October 7, 2024

FYI – Nike is in big trouble aka revenue drops by 10%

It’s widely known that Nike had some struggles in the last quarters. But, after they‘ve announced that Elliott Hill will become the next CEO we‘re getting a more detailed look at the situation from the last earnings call.

Fashion United reports that –

For the first quarter, Nike revenues of 11.6 billion dollars, were down 10 percent on a reported basis and 9 percent on a currency-neutral basis.

And this goes across the whole group:

• Converse down by 14%

• Wholesale down 8%

• Nike direct revenue down 13%

They‘re still positive and making profits. But one thing is for sure, it‘s time to act.

What do you think they should do differently?

– Dennis