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Data source: Nike. All columns are for the fiscal first quarter, ended Aug. 31. As you can see in the table, Nike's revenue and gross margins have flatlined while its earnings are down.
“By the end of the year, Nike stock was down nearly 60% from its November 2021 high,” Gordon writes. Layoffs of some 750 employees took place in July, including 32 vice presidents, 112 senior ...
For the three-month period that ended August 31, Nike's revenue declined 10% year over year to $11.6 billion. Nike Direct sales were down 13%. Nike Direct sales were down 13%.
Data source: Nike. Chart by author. Nike expects that slowdown to deepen, with a mid-single-digit drop in its reported revenue in fiscal 2025. Analysts are bracing for a 5% decline.
The drop was especially steep in the US, where sales fell 10%; and in China, where they were down 14%. Basically, demand hasn’t been this low since the first year of the pandemic.
As of 10:30 a.m. ET today, Nike stock was down 7%. Nike's unanswered questions Nike just hired Elliott Hill as its new CEO, but he doesn't start for about another two weeks.
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The world's largest footwear maker still has a lot to prove.