Nike reported fiscal Q1 revenue of $11.21 billion, down 4% from a year earlier and below Wall Street’s $11.32 billion forecast, while earnings per share of $0.48 exceeded the $0.43 consensus estimate. Barclays maintained its Buy rating but cut its price target to $37 from $48, saying the latest reset could provide a foundation for gradual stabilization. China sales fell 26%, Nike shares closed at $33.96, up 0.27%, and the stock remained down about 47% in 2026 and 77% over five years, near a 13-year low. Management expects fiscal 2027 revenue to decline by a high-single-digit percentage and plans further layoffs as it pursues its Win Now strategy and the Pace restructuring program. Nike’s Performance business, North America and gross margin provided some support, but weakness in Sportswear, Jordan, Converse, digital sales and the Dunk franchise continued to pressure results. Nike plans to present a five-year financial roadmap at its Investor Day in November.