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Nike Faces 11.5% Revenue Drop Amid Weak Demand

3/20/2025

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Summary

Story summary

Nike anticipates an 11.5% revenue decline, the largest drop in five years, driven by weak demand for non-essential items.
The company's mobile app downloads decreased by 35%, while store foot traffic dropped by 11%.
Foot Locker expressed concerns over profit margin pressures due to Nike's inventory discounting.
New CEO Elliott Hill is focusing on partnerships and product launches, but analysts believe substantial changes will require time.

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Story summary

Nike anticipates an 11.5% revenue decline, the largest drop in five years, driven by weak demand for non-essential items.
The company's mobile app downloads decreased by 35%, while store foot traffic dropped by 11%.
Foot Locker expressed concerns over profit margin pressures due to Nike's inventory discounting.
New CEO Elliott Hill is focusing on partnerships and product launches, but analysts believe substantial changes will require time.