Consumer

Nike’s Aging Sneaker Models Feel Heat From Upstarts On, Hoka

Company will reduce supply of classic shoes ahead of launches
CEO Donahoe says there are ‘important adjustments’ ahead

WATCH: Nike Inc. warned investors that sales will take a hit later this year as it works to realign merchandise to better match what shoppers want to buy. Bloomberg Opinion’s Andrea Felsted breaks down what this means.Source: Bloomberg

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By Kim Bhasin

March 21, 2024 at 8:23 PM UTC

Updated on

March 22, 2024 at 1:43 PM UTC

This article is for subscribers only.

Nike Inc. warned that sales will take a hit as it responds to a growing challenge from upstart running-shoe brands like On and Hoka that have exposed the US sporting-goods company’s reliance on classic basketball models such as the Air Force 1.

The world’s largest sportswear retailer expects revenue to fall by a low-single-digit percentage in the first half of its fiscal year, which starts in June. Analysts had projected a 4% rise in the first quarter and a 6% gain in the second, according to estimates compiled by Bloomberg.