Nike has reported a downturn in sales and earnings for its financial veryfirst quarter as the sportswear giant battles with buyers’ slow need for brand-new tennisshoe designs
ByANNE D’INNOCENZIO AP organization author
NEW YORK — Nike sales and earnings plunged in its financial veryfirst quarter as the sportswear giant battles with buyers’ slow need for brand-new tennisshoe designs and other items.
The lackluster results Tuesday came after Nike revealed last month that its CEO, John Donahoe, is stepping down on Oct.13 Company veteran Elliott Hill is coming out of retirement to head up the business.
“A resurgence at this scale takes time, however we see early wins — from momentum in secret sports to speedingup our speed of newness and development,” stated Matthew Friend, executive vice president and Nike’s chief monetary officer, in declaration. “Our groups are stimulated as Elliott Hill returns to lead Nike’s next phase of development.”
Friend informed experts Tuesday that, provided its CEO shift and with 3 quarters left in the financial year, Nike hasactually withdrawn its full-year financial-performa