{"id":83058,"date":"2024-06-28T05:23:56","date_gmt":"2024-06-28T05:23:56","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/28\/nike-shares-tumble-as-it-loses-ground-to-upstart-rivals\/"},"modified":"2024-06-28T05:23:56","modified_gmt":"2024-06-28T05:23:56","slug":"nike-shares-tumble-as-it-loses-ground-to-upstart-rivals","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/28\/nike-shares-tumble-as-it-loses-ground-to-upstart-rivals\/","title":{"rendered":"Nike shares tumble as it loses ground to upstart rivals"},"content":{"rendered":"
\"Nike<\/div>


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Nike had said it expects a surprise 10% drop in quarterly revenue, as it faces growing competition from newer rivals such as On and Hoka.<\/p>\n

The news sent Nike shares plunging more than 12% in after hours trading, which could mean a loss of $15bn in market value if the losses hold on Friday.<\/p>\n

The world’s largest sportswear company also told investors it is facing weakening demand in international markets, including in China. <\/p>\n

But Nike is optimistic that new products and a marketing campaign at the upcoming Olympic Games in Paris will help the company regain momentum with consumers.<\/p>\n

“The Paris Olympics offers us a pinnacle moment to communicate our vision of sport to the world,” CEO John Donahoe said on the earnings call.<\/p>\n

The company also lowered its outlook for the 2025 fiscal year. <\/p>\n

It said direct-to-consumer business declined 8%, as some customers went for more trendy upstart brands.<\/p>\n

“There’s a sense that Nike just hasn’t innovated enough, it hasn’t marketed enough, it hasn’t told enough stories around its products,” the Managing director of GlobalData Retail, Neil Saunders, told the BBC.<\/p>\n

The sportswear giant’s strategy to sell its products through its own stores and website instead of wholesales like Foot Locker hurt sales, Reuters said. <\/p>\n

“Nike needs to get on the front foot again in terms of persuading people to buy its products,” Mr Saunders added. <\/p>\n

Nike is currently the top sponsor of jerseys at the UEFA Euro 2024 football tournament, beating out brands like Adidas and Puma.<\/p>\n

They are sponsoring nine national teams including England, France and Portugal.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nike had said it expects a surprise 10% drop in quarterly revenue, as it faces growing competition from newer rivals such as On and Hoka. The news sent Nike shares plunging more than 12% in after hours trading, which could mean a loss of $15bn in market value if the losses hold on Friday. The […]<\/p>\n","protected":false},"author":2,"featured_media":83059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/ichef.bbci.co.uk\/news\/1024\/branded_news\/db1d\/live\/68c5e0a0-3502-11ef-8cbb-0bb6bab9d0df.jpg","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[9290,7343,9956,10453,1253,16687,6656],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/83058"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=83058"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/83058\/revisions"}],"predecessor-version":[{"id":83060,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/83058\/revisions\/83060"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/83059"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=83058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=83058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=83058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}