Reported 9 months ago
Nike's stock plummeted 20% after announcing a surprising drop in annual sales, causing a $28.41 billion market value loss. The company's forecast of a mid-single-digit revenue decline in fiscal 2025 led to a downcast outlook for rivals like JD Sports and Puma, while Adidas saw a slight rise. To counterbalance the sales decline, Nike is cutting back on brands like Air Force 1 and introducing affordable sneakers globally. Analysts are speculating potential management changes following the underperformance.
Source: YAHOO