Nike Dips to Fresh 52-Week Low as China Headwinds Overpower Wholesale Rebound

Nike shares fell about 3% to a fresh 52-week low near $39.42 as revenue in Greater China declined 11% (13% currency-neutral) and direct digital sales in the region dropped 29%, offsetting a modest wholesale rebound; the higher‑margin direct and digital businesses are still shrinking, keeping margins under pressure despite a tariff-driven uplift. Analysts are split (e.g., JPMorgan downgrade to Sell with a $40 target) while peers like Lululemon and On Holding face similar headwinds, and the broader retail ETF holds up. Key near-term questions are whether Greater China sales stabilize and whether Nike Direct can return to growth while margins sustain after tariff effects fade.