Nike (NKE) Shares Drop Over 14% After Weak Turnaround Guidance
Published on · Source: cnbc.com
AI Summary
Summarized by AI from the source belowNike (NKE) reported fiscal third-quarter earnings, revealing a projected sales decline between 2% and 4% for the current quarter, worse than the expected 1.9% growth. The company anticipates a significant 20% drop in China sales, despite FX benefits, affecting overall recovery efforts. Wall Street banks including Goldman Sachs and Bank of America downgraded Nike, citing patience waning due to a lengthy turnaround process. The company's gross margin has declined year-over-year for seven consecutive quarters, with external factors potentially impacting future input costs.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About NIKE Inc. (NKE)
Nike is the world’s largest athletic footwear and apparel brand, selling through wholesale partners and a growing direct-to-consumer business.
The Consumer Discretionary sector covers retailers, automakers and leisure companies whose sales rise and fall with consumer confidence.
Earlier NKE news
- Nike (NKE) Gets Downgrades Amid Sales Outlook Concerns
- Nike (NKE) Stock Price Target Lowered to $74 on Near-Term Pressure
- Nike (NKE) Pre-Market Movement Highlights Key Market Trends
- Nike (NKE) Reports Earnings Beat, Stock Declines Over Turnaround Worries
- Nike (NKE) Shares Drop 9% on Weak China Sales Outlook
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