Nike shares plunge after sneaker maker forecasts 10% drop in quarterly revenue

Quick Summary:

Its shares fell 12 per cent after Nike forecast a 10 per cent drop in fiscal first-quarter revenue.

Headwinds including weakness in its digital business, soft store traffic and higher promotions are expected to have a “more pronounced impact” in fiscal 2025, chief financial officer Matthew Friend added.

The company’s efforts to drive more sales through its direct-to-consumer channel have failed to reap rewards as customers turn more picky about non-essential spending and splurge on fashionable and innovative brands such as On and Deckers’ Hoka.

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Article Details

Category: EconomyBusiness

Markets: SingaporeChinaJordan

Topics: Revenue Demand Nike Direct-to-consumer Company’s Including Cent Compared Helped Billion Sales

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-28 @ 07:59:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 475 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Straits Times

News ID: 21405947

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