Nike full-year revenues were down 2% in constant currency for fiscal 2026 to $46.4 billion, the brand said on Tuesday. For the fourth quarter of fiscal 2026, sales were down 1% year-on-year to $11 billion. Full-year results beat analyst expectations of about $46.27 billion, reflecting steps towards Nike’s much-needed turnaround. Shares fell 3.4% after markets closed.
“In fiscal 2026, we took decisive actions to strengthen the foundation of Nike Inc. and reposition our business for long-term growth,” president and CEO Elliott Hill, who is approaching two years in the role, said in a statement. “We made meaningful structural improvements to lay the groundwork for our Sport Offense across our team culture, innovative product, brand strength, and how we serve consumers in our countries and cities. While we continue to face top-line headwinds, we’re encouraged by progress in performance product and are focused on consistent execution, improved profitability and scaling our wins to realize our full potential.”
Full-year revenues for the Nike brand were $45.2 billion, down 1% year-on-year, and Nike brand revenues for the fourth quarter were $10.7 billion, down 3% year-on-year. (Nike also owns Converse, which was rumoured to be gearing up for a sale, though Hill denied these rumors during last quarter’s earnings call in April.) “We delivered fourth-quarter results in line with our expectations, demonstrating financial discipline in an increasingly challenging operating environment, where sell-through remains challenged,” Matthew Friend, EVP and CFO, said in a statement. “We are improving the health of our business, managing our product portfolio and investing in marketplace elevation, while adjusting our operating costs for greater efficiency over time.”
By channel, for the full year, Nike’s direct-to-consumer (DTC) sales were $17.7 billion, down 8% year-on-year. Wholesale revenues were $27.5 billion, up 4% year-on-year. For the fourth quarter, DTC sales were $4.1 billion, down 9%, and wholesale revenues were up 1% to $6.6 billion.
By region, for the full year, results in North America best reflected Nike’s turnaround efforts; revenues were up 5% to $20.5 billion. EMEA (Europe, the Middle East and Africa) revenues rose 3% to $12.6 billion. Greater China revenues fell 11% to $5.8 billion, while Asia-Pacific and Latin America revenues were flat at $6.2 billion.
In the fourth quarter, North America revenues rose 3% year-on-year to $4.8 billion, while EMEA revenues fell 1% to $2.9 billion. Greater China revenues fell 12% to $1.3 billion, and Asia-Pacific and Latin America revenues were up 1% to $1.6 billion.
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