Reported 9 months ago
Nike, the world's largest sportswear brand, saw its stock drop nearly 20% after-hours on June 28, resulting in a market value loss of around $29 billion, its biggest decline since 2001. This was attributed to disappointing sales figures in the 2024 fourth quarter report, with profits of $1.5 billion and revenue of $12.61 billion falling short of market expectations. Analysts pointed fingers at CEO John Donahoe for the company's underperformance, as demand for Nike products decreased globally amid competition from brands like Adidas, On, and Hoka. Specific shoes like the 'Air Force 1' and 'Dunk' were highlighted for their poor sales contributing to the overall decline in sales for the fourth quarter of the fiscal year 2024.
Source: YAHOO