{"id":110029,"date":"2026-07-04T00:16:31","date_gmt":"2026-07-03T22:16:31","guid":{"rendered":"https:\/\/www.infokuryr.cz\/n\/?p=110029"},"modified":"2026-07-03T09:11:07","modified_gmt":"2026-07-03T07:11:07","slug":"nike-prekonala-ocekavani-ale-obrat-jeste-neni-uplny","status":"publish","type":"post","link":"https:\/\/www.infokuryr.cz\/n\/2026\/07\/04\/nike-prekonala-ocekavani-ale-obrat-jeste-neni-uplny\/","title":{"rendered":"Nike p\u0159ekonala o\u010dek\u00e1v\u00e1n\u00ed, ale obrat je\u0161t\u011b nen\u00ed \u00fapln\u00fd"},"content":{"rendered":"
<\/div>\n

Spole\u010dnost Nike p\u0159ekonala o\u010dek\u00e1v\u00e1n\u00ed Wall Streetu, av\u0161ak pouze p\u0159i pohledu na hlavn\u00ed \u010d\u00edsla, proto\u017ee zisk byl do zna\u010dn\u00e9 m\u00edry ovlivn\u011bn jednor\u00e1zovou refundac\u00ed cla a j\u00e1dro podnik\u00e1n\u00ed z\u016fst\u00e1v\u00e1 pod tlakem. V\u00fdsledky za \u010dtvrt\u00e9 fisk\u00e1ln\u00ed \u010dtvrtlet\u00ed roku 2026 proto neukazuj\u00ed jasn\u00fd n\u00e1vrat k r\u016fstu, ale sp\u00ed\u0161e spole\u010dnost, kter\u00e1 stabilizuje mar\u017ee a finance, zat\u00edmco tr\u017eby, \u010c\u00edna a p\u0159\u00edm\u00fd prodej st\u00e1le zaost\u00e1vaj\u00ed.<\/em><\/p>\n

Spole\u010dnost Nike ve \u010dtvrt\u00e9m fisk\u00e1ln\u00edm \u010dtvrtlet\u00ed vyk\u00e1zala tr\u017eby ve v\u00fd\u0161i 10,97 miliardy USD, p\u0159i\u010dem\u017e tr\u017eby za fisk\u00e1ln\u00ed rok 2026 dos\u00e1hly 46,4 miliardy USD, co\u017e na vyk\u00e1zan\u00e9 b\u00e1zi znamen\u00e1 stagnaci a v konstantn\u00ed m\u011bn\u011b pokles o 2 %. To je podstatn\u00e9, proto\u017ee a\u010dkoli \u010dtvrtletn\u00ed \u010d\u00edslo m\u00edrn\u011b p\u0159ekonalo konsensus, ro\u010dn\u00ed \u00fadaje ukazuj\u00ed, \u017ee se spole\u010dnosti zat\u00edm nepoda\u0159ilo obnovit trend r\u016fstu tr\u017eeb po p\u0159edchoz\u00edm poklesu v roce 2025. V kontextu posledn\u00edch dvou let se tak tr\u017eby spole\u010dnosti Nike pohybuj\u00ed zhruba na \u00farovni 46,3\u201346,4 miliardy USD, tedy bez znateln\u00e9ho posunu nahoru, a\u010dkoli se mezit\u00edm zlep\u0161ila celkov\u00e1 v\u00fdkonnost glob\u00e1ln\u00ed ekonomiky i spot\u0159eba.[1]<\/a><\/p>\n

Zisk na \u010dtvrtletn\u00ed \u00farovni vypad\u00e1 v\u00fdrazn\u011b l\u00e9pe ne\u017e tr\u017eby. \u010cist\u00fd zisk vzrostl na p\u0159ibli\u017en\u011b 1,07 miliardy USD z zhruba 211 milion\u016f USD, z\u0159ed\u011bn\u00fd zisk na akcii (EPS) z 0,14 USD na 0,72 USD a hrub\u00e1 mar\u017ee vysko\u010dila z 40,3 % na 49,2 %. Celoro\u010dn\u00ed \u010dist\u00fd zisk v\u0161ak klesl na 3,11 miliardy USD z 3,22 miliardy USD a zisk na akcii (EPS) na 2,10 USD z 2,16 USD, tak\u017ee ro\u010dn\u00ed ziskovost je st\u00e1le m\u00edrn\u011b slab\u0161\u00ed ne\u017e p\u0159ed rokem. To znamen\u00e1, \u017ee Nike zat\u00edm nevykazuje konzistentn\u00ed r\u016fst, ale sp\u00ed\u0161e v\u00fdsledek, kdy jedno siln\u00e9 \u010dtvrtlet\u00ed stoj\u00ed na specifick\u00e9m faktoru, zat\u00edmco celoro\u010dn\u00ed obraz st\u00e1le zaost\u00e1v\u00e1.1<\/sup><\/p>\n

Zisk zachr\u00e1nila celn\u00ed refundace<\/strong><\/h3>\n

Kl\u00ed\u010dov\u00fdm faktorem cel\u00e9 \u010dtvrtletn\u00ed zpr\u00e1vy je vr\u00e1cen\u00ed cla v r\u00e1mci tarif\u016f IEEPA ve v\u00fd\u0161i 986 milion\u016f USD. Spole\u010dnost Nike v ofici\u00e1ln\u00edm ozn\u00e1men\u00ed o v\u00fdsledc\u00edch uvedla, \u017ee tento efekt zv\u00fd\u0161il hrubou mar\u017ei p\u0159ibli\u017en\u011b o 900 bazick\u00fdch bod\u016f, d\u00edky \u010demu\u017e se mar\u017ee ve \u010dtvrt\u00e9m \u010dtvrtlet\u00ed posunula z 40,3 % na 49,2 %. Z\u00e1rove\u0148 sama spole\u010dnost vy\u010d\u00edslila, \u017ee tato refundace p\u0159isp\u011bla k zisku na akcii \u010d\u00e1stkou 0,52 USD, co\u017e je p\u0159i vyk\u00e1zan\u00e9m EPS ve v\u00fd\u0161i 0,72 USD mimo\u0159\u00e1dn\u011b v\u00fdznamn\u00e1 \u010d\u00e1st. Bez t\u00e9to polo\u017eky by EPS \u010dinil p\u0159ibli\u017en\u011b 0,20 USD, co\u017e by znamenalo mnohem m\u00edrn\u011bj\u0161\u00ed p\u0159ekon\u00e1n\u00ed tr\u017en\u00edch o\u010dek\u00e1v\u00e1n\u00ed.1<\/sup><\/p>\n

Na \u00farovni cel\u00e9ho fisk\u00e1ln\u00edho roku se hrub\u00e1 mar\u017ee zv\u00fd\u0161ila z 42,7 % na 42,9 %, tedy pouze o 20 bazick\u00fdch bod\u016f. Hrub\u00fd zisk vzrostl na 19,9 miliardy USD z 19,8 miliardy USD, zat\u00edmco p\u0159\u00edm\u00e9 n\u00e1klady na prodej z\u016fstaly na \u00farovni 26,5 miliardy USD. To ukazuje, \u017ee bez jednor\u00e1zov\u00e9ho efektu cel by bylo zlep\u0161en\u00ed mar\u017ee velmi m\u00edrn\u00e9. Tr\u017en\u00ed koment\u00e1\u0159e a odborn\u00e9 anal\u00fdzy proto spr\u00e1vn\u011b pouk\u00e1zaly na to, \u017ee a\u010dkoli Nike \u201ep\u0159ekonal\u201c odhady Wall Streetu, j\u00e1dro tohoto p\u0159ekvapen\u00ed spo\u010d\u00edv\u00e1 v polo\u017ece, kterou nelze opakovat ka\u017ed\u00fd \u010dtvrtlet\u00ed, a nikoli v trval\u00e9m zlep\u0161en\u00ed obchodn\u00edho modelu.1[2]<\/a><\/sup><\/p>\n

\u010c\u00edna a p\u0159\u00edm\u00fd prodej z\u016fst\u00e1vaj\u00ed slab\u00fdm m\u00edstem<\/strong><\/h3>\n

Nejv\u011bt\u0161\u00ed slabina spole\u010dnosti Nike se op\u011bt projevila v \u010c\u00edn\u011b. Tr\u017eby v tomto regionu ve \u010dtvrt\u00e9m \u010dtvrtlet\u00ed klesly na 1,30 miliardy USD oproti zhruba 1,48 miliardy USD p\u0159ed rokem, tedy o 12 % na vyk\u00e1zan\u00e9 b\u00e1zi a o 17 % v konstantn\u00ed m\u011bn\u011b. Podrobn\u011bj\u0161\u00ed \u00fadaje ukazuj\u00ed, \u017ee tr\u017eby za obuv klesly na 938 milion\u016f USD, za oble\u010den\u00ed na 334 milion\u016f USD a za dopl\u0148ky na 25 milion\u016f USD, tak\u017ee pokles se neomezuje na jednu kategorii, ale je rozlo\u017een nap\u0159\u00ed\u010d cel\u00fdm portfoliem. V kontextu posledn\u00edch let, kdy \u010c\u00edna pat\u0159ila mezi nejd\u016fle\u017eit\u011bj\u0161\u00ed r\u016fstov\u00e9 trhy spole\u010dnosti Nike, se jedn\u00e1 o z\u00e1sadn\u00ed sign\u00e1l, \u017ee popt\u00e1vka i pozice zna\u010dky jsou v tomto regionu viditeln\u011b oslabeny.[3]<\/a><\/p>\n

Tento pokles se net\u00fdk\u00e1 pouze geografick\u00e9ho rozlo\u017een\u00ed, ale i prodejn\u00edho modelu. Tr\u017eby NIKE Direct v tomto \u010dtvrtlet\u00ed klesly o 7 % na 4,1 miliardy USD, p\u0159i\u010dem\u017e digit\u00e1ln\u00ed prodej zna\u010dky Nike se propadl o 12 % a tr\u017eby z prodejen Nike o 7 %. Zna\u010dka Converse zaznamenala je\u0161t\u011b v\u00fdrazn\u011bj\u0161\u00ed pokles, kdy\u017e se jej\u00ed tr\u017eby sn\u00ed\u017eily z 357 milion\u016f USD na 244 milion\u016f USD, tedy o 32 % na vyk\u00e1zan\u00e9 b\u00e1zi a o 34 % v konstantn\u00ed m\u011bn\u011b. Za cel\u00fd rok klesl NIKE Direct o 6 % na 17,7 miliardy USD a Converse se propadl t\u00e9m\u011b\u0159 o t\u0159etinu. Tato \u010d\u00edsla ukazuj\u00ed, \u017ee se Nike v posledn\u00edch \u010dtvrtlet\u00edch nespol\u00e9h\u00e1 na r\u016fst vlastn\u00edch prodejn\u00edch kan\u00e1l\u016f, ale sp\u00ed\u0161e se sna\u017e\u00ed tlumit pokles, ke kter\u00e9mu doch\u00e1z\u00ed v n\u011bkolika \u010d\u00e1stech jej\u00edho portfolia najednou.1<\/sup><\/p>\n

Velkoobchod pom\u00e1h\u00e1, konkurence s\u00edl\u00ed<\/strong><\/h3>\n

Jedn\u00edm z m\u00e1la jasn\u00fdch pozitiv byl v\u00fdkon velkoobchodu. Tr\u017eby z velkoobchodu ve \u010dtvrt\u00e9m \u010dtvrtlet\u00ed vzrostly o 4 % na 6,6 miliardy USD, p\u0159i\u010dem\u017e v konstantn\u00ed m\u011bn\u011b vzrostly o 1 %. Za cel\u00fd rok dos\u00e1hl velkoobchod 27,5 miliardy USD, co\u017e p\u0159edstavuje r\u016fst o 6 % na vyk\u00e1zan\u00e9 b\u00e1zi a o 4 % po o\u010di\u0161t\u011bn\u00ed o m\u011bnov\u00e9 vlivy. To znamen\u00e1, \u017ee Nike dok\u00e1\u017ee udr\u017eet r\u016fst pr\u00e1v\u011b v kan\u00e1lu, kde se op\u00edr\u00e1 o partnery a distribuci, zat\u00edmco p\u0159\u00edm\u00e9 kan\u00e1ly tla\u010d\u00ed v\u00fdsledky dol\u016f. V r\u00e1mci zna\u010dky Nike Brand \u010dinily \u010dtvrtletn\u00ed tr\u017eby 10,7 miliardy USD, co\u017e je prakticky stejn\u00e1 hodnota na vyk\u00e1zan\u00e9 b\u00e1zi, ale po o\u010di\u0161t\u011bn\u00ed o kurzov\u00e9 vlivy poklesly o 3 %, co\u017e potvrzuje, \u017ee r\u016fst v sou\u010dasn\u00e9 dob\u011b poch\u00e1z\u00ed sp\u00ed\u0161e z partnerstv\u00ed ne\u017e z vlastn\u00edch prodejen a digit\u00e1ln\u00edho prodeje.1<\/sup><\/p>\n

Velkoobchod v\u0161ak m\u00e1 sv\u00e1 vlastn\u00ed omezen\u00ed. Nike d\u00edky n\u011bmu sice dok\u00e1\u017ee udr\u017eet objem, ale z\u00e1rove\u0148 ztr\u00e1c\u00ed \u010d\u00e1st p\u0159\u00edm\u00e9 kontroly nad mar\u017e\u00ed, z\u00e1kaznickou zku\u0161enost\u00ed a daty. Tlak zvy\u0161uje i konkurence. Podle dostupn\u00fdch \u00fadaj\u016f z\u00edskal Adidas v obdob\u00ed spojen\u00e9m s mistrovstv\u00edm sv\u011bta ve fotbale n\u00e1skok v tr\u017eb\u00e1ch p\u0159ed Nike, co\u017e nazna\u010duje, \u017ee konkurent dok\u00e1zal glob\u00e1ln\u00ed fotbalovou ud\u00e1lost l\u00e9pe zpen\u011b\u017eit. Pokud chce Nike obnovit svou dynamiku, nebude sta\u010dit spol\u00e9hat se pouze na velkoobchodn\u00ed kan\u00e1l, ale bude muset p\u0159esv\u011bd\u010div\u011bji zabodovat i v produktov\u00fdch a marketingov\u00fdch cyklech, kde dnes relativn\u011b zaost\u00e1v\u00e1.[4]<\/a> [1]<\/p>\n

Co bude trh sledovat po zve\u0159ejn\u011bn\u00ed t\u011bchto v\u00fdsledk\u016f<\/strong><\/h3>\n

V n\u00e1sleduj\u00edc\u00edch \u010dtvrtlet\u00edch se pro Nike rozhodne, zda dok\u00e1\u017ee nahradit jednor\u00e1zov\u00fd efekt cel trval\u00fdm zlep\u0161en\u00edm provozu. Trh bude pozorn\u011b sledovat, zda se tr\u017eby v \u010c\u00edn\u011b odraz\u00ed od sou\u010dasn\u00e9 \u00farovn\u011b 1,30 miliardy USD a zda se poda\u0159\u00ed \u010dtvrtletn\u00ed pokles o 12 % zm\u00edrnit, p\u0159\u00edpadn\u011b zastavit. Stejn\u011b d\u016fle\u017eit\u00e9 bude, zda se tr\u017eb\u00e1m NIKE Direct poda\u0159\u00ed odrazit od sou\u010dasn\u00e9ho poklesu o 7 % a zda digit\u00e1ln\u00ed prodej p\u0159ekon\u00e1 sou\u010dasn\u00fd \u010dtvrtletn\u00ed pokles o 12 %. Pokud se tato \u010d\u00edsla nezm\u011bn\u00ed, bude jednor\u00e1zov\u00fd zisk na akcii (EPS) ve v\u00fd\u0161i 0,72 USD vn\u00edm\u00e1n sp\u00ed\u0161e jako \u0161patn\u00fd ukazatel v\u00fdsledk\u016f ne\u017e jako sign\u00e1l skute\u010dn\u00e9ho obratu. [2]<\/p>\n

Krom\u011b toho budou investory zaj\u00edmat tak\u00e9 rozvaha a kapit\u00e1lov\u00e1 discipl\u00edna. Nike vstupuje do dal\u0161\u00edho obdob\u00ed se z\u00e1sobami ve v\u00fd\u0161i p\u0159ibli\u017en\u011b 7,5 miliardy USD, hotovost\u00ed a kr\u00e1tkodob\u00fdmi investicemi ve v\u00fd\u0161i zhruba 9 miliard USD, celkov\u00fdmi tr\u017ebami na \u00farovni 46,4 miliardy USD a ro\u010dn\u00ed hrubou mar\u017e\u00ed 42,9 %. To je finan\u010dn\u011b zdrav\u00fd z\u00e1klad, av\u0161ak ot\u00e1zkou, kter\u00e1 rozhodne o ocen\u011bn\u00ed, je, zda se spole\u010dnosti poda\u0159\u00ed tuto finan\u010dn\u00ed s\u00edlu prom\u011bnit v r\u016fst tr\u017eeb a zisk\u016f bez jednor\u00e1zov\u00fdch efekt\u016f. Pr\u00e1v\u011b v tom spo\u010d\u00edv\u00e1 podstata v\u00fdsledk\u016f za 4. \u010dtvrtlet\u00ed roku 2026. Nejedn\u00e1 se o jednozna\u010dn\u00e9 v\u00edt\u011bzstv\u00ed ani jednozna\u010dn\u00fd ne\u00fasp\u011bch, ale o mezistupe\u0148, ve kter\u00e9m si Nike z\u00edskala \u010das, mus\u00ed v\u0161ak p\u0159in\u00e9st skute\u010dn\u00fd obrat. [3]<\/p>\n

David Matulay, analytik <\/strong>InvestingFox<\/strong><\/a><\/h4>\n

[1,2,3] V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed vych\u00e1zej\u00ed z p\u0159edpoklad\u016f a aktu\u00e1ln\u00edch o\u010dek\u00e1v\u00e1n\u00ed, kter\u00e1 mohou b\u00fdt nep\u0159esn\u00e1, nebo z aktu\u00e1ln\u00edho ekonomick\u00e9ho prost\u0159ed\u00ed, kter\u00e9 se m\u016f\u017ee zm\u011bnit. Takov\u00e1 prohl\u00e1\u0161en\u00ed nejsou z\u00e1rukou budouc\u00ed v\u00fdkonnosti. Zahrnuj\u00ed rizika a dal\u0161\u00ed nejistoty, kter\u00e9 lze jen t\u011b\u017eko p\u0159edv\u00eddat. V\u00fdsledky spole\u010dnosti se mohou podstatn\u011b li\u0161it od v\u00fdsledk\u016f vyj\u00e1d\u0159en\u00fdch nebo implikovan\u00fdch v jak\u00fdchkoli v\u00fdhledov\u00fdch prohl\u00e1\u0161en\u00edch.<\/p>\n

Upozorn\u011bn\u00ed! Tento marketingov\u00fd materi\u00e1l nen\u00ed a nesm\u00ed b\u00fdt ch\u00e1p\u00e1n jako investi\u010dn\u00ed poradenstv\u00ed. \u00dadaje t\u00fdkaj\u00edc\u00ed se minulosti nejsou z\u00e1rukou budouc\u00edch v\u00fdnos\u016f. Investice v ciz\u00ed m\u011bn\u011b mohou ovlivnit v\u00fdnosy v d\u016fsledku kurzov\u00fdch v\u00fdkyv\u016f. Ve\u0161ker\u00e9 obchody s cenn\u00fdmi pap\u00edry mohou v\u00e9st jak k zisk\u016fm, tak ke ztr\u00e1t\u00e1m. V\u00fdhledov\u00e1 prohl\u00e1\u0161en\u00ed p\u0159edstavuj\u00ed p\u0159edpoklady a aktu\u00e1ln\u00ed o\u010dek\u00e1v\u00e1n\u00ed, kter\u00e1 nemus\u00ed b\u00fdt p\u0159esn\u00e1, nebo vych\u00e1zej\u00ed z aktu\u00e1ln\u00edho ekonomick\u00e9ho prost\u0159ed\u00ed, kter\u00e9 se m\u016f\u017ee zm\u011bnit. Tato prohl\u00e1\u0161en\u00ed nezaru\u010duj\u00ed budouc\u00ed v\u00fdkonnost. InvestingFox<\/a> je obchodn\u00ed zna\u010dka spole\u010dnosti CAPITAL MARKETS, o.c.p., a.s., regulovan\u00e9 N\u00e1rodn\u00ed bankou Slovenska.<\/p>\n

[1]<\/a> https:\/\/investors.nike.com\/investors\/news-events-and-reports\/investor-news\/investor-news-details\/2026\/NIKE-Inc–Reports-Fiscal-2026-Fourth-Quarter-and-Full-Year-Results\/default.aspx<\/a><\/p>\n

[2]<\/a> https:\/\/www.marketwatch.com\/story\/nike-earnings-crushed-wall-streets-estimates-but-theres-a-catch-83bf3e4a<\/a><\/p>\n

[3]<\/a> https:\/\/www.cnbc.com\/2026\/06\/30\/nike-nke-q4-2026-earnings.html<\/a><\/p>\n

[4]<\/a> https:\/\/www.reuters.com\/sports\/soccer\/adidas-edging-nike-world-cup-sales-boost-data-show-2026-06-24\/<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Spole\u010dnost Nike p\u0159ekonala o\u010dek\u00e1v\u00e1n\u00ed Wall Streetu, av\u0161ak pouze p\u0159i pohledu na hlavn\u00ed \u010d\u00edsla, proto\u017ee zisk…<\/p>\n","protected":false},"author":2,"featured_media":69819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[1042,59,11197,2310,331],"_links":{"self":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/110029"}],"collection":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/comments?post=110029"}],"version-history":[{"count":0,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/posts\/110029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media\/69819"}],"wp:attachment":[{"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/media?parent=110029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/categories?post=110029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.infokuryr.cz\/n\/wp-json\/wp\/v2\/tags?post=110029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}