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Nike Stock Plummets: What's Next for the Sportswear Giant?
Nike's shares dropped nearly 20% on Friday after the company announced it expects sales to decline in the new fiscal year, erasing around $28 billion in shareholder value. This marks the largest one-day drop in Nike's history, closing at $75.36.
Under CEO John Donahoe, Nike has focused on direct sales and iconic products like Air Jordans, Dunks, and Air Force 1s. This shift away from wholesale allowed competitors such as Hoka and On to gain traction. However, demand for lifestyle sneakers like Dunks is slowing more than anticipated.
CFO Matt Friend forecasted a mid-single-digit sales decrease for the fiscal year starting June 1, contrary to analysts' expectations of a 2% increase. The company has laid off 2% of its corporate workforce as part of a $2 billion cost-cutting plan.
Despite efforts to reassure investors about upcoming product launches, some analysts remain skeptical. Stifel Managing Director Jim Duffy noted challenges to management credibility, while Williams Trading analyst Sam Poser described Nike as "a mess." However, Edward Jones's Brian Yarbrough remains cautiously optimistic, citing Nike's history of strong innovation efforts.
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