Greater China · money in vs. year ago
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Up double-digits two years ago. Down 7% this quarter, and down 11% across the last nine months. Two quarters of decline is no longer a blip.
Source · 10-Q · Segment Information · Q3 FY26 · Filed Apr 1, 2026
From Nike's own words · 10-Q · MD&A
In Greater China, a trend of declining store traffic, elevated promotional activity and higher levels of inventory across the marketplace are negatively impacting revenues and overall profitability.
↳ Fewer shoppers, heavier discounts, too much stock — in the market that was supposed to grow.
Source · 10-Q · MD&A · Q3 FY26 · Filed Apr 1, 2026
✦ Teach me
Through their own stores vs. through other retailers
Every consumer brand sells two ways: directly (own stores, own app) and through other retailers (Foot Locker, Dick's). The split is the channel mix. When it shifts, the math of the whole business shifts.
Wall Street calls this
Channel mix
Nike spent five years pushing toward direct. This quarter, that bet started reversing.
From the 10-Q · the quieter risks
Nike flags "the loss of significant customers or suppliers; dependence on distributors and licensees" and "risks related to... rebalancing of our channel mix" — both as standing risks.
↳ This quarter: Direct down −4%, wholesale up +5%. The Chapter 1 bet is partly reversing.
Source · 10-Q · Forward-Looking Statements · Q3 FY26 · Filed Apr 1, 2026