Nike ($NKE) Q1 FY2026: revenue beat, EPS beat, wholesale up, direct down, margins hit by discounts and tariffs. Revenues $11.7B (+1%), EPS $0.49, wholesale +7%, Nike Direct −4%, gross margin 42.2% (−320 bps). Converse −27%. Management highlighted progress in North America, wholesale, and running.

Winners — Sporting goods retailers

Reason: Nike’s wholesale channel grew 7%, signaling improving brand–retailer relations and more flow of new product to partners. That mix shift tends to help traffic and ticket at key accounts.

Names: $FL, $DKS

Winners — Performance running brands

Reason: Nike’s focus and momentum in performance running points to healthy demand across the category, which can buoy specialty peers. Reports flagged strong running growth alongside the turnaround narrative.

Names: $DECK, $ ...