Here’s What You Might Not Know About Nike’s Q4 — New Findings Revealed

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YoungFri, Jul 18, 2025, 8:28 PM 4 min readNike Inc. turnaround is going to take time, but at least its challenges are understood.That’s the conclusion from BMO analyst Simeon Siegel. He has an “outperform” rating on shares of Nike, with target price of $92. Shares of Nike are currently trading in the $72.50 range.More from WWDNike Preps for Fall With an Air Force 1 Low Featuring a Removable Leaf Camo ShroudSantoni Defies Luxury Slowdown With Its 50-year-old Value PropositionTariffs at 30 Percent Would Be a Tipping Point for European Furniture- and Lighting-makersLike every footwear company, tariffs and sourcing disruptions are top of mind at Nike — which has significant exposure globally, but also major negotiating power with factory and supply chain partners.Siegel’s check on Nike’s fourth-quarter regulatory filing with the Securities and Exchange Commission found that Nike footwear is supplied by 97 factories in 11 countries, versus 96 across 11 countries last year. Vietnam was the largest producer at 51 percent, Indonesia at 28 percent and China at 17 percent. Four footwear manufacturers represented 59 percent of Nike brand footwear production, versus 57 percent last year.In apparel, Nike works with 303 factories in 34 countries, versus 285 across 33 countries last year. Vietnam was the brand’s largest apparel supplier at 31 percent, followed by China and Cambodia, each at 15 percent. The top five apparel manufacturers represented 51 percent of Nike brand apparel production.As Nike rebuilds its wholesale business and clears excess inventory, the company has also been refining its pricing strategy.Average selling prices (ASPs) for footwear were down 3 percent for the year, or flat in Q1, down 5 percent in Q2, down 1 percent in Q3, and down an estimated 6 percent in Q4. All selling regions except Greater China posted larger ASP declines in the fourth quarter versus the full year.Apparel ASPs were flat for the year, or up 3 percent in Q1, down 2 percent in Q2, down 1 percent in Q3, and up an estimated 1 percent in Q4. North American and EMEA (Europe, Middle East and Africa) saw ASPs decline for the year (down 1 percent and down 3 percent, respectively), while Greater China and APLA (Asia Pacific and Latin America) grew (up 5 percent and up 2 percent, respectively).Nike’s fourth quarter direct-to-consumer (DTC) sales fell 14 percent year-over-year, and its EBIT (earnings before interest and taxes) margin contracted more than 900 basis points. The BMO analyst noted that while foreign exchange rates could have had an impact, it found that North American sales were similar, with DTC dollars also down 14 percent, and the EBIT margin contracting about 550 basis points.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,296.79 -0.57 (-0.01%)Dow 3044,342.19 -142.30 (-0.32%)Nasdaq20,895.66 +10.01 (+0.05%)Russell 20002,240.01 -13.68 (-0.61%)VIX16.41 -0.11 (-0.67%)Gold3,358.30 +13.00 (+0.39%)PortfolioSign in to access your portfolioSign inTop gainersSTEM Stem, Inc. 13.50 +4.23 (+45.63%)TLN Talen Energy Corporation 328.63 +64.63 (+24.48%)CRSP CRISPR Therapeutics AG 65.13 +10.04 (+18.22%)IVZ Invesco Ltd. 19.92 +2.64 (+15.28%)SOC Sable Offshore Corp. 31.69 +3.35 (+11.82%)Top losersMLGO MicroAlgo Inc. 14.66 -3.12 (-17.57%)ARWR Arrowhead Pharmaceuticals, Inc. 16.76 -2.09 (-11.09%)MOH Molina Healthcare, Inc. 182.98 -21.27 (-10.41%)ELV Elevance Health, Inc. 277.09 -25.36 (-8.38%)STNE StoneCo Ltd. 13.67 -1.24 (-8.32%)Most activeLCID Lucid Group, Inc. 3.0400 -0.0800 (-2.56%)QS QuantumScape Corporation 14.64 +1.04 (+7.65%)NVDA NVIDIA Corporation 172.41 -0.59 (-0.34%)WBD Warner Bros. 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