Nike Faces Stock Plunge as Revenue Outlook Slashed Amid Market Challenges
Nike's shares tumbled over 10% after the company revised its revenue outlook for the fiscal year, anticipating just 1% growth instead of mid-single-digit growth, citing challenges in Greater China and EMEA, digital traffic softness, and a stronger U.S. dollar. Sneaker retailer Foot Locker, heavily reliant on Nike products, also saw its stock drop by more than 4% in response. Analysts noted concerns about the need for improved marketing outside of certain trends and increased competition, while Goldman Sachs maintained its buy rating on Nike's stock but acknowledged challenges in the competitive marketplace.
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Nike's shares tumbled over 10% after the company revised its revenue outlook for the fiscal year, anticipating just 1% growth instead of mid-single-digit growth, citing challenges in Greater China and EMEA, digital traffic softness, and a stronger U.S. dollar.