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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 | |
|---|---|---|---|---|---|---|---|---|
| 1.06 | 1.45% | 74.4214 | 74.63 | 73.20 | 73.67 | 3,361,167 | 16:05:27 |
From Nov 2023 to Nov 2024
By Sabela Ojea
Nike trimmed its fiscal-year revenue guidance on views for a negative topline performance in the current quarter.
Shares drop 11%, to $108.97, in after-hours trading Thursday.
The shoe and apparel company now expects to end its fiscal year ending in May with revenue growth of about 1%, Finance Chief Matt Friend said during a call with analysts.
Nike had most recently guided for full-year revenue growth of mid-single digits.
The company also forecasts revenue to be up low-single digits in the fourth quarter, Friend added.
Nike's outlook comes as it announces $2 billion cost-cutting plan amid growing competition from rivals such as Deckers Outdoor-owned Hoka and Swiss footwear company On.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
December 21, 2023 18:29 ET (23:29 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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