{"id":68719,"date":"2026-09-17T20:34:00","date_gmt":"2026-09-17T20:34:00","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/nikes-index-exit-and-the-repricing-of-sports-brands\/"},"modified":"2026-09-17T20:34:00","modified_gmt":"2026-09-17T20:34:00","slug":"nikes-index-exit-and-the-repricing-of-sports-brands","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/featured\/nikes-index-exit-and-the-repricing-of-sports-brands\/","title":{"rendered":"Nike\u2019\u0131n Endeksten \u00c7\u0131k\u0131\u015f\u0131 ve Spor Markalar\u0131n\u0131n Yeniden Fiyatlanmas\u0131"},"content":{"rendered":"
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Pazartesi g\u00fcn\u00fc, Nike yakla\u015f\u0131k 18 y\u0131l sonra S&P 100 endeksinden \u00e7\u0131kar\u0131ld\u0131<\/a>. Nike\u2019\u0131n yeri ve \u00fc\u00e7 koltuk daha Dell, Palo Alto Networks, Arista Networks ve SanDisk\u2019e verildi.<\/p>\n

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Hisse fiyat\u0131na etkisi b\u00fcy\u00fck olas\u0131l\u0131kla s\u0131n\u0131rl\u0131 kalacak. Nike, endeks fonlar\u0131n\u0131n as\u0131l yo\u011funla\u015ft\u0131\u011f\u0131 S&P 500\u2019de kal\u0131yor. Bu \u00e7\u0131kar\u0131lma, aylard\u0131r s\u00fcren daha geni\u015f bir de\u011fi\u015fimin par\u00e7as\u0131: Spor giyim markalar\u0131n\u0131n piyasa de\u011feri yeniden ayarlan\u0131yor. Yaz boyunca, iyi sonu\u00e7 a\u00e7\u0131klayanlar dahil, t\u00fcm grupta ayn\u0131 anda benzer sat\u0131\u015f bask\u0131s\u0131 g\u00f6r\u00fcld\u00fc.<\/p>\n

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Lululemon\u2019un 11 Eyl\u00fcl\u2019de y\u00fczde 20 d\u00fc\u015ft\u00fc\u011f\u00fc ve sekiz y\u0131l\u0131n en d\u00fc\u015f\u00fck seviyesine indi\u011fi<\/a> bildirildi. Nike, A\u011fustos\u2019ta 12 y\u0131l\u0131n en d\u00fc\u015f\u00fck seviyesini<\/a> g\u00f6rd\u00fc. adidas ise 30 Temmuz\u2019da tarihinin en y\u00fcksek \u00e7eyreklik sat\u0131\u015f\u0131n\u0131 a\u00e7\u0131klad\u0131, y\u0131l geneli sat\u0131\u015f tahminini y\u00fckseltti, buna ra\u011fmen bir g\u00fcnde yakla\u015f\u0131k y\u00fczde 18 geriledi<\/a>; bu, 1995\u2019te borsada i\u015flem g\u00f6rmeye ba\u015flad\u0131\u011f\u0131ndan beri en k\u00f6t\u00fc g\u00fcnd\u00fc.<\/p>\n

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adidas\u2019\u0131n tek zay\u0131f kald\u0131\u011f\u0131 kalem k\u00e2r oldu. Gelir 6,7 milyar euroya \u00e7\u0131kt\u0131; d\u00f6viz etkisi \u00e7\u0131kar\u0131ld\u0131\u011f\u0131nda y\u00fczde 14 art\u0131\u015f var. Kendi ma\u011fazalar\u0131 ve internet sat\u0131\u015flar\u0131 y\u00fczde 25 y\u00fckseldi. Ancak faaliyet k\u00e2r\u0131 (ana i\u015ften elde edilen k\u00e2r) sadece y\u00fczde 5 artarak 574 milyon euroya geldi; analist beklentisi 623 milyon euroydu. Bunun \u00f6nemli nedeni, D\u00fcnya Kupas\u0131 etraf\u0131nda yap\u0131lan 924 milyon euroluk pazarlama harcamas\u0131<\/a> oldu; bu tutar ge\u00e7en y\u0131la g\u00f6re 212 milyon euro daha fazla. CEO Bjorn Gulden, bu kadar sert bir piyasa tepkisi beklemedi\u011fini s\u00f6yledi.<\/p>\n

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K\u00e2r sapmas\u0131 ger\u00e7ek. Ancak bu ayn\u0131 zamanda, d\u00fcnyan\u0131n en b\u00fcy\u00fck futbol turnuvas\u0131nda g\u00f6r\u00fcn\u00fcrl\u00fck almak i\u00e7in harcama yapan bir \u015firketin, bunun bedeli olarak bir g\u00fcnde y\u00fczde 18\u2019lik d\u00fc\u015f\u00fc\u015f\u00fc \u201cmaliyet\u201d gibi \u00fcstlenmesi anlam\u0131na geliyor.<\/p>\n

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Spor giyim hisselerindeki sat\u0131\u015f dalgas\u0131 i\u00e7in s\u0131k kullan\u0131lan a\u00e7\u0131klama bunu tam anlatm\u0131yor.<\/p>\n

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Herkes ayn\u0131 anda fiyat k\u0131r\u0131nca<\/h2>\n\n\n

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Spor giyim markalar\u0131n\u0131n sorunu basitti: Stoklar fazla, tam fiyattan talep zay\u0131ft\u0131. Markalar eldeki fazlay\u0131 eritmek i\u00e7in indirim yapt\u0131. Ma\u011fazalar da rekabet i\u00e7in indirimlere e\u015flik etti. En sert darbe, eski spor ayakkab\u0131 modellerinde (retro) ve s\u0131n\u0131rl\u0131 say\u0131da \u00e7\u0131kar\u0131lan yeni \u00fcr\u00fcnlerde g\u00f6r\u00fcld\u00fc. Dick\u2019s Sporting Goods Y\u00f6netim Kurulu Ba\u015fkan\u0131 Ed Stack, sekt\u00f6r\u00fcn \u015fu an \u201cak\u015famdan kalma\u201d ya\u015fad\u0131\u011f\u0131n\u0131<\/a> ve bunun en az y\u0131l sonuna kadar s\u00fcrece\u011fini s\u00f6yledi.<\/p>\n

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Nike en net \u00f6rnek. \u015eirket, \u00f6nceki stratejisinin etkilerini temizlerken ge\u00e7en y\u0131l geliri 46,4 milyar dolarda yatay kald\u0131. Bu strateji, do\u011frudan t\u00fcketiciye sat\u0131\u015fa a\u015f\u0131r\u0131 y\u00fcklenmi\u015f, ma\u011faza raflar\u0131ndaki alan\u0131n\u0131 rakiplere kapt\u0131rm\u0131\u015ft\u0131.<\/p>\n

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Lululemon\u2019daki d\u00fc\u015f\u00fc\u015f daha sert. Ayn\u0131 ma\u011faza sat\u0131\u015flar\u0131 (bir y\u0131ldan uzun s\u00fcredir a\u00e7\u0131k ma\u011fazalar\u0131n sat\u0131\u015f de\u011fi\u015fimi) ge\u00e7en \u00e7eyrekte y\u00fczde 9 geriledi; en b\u00fcy\u00fck pazar\u0131 olan Amerika k\u0131tas\u0131nda d\u00fc\u015f\u00fc\u015f y\u00fczde 12 oldu. Y\u0131l geneli beklenti \u00fc\u00e7 ayda iki kez a\u015fa\u011f\u0131 \u00e7ekildi; sat\u0131\u015flar\u0131n y\u00fczde 2-4 artmas\u0131ndan, y\u00fczde 5-7 d\u00fc\u015fmesine<\/a> d\u00f6n\u00fcld\u00fc. Bu yakla\u015f\u0131k 10 puanl\u0131k bir tersine d\u00f6n\u00fc\u015f. Yeni CEO Heidi O\u2019Neill, m\u00fc\u015fteri kaybeden bir markan\u0131n ba\u015f\u0131na geliyor.<\/p>\n

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Under Armour d\u00f6n\u00fc\u015f\u00fcm hamlesine daha erken ba\u015flam\u0131\u015ft\u0131; \u015fimdi \u00fcr\u00fcn \u00e7e\u015fitlili\u011fini bir \u00e7eyrek daha azalt\u0131yor. Kevin Plank, hedefin daha az model, daha y\u00fcksek adet, tam fiyat sat\u0131\u015f<\/a> oldu\u011funu s\u00f6yl\u00fcyor. A\u011fustos\u2019ta \u015firket, y\u0131l geneli gelir beklentisini \u201chafif d\u00fc\u015f\u00fc\u015f\u201dten \u201corta tek haneli d\u00fc\u015f\u00fc\u015f\u201de indirdi; Kuzey Amerika y\u00fczde 9, Asya Pasifik y\u00fczde 7 geriledi<\/a>. Ayn\u0131 \u00e7eyrekte k\u00e2rl\u0131l\u0131k oranlar\u0131 (marjlar: sat\u0131\u015ftan kalan k\u00e2r pay\u0131) iyile\u015fti; ancak bunun bir k\u0131sm\u0131 daha iyi sat\u0131\u015ftan de\u011fil, 2026 mali y\u0131l\u0131na ait g\u00fcmr\u00fck vergilerinin (tarife) iadesinden kaynakland\u0131.<\/p>\n

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\u015eirket<\/td>A\u00e7\u0131klad\u0131\u011f\u0131<\/td>Piyasa tepkisi<\/td><\/tr>
Nike (2026 mali y\u0131l\u0131 sonu\u00e7lar\u0131<\/a>)<\/td>Gelir 46,4 mlr $ ile yatay, ilave d\u00fc\u015f\u00fc\u015f sinyali verildi<\/td>A\u011fustos\u2019ta 12 y\u0131l\u0131n dibi<\/td><\/tr>
Under Armour (7 A\u011fustos)<\/td>Beklenti orta tek haneli d\u00fc\u015f\u00fc\u015fe indirildi<\/td>Yakla\u015f\u0131k %7 d\u00fc\u015ft\u00fc<\/td><\/tr>
Lululemon (4 Eyl\u00fcl)<\/td>Ayn\u0131 ma\u011faza sat\u0131\u015flar\u0131 %9 d\u00fc\u015ft\u00fc, beklenti yine a\u015fa\u011f\u0131 \u00e7ekildi<\/td>%17 d\u00fc\u015ft\u00fc, sekiz y\u0131l\u0131n dibi<\/td><\/tr>
adidas (30 Temmuz)<\/td>Rekor 6,7 mlr \u20ac gelir, %14 art\u0131\u015f, beklenti y\u00fckseltildi<\/td>%18 d\u00fc\u015ft\u00fc, 1995\u2019ten beri en k\u00f6t\u00fc g\u00fcn<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Adidas istisnas\u0131<\/h2>\n\n\n

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Bu tablo sadece \u015firket hatalar\u0131ndan ibaret olsayd\u0131, hatadan ka\u00e7\u0131nan \u015firket kazanan olurdu; bu tan\u0131ma en \u00e7ok Adidas uyuyor. Grup k\u00fc\u00e7\u00fcl\u00fcrken y\u00fczde 14 b\u00fcy\u00fcd\u00fc<\/a>, futbolda ve ko\u015fuda pazar pay\u0131 kazand\u0131, sat\u0131\u015f beklentisini k\u0131smak yerine y\u00fckseltti.<\/p>\n

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Tetikleyici dar bir alandayd\u0131. K\u00e2r, \u015firketin bilin\u00e7li olarak yapt\u0131\u011f\u0131 pazarlama harcamas\u0131 nedeniyle beklentinin 49 milyon euro alt\u0131nda kald\u0131; y\u0131l geneli k\u00e2r hedefi, gelirle birlikte yukar\u0131 \u00e7ekilmek yerine sabit tutuldu. Bu \u00f6l\u00e7ekte bir \u015firket i\u00e7in bu b\u00fcy\u00fckl\u00fckte bir sapman\u0131n tek seansta y\u00fczde 18 d\u00fc\u015f\u00fc\u015f yaratmas\u0131, yat\u0131r\u0131mc\u0131lar\u0131n zaten bu hisselere eskisi kadar y\u00fcksek fiyat \u00f6demek istemedi\u011fini g\u00f6steriyor.<\/p>\n

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Sekt\u00f6rde en h\u0131zl\u0131 b\u00fcy\u00fcyenlerden On Holding de A\u011fustos\u2019ta kendi sonu\u00e7lar\u0131nda benzer \u00f6l\u00e7ekte k\u00fc\u00e7\u00fck bir sapma sonras\u0131 y\u00fczde 22 d\u00fc\u015ft\u00fc.<\/p>\n

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Bu nedenle sat\u0131\u015f dalgas\u0131, \u201ckim \u015firketi iyi y\u00f6netiyor\u201d meselesi de\u011fil. Yat\u0131r\u0131mc\u0131lar, spor markas\u0131 sahibi olmak i\u00e7in daha d\u00fc\u015f\u00fck fiyat \u00f6d\u00fcyor; \u015firket iyi gidiyor olsa bile.<\/strong> Bu, y\u00f6netim performans\u0131ndan \u00e7ok \u201cpiyasa fiyatlamas\u0131\u201d (yat\u0131r\u0131mc\u0131lar\u0131n kabul etti\u011fi de\u011fer) de\u011fi\u015fimi. Depoda fazla stok sorunu \u015firket i\u00e7inde \u00e7\u00f6z\u00fcl\u00fcr; fiyatlama de\u011fi\u015fimi ise piyasada olu\u015fur ve daha yava\u015f d\u00fczelir.<\/p>\n

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Nike\u2019ta kalan \u201cprim\u201d<\/h3>\n\n\n

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Nike i\u00e7in bu daha kritik. Hisse, Kas\u0131m 2021 zirvesine g\u00f6re yakla\u015f\u0131k y\u00fczde 78 d\u00fc\u015ft\u00fc ve yakla\u015f\u0131k 200 milyar dolarl\u0131k de\u011fer silindi. Bu da hisseyi \u201cfelaket fiyatlanm\u0131\u015f\u201d<\/a> gibi g\u00f6sterebiliyor.<\/p>\n

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Ancak hisse, beklenen k\u00e2r\u0131n yakla\u015f\u0131k 22 kat\u0131ndan (F\/K: fiyat\/k\u00e2r oran\u0131, yat\u0131r\u0131mc\u0131n\u0131n 1 birim k\u00e2r i\u00e7in ka\u00e7 birim fiyat \u00f6dedi\u011fi) i\u015flem g\u00f6r\u00fcyor. B\u00fcy\u00fck ABD \u015firketlerinin ortalamas\u0131 yakla\u015f\u0131k 21.<\/p>\n

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Yani y\u0131llara yay\u0131lan sert d\u00fc\u015f\u00fc\u015fe ra\u011fmen Nike, \u201cbozulmu\u015f bir i\u015f\u201d gibi fiyatlanm\u0131yor. Piyasa h\u00e2l\u00e2 toparlanman\u0131n ger\u00e7ekle\u015fece\u011fini varsay\u0131yor. Sert d\u00fc\u015fmek ile ucuz olmak ayn\u0131 \u015fey de\u011fil; bu ikisi aras\u0131ndaki fark, riskin b\u00fcy\u00fck b\u00f6l\u00fcm\u00fcn\u00fcn bulundu\u011fu yer.<\/p>\n

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Bunu Adidas ile k\u0131yaslay\u0131n: CEO 10 Eyl\u00fcl\u2019de 139,98 eurodan 3.600 adet hisse ald\u0131<\/a>; g\u00f6reve gelecek finans direkt\u00f6r\u00fc de al\u0131m yapt\u0131. \u0130\u00e7eriden al\u0131m (\u015firket y\u00f6neticilerinin kendi hisselerini almas\u0131) toparlanmay\u0131 garanti etmez, ancak sat\u0131\u015flar\u0131 d\u00fc\u015fen bir \u015firkette 22 F\/K\u2019dan daha olumlu bir sinyaldir.<\/p>\n

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Bask\u0131 neden azalabilir<\/h2>\n\n\n

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\u00dc\u00e7 nokta bask\u0131n\u0131n buradan itibaren azalabilece\u011fini g\u00f6steriyor.<\/p>\n

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