Nike's Sales Drop, Guidance Falls Short
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Nikes stock plummeted ten percent in premarket trading, despite beating earnings estimates. The companys Greater China sales, digital sales, and wholesale sales all declined. Nikes CEO, Elliott Hill, discussed plans to improve Chinas performance, but investors were concerned about the companys guidance for the fourth quarter, which includes a sales drop, shrinking gross margins, and earnings per share below expectations. Analysts advise patience, expecting flat earnings and low single-digit sales declines. Nikes future hinges on its spring 2023 product launch, Europes recovery, and managing inventory buildup.
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