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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Nike Inc | NYSE:NKE | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 2.48 | 3.30% | 77.58 | 77.50 | 75.83 | 75.92 | 11,796,210 | 01:00:00 |
From Nov 2023 to Nov 2024
By Will Feuer
Shares of Foot Locker and Dick's Sporting Goods traded lower after sneaker giant Nike lowered its full-year sales outlook and launched a three-year plan to cut up to $2 billion in costs.
Nike shares tumbled almost 12% to $108.40 in premarket trading. The warning also hit retailers Foot Locker and Dick's, both major wholesale customers of Nike.
Foot Locker stock fell more than 7% to $30 in the premarket session on Friday. The stock was already down more than 14% this year through Thursday's market close.
Shares of Dick's, up about 22% this year, fell more than 4% to $140.50 in premarket trading.
Nike Chief Financial Officer Matt Friend said Thursday evening that the company is grappling with soft demand outside of key periods such as back-to-school shopping and Black Friday. He said its competitors are also getting more promotional, putting price pressure on the whole sector.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
December 22, 2023 07:00 ET (12:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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