Nike shares plunged 12% on Friday after the company reported declining sales and a plan to cut costs by $2 billion over the next three years. The company expects revenue to rise about 1% in the fiscal year ending May 31, below the mid-single digits previously expected. With shares down 12.9% in midday trading, MarketWatch … [Read more…]
A shopper leaves a Nike store in the Magnificent Mile shopping district in Chicago with a purchase on December 21, 2022. Scott Olson | Getty Images Nike shares plunged on Friday after the sportswear maker cut its fiscal year sales forecast, with sneaker retailer Foot Locker also feeling the blow. Nike fell more than 10%. … [Read more…]
A customer enters a Nike store in the Magnificent Mile shopping district in Chicago, Illinois, on December 21, 2022. Scott Olson | Getty Images Nike plans to simplify its product assortment, increase automation and use of technology, streamline its overall organization and use its scale “to increase efficiency,” the company said in a press release … [Read more…]
This is the conclusion of today’s Morning Brief, which you can read Log in Delivered to your inbox every morning, along with: Morning snapshot A new reading of the Fed’s preferred inflation measure will test the market rally in the coming week. The November Personal Consumption Expenditure (PCE) price index is scheduled to be released … [Read more…]