Nike cleared the bar it was handed, and the stock fell anyway.
$NKE is -5.35% at lunch after Q1 fiscal 2027. EPS came in at $0.48 against a $0.44 estimate. Revenue came in at $11.21B, down 4.3% year over year and below consensus. The beat came from margin, while the sales line shrank.
Management then put numbers on the rest of the fiscal year: high-single-digit revenue declines and GAAP EPS of $1.00 to $1.20. In the quarter, Greater China fell 22% and Direct revenue fell 8%.
An EPS beat grades a quarter that has already ended. Guidance is the only number in the report about the quarters you would actually hold through. A beat paired with a cut says costs were managed while customers walked out.
Read the outlook table before the beat line. Then go get a sandwich, because it's half past twelve.