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# Nike goes into Thursday's result with one broker calling for two more years of pain
- URL: https://www.sharespective.com/stories/nike-goes-into-thursdays-result-one-2026-09-28/
- Published: 2026-09-27T21:15:00.000Z
- Updated: 2026-10-19T19:28:11.000Z
- Description: Nike reports its first quarter after Thursday's close in New York. The shares are down about 44% this year. On Friday, six days out, Bank of America cut them to underperform from neutral.
- Author: Shaun Botha
- Tags: Sportswear, #story, #group-other, Nike

Nike reports its first quarter after Thursday's close in New York. The shares are down about 44% this year. On Friday, six days out, Bank of America cut them to underperform from neutral.

**The argument is about timing rather than trouble.** Analyst Lorraine Hutchinson pushed her expected sales recovery from spring 2027 out to the 2028 financial year, and cut her 2027 earnings estimate 11% to US$1.43 a share. That is roughly 14% below consensus.

China is the sore spot. Revenue in Greater China fell 17% in the quarter Nike reported in June. North American wholesalers are also still working through unsold stock, which pushes out the next order.

[![Chart: Nike's revenue was US$46.40bn in the year to May, against US$51.36bn two years earlier. Nike's revenue in each financial year to May, 2017 to 2026, in US$bn. The first quarter of its new year is reported on Thursday.](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/10/chart-nike-revenue-first-quarter-2026-09-28-wide-light.jpg)](https://www.sharespective.com/chart-nike-revenue-first-quarter-2026-09-28/) 

This story’s chart of the day: the numbers, the dark version and the animated version are on its own page. [The chart’s page →](https://www.sharespective.com/chart-nike-revenue-first-quarter-2026-09-28/)

Consensus for Thursday is revenue of about US$11.3 billion and adjusted earnings of 44 US cents a share. The line that has not moved yet is the full-year margin target, and that is the one to read first.

The tell 

Greater China. Thursday gives Nike a chance to answer the note, and what answers it is whether that 17% fall has started to shrink. I'd treat anything said about spring 2027 as a forecast until the China line turns.

[ This story ran in The Narrow Climb Monday 28 September’s edition, with the market snapshot, the other two stories, the numbers and the week ahead. Read the whole edition → ](https://www.sharespective.com/sharespective-2026-09-28/)