Following today’s release of Nike’s figures for the three months ending 28 February 2026; Louise Deglise-Favre, lead apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Nike reported sales rising a timid 0.1% to $11.3bn in Q3 FY2025/26 and declining 3% on a currency neutral basis, following a slowing trajectory over the previous three quarters. These results confirm that Nike’s struggles run deep and will likely take more time that initially anticipated to be resolved and for the brand to return to steady growth. While revenues narrowly missed a decline, Nike’s earnings before interest and taxes fell 23.1% due to rising selling and administrative expense, as well as the impact of higher tariffs in North America. Nike indicated that it expects this sequential trend to continue in Q4, with a revenue decline between 2% and 4%, which is likely to spook investors with its share price expected to be c.9% lower at the US market open on April 1st.
“North America was the best performing region for the Nike brand, with sales rising 3% on a currency neutral basis, as its shift in product offering, and notably the early launch of NikeSKIMS, resonated with consumers. EMEA saw currency neutral sales fall 7%, as European consumers continued to favour competitors such as Adidas and On, due to their products fitting current fashion trends in the region. Asia Pacific & Latin America currency neutral sales fell 2%. Greater China remained Nike’s biggest struggle, with currency neutral sales falling 10%, as the brand continued to suffer due to the popularity of local players such as ANTA and Li-Ning which have deeper connections with Chinese consumers. Nike’s direct-to-consumer revenue fell 7%, dragged down by a 9% decline in digital sales, while wholesale rose 5%.
“Contrasting with previous quarters, footwear was Nike’s best performing division in Q3, with reported sales rising 2.0%, thanks in part to the running category which delivered double digit growth. However, the brand still needs to refresh its other footwear ranges if it wants to steal back some of Adidas’ share. Apparel sales were flat on the year, which is slightly disappointing given the global rollout of NikeSKIMS happened in early February. The collaborative sub-brand aims to compete with the likes of Alo and Lululemon to recapture female athleisure shoppers. While the announcement of the brand generated much excitement last year, its delayed release and two-stage rollout might have dampened consumers’ initial excitement.”
