Nike 需要在各个层面进行调整：随着消费者转向其他品牌，其销售正在下滑；关税导致成本上升；其“Pace”重组耗时超出预期，令投资者失去耐心，股价接近52周低点。两年多来，我一直对 Nike 无法以全价销售感到失望。
逐段跳播
Nike 的业务需要在各个层面进行调整。随着消费者转向其他品牌，并且难以负担 Nike 部分价格高昂的产品，销售额正在下滑。
Nike's business needs adjustments on all levels. Sales are declining as consumers switch to other brands and find it difficult to afford some of Nike's expensive products .
另一方面，由于 Nike 在美国以外的制造基地现在面临高额关税，其成本正在上升。所以，他们正在进行重大调整，试图适应当前环境，但这比预期耗时更长，投资者正在失去耐心，Nike 的股价大幅下跌，交易价格接近52周以来的最低水平。
On the other hand, Nike's costs are rising as its manufacturing bases outside the United States are now subject to significant tariffs. So, they are making major adjustments to try to adapt to the current environment, but it is taking longer than expected, investors are losing patience, and Nike's stock is falling significantly and trading near its lowest level in 52 weeks.
Nike 正在做的事情之一，是给其整体重组工作起了个名字：“Pace”。他们表示这项工作已经在进行中。
One of the things Nike is doing is giving their overall restructuring effort a name: "Pace" . They say that this work is already underway.
他们正在将供应链从以固定结构为主转变为更加灵活的结构。作为其中一部分，他们正在印度班加罗尔建设一个新的综合设施。
They are developing their supply chain from a mostly fixed structure to a more flexible one. As part of that, they are building a new complex in Bengaluru, India.
Nike 并没有把一切视为理所当然；它正在减少对东南亚制造设施的依赖，并转向印度班加罗尔。
Nike is not taking things for granted; it is reducing its reliance on manufacturing facilities in Southeast Asia and moving to Bengaluru in India.
作为这些重组努力的一部分，Nike 预计将减少整体职位数量。换句话说，Nike 即将进行非常大规模的裁员。进行重大变革的原因是，业务正朝着错误的方向发展。销售额在下滑，利润在下降，投资者感到失望。
As part of these restructuring efforts, Nike expects to reduce its overall number of jobs. In other words, there are very large job cuts coming at Nike. The reason for making major changes is that the business is going in the wrong direction.
Sales are declining, profits are falling, and investors are disappointed.
第四季度，营收达到112亿，与去年同期相比下降4%。毛利率达到44.8%，与去年同期相比略有上升，原因是去年生效的部分关税在今年被取消。
In the fourth quarter, revenues reached 11.2 billion, a decrease of 4% compared to the same quarter last year. The gross profit margin reached 44.8%, a slight increase compared to the same period last year due to the removal of some tariffs that were in effect last year for this year.
他们还受益于一些供应链管理方面的努力。然而，这被折扣增加以及销售渠道组合所抵消。
They also benefited from some supply chain management efforts . However, this was offset by increased discounts in addition to a mix of sales channels.
因此，Nike 更多的销售通过批发商实现，而这些当然伴随着更低的利润率，这影响了他们的利润率。Nike 还有大量的折扣和促销活动。
Therefore, more of Nike's sales come through wholesalers, and of course these come with lower profit margins, which has affected their profit margins. There are also many discounts and promotional activities at Nike.
这是近两年甚至更长时间以来我一直非常失望的一个方面，因为 Nike 一直在说希望以全价销售更多产品。过去几年，他们几乎每次季度电话会议都在重复这一点，但他们仍在继续提供折扣和力度很大的促销活动。
This is an area where I have been very disappointed for almost two years or more , as Nike has been talking about wanting to sell more products at full price. They have been repeating this on almost every quarterly call for the past few years, but they continue to offer discounts and great promotional activities.
作为顾客，我很高兴最近能以低价买到很棒的 Nike 鞋，但作为投资者，我感到失望，因为实际情况是他们无法以全价销售产品。
As a customer, I am pleased that I have been able to get great Nike shoes at low prices recently, but as an investor, there is disappointment because the reality on the ground is that they are unable to sell their products at full price.
因此，有必要通过折扣来清理库存，以免库存变得过于陈旧，或对那些不断回到这些渠道、一次又一次看到同样库存的顾客失去吸引力。这减少了顾客的光顾，也让他们的批发合作伙伴更加失望。
Therefore, a discount is necessary to clear inventory so that it does not become too old or less attractive to customers who keep returning to these channels and seeing the same inventory over and over again .
This reduces customer visits and makes their wholesale partners feel even more disappointed.
因此，尽管 Nike 希望以全价销售更多产品，但在当前库存水平下做不到。如果 Nike 想以全价销售更多产品，就必须大幅减少产品制造，以降低可用库存。这样一来，他们就能以更高的价格卖出更多库存，将其清理掉，并让批发渠道合作伙伴网络中的产品保持新鲜。
Thus, although Nike would like to sell more products at full price, not at current inventory levels. If Nike wants to sell more products at full price, it has to drastically reduce its product manufacturing to decrease available inventory.
In doing so, they can sell more of this inventory at a higher price, clear it out, and keep products fresh in their partner networks in wholesale channels.
这个频道对 $NKE 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 9 条判断，这里只列相邻的几条。