Nike Shares Tumble 18 Percent After Company Lowers Revenue Projections

Published on June 28, 2024

Footwear and apparel corporation Nike declared lower projected revenues for fourth quarter 2024, while cutting down revenue expectations for the upcoming year, triggering a crash in stock prices. Nike’s revenues declined by 2 percent for the fourth quarter ended March 31 compared to a year back, the company said in a June 27 earnings release. Full-year 2024 revenues remained flat. During an earnings call on the same day, Nike CFO Matthew Friend said that first quarter 2025 revenue is expected to be down by approximately 10 percent. “This reflects more aggressive actions in managing our classic footwear franchises, continuing challenges on NIKE Digital, muted wholesale order books with newness not yet at scale, a softer outlook in greater China, and a number of quarter-specific timing factors,” he said....

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