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Saunders noted that at the same time, smaller rival brands have moved into Nike's territory and successfully connected with consumers in a way that Nike has failed to do. Nike posted net income of ...
The company said it’s looking for as much as $2 billion in cost savings in the next three years, which includes laying off employees. Shares of Nike ( NKE ) tumbled as much as 14% Friday.
A turnaround is unlikely to happen overnight.
Meanwhile, Nike's $0.99 earnings per share exceeded analysts' expectations of $0.66. Nike's direct-to-consumer sales declined 8% from the same quarter a year ago to $5.1 billion.
Nike, Inc. [note 1] (stylized as NIKE) is an American athletic footwear and apparel corporation headquartered near Beaverton, Oregon, United States. [6] It is the world's largest supplier of athletic shoes and apparel and a major manufacturer of sports equipment, with revenue in excess of US$46 billion in its fiscal year 2022.
Product input costs lowered, as did warehousing and logistics costs. Its revenue from the Nike Brand came in at $11.95 billion, down 7% year over year across all geographies.
Nike's report also comes about a month after Foot Locker warned of a slowdown in its footwear business due to "price sensitive" consumers. About 64% of sales at Foot Locker ( FL ) are the Nike ...
Nike's stock plunged after a disappointing earnings report and weak near-term outlook. What's next for the footwear and sporting goods titan? Why Nike Stock Lost 21% Last Month