Reported 5 days ago
Nike's stock fell approximately 5% after the company reported its fiscal first quarter earnings, which included a revenue miss of $11.59 billion, below analyst expectations. The company also withdrew its financial guidance due to declining sales in both its direct-to-consumer and wholesale divisions amidst a CEO change. New CEO Elliott Hill will take over on October 14, and analysts suggest that a turnaround in Nike's performance may take time, with revenue expected to decline further in the upcoming quarter.
Source: YAHOO