年第 4 季度或 2025 年春季），要求投資者既要支持尚未被證明成功的款式，又要在不確定的消費者自由選擇背景下審視 2024 年下半年，直到 2025 年下半年動能再次增長。”“管理層的信譽受到嚴重挑戰，高管層變動的可能性增加了進一步的不確定性。”</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>自多納霍接任耐克高管以來，截至週五盤中交易，其股價下跌約 25%，明顯表現不佳，遠遠落後於標普 500 指數和以零售為重點的 ETF XRT，在同一時期分別上漲約 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>週四，耐克財務主管馬特·弗蘭德將指引下調歸因於一系列因素。其中一些，如中國市場疲軟和具有挑戰性的外匯風險，超出了耐克的控制範圍，但其他問題則是多納霍領導下明顯造成的。</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>該公司預計批發訂單將放緩，因為它推出新款式，減少經典系列，並在幾年來削減關鍵零售合作伙伴的同時，努力修復與其關鍵零售合作伙伴的關係，以取代直銷策略。</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>與此同時，在耐克網站購物的忠實客户不再購買新的 Air Force 1s、Air Jordan 1s 或 Dunks，這是公司的核心繫列。批評者稱，運動鞋系列長期主導了零售商的產品，導致顧客轉向尋求來自一大批新興競爭對手的新款式和創新設計。</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>這使得耐克不得不重新贏回一些最重要的顧客——跑步者。隨着零售商專注於直銷策略而犧牲創新，像 On Running 和 Hoka 這樣的競爭對手奪走了市場份額。</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>簡·哈利與合夥人高級研究分析師傑斯·拉米雷斯告訴 CNBC：“解封后，我們看到消費者開始參與跑步，並且非常認真，有一大批日常跑步者，而耐克並沒有真正回應這一點。”“我認為當管理層錯過關鍵的消費者轉變時，公司就存在問題...某些事情發生了變化，他們沒有把握住。”</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>紐伯格伯曼高級研究分析師凱文·麥卡錫週四告訴 CNBC 的斯科特·瓦普納，公司需要管理層變革，並推測多納霍的僱傭合同可能很快到期。</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>麥卡錫在 CNBC 的 “收盤鍾” 節目上説：“你提到的這家公司存在的所有問題似乎都可以追溯到執行、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>“目前有幾位內部候選人非常有能力...你還有幾位前耐克候選人，也在討論之中，然後還有其他競爭對手也在討論之中。但我認為可以假設這家公司的領導層將在未來六個月內發生變化。”</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>公平地説，新冠疫情在多納霍上任不到兩個月後就開始在美國嚴重爆發，他不得不應對關閉的商店、遠程工作人員以及不斷變化的消費者偏好和能力的過山車般變化。</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>儘管公司股價下跌，但在他的領導下，耐克的年度銷售額從 2020 財年的 374 億美元增長了約 37%，至 2024 財年的 513.6 億美元。</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>如果你問耐克創始人和名譽主席菲爾·奈特，多納霍做得很好。</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 歲的奈特在一份聲明中告訴 CNBC：“我已經看到了耐克的未來計劃，並完全相信它們。我對耐克的未來充滿樂觀，約翰·多納霍擁有我的堅定信心和全力支持。”</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>

耐克首席執行官約翰·多納霍因表現平平而遭到華爾街的抨擊