Consumer
Nike Falls Most Since 2001 on Weaker Full-Year Outlook
- Company offers full-year outlook that’s short of expectations
- Slowing demand for Nike’s more casual shoes has hurt results
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Nike Inc. shares sank after the sneaker company’s full-year outlook missed expectations, stoking investor concerns about waning demand and competition from upstarts On and Hoka, as well as rival Adidas AG.
The world’s largest sportswear company sees revenue declining in the mid-single digits in the company’s current fiscal year, which began this month. Analysts had expected growth of about 2% this year, according to estimates compiled by Bloomberg.