Nike's U.S. Slump Persists
- Athletic brand has lost share to Adidas on its home turf
- Company to try out offering products via Stitch Fix service
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Nike Inc. shares fell the most in nine months after its North American sales slump worsened, overshadowing strong growth in other regions.
The world’s largest sports brand posted quarterly sales that fell short of estimates in its home market, while beating them in Greater China and Europe, the Middle East and Africa.
The results show that Nike still faces a challenge in regaining its footing in the U.S., where several retail partners have faltered and rival Adidas AG has been taking market share. The company succeeded, however, in beating estimates for revenue and has downplayed concerns over its North America results.