Nike Q Decline Amid China Weakness

about 1 month ago

Nathan Hager

"Nike shares are down some 10% in pre-market trade. This comes after their results after the bell. They warned that sales will be declining this quarter amid persistent weakness in China, which is a surprising turn of events after two straight periods of sales growth for Nike. They also said that their Converse brand was another weak point. Sales plunged 30% in the latest quarter. The CEO characterized the company's rebound as still in the middle innings."

Nike is facing significant challenges as pre-market shares drop 10% following disappointing quarterly results, with steep declines in both overall sales in China and in its Converse brand.

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