The Risky Strategy Behind Nike’s Massive Holiday Discounts


耐克新任CEO试图通过打折促销来清理库存，这不仅危及该公司自身假日季销售，也给其零售合作伙伴带来压力。 6park.com

耐克公司网站上的降价幅度已大到不仅危及自身假日季销售，也给其零售合作伙伴带来压力。 6park.com
在一年中最繁忙的购物周末之一，在梅西百货(Macy’s)知名的纽约市先驱广场(Herald Square)门店中，耐克(Nike)是唯一对大部分鞋类产品提供七折优惠的品牌。 6park.com
During one of the busiest shopping weekends of the year, Nike was the only brand to have a 30% discount on most of its footwear at Macy’s famous Herald Square location in New York City. 6park.com
耐克正在加紧获取现金。该公司首席执行官埃利奥特·希尔(Elliott Hill)在今年10月上任后表示，他的首要任务是清理库存。耐克公司网站上的降价幅度已大到不仅危及自身假日季销售，也给其零售合作伙伴带来压力。 6park.com
Nike is in a race for cash. Chief Executive Officer Elliott Hill said after he took over in October that his priority was clearing out inventory. The company is slashing prices on its website so aggressively that it is not only risking its own holiday sales but also weighing on its retail partners. 6park.com
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这家运动鞋巨头周四公布，截至11月30日的第二财季销售额连续第三个季度下降，按固定汇率计算，收入同比下降9%。当季利润同比下降10%。 6park.com
The sneaker giant Thursday reported its third consecutive quarterly sales decline—a 9% drop in currency-neutral revenue from a year earlier. Its profits fell 10% in the quarter ended Nov. 30 from the year-earlier period. 6park.com
    
作为耐克的元老，希尔的回归是为了带领该公司东山再起。他周四详细介绍了自己的计划，称耐克正加大营销投资，修复与零售合作伙伴的关系，并将重心重新放到体育运动上。耐克一些高管警告称，其中部分举措可能会在短期内损害公司财务业绩。他们提醒称，耐克当前财季收入可能会下降10%以上，下一财季的降幅可能更大。 6park.com
Hill, a Nike veteran who returned to lead a comeback, shared details Thursday on his plan. The company is investing more in marketing, mending relationships with retail partners and returning its focus to sports, he said. Executives warned that some of these moves could hurt Nike’s financial results in the short term. They warned that Nike’s revenue could decline in the current quarter by more than 10% and that the drop could be even steeper in the following quarter. 6park.com
   
“这不会容易，但我们已做好准备迎接挑战，”希尔周四在与分析师召开的电话会议上表示。 6park.com
“This isn’t going to be easy, but we’re ready for the challenge,” Hill said Thursday on a call with analysts. 6park.com
  
这场以折扣驱动的库存清理行动已经对耐克一些大型合作伙伴的业绩造成了影响。一双Dunk运动鞋在Dick’s Sporting Goods或Foot Locker的售价为115美元，但购物者可以在耐克网站上以85美元的价格买到同样的鞋子。 6park.com
The discount-driven cleanup has already made a dent on the results of some of Nike’s large partners. A pair of Dunk sneakers sells for $115 at Dick’s Sporting Goods or Foot Locker, but shoppers can get the same shoes for $85 on Nike’s website. 6park.com
   
“这会影响消费者对产品的看法，也会对该品牌产生负面影响，”JD Sports首席执行官雷吉斯·舒尔茨(Régis Schultz)在11月谈到耐克的折扣时说。 6park.com
“It impacts perception of the product by the consumer, it impacts negatively the brand,” JD Sports CEO Régis Schultz said in November about Nike’s discounts.  6park.com
   
耐克现在向Foot Locker和梅西百货等零售商的销量高于几年前。该公司还在重新建立与DSW等零售商的关系。在时任首席执行官唐若修(John Donahoe)的领导下，耐克在2022年终止了与这些零售商的关系，专注于直接向消费者销售商品。这一策略起初带来了创纪录的利润，但去年年初时，耐克高管意识到，他们的商品积压太多，需要在清理库存方面得到帮助。 6park.com
Nike is now selling more to retailers such as Foot Locker and Macy’s than it did a couple of years ago. It is also rekindling relationships with retailers such as DSW. It cut ties in 2022 under then-CEO John Donahoe to focus on selling items directly to consumers. The strategy yielded record profits at first, but early last year, executives realized they were stuck with too much merchandise and needed help unloading it. 6park.com

耐克希望超级鞋款Alphafly 3能够大卖。 6park.com
零售商Academy Sports & Outdoors的首席执行官史蒂夫·劳伦斯(Steve Lawrence)上周表示，该公司将向约140家门店提供更多种类的耐克产品；这些门店约占Academy门店总数的一半。他表示，这将是Academy 86年历史上最重要的一次产品发布。这家体育用品连锁店的销售额自2022年4月以来持续下降。 6park.com
Academy Sports & Outdoors CEO Steve Lawrence said last week that the retailer would get a wider assortment of Nike products to about 140 locations, or about half of Academy’s stores. It would be the most meaningful launch in Academy’s 86-year history, he said. The sporting-goods chain has posted declining sales since April 2022. 6park.com
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耐克仍远远领先于运动鞋领域的竞争对手，其产品受到零售商的青睐。Foot Locker、JD Sports和梅西百货的高管都表示支持希尔的策略，称从长远来看，他们的业务将从销售更多耐克商品中受益。 6park.com
Nike still dwarfs its sneaker competitors, and its products are prized by retailers. Executives from Foot Locker, JD Sports and Macy’s have voiced support for Hill’s strategy, saying their businesses will benefit from selling more Nike merchandise in the long run. 6park.com
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“我认为，埃利奥特和他的团队针对整个市场为该品牌采取的行动绝对正确，”Foot Locker首席执行官玛丽·狄龙(Mary Dillon)本月表示。Foot Locker公布了疲软的季度销售额，并在10月份的业绩报告中下调了财务目标，原因是耐克业务疲软。耐克的折扣力度大于Foot Locker的预期，但狄龙表示，她预计折扣力度会减弱。 6park.com
“Elliott and his team, I think, are absolutely taking the right actions for the brand in the overall marketplace,” Foot Locker CEO Mary Dillon said this month. The chain posted weak quarterly sales and lowered its finance targets in its October earnings report, citing softness in Nike’s business. Nike’s discounts were higher than the retailer anticipated, but Dillon said she expects their intensity to abate. 6park.com
    
希尔的回归为耐克公司内部注入了一剂强心针，他所做的不仅仅是降价。在上任的头两个月里，希尔削减了技术支出，成功续签了与美国职业橄榄球大联盟(National Football League，简称NFL)的球衣供应合同，并调整了营销和运营部门的高管。 6park.com
Hill’s return was received with optimism on Nike’s campus, and he has done more than cut prices. In his first two months on the job, Hill cut tech spending, secured an extension for supplying uniforms for the National Football League and shuffled executives in marketing and operations.  6park.com
   
希尔让耐克的首席律师主管体育营销部门，这是该公司最重要的职位之一。他还任命了一位新的人力资源主管。 6park.com
Hill put the company’s top lawyer in charge of Nike’s sports-marketing division, one of the company’s top jobs. He also appointed a new head of human resources. 6park.com
   
11月，耐克重新成为行业贸易展The Running Event的主要赞助商，而近年来，耐克几乎没有参加过该展会。2023年，耐克高管与马拉松世界纪录保持者凯尔文·基普图姆(Kelvin Kiptum)一起亮相，发布了超级鞋款Alphafly 3的最新版本。基普图姆于今年早些时候去世。 6park.com
In November, Nike resurfaced as a major sponsor for the industry trade show The Running Event, where it barely had a presence in recent years. In 2023, Nike executives showed up with the marathon world record holder Kelvin Kiptum to unveil the latest iteration of its super shoe, the Alphafly 3. Kiptum died earlier this year. 6park.com
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在跑步领域，这家体育巨头正努力追赶竞争对手，因为它近年来对当地社区的投资不足。在耐克缺席的情况下，Brooks和Hoka等其他品牌吸引了跑步者。 6park.com
The sports giant is catching up in the running category because it underinvested in local communities in recent years. Other brands such as Brooks and Hoka captured runners in Nike’s absence.  6park.com
  
希尔正在应对几轮重组导致的士气低落。希尔在10月份表示，最近的内部调查显示，耐克位于俄勒冈州比弗顿总部的许多员工对公司的未来感到不确定。 6park.com
Hill is dealing with low morale stemming from several rounds of restructurings. Internal surveys recently showed that many employees at the company’s Beaverton, Ore., headquarters were uncertain about the future of Nike, Hill said in October.  6park.com
   
投资者表示，这些举措的方向是正确的，即使其中大部分是希尔的前任在今年早些时候提出的。该计划中最急迫的部分是推出一款能够抓住公众想象力的新鞋。耐克Dunk是1985年经典运动鞋的复刻版，近年来这款产品的特许经营规模已达到数十亿美元。 6park.com
Investors say the moves are steps in the right direction—even if they were mostly laid out by Hill’s predecessor earlier this year. The part of the plan that can’t come fast enough is a new shoe that can capture the public’s imagination. The Nike Dunk, a revival of the 1985 classic sneaker, became a multibillion-dollar franchise in recent years. 6park.com
   
耐克高管收紧了Dunk、Air Jordan 1和Air Force 1的特许经营权，以保护公众形象，但该公司的这些鞋款仍然供大于求。截至周三，耐克网站上超过一半的男鞋都在打折出售。 6park.com
Nike’s executives reduced supply of its Dunk, Air Jordan 1 and Air Force 1 franchises to protect their public perception, but the company is still making more of these shoes than it can sell. More than half of Nike’s men’s footwear was being sold at a discount on the company’s website as of Wednesday. 6park.com
    
新的关税可能会使耐克的复苏计划面临复杂状况。耐克的大部分鞋类都是在亚洲生产的。如果当选总统唐纳德·特朗普(Donald Trump)兑现对进口到美国的大多数产品征收新关税的计划，耐克将面临更高的成本压力。 6park.com
New tariffs could complicate Nike’s recovery plans. It makes most of its footwear in Asia. The company would face higher costs if President-elect Donald Trump follows through on plans to add new tariffs on most imports into the U.S.  6park.com
   
在欧洲，耐克去年披露，正在就欧盟和比利时有关部门提出的海关索赔进行上诉。耐克表示，如果败诉，公司财务状况将受到重大负面影响。预计该案将于2026年2月开庭审理。 6park.com
In Europe, Nike last year disclosed that it was appealing customs claims by European and Belgian authorities. The company said that losing the dispute would have a material adverse impact on its financial position. A trial is scheduled for February 2026.