The management team of Grupo SBF (Group), Nike’s Brazilian partner, said they began 2026 confident, supported by a solid foundation built in 2025 that strengthened their operational and commercial capabilities.

“This evolution allowed us to start 2026 well positioned to capture upcoming opportunities, especially the World Cup – a significant sales moment for our main business units,” the company said in its 2026 first quarter report. “In the first quarter, we continued our strategic plan focused on the growth of Centauro and Fisia (the Nike business), which resulted in a 14.9 percent increase in net revenue, totaling R$1.8 billion, and adjusted net income (ex-IFRS) of R$79 million (+6.1 percent vs. 1Q25).

In the first quarter, the Group said it marked the beginning of the company’s most relevant period of the year, with the launch cycle related to the World Cup, particularly the new Brazilian National Team jerseys. The away jersey (blue), launched through Fisia’s direct-to-consumer channels and Centauro on March 12th, features a differentiated design and positioning proposal developed in partnership with the Jordan brand for the first time in history. Meanwhile, the home jersey (yellow), inspired by classic uniforms from Brazil’s historic national teams, was launched on March 22, supported by a marketing campaign involving global personalities and athletes from around the world.

“Even with only a few days of sales in March, initial performance exceeded expectations,” the company noted. “In addition to the official jerseys, Centauro also recorded significant sales of licensed products developed in partnership with the CBF (Brazilian Football Confederation) and of the official World Cup ball.”

Fisia (Nike, Jordan brands)
The Fisia business unit reportedly delivered “robust” net revenue expansion year-over-year (y/y) in Q1, increasing 26.1 percent to R$1.0 billion in revenue, sustained by expansion across all channels, highlighted by the continuous evolution of the Wholesale channel and the advancement of DTC channels.

Wholesale Channel
As in the U.S., the Wholesale channel was a focus for recovery and growth, recording a 48.7 percent y/y increase to R$386.9 million in 1Q26. Even against a comparison base that did not reflect the current tax incentives, the Wholesale channel delivered growth driven by the structural progress of the initiatives implemented over the past year. Additionally, performance was boosted by World Cup-related sales.

The Wholesale channel reflected for another quarter, the structural evolution of the channel observed throughout 2025.

Performance was supported by higher demand for Nike products, highlighted by the collections of the new clubs and the World Cup, as well as higher demand from the Centauro business unit for Nike products.

Furthermore, the result was benefited by the positive impact of ICMS tax incentives, an effect not observed in the comparison base.

DTC Channels
DTC (direct-to-consumer) channels also posted growth year-over-year, with 16.4 percent growth in Physical Stores and 15.4 percent gains in the Digital channel.

Across DTC channels, the Digital channel reportedly returned to double-digit growth, driven by key running franchises —Vomero, Pegasus, and Structure. Net revenue reached R$397.3 million (+15.4 percent vs. 1Q25), also driven by the soccer category, which grew 62.6 percent following the launches of products related to the newly sponsored clubs and the World Cup. The running category reportedly advanced 30.3 percent in the period and is said to remain a highlight with the strong acceptance of road running models — Vomero, Pegasus, and Structure.

Additionally, the Casual category recorded a 7.8 percent growth year-over-year.

In Physical Stores, net revenue totaled R$256.9 million in the quarter. Performance was said to be sustained by sales in the soccer category, particularly driven by the launches of the jerseys of Nike’s newly sponsored clubs (Vasco da Gamaand Atlético Mineiro), in addition to initial sales related to the World Cup.

Operational improvements in stores also contributed to the results: in NVS (Nike Value Stores) stores, the improvement in the supply strategy reportedly favored inventory quality and resulted in a 3.6 percent increase in average ticket, while in NDIS (Nike Direct) stores there were productivity gains, reflected in a 14.0 percent expansion in average ticket, 2.6 percent growth in items per transaction, and 110 basis-point increase in conversion.

Fisia Profitability
Fisia gross profit expanded 25.7 percent y/y, reaching R$453 million, accompanied by a gross margin of 43.5 percent of sales, or a slight compression of 20 basis points versus the year-ago quarter, which was said to be a reflection of FX effects on the cost of imported goods by Fisia.

Additionally, the channel mix impacted the margin for the period, with a higher participation of the Wholesale channel, which structurally has lower profitability. In the quarter, the channel also operated with a lower margin due to a higher sales volume to strategic accounts, which involve differentiated commercial conditions.

“The results of the first quarter of 2026 reinforce our confidence for the upcoming periods of the year, especially the second quarter, when the World Cup will become an even more significant driver for the business,” the company wrote in its Q1 report. “As a leading player in the Brazilian sports market, Grupo SBF enters this period with a strengthened multichannel and multi brand operation, well positioned to capture the opportunities associated with the world’s largest sporting event.”

Image courtesy Jordan Brand