NKE Q1 Earnings Call Flags Deeper Reset Before Recovery

Nike reported fiscal Q1 2027 earnings with EPS beating expectations at $0.48 vs. $0.43 consensus, but revenues missed at $11.21B vs. $11.40B expected. The company projects FY2027 revenues to decline in the high single digits with adjusted EPS of $1.15-$1.35. While Performance categories showed strong growth, Sportswear and Jordan Brand faced significant headwinds, and Greater China revenues fell 26%. Nike is implementing a $2.5B cost-reduction program (Pace) and prioritizing marketplace health over near-term volume growth.