Nike当前的重建战略并不令人兴奋，库存问题依然存在，而Jordan转向稀缺性策略因品牌相关性减弱而受到质疑。
逐段跳播
Nike 的股价继续创下52周以来的最低水平。该股在2026年整体下跌超过46%。管理层预计当前财年将是艰难的一年，并暗示困境可能会延续到下一个财年。
Nike's stock continues to hit its lowest level in 52 weeks. The stock declined overall in 2026 by more than 46%. The management team predicted a difficult year in their current fiscal year, and also hinted that the struggles could continue into the next fiscal year.
尽管 Nike 的业绩在下滑、收入同比在下降，但这并不令人意外。管理层本就预期会出现这种情况。对于第一季度，他们表示业绩符合他们的预期。
Although Nike's results are declining and revenues are falling year-on-year, this is not surprising. The management team expected this to happen . For the first quarter, they said the results were in line with their expectations.
他们指出，Nike 的业务整体表现良好，但在 Nike 运动服饰、Jordan 品牌以及大中华区面临压力。他们正在采取有针对性的措施来推动这些业务，但他们强调，这些工作的成效需要时间才能显现。
They noted that Nike's business is performing well, but they are facing pressure in Nike sportswear, the Jordan brand, and in Greater China. They are taking deliberate steps to promote those businesses, but they stressed that the benefits of this work will take time.
在我看来，让投资者以及管理层都感到担忧的是，即便降价、打折和促销，他们在清理库存方面仍会遇到困难。他们注意到，一些较旧、尺码较大的运动鞋售价低于预期。
What worries investors and the management team as well, in my opinion, is that they will face difficulty in clearing inventory even after reducing prices and offering discounts and promotions.
They noticed that some older, larger-sized sneakers sold for less than expected.
这已经影响了他们未来的订单，因为他们正主动与批发合作伙伴合作，试图清理这些过剩库存，以营造一个健康的市场。由于旧款产品卖不动，这意味着批发合作伙伴的门店里、货架上和仓库里还积压着大量这类产品，所以他们不再向 Nike 订购新货，因为他们已经有这些卖不出去的产品。
因此 Nike 难以清理这些库存。他们正与批发合作伙伴一起寻找消化这些库存的办法。
This has affected their future order books as they proactively work with wholesale partners to try to clear that excess inventory to create a healthy market. Since the older products are not selling, this means that the wholesale partners still have a lot of them in their stores, on their shelves, and in their warehouses, so they are not ordering new merchandise from Nike because they already have these unsold products.
And so Nike struggles to clear that stock. They are working with wholesale partners to find ways to offload that inventory.
他们承认消费者持谨慎态度，我同意 Nike 的看法。
They acknowledge that the consumer is cautious, and I agree with Nike.
Nike 取得成效的一个领域是新产品。无论他们在哪里推出新产品，都取得了初步成功。我也认同他们需要新产品，你不觉得吗？他们依赖过去那些受欢迎的老产品，一次又一次地以不同配色和细微改动重新推出，但本质上还是同一款产品。
Air Force 1 和 Jordan 鞋对 Nike 来说卖得很好，但他们并没有推出多少成功的新产品。
One area where Nike is achieving success is in new products. Wherever they introduced new products, they experienced early success. And I agree that they needed new products, don't you?
They relied on old, popular products, and reintroduced them time and time again in different colors and with slight modifications, but in essence, it is the same product. The Air Force 1 and Jordan shoes sell very well for Nike, but they haven't released many new products that have become successful.
好，以下是 Nike 为 Jordan 品牌鞋所做的。他们将重新聚焦于此前设计的稀缺模式。他们对标志性的复古产品供应过度，因此有意减少经典 Jordan 鞋款的发售数量和频率。
Okay, here's what Nike is doing for Jordan brand shoes . They will return to focusing on the scarcity model that was previously devised. They have over-supplied their iconic vintage products, so they deliberately reduce the size and frequency of classic Jordan releases.
在我看来，这些是 Nike 最好的产品。这是 Nike 在 Jordan 鞋类产品线中最好的知识产权。这些产品非常受欢迎，每双售价超过200美元。最近发售的经典“Jordan”鞋定价为每双215美元，对吧？
这个价格接近 Nike 鞋类产品线中最高的平均售价，而这一产品线一直是他们最畅销的产品之一。
In my opinion, these are the best products that Nike has. This is Nike's best intellectual property in the Jordan footwear portfolio. These are very popular products, and are sold for prices exceeding $200 per pair.
The latest release of classic "Jordan" shoes was priced at $215 per pair, wasn't it? This price is close to the highest average selling price in Nike's shoe portfolio, which is consistently one of their best-selling products.
现在，Nike 有意减少该品类中最受欢迎产品的数量。我对此不太确定。我不知道这一策略会增加销量，还是会改变事情的走向。也许从长远来看，我能看到通过为产品营造更多稀缺性给“Jordan”品牌带来的好处。但我就是不这么看。我就是不这么看。
Now, Nike is deliberately reducing the quantities of its most popular products in that category. I'm not sure about that. I do n't know if this strategy will increase sales or change the course of things.
Perhaps in the long run , I can see the benefits of that for the "Jordan" brand by creating more scarcity for the product. But I simply don't see it that way. I simply don't see it that way.
顺便说一句，Jordan 品牌并不会随着时间推移变得更受欢迎。事实上，它的受欢迎程度正在逐渐下降，因为新一代孩子对 Michael Jordan 以及他在 NBA 取得的成就越来越不熟悉，不是吗？
Incidentally, the Jordan brand does not become more popular over time. In fact, its popularity is gradually declining, as the new generation of children is less familiar with Michael Jordan and the successes he achieved in the NBA , isn't that right?
所以，我提出这个问题的原因是：作为一家公司，你难道不想在最有利的时机利用这款产品吗，尤其是从现在起情况只会越来越糟？我原本以为是这样，但如果你还记得，Nike 几年前说过想直接面向消费者销售，绕过中间商，专注于与客户建立直接关系，我当时认为这是个不错的策略，成功的机会也合理，但结果却变成了 Nike 的一场彻底灾难，他们正试图从中恢复。
So, the reason I'm raising this issue is: wouldn't you, as a company, want to take advantage of this product at the most beneficial time, especially since the situation will only get worse from now on ?
I thought that was the case, but if you recall when Nike said a few years ago that it wanted to sell directly to the consumer, bypassing middlemen and focusing on building direct relationships with customers, I thought it was a good strategy with a reasonable chance of success, but it turned into a complete disaster for Nike, and they are trying to recover from it.
所以，也许我认为这是个糟糕策略的想法，最终可能会给 Nike 带来好结果。这还有待观察，但 Nike 的困境仍在继续，而我从管理层及其重建策略中看到的东西，并没有让我感到多兴奋。
So, perhaps my thinking that this is a bad strategy might end up yielding good results for Nike. It remains to be seen , but the struggles at Nike continue, and what I've seen from the management team and their rebuilding strategy doesn't excite me much.
这个频道对 $NKE 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 7 条判断，这里只列相邻的几条。