Nike reported fiscal Q4 net sales of $10.97B, down 1% overall and -4% in constant currency. The headline $0.72 EPS was propped up by a $0.52 tariff refund benefit — strip that out and adjusted EPS was only $0.20. Greater China fell 17% and Converse dropped 32%. Management guided to 'flattish' earnings through the first two quarters of FY2027. With $NKE already down ~24% last quarter, does this print mark a turning point or is there more pain ahead? Not financial advice.
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