Nike's Black Friday Struggles Against On and Hoka

Black Friday marked a strong start to the holiday shopping season, with e-commerce spending reaching a record $10.8 billion, up 10.2% from last year. While in-store sales saw a modest 0.7% increase, footwear brands like On and Hoka experienced significant growth, maintaining full-price sales and strong demand. In contrast, Nike faced challenges, offering deeper discounts to manage inventory amid declining demand, though it still saw strong outlet store traffic. Analysts suggest the footwear category may face headwinds in the near term.