Nike's Market Struggles: Earnings Beat Fails to Impress, Shares Slide
TL;DR Summary
Nike plans to scale back on classic shoe franchises and reduce supply of underperforming products in a $2 billion savings plan, as it faces competition from newer brands like On and Hoka. The company's revenue forecast for fiscal 2025 is a low single-digit percentage decrease, and it aims to focus on developing new products and upcoming launches to drive growth. Despite beating Wall Street estimates for third-quarter revenue and profit, Nike's stock fell 5.6% in extended trading as it grapples with losing market share in the running category and aims to draw back customers with new sneaker launches.
- Nike cutting back on classic shoes after losing market share to newer rivals New York Post
- Nike shares slide on lackluster outlook, slowing China sales CNBC
- Nike Stock Falls Despite Earnings Beat as Retailer Issues Weak Sales Guidance Investopedia
- Nike Reverses Lower On Earnings; Outlook Sends Lululemon Down 10% Investor's Business Daily
- Nike rises on earnings, Lululemon drops on outlook: Analyst's take Yahoo Finance
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