Nike shares fell nearly 9% in Friday pre-market trading after the sportswear company reported fiscal first-quarter revenue below expectations and forecast a high-single-digit revenue decline for fiscal 2027. Adjusted earnings were 48 cents per share, ahead of the 44-cent analyst consensus, while revenue totaled $11.21 billion versus expectations of $11.35 billion and declined 5% on a currency-adjusted basis. Greater China, EMEA and Nike Direct all weakened, with Greater China revenue down 26% on a currency-adjusted basis and Nike Direct revenue down 8%. Gross margin nevertheless expanded 60 basis points to 42.8% as warehousing and logistics costs fell. CEO Elliott Hill is pursuing a turnaround under the Pace framework, which targets $2.5 billion in cumulative cost reductions through fiscal 2031 and includes supply-chain changes, a new corporate campus in India and a reorganization into three geographic regions. Management expects adjusted fiscal 2027 earnings of $1.15 to $1.35 per share, excluding about 15 cents of restructuring costs, and forecasts roughly $1 billion in pretax restructuring charges through 2031, including about $300 million in fiscal 2027. Bernstein retained its Outperform rating and $45 price target, while Stifel cautioned against declaring a turnaround. Nike also retains a 4.95% dividend yield and $8.4 billion in cash and liquid investments, although short interest exceeds 7% of its available float.