Nike Faces Another 'Reset Moment' as Evercore Warns of Spring 2027 Order Cuts

โดย Yahoo Finance·US·Read original
Summary · why it matters

Nike could be headed for another "reset moment" when it reports earnings later this week, with Evercore ISI analyst Michael Binetti warning that the sportswear giant may need to signal lower second-half fiscal 2027 revenue. Binetti said Nike has likely seen cancellations or negative order revisions from retailers for Spring 2027 since its last earnings call, which he expects to translate into further negativity in the company's fiscal second-half 2027 revenue outlook, and he argued that with a new CFO joining, it might make sense to lower that outlook on this call. The report lands against a rough backdrop: Nike stock is down about 25% since its last earnings report on May 28, trades near a 52-week low, is off 53% from its year-ago peak, and has seen its market cap roughly cut in half since 2021 highs. Nike projected fiscal first-quarter revenues down by low-to-mid-single-digit percentages and reiterated flat earnings per share growth over the next three quarters, excluding benefits from tariff recovery proceeds, after reporting fiscal fourth-quarter revenue of $11 billion, a 1% reported decline and a 4% currency-neutral drop, with diluted earnings per share of $0.72 inflated by a $0.52 per share one-time tariff recovery benefit. Stifel analyst Peter McGoldrick said in his own preview that risk-reward remains hung up on insufficient consumer demand for new products while Hoops Classics, 18% of revenue, continues to shrink, and that at 17x 2027 calendar year price-to-earnings estimates versus a footwear median of 11x, he sees risk to the multiple if the turnaround timeline slips again. The company also faces the loss of soccer icon Kylian Mbappé, who ended his long-term Nike tie-up this month to join Swiss sports giant On, and a brutal late-August warning from Dick's Sporting Goods tied in part to Nike heavily discounting slow-moving product, while CEO Elliott Hill continues to battle execution issues, changing sneaker preferences, cautious consumers, and hungry competitors like On.

Impact on assets 5

Consumer Discretionary± Mixed · 3 stocks
Nike Inc
NKE
▼ NegativeCompetitionDemandrelevance

Soccer icon Kylian Mbappé ended his long-term Nike tie-up to join rival On, a competitive loss for Nike.

On Holding Ltd
ONON
▲ PositiveCompetitionrelevance

On gains from Kylian Mbappé ending his Nike tie-up to join the Swiss sports giant, a competitive win.

Dick’s Sporting Goods Inc
DKS
▼ NegativeDemandrelevance

Article references a brutal late-August warning from Dick's Sporting Goods, implying weak demand for Nike products at retail.

Financials▲ · 2 stocks
Evercore Partners Inc
EVR
± MixedCapitalrelevance

Evercore analyst Binetti warns of Nike Spring 2027 order cuts and a possible lowered outlook; the call concerns Nike, not Evercore's own business.

Stifel Financial Corporation
SF
± MixedCapitalrelevance

Stifel analyst McGoldrick's preview flags insufficient consumer demand and multiple risk for Nike; the commentary concerns Nike, not Stifel's own business.

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