Nike reported results for Q1 FY2027

Nike continues its restructuring and the numbers show it in full. Revenue fell to $11.2 billion, down 4% year over year. The main drag is Greater China and EMEA, while the North American market is growing. Net income fell 2% to $0.7 billion, EPS $0.48.

What shareholders are pleased about, however, is that gross margin rose 60 basis points to 42.8%, despite ongoing declines in digital sales (Nike Direct -8% to -9%, digital even -13%). The Converse segment fell 28%.

CEO Elliott Hill talks about progress within the "Sport Offense" strategy and the new "Pace" operating model, which is expected to save $2.5 billion by 2031. The company also confirmed its full fiscal year outlook: revenue is expected to decline by high single digits, adjusted EPS is expected to be between $1.15 and $1.35.