在首席执行官埃利奥特·希尔的领导下，耐克正在进一步推进其重组计划。随着该公司在中国市场面临的困境日益严重，耐克宣布将削减更多工作岗位，并对其全球业务部门进行重组。此前，这家运动品牌曾预测其全年收入将出现大幅下降。
Nike is deepening its restructuring under CEO Elliott Hill as its woes in China intensify, announcing a plan to cut more jobs and shake up its global business divisions after the sportswear giant projected a surprisingly steep drop in full-year revenue. The tepid forecast on Thursday underscored that Nike's challenges will likely persist for at least several more quarters -- especially in China, where sales tumbled 26% on a constant-currency basis in the first quarter -- adding to investor unease about the pace of Hill's turnaround.
周四发布的疲软业绩预测表明，耐克面临的挑战至少还会持续几个季度——尤其是在中国市场：该市场第一季度的销售额按固定汇率计算下降了26%，这进一步加剧了投资者对希尔扭转公司经营状况能力的担忧。耐克的股价在盘后交易中下跌了8.5%。
Its shares fell 8.5% in extended trading.
在希尔上任后的前两年里，耐克一直致力于通过重新聚焦跑步等核心运动项目以及修复与批发零售商的关系来推动业务增长。但分析师指出，耐克的主要问题在于未能推出足够多具有吸引力的新产品，因此不得不增加促销活动和折扣力度。
The company has been working to revive growth during the first two years of Hill's tenure by refocusing on key sports such as running and by rebuilding relationships with wholesale retailers. But analysts say its worries have in large part stemmed from a failure to release enough new, compelling products, leading to an uptick in promotions and discounts.
希尔在财报电话会议上表示：“我们的‘Nike Performance’业务规模还不够大，无法抵消耐克运动服装业务、乔丹品牌以及大中华区所面临的压力。”他强调，恢复这些业务领域的活力需要时间，并指出公司有意减少了乔丹系列复古产品的推出数量。
"Our Nike performance business is not yet large enough to offset the pressure we're seeing in Nike sportswear, Jordan brand, and Greater China," Hill said on a post-earnings call. Reviving those weak areas of Nike's business "will take time," he said, pointing to a deliberate reduction in the volume of Jordan retro launches.
耐克的第一季度收入也未能达到分析师的预期。该公司宣布将对自身的运营模式进行调整，包括裁员，并将业务划分为三个地理区域（美洲、亚太地区、大中华区以及欧洲、中东和非洲地区），而非原来的四个区域。耐克计划在印度开设一个新的生产基地，以提升自身的运营能力和人才吸引力。目前公司尚未确定此次重组将涉及的具体裁员人数，预计将在2027年开始通知员工相关事宜。
The company, which also missed analysts' expectations for first-quarter revenue, unveiled changes to its operating model, including job cuts and a move to three geographic regions -- Americas, Asia Pacific and Greater China, and EMEA -- instead of four. It plans to open a new campus in India "with strong capabilities and access to talent." Nike said the company does not yet know the number of roles that will be cut under the restructuring. It will begin notifying employees in 2027.
此次重组计划是在此前几轮裁员的基础上实施的（其中包括今年早些时候宣布的裁员措施），预计到2031财年可为公司节省约25亿美元的成本，其中大部分节省效果将在2029财年和2030财年实现。
The program, building on previous rounds of layoffs, including one announced earlier this year, is expected to deliver about $2.5 billion in savings through fiscal 2031, with the majority set to be realized in fiscal years 2029 and 2030.
耐克预计在2027财年的收入将下降一个高位数（即降幅在10%以上）。根据LSEG汇编的数据，分析师们平均预测耐克的年收入将下降约2%。
Nike expects its revenue to decline in the high single digit in fiscal 2027. Analysts, on average, estimate full-year revenue to drop about 2%, according to data compiled by LSEG.
“这些重组计划本身并没有什么问题，但它们确实表明耐克的现有商业模式已经不再适合当前的市场需求；这就引出了一个疑问：为什么这些改变没有更早实施呢？”GlobalData的董事总经理尼尔·桑德斯（Neil Saunders）说道。
"There is nothing inherently wrong with the (restructuring) plans, but they do suggest that Nike's current model is not really fit for purpose, which in turn raises the question of why these changes were not made sooner," said Neil Saunders, managing director of GlobalData.
中国一直是耐克的主要利润来源地，但在最近几个季度里，耐克在中国的业务表现尤为疲软——因为国际竞争对手以及国内运动服装品牌的市场份额正在不断上升。投资者们仍在密切关注耐克是否有任何改善的迹象；分析师们认为，这些改善在很大程度上将取决于耐克能否推出具有创新性的本地化产品。
China, historically a profit-driver for Nike, has shown particular weakness in recent quarters as international rivals and domestic sportswear groups gain traction. Investors remain focused on any signs of improvement, which analysts say will hinge in large part on local product innovation.
耐克在中国的销售额已经连续九个季度呈下滑趋势，且下滑速度在最近一个季度进一步加快。中国市场约占耐克年收入的15%，是该公司仅次于北美、中东和非洲地区的第三大市场。
Sales in China have fallen for nine consecutive quarters, with the slowdown accelerating in the reported period. The region accounts for about 15% of Nike's annual revenue and is its third-largest market after North America and Europe, the Middle East and Africa.
耐克最近宣布，从1月份开始将收回部分在中国的主要零售合作伙伴的在线销售权。该公司寄希望于通过加强对价格和分销的控制来扭转业务颓势。不过希尔（Hill）警告称，这一数字化改革过程可能需要“多个季度”才能见到成效；同时，耐克在中国的短期收入和盈利能力也会因此受到负面影响。
The company recently said that starting in January, it will pull online sales rights from some of its biggest retail partners in China - a high-stakes bet that tighter control over pricing and distribution can revive its fortunes. But the digital cleanup will take "multiple seasons," Hill warned on Thursday, adding that near-term revenue and profitability in China will take a hit.
分析师们还质疑：尽管这些突然采取的措施有助于遏制过度打折的现象，但它们是否能够真正说服中国消费者购买耐克的产品呢？
Analysts have also questioned whether the abrupt measures, though likely to help Nike address rampant discounting, will convince Chinese consumers that they want what Nike is selling.
法国巴黎银行（BNP Paribas）的高级分析师洛朗·瓦西列斯库（Laurent Vasilescu）在一份研究报告中指出：“耐克在中国面临的问题并非渠道问题，而是产品问题。”他还表示，对耐克决定在如此短的时间内关闭在中国的在线批发业务感到意外。
"Nike does not have a channel problem in China, but rather a product problem," BNP Paribas senior analyst Laurent Vasilescu has said in a research note, adding that he was surprised by the company's short timeframe to shut down online wholesale in China.
北美是耐克最大的市场，其销售额按固定汇率计算增长了2%，这是第一季度相对强劲的一个迹象。耐克表示，其表现业务（Performance Business）具体推动了这一增长，并受益于世界杯赛事。
Sales in North America, Nike's biggest region, rose 2% on a constant-currency basis, in one sign of relative strength in the first quarter. Nike's performance business, specifically, contributed to the growth, benefiting from the World Cup, Hill said.
雪上加霜的是，法国足球明星基利安·姆巴佩在9月结束了与耐克长达二十年的合作关系，转而加入总部位于瑞士的竞争对手昂跑（On）。
Adding to the company's challenges, French soccer star Kylian Mbappe ended a two-decade-long partnership with Nike in September and joined Swiss-based rival On.
耐克第一季度销售额下降约4%，至112.1亿美元，低于分析师平均预期的113.2亿美元。
Nike's quarterly sales fell about 4% to $11.21 billion in the first quarter, compared with analysts' average estimate of $11.32 billion.
然而，截至8月31日的季度毛利率上升了60个基点，达到42.8%，这主要得益于仓储和物流成本的降低。
Its gross margin, however, rose 60 basis points to 42.8% in the quarter ended August 31, helped by lower warehousing and logistics costs.
希尔表示，随着公司推进重组计划，耐克将从11月开始更新其整个财年（至明年）的目标。
Hill said Nike would update its targets through the fiscal year, beginning in November, as it works through the restructuring plan.
该公司曾在2024年10月撤回年度预测，以便为新上任的首席执行官希尔提供一定的灵活性，以评估其业务状况。
The company had withdrawn annual forecasts in October 2024 to provide then new-CEO Hill with some flexibility to assess its business.
标普道琼斯指数在9月进行季度再平衡时，将耐克从标普100指数中剔除，结束了其在该蓝筹股指数中长达18年的成员资格。
S&P Dow Jones Indices removed Nike from the S&P 100 in September as part of a quarterly rebalancing after 18 years in the index of blue-chip companies.