📈 **营收小幅增长，战略初见成效**：耐克第一季度财报显示，公司营收达到117亿美元，同比增长1%。这主要得益于“即刻赢”战略在北美市场（增长4%）和跑步品类的推动，以及批发业务（增长7%）的复苏。这表明公司聚焦体育核心业务的策略正在逐步奏效。

🏃 **跑步品类领跑，引领增长动力**：作为“即刻赢”战略的核心组成部分，跑步品类已成为耐克增长的主要引擎。公司对约8000名员工进行了“重新调整”，以更好地聚焦体育赛事和运动员需求，跑步团队的快速响应和对运动员洞察的深化是其成功的关键。

🇨🇳 **大中华区挑战持续，市场结构性问题待解**：尽管整体营收有所增长，但耐克在大中华区市场仍面临严峻挑战，本季度营收下滑10%。CEO指出，这是由于市场存在“结构性挑战”。尽管公司高层近期考察了中国市场，并看到了篮球、足球和健康生活方式的潜力，但如何有效应对这些挑战仍是关键。

🛒 **直面消费者与线上渠道优化，迈向高端化**：耐克仍在努力优化其直面消费者（Nike Direct）和线上业务。在批发业务逐步改善的同时，公司正致力于探索合适的商品组合和营销策略，以降低渠道促销依赖，提升品牌的高端定位，并持续吸引消费者回归其数字生态系统。

Nike's Q1 revenue rose 1% to $11.7 billion, the company reported.The "Win Now" strategy focuses on sports, with running leading the charge for growth.Challenges persist in Greater China, with a 10% revenue drop due to market issues.

Nike's "Win Now" turnaround strategy comes with wins and losses.

The sports giant, which is in full comeback mode under the guidance of CEO Elliott Hill, reported its earnings for the first quarter of fiscal year 2026 on Tuesday. Although Nike beat analysts' estimates, there were areas where the company shone and other places that still have a way to go.

"We're in the early stages, and our comeback will take time, and our progress won't be linear," Hill said as he wrapped up the call.

Nike reported Q1 revenue of $11.7 billion, up 1% from the year prior and driven by success in North America, wholesale, and its running category. In North America, revenue was up 4% compared to Q1 of fiscal year 2025.

The "Win Now" strategy is upheld by a sports-focused offense that has seen roughly 8,000 employees "realigned." The running category is leading the charge as an example of where Hill and his team want to take Nike.

"Our running team moved fastest into our new formation, and was the first to get sharper on the insights of their athletes," Hill said on the call.

Nike's wholesale partnerships were a pain point for the brand in recent years, but the sports giant said things are looking up. Its wholesale revenues were $6.8 billion, up 7% from the year prior.

However, the hurdles continue in Greater China, where "structural challenges" in the marketplace have led revenue to fall 10% this quarter. Hill told investors that he and his leadership team visited three cities in China a few weeks ago and said they observed the region's interest in basketball, soccer, and healthy living.

Nike Direct, its direct-to-consumer business, and its online business are also areas that need work. While wholesale relationships are on the mend, the company is still figuring out its mission to make the two channels less promotional and more premium.

"We are working to find the right assortment and marketing mix to consistently bring consumers back to our digital ecosystem," Hill said.

It's clear that Nike is sprinting toward a comeback, but the track isn't a straight one.