<p>在週二 <strong>耐克</strong>（NKE -3.44%）的財年第一季度財報發佈前，市場預期並不高。耐克曾承諾在上個季度收入下降 10% 後會有所改善，但仍預計會出現下滑。</p>
<p>耐克的問題已經顯而易見一段時間。在前首席執行官約翰·多納霍的領導下，公司偏離了其根基，忽視了批發合作伙伴，沒有在新產品上進行創新，並且忽視了使耐克成為全球最知名標誌之一的品牌營銷。</p>
<p>首席執行官埃利奧特·希爾現在已經在這個關鍵位置上工作了大約一年，試圖重新建立與關鍵零售合作伙伴如 Foot Locker 的關係，清理經典系列如 Dunks 的過剩庫存，並重新回到與運動員產生共鳴的性能產品創新上。</p>
<p>第一季度財報的結果顯示，這些努力似乎比預期的更快見效。該季度收入增長 1%，達到 117 億美元，遠超市場共識的 109.9 億美元，或下降 5.2%。在不考慮匯率的情況下，收入下降 1%，但這仍然遠好於預期。</p>
<p>毛利率下降 320 個基點至 42.2%，反映出批發和直銷渠道的折扣增加，以及迴歸批發渠道的趨勢，而後者通常毛利率較低。毛利率的下降似乎表明清理庫存的努力增加，該季度庫存下降 2%，至 81 億美元，這是一個積極的信號。</p>
<p>在底線方面，每股收益下降 30%，至 0.49 美元，主要由於毛利率下降，儘管這仍然輕鬆超過市場共識的 0.27 美元。</p>
<p>投資者對結果表示歡呼，週二盤後股價上漲 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>圖片來源：Getty Images。</p>
<h2>新的希望正在形成</h2>
<p>儘管利潤的急劇下降令人擔憂，但耐克似乎在其轉型的這一階段超出了預期，並在關鍵領域取得了進展。</p>
<p>耐克對其跑步業務的改造持續見效，因為公司回應了客户在跑鞋中所希望的三點：緩震、穩定性和能量回饋的日常鞋。作為回應，耐克重新設計了熱銷款式如 Vomero、Structure 和 Pegasus，客户的反應非常明顯。耐克的跑步銷售在該季度增長了超過 20%。它還在嘗試僅限跑步的商店，表示在奧斯丁重新設計了一家專注於跑步和訓練的商店，推動了顯著的銷售增長。</p>
<p>耐克在北美也經歷了令人印象深刻的反轉，該地區被視為推動整體業務增長的關鍵，而希爾的努力主要集中在此。該地區的銷售從財年第四季度的 11% 下降轉為第一季度的 4% 增長，受益於跑步業務的順風和擴大與新合作伙伴如 <strong>亞馬遜</strong> 的合作，批發收入增長了 11%。除了跑步的強勁表現，訓練和籃球的銷售也增長了兩位數，而經典鞋類系列則下降了 30%，因為公司正在降低對它們的重視。</p>
<p>管理層仍然表示，轉型將需要時間，因為在中國等地區面臨挑戰，並預計在財年內耐克直銷的銷售將下降，因為它專注於批發渠道。</p>
<p>對於第二季度，管理層預計將出現類似的趨勢，包括收入的低個位數下降和毛利率下降 300-375 個基點，其中包括由於新關税帶來的 175 個基點的淨壓力。由於關税增加，公司現在預計今年將增加 15 億美元的成本，高於之前的 10 億美元目標。</p>
<h2>現在是買入耐克的時機嗎？</h2>
<p>耐克管理層顯然表示，投資者需要對復甦保持耐心，但這裏有明顯的進展跡象，至少一些阻力，如關税，是一次性的。</p>
<p>獲得正確的庫存平衡並清理經典系列將需要時間，但希爾的戰略似乎正在奏效。耐克的股票並不便宜，這表明投資者對轉型有一定信心，但如果公司能夠恢復到最佳表現，仍然有很大的上行空間。</p>
<p>從長遠來看，股票仍然看起來有望恢復。</p>

耐克

<p>耐克的 2024 財年第一季度財報顯示出意外增長，收入增長 1% 至 117 億美元，超出預期。儘管每股收益下降 30% 至 0.49 美元，但這一結果導致股價上漲 4%。首席執行官 Elliott Hill 在重建零售合作伙伴關係和創新產品方面的努力開始見效，尤其是在跑步產品領域，銷售增長超過 20%。然而，仍然面臨挑戰，包括預計耐克直銷的下降和關税增加。總體而言，儘管復甦仍在進行中，但長期恢復的積極跡象顯現</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>在週二 <strong>耐克</strong>（NKE -3.44%）的財年第一季度財報發佈前，市場預期並不高。耐克曾承諾在上個季度收入下降 10% 後會有所改善，但仍預計會出現下滑。</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>耐克的問題已經顯而易見一段時間。在前首席執行官約翰·多納霍的領導下，公司偏離了其根基，忽視了批發合作伙伴，沒有在新產品上進行創新，並且忽視了使耐克成為全球最知名標誌之一的品牌營銷。</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>首席執行官埃利奧特·希爾現在已經在這個關鍵位置上工作了大約一年，試圖重新建立與關鍵零售合作伙伴如 Foot Locker 的關係，清理經典系列如 Dunks 的過剩庫存，並重新回到與運動員產生共鳴的性能產品創新上。</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>第一季度財報的結果顯示，這些努力似乎比預期的更快見效。該季度收入增長 1%，達到 117 億美元，遠超市場共識的 109.9 億美元，或下降 5.2%。在不考慮匯率的情況下，收入下降 1%，但這仍然遠好於預期。</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 個基點至 42.2%，反映出批發和直銷渠道的折扣增加，以及迴歸批發渠道的趨勢，而後者通常毛利率較低。毛利率的下降似乎表明清理庫存的努力增加，該季度庫存下降 2%，至 81 億美元，這是一個積極的信號。</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>在底線方面，每股收益下降 30%，至 0.49 美元，主要由於毛利率下降，儘管這仍然輕鬆超過市場共識的 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>投資者對結果表示歡呼，週二盤後股價上漲 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>圖片來源：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>儘管利潤的急劇下降令人擔憂，但耐克似乎在其轉型的這一階段超出了預期，並在關鍵領域取得了進展。</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>耐克對其跑步業務的改造持續見效，因為公司回應了客户在跑鞋中所希望的三點：緩震、穩定性和能量回饋的日常鞋。作為回應，耐克重新設計了熱銷款式如 Vomero、Structure 和 Pegasus，客户的反應非常明顯。耐克的跑步銷售在該季度增長了超過 20%。它還在嘗試僅限跑步的商店，表示在奧斯丁重新設計了一家專注於跑步和訓練的商店，推動了顯著的銷售增長。</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>耐克在北美也經歷了令人印象深刻的反轉，該地區被視為推動整體業務增長的關鍵，而希爾的努力主要集中在此。該地區的銷售從財年第四季度的 11% 下降轉為第一季度的 4% 增長，受益於跑步業務的順風和擴大與新合作伙伴如 <strong>亞馬遜</strong> 的合作，批發收入增長了 11%。除了跑步的強勁表現，訓練和籃球的銷售也增長了兩位數，而經典鞋類系列則下降了 30%，因為公司正在降低對它們的重視。</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>管理層仍然表示，轉型將需要時間，因為在中國等地區面臨挑戰，並預計在財年內耐克直銷的銷售將下降，因為它專注於批發渠道。</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>對於第二季度，管理層預計將出現類似的趨勢，包括收入的低個位數下降和毛利率下降 300-375 個基點，其中包括由於新關税帶來的 175 個基點的淨壓力。由於關税增加，公司現在預計今年將增加 15 億美元的成本，高於之前的 10 億美元目標。</p>
</div><h2>Is Nike a buy now?</h2>
<div class="lb-trans"><h2>現在是買入耐克的時機嗎？</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>耐克管理層顯然表示，投資者需要對復甦保持耐心，但這裏有明顯的進展跡象，至少一些阻力，如關税，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>獲得正確的庫存平衡並清理經典系列將需要時間，但希爾的戰略似乎正在奏效。耐克的股票並不便宜，這表明投資者對轉型有一定信心，但如果公司能夠恢復到最佳表現，仍然有很大的上行空間。</p>
</div><p>Over the long term, the stock still looks set to recover.</p>
<div class="lb-trans"><p>從長遠來看，股票仍然看起來有望恢復。</p>
</div>

耐克意外恢復增長。運動服裝股票現在值得購買嗎？