Nike reported fiscal 2027 first quarter revenues of $11.2 billion, down 4 percent on a reported basis and down 5 percent on a currency-neutral basis, with diluted earnings per share of $0.48. Gross margin expanded 60 basis points to 42.8 percent, selling and administrative expense decreased 3 percent to $3.9 billion, and net income was $0.7 billion, down 2 percent. NIKE Brand revenues were $11.0 billion, down 4 percent, as declines in Greater China and EMEA were partially offset by growth in North America, while Converse revenues fell 28 percent to $263 million. The company announced Pace, an operating model transformation that builds on the cost realignment plan announced in March 2026 and includes modernizing the global supply chain, establishing a new campus in India, realigning to three geographies, and further streamlining the organization. Nike expects Pace to deliver approximately $2.5 billion in cumulative savings through fiscal 2031, with approximately $1.0 billion of pre-tax charges through fiscal 2031, in addition to approximately $0.3 billion of severance costs recognized in fiscal 2026, of which approximately $0.3 billion is expected in fiscal 2027. For fiscal 2027, Nike expects revenues to decline high-single digits and adjusted diluted earnings per share in the range of $1.15 to $1.35, excluding approximately $0.15 of restructuring expenses related to Pace.
Nike IncQ1 revenue fell 4% to $11.2B, EPS $0.48, and FY2027 guidance calls for high-single-digit revenue decline and adjusted EPS of $1.15-$1.35.
Converse revenues fell 28% to $263 million in the quarter.
