See, for example, our latest articles on this subject: New Strategy, Massive Share Buybacks and Model Strength, Questionable Choices. Anecdotally, MarketScreener's team of analysts welcomes Nike's results, in which the terms "adjusted" and "EBITDA" are nowhere to be found.

Published last night after market close, Nike's second-quarter results sent the stock down 11% post-trading. Nike has always traded at high valuation levels, so the first upset will inevitably be punished.

Yesterday's publication did have some upside: sales growth targets were missed, but inventories are running well, gross margin is up and earnings per share are up 11% on the same time last year. We've seen worse economic conditions.

Where does the downside come from? A slight slowdown in sales growth, with consolidated sales up by just 3%; and, above all, a worrying slowdown in direct sales growth, up by just 6% compared with a 16% increase at the same time last year.

As we pointed out last September, Nike's strategy is based on its ability to double its sales over the next decade. Such a feat can only be achieved if the new direct-to-consumer strategy is a resounding success.

Like so many others, such as Prada, Nike intends to reduce its dependence on retailers, whose constraints and demands make the brand's margin targets unattainable.

We also note a slight decline in sales in North America. A priori, this would seem to confirm the downturn in American consumption seen everywhere else, and which some are quick to refer to as the canary in the global economic mine.

Segment by segment, this does not prevent the North American continent from remaining Nike's best market: sales are down 2%, but operating profit is up 3%; unsurprisingly, the brand's pricing power is at work here.

Elsewhere in the world, the opposite was true: sales rose healthily, but operating profits fell, no doubt due to the additional costs incurred by the new distribution strategy.