Nike revenues are down. Photo: Nicole Tung/Bloomberg
Nike shares tumbled yesterday after the retailer gave a surprisingly gloomy outlook for the year ahead, complicating efforts by chief executive officer Elliott Hill to turn around the business.
Revenue is expected to decline by 2pc to 4pc in the current quarter and will be down in the low single-digits for the rest of the calendar year, management told investors on an earnings call. “This is complex work, and parts of it are taking longer than I’d like,” Mr Hill said on the call. “But the direction is clear, the urgency is real, and the foundation is getting stronger.”
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