NIKE (NKE) Q1 Fiscal 2027 Earnings Call: FY27 Revenue Seen Down High Single Digits
Source Tradingkey
Key Takeaways
- NIKE, Inc. reported fiscal Q1 2027 revenue of $11.2 billion, down 4% on a reported basis and 5% on a currency-neutral basis.
- Gross margin increased 60 basis points to 42.8%, supported by supply-chain cost management and foreign-exchange tailwinds. Dilution from discounts and channel mix partially offset those benefits.
- NIKE Performance grew at a high-single-digit rate, with double-digit growth in Running, Global Football, Tennis and Golf. However, Sportswear, Jordan Brand and Greater China remained significant headwinds.
- Greater China revenue fell 26%. Management said its marketplace reset will pressure the region’s revenue and profitability in the near term, with revenue expected to worsen over the remainder of fiscal 2027.
- Management expects fiscal 2027 revenue to decline at a high-single-digit rate and adjusted EPS of $1.15 to $1.35, excluding approximately $0.15 per share related to the Pace program.
- NIKE expects Pace to generate approximately $2.5 billion in savings. Most savings are expected in fiscal 2029 and fiscal 2030, with full realization continuing into fiscal 2031.
Core Financial Results
| Metric | Fiscal Q1 2027 result | Year-over-year change / context |
|---|---|---|
| Revenue | $11.2 billion | Down 4% reported; down 5% currency-neutral |
| Gross margin | 42.8% | Up 60 basis points |
| SG&A | — | Down 3% reported despite higher World Cup demand-creation investment |
| EPS | $0.48 | Down 2% |
| Cash and short-term investments | $8.4 billion | Quarter-end balance; company remained in a net cash position |
| Leverage | Approximately 2x | Quarter-end level |
| Capital returned through dividends | Approximately $610 million | Returned during the quarter |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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