Reported 9 months ago
Nike's stock dropped by 11% in after-hours trading after the company announced a larger-than-expected revenue decline projection for 2025, with an anticipated mid-single-digit revenue decrease. This follows weaker-than-expected quarterly revenue in the fourth quarter of fiscal year 2024, where Nike reported a 2% drop in revenue from the previous year. Despite exceeding earnings per share expectations, the company's direct-to-consumer sales also decreased. Analysts expressed concerns over the weak sales numbers, while Nike's CEO mentioned that fiscal 2025 will be a transition year for the business.
Source: YAHOO