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耐克公司NIKE(NKE)2026财年第二季度财报电话会议纪要「NYSE」(英文版)(28页).pdf

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1、FY26 Q2 Earnings Release Conference Call Transcript December 18,2025 This transcript is provided by NIKE,Inc.only for reference purposes.Information presented was current only as of the date of the conference call and may have subsequently changed materially.NIKE,Inc.does not update or delete outdat

2、ed information contained in this transcript and disclaims any obligation to do so.OPERATOR Good afternoon,everyone,and welcome to NIKE,Inc.s Second Quarter Fiscal 2026 Conference Call.For those who want to reference todays press release,youll find it at .Leading todays call is Paul Trussell,VP of Co

3、rporate Finance and Treasurer.Id now like to turn the call over to Paul Trussell.PAUL TRUSSELL Thank you,operator.Hello,everyone,and thank you for joining us today to discuss NIKE,Inc.s second quarter fiscal 2026 results.Joining us on todays call will be NIKE,Inc.President and CEO,Elliott Hill;and E

4、VP and CFO,Matt Friend.Before we begin,let me remind you that participants on this call will make forward-looking statements based on current expectations,and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially.These risks and uncertai

5、nties are detailed in NIKEs reports filed with the SEC.In addition,participants may discuss non-GAAP financial measures and nonpublic financial and statistical information.Please refer to NIKEs earnings press release or NIKEs website,for comparable GAAP measures and quantitative reconciliations.All

6、growth comparisons on the call today are presented on a year-over-year basis and are currency neutral unless otherwise noted.We will start with prepared remarks and then open the call for questions.We would like to allow as many of you to ask questions as possible in our allotted time,so wed appreci

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1. **业绩表现**:FY26 Q2营收同比增1%(剔除汇率影响持平),批发渠道增8%,直营渠道降9%(NIKE Digital降14%)。 2. **区域分化**:北美增长9%(批发增24%),大中华区下滑16%,EMEA和APLA分别下滑1%和4%。 3. **产品策略**:运动品类(如跑步增长超20%)推动多元化,经典业务收缩超40亿美元,足球订单量较世界杯周期增40%。 4. **利润压力**:毛利率降至40.6%(降300基点),受关税(年化15亿美元成本)及库存清理影响,目标重返双位数EBIT利润。 5. **转型进展**:北美率先复苏,中国需重置市场策略,全球推行“运动进攻”战略,聚焦运动员创新与渠道优化。
**耐克复苏进展?** **中国市场挑战?** **利润率何时回升?**
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