Nike Just Hit an 11-Year Low. Will Its Turnaround Finally Start on Wednesday?
Yahoo Finance ·
Nike's ( NKE +1.74% ) slogan might be "Just Do It," but for investors, it's done nothing good in years. The stock is hovering near 11-year lows as it prepares to report fourth-quarter earnings on Tuesday after markets close. It's clear why the footwear giant is struggling. Sales have gone downhill as it's faced a combination of intensifying competition from brands like On Holding and Deckers ' Hoka, lackluster consumer spending in North America, weakness in China due to upstart competition and nationalistic consumer sentiment, a failure to sufficiently innovate under former CEO John Donahoe, and a poor strategic decision to pull back from key wholesale partners under Donahoe. Donahoe was let go nearly two years ago, but new CEO Elliott Hill, who was previously a longtime executive with the company, has been unable to deliver the turnaround investors have hoped for.
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