Nike shares fell nearly 4% in after-hours trading to their latest 13-year low after the company reported fiscal first-quarter revenue of $11.21 billion, down 4% from a year earlier and below the $11.32 billion analyst estimate cited by CNBC. Earnings per share of 48 cents exceeded CNBC's 43-cent estimate, though net income fell 2% to $712 million. Nike forecast a high-single-digit revenue decline for fiscal 2027 and adjusted diluted EPS of $1.15 to $1.35, including an estimated 15-cent impact from Pace restructuring charges. Greater China remained a major drag, with revenue down 22% to $1.18 billion, while Converse revenue fell 28% to $263 million. Nike's Pace operating-model overhaul will modernize its supply chain, organize leadership across three international markets, establish a new campus in India and reduce the workforce, with decisions on impacted roles beginning in calendar year 2027 and beyond. The program targets about $2.5 billion in savings by the end of fiscal 2031, while Nike is also changing its China distribution strategy.