Reported 6 days ago
Nike's stock fell approximately 5% after reporting fiscal first quarter revenue of $11.59 billion, which fell short of Wall Street's expectations of $11.65 billion, marking a 10% decline year-over-year. The company also withdrew its annual outlook as it transitions to a new CEO, Elliott Hill, following declining sales in both direct-to-consumer and wholesale segments. Analysts express concerns about Nike's competitive standing in the sportswear market amidst weakened consumer demand and product innovation challenges.
Source: YAHOO