Nike's Sales Dip: China Drag & Slow Recovery
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Nikes fiscal third quarter earnings report, released Tuesday, disappointed investors, causing shares to plummet 14% in midday trading Wednesday. The company warned of a low single-digit sales decline for the year, with Chinas sales expected to drop by 20% this quarter. Despite positive growth in North America and wholesale, Wall Street analysts downgraded the stock due to the slow recovery and mounting challenges. Gross margins have been declining for seven quarters, and rising oil costs from Middle East tensions could further impact input costs. Nike remains focused on what it can control amidst volatility, with potential margin gains on the horizon as easier year-over-year comps approach this summer.
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