Nike Stock Falls Over 1% Wednesday as China Revenue Slumps 17%

Nike shares fell over 1% in pre-market trading Wednesday after investors focused on sales weakness rather than the company's headline earnings beat. For the fiscal fourth quarter, Nike reported adjusted earnings of $0.20 per diluted share, beating Wall Street expectations of $0.12, though results were lifted by a one-time $0.52-per-share benefit from a $986 million tariff refund. Revenue came in at $10.97 billion, exceeding analyst estimates but down from a year earlier.

Greater China was the largest drag on performance, with revenue declining 17% on a constant-currency basis, worsening from a 10% drop in the prior quarter, as domestic competitors gained market share. CEO Elliott Hill and Chief Financial Officer Matthew Friend warned that weak consumer demand and challenging market conditions are expected to persist through at least the first half of fiscal 2027.