Nike posted a -10% fall in year-on-year revenues to $46.3billion in its full year financial results. In the full year ending 31 May 2025, the sportswear giant also said fourth quarter (Q4) revenues fell -12% to $11.1billion

“While our financial results are in line with our expectations, they are not where we want them to be,” Elliott Hill, President & CEO of Nike, said.

Turning a page on Nike’s transformation plans

However, Hill went on to say the brand was “turning the page” as it entered its new financial year. “The next step is aligning our teams to lead with sport through what we are calling the sport offense. This will accelerate our Win Now actions to reposition our business for future growth.”

The sport offense focuses will include driving distinction within key sports, building a complete product portfolio and creating stories to inspire and connect with consumers, it said.

“The fourth quarter reflected the largest financial impact from our Win Now actions, and we expect the headwinds to moderate from here,” said Matthew Friend, EVP & CFO at Nike.

Nike’s Win Now’ is part of Hill’s turn-around strategy, which looks to recentre the brand’s focus on sports and athletes. Speaking in January 2025, he said: “We lost our obsession with sport. Moving forward, we will lead with sport and put the athlete at the centre of every decision.” 

Warding off a $1billion hit from Trump Tariffs

Nike has also said it plans to reduce imports from China into the U.S. in efforts to absorb the $1billion increase in tariff-related costs it anticipates will impact its business.

While it aims to “fully offset the tariff burden over time,” according to Friend, it will reduce its percentage of Chinese imports for U.S. footwear to single-digits by May 2026, down from 16% currently.

H&M had also warned the Trump Tariffs are already starting to take effect, with clothing prices on imported goods starting to rise. Speaking to The Guardian, its CEO, Daniel Ervér, said: “In the U.S., we are starting to see some competitors increasing prices. Different competitors are acting in different ways. Some more aggressively and some more cautiously.”