Nike isn’t growing, it’s shifting it’s distribution channels again.

Flat revenue looks fine on the surface, but it’s coming from a shift out of direct and into wholesale, which means lower margins and less control.

That’s not really a turnaround, it’s inventory moving through a different channel.

When a brand starts trading profit for distribution, it usually signals a deeper issue with demand, not just execution.

Right now, Nike isn’t a growth story, it’s a channel mix story, and those take a lot longer to fix than people think.