Nike's Q4 headline beat masks a messier picture: the EPS win was largely driven by a ~$986M tariff refund that strips out to just $0.20 per share. More worrying, Greater China revenue cratered 12% — extending a losing streak in one of Nike's most important markets. Shares were down roughly 2% in early morning trade after falling 3.5%+ initially. Can Nike reclaim its footing in China, or is the brand losing ground for good? Not financial advice.
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