Nike’s sales are tumbling
CNN
Nike is in a major slump.
Nike is in a major slump. The company’s global sales dropped 9% last quarter, including a 17% drop in China, Nike said Thursday. In North America, Nike’s largest market, sales dropped 9%. But the results weren’t as bad as investors feared: Nike’s stock (NKE) inched up 4% during after-hours trading Thursday. Still, the company’s stock has dropped around 30% over the last year. The largest shoemaker in the world faces a consumer slowdown and tough competition from upstart running brands like Hoka and On. Customers are changing their behaviors, passing up expensive sneakers and athletic clothing for basics. Nike is also trying to recover from strategy mistakes. The company is cutting back supply on its classic sneaker lines Air Force 1 and Pegasus to try to juice demand and sell these sneakers at full prices. Nike also wants to push shoppers to buy new, higher-priced Air Max shoes and newer Pegasus products.
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