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Nike beats forecasts despite China sales slump
Nike reported quarterly earnings and revenue above market expectations on Tuesday (Wednesday AEST), supported by a substantial tariff refund, although the sportswear giant continued to face weak demand in Greater China and warned its turnaround remains a work in progress. For its fiscal fourth quarter, Nike reported adjusted earnings per share (EPS) of 20 cents, excluding a 52-cent benefit related to the expected recovery of tariffs imposed under the International Emergency Economic Powers Act (IEEPA), ahead of analysts' expectations of 13 cents. Revenue came in at US$10.97 billion, surpassing consensus estimates of $10.86 billion. Despite the earnings beat, Nike shares fell 2.5% in after-hours trading. The company said gross margin improved 8.9% during the quarter, largely due to an expected tariff refund of approximately $986 million after the U.S. Supreme Court struck down many of President Donald Trump's global tariffs. Executives said on a conference call that Nike had collected more than $300 million in cash related to the tariff refund claims by the end of the quarter. Net income rose sharply to $1.07 billion, or 72 cents per share, compared with $211 million, or 14 cents per share, a year earlier. Reve
Sports
Tennis Australia headhunts NRL CEO for top job
The deck chairs are being reshuffled in Australian sports administration, with Tennis Australia appointing National Rugby League (NRL) Chief Executive Officer (CEO) Andrew Abdo as its new CEO. Abdo replaces Craig Tiley, who earlier this year announced he would leave Tennis Australia to become CEO of the United States Tennis Association (USTA). The Australian Rugby League Commission (ARLC) said Abdo would remain in the role he has held for seven years until 15 July to ensure a smooth transition and the completion of the upcoming rugby league broadcast negotiations. The ARLC said it would start a process to appoint a new NRL CEO, with Chairman Peter V’landys performing an executive role until a new CEO was in place. V’landys said he was sad to lose Abdo, but the opportunity to run Tennis Australia was a “testament to how good he is”. “We respect his decision. This is a significant opportunity and one he has earned,” he said in a media release. Tennis Australia Chair Chris Harrop said Abdo stood out in a competitive global search by Egon Zehnder that attracted more than 150 candidates because of his leadership of a high-profile sports organisation and impact on the community at the elite levels. He acknowledged T
Sports
Broadcasters count the cost of footy bragging rights
When Nine Entertainment secured the broadcast rights for National Rugby League (NRL) matches in 2021, the company was valued at A$5 billion (US$3.6 billion). Fast forward more than five years and the media group’s market capitalisation has plunged to $1.55 billion and it is being warned not to overpay in the next round of bidding for one of Australia’s marquee sports rights packages. Australian Rugby League Commission Chairman Peter Vlandy’s is believed to be seeking a new deal not only higher than the $2 billion the NRL got in 2021 but more than the $4.5 billion the Australian Football League (AFL) secured in its six year deal in 2023.Cutting and dicingThe head of rugby league’s governing body wants football bragging rights so much that he has asked for separate bids for the flagship three-game State of Origin series each year, along with Thursday, Friday, Saturday, Sunday and Monday games. “It’s complete open slather. They’re searching the universe to try and replicate what the AFL did,” media rights adviser Colin Smith told Azzet. An announcement is expected this year with a decision possibly within months, according to one source who said: “We are approaching the pointy end of the discussions now.” This means po
Sports
Rugby Australia back in black on Lions tour windfall
Rugby Australia (RA) has announced a record operating surplus of A$70.625 million (US$50.578 million) for the 2025 financial year as a result of the financial windfall from the the British & Irish Lions tour of Australia. This represented a sharp turnaround from the deficit of $36.837 million in the year ended 31 December 2024. “It doubles the previous record set in the 2003 Rugby World Cup, off the back of the most profitable British & Irish Lions tour in its history,” the peak body for rugby union in Australia said in a media release. Revenue and other income surged 108% to $262.245 million while operating expenditure increased 38% to $215.894 million, according to the 2025 annual report. Match revenue surged more than three times to $146.758 million and sponsorship more than doubled to $55.38 million although broadcast revenue fell 23% to $37.825, RA finished the year with a cash reserves of $31.4 million which allowed the organisation to exit its $80 million credit facility from private equity firm Pacific Equity Partners (PEP), which was taken out in 2023 to cover a deficit. “This is an historic and energising period for Australian Rugby, and a record operating surplus allows us to look ahead to the future w
Sports
AO Ventures lifts investment in padel company
Venture capital fund AO Ventures has increased its investment in the fast-growing sport of padel by pouring more funds into a company that provides “financing solutions”. The investment arm of Tennis Australia and the Australian Open lifted its unspecified stake in Mindspring Padel, which enables padel clubs and venue operators to build courts without significant upfront capital. AO Ventures General Partner Todd Deacon said the follow-on investment reflected the fund’s conviction in Mindspring’s role in helping unlock the long-term potential of padel, which combines tennis and squash. “Padel is experiencing extraordinary global growth, but one of the biggest constraints on the sport’s expansion is access to flexible capital to build quality infrastructure,” Deacon said in a media release. “Mindspring has developed a model that removes a key barrier for clubs and operators by enabling them to build courts faster and with far greater flexibility.” AO Ventures looked for high-growth companies needing capital and business to unlock their next phase of growth and believed Mindspring had the potential to play an important role in scaling padel globally and in Australia. “Having the continued support of AO Ventures — wi

Sports
Adidas stock falls amid disappointing guidance
Shares for Adidas fell after the sportswear company provided disappointing guidance for 2026 due to unfavourable currency swings and a hit from United States tariffs. The company said it expects revenue growth in the high single digits from 2025’s total of €24.8 billion (A$40.4 billion). Adidas said operating profit is expected to increase to around €2.3 billion, despite a €400 million negative impact from U.S. tariffs and unfavourable currency developments. Despite revenues rising 11% to €6.1 billion and profit doubling to more than €164 billion, they still missed the mark according to FactSheet estimates. “Driving double-digit growth in the fourth quarter despite all the external turbulence, and more than doubling our operating profit in the quarter made the year end very well and made 2025 much better than we had planned and expected when the year started,” Adidas CEO Bjørn Gulden said. The majority of the company’s fourth quarter revenue growth came from its performance sector, which increased by 27%. Adidas also offered mid-term targets, with currency-neutral sales growing at a high single-digit rate in 2026-2028 and operating profit expanding at a mid-teens annual rate over that period. The company has a
Sports
Australian rugby league generates record surplus
The Australian Rugby League Commission has posted a 4% increase in operating surplus to a record A$64.86 million (US$45.8 million) for the year ended 31 October 2025. The results for the governing body for professional rugby league in Australia were disclosed in the 2025 annual report of the National Rugby League (NRL). Revenue grew 14% to $845.6 million while expenses increased 7% to $218.833 million in the 2025 financial year (FY25) compared with the previous corresponding period (pcp). “Financially, the game has never been stronger,” Commission Chairman Peter V’landys said in a news release. “2025 was another landmark year that demonstrated Rugby League’s unrivalled strength across the region.” Consistent annual increases in revenue and surpluses had compounded and enabled increased funding for players, clubs, states and grassroots and increased the Commission’s capacity to invest further into new revenue generating assets. The Commission continued its strategy of developing a strong, stable balance sheet to provide financial security and steady passive income with multiple hotels and investment properties and active management of secure term deposits. It distributed a record $562.331 million, 18% more than
Sports
Tennis Australia lifts profits, uncertain about dispute
Tennis Australia more than doubled its net surplus in the last financial year but disclosed a potential liability arising from legal action by players. The net surplus rose to $15.827 million in the year ended 30 September 2025 from $7.128 million a year earlier, according to the 2025 financial statements and reports. Revenue for the peak body for tennis in Australia rose by 17% to $692.687 million over the same period, while total expenses increased by 15% to $680.744 million. The share of the income or loss of equity-accounted investees was a $2.02 million profit compared with a $786,000 loss a year earlier. These relate to a 20% stake in British subsidiary Trident 8 Limited, which operates the Laver Cup, and 25% of Grand Tennis Properties Limited, which registers global trademarks for the four Grand Slams organisations. Tennis Australia accounted for an estimated share of profit of $1.978 million from Trident 8, compared with a $786,000 share of losses a year earlier, while dividends of $1.336 million were paid from Trident 8 to Tennis Australia. The organisation said the Professional Tennis Players Association (PTPA) and a group of players have brought proceedings against international tennis organisations, i
Sports
AFL boosts profit in 2025 as revenue rises
The Australian Football League has announced a 50% increase in its surplus for 2025. The peak body said the underlying operating surplus rose to $67.9 million in the year ended 31 October 2025 from $45.4 million a year earlier, a result that included contributions from controlled state subsidiaries, Marvel Stadium and Champion Data. Revenue increased by 16% to $1.203 billion, mostly because of a contracted increase in broadcast and media revenues in line with the first year of the new broadcast agreement. “There was also growth in commercial returns from Marvel Stadium events, commercial partnerships and consumer related revenue,” the AFL said in a media release. The AFL also said the player payment limit rose to $17.8 million per club in 2024/25 from $15.8 million in the previous year, while gross player payments increased 10.58% to $327.7 million. The average payment for a listed player was $505,961, up from $459,173 in 2024, while the average payment for players who played at least one senior match was $543,305, up from $493,592. A total of 22 players earned at least $1.2 million, up from 10 in 2024, and 58 were earning at least $1 million, compared with 25. AFL Commission Chair Richard Goyder said 2025 del