EUGENE, OREGON - JUNE 20: The shadow of Allyson Felix is seen next to a Nike logo after finishing ... [+] second place in the Women's 400 Meters Final on day three of the 2020 U.S. Olympic Track & Field Team Trials at Hayward Field on June 20, 2021 in Eugene, Oregon. (Photo by Patrick Smith/Getty Images)Getty ImagesNike delivered some coal to investors’ stockings in the second quarter 2024. The quarter ended November 30, so it includes a good chunk of holiday sales.Revenues advanced a mere 1% to $13.4 billi ...

Key TakeawaysThe S&P 500 posted gains of 0.2% on Friday, Dec. 22, 2023, heading into the holiday break amid expectations that the Federal Reserve will cut interest rates next year.Gold prices rose to their highest level in three weeks, helping send shares of Newmont Corporation higher.Nike cut its revenue outlook and said it would be cutting costs as demand for its sneakers and other athletic wear slowed.It wasn't much of a gain, but the S&P 500 headed into the Christmas holiday break in positive territory, ...

As sneaker makers try to stay relevant amid waning demand, Nike Inc. executives on Thursday said they were banking on “newness and innovation” to win over reluctant shoppers. And as sales deals on shoes proliferate, they said interest in its sneakers that cost over $100 is still solid, and that an expansion of its Jordan brand — beyond basketball and shoes — represent big opportunities to boost profits. But one analyst on Friday cast doubt over whether those plans will work for all of Nike’s NKE, -11.92% cu ...

Nike stock plunged on Friday after the athletic gear giant cut its fiscal-year sales outlook.  Sales in China fell short of forecasts, and the company warned of headwinds there.  That comes as China's post-COVID economic recovery has fizzled, with consumer demand remaining weak. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're o ...

Key TakeawaysNike shares plunged as the athletic apparel retailer cut its full-year revenue forecast, citing softness in demand, especially overseas.Nike pointed to increased macroeconomic headwinds impacting sales.The company also plans to cut $2 billion in costs over the next three years.Nike (NKE) was the worst-performing stock in the Dow and S&P 500 as shares tumbled over 10% in intraday trading Friday after the athletic apparel retailer slashed its full-year outlook because of “softer” sales in the sec ...

Nike unveiled a $2 billion cost-savings plan that suggested significant layoffs are looming — and sent the athletic apparel giant’s share price tumbling more than 10%.Nike plans to incur as much as $450 million in severance costs that “will be recognized largely in the third quarter,” Chief Financial Officer Matt Friend said on an earnings call with investors on Thursday.For reference, when the company slashed its workforce by 700 in 2020, it incurred between $200 million and $250 million in severance cost ...

Nike stock was tumbling on Friday after its fiscal second-quarter earnings report. Its sales outlook was so disappointing that footwear stocks as a whole are tumbling on the news. ...

Shares of athletic apparel company Nike (NKE -10.47%) got hammered on Friday after the company turned in disappointing financial results for its latest quarter. Slowing sales have some worried that the company is losing market share. And that's why Nike stock was down nearly 11% as of 10 a.m. ET.How bad is it for Nike?Nike just reported financial results for its fiscal second quarter of 2024. In Q2 (which ended on Nov. 30), the company generated revenue of $13.4 billion, which was only up 1% year over year. ...

Nike Inc (NYSE:NKE) capped off earnings reports for 2023 with better-than-expected second-quarter profits of $1.03 per share, though revenue missed the mark. The retailer also slashed its annual forecast and noted it will cut hundreds of jobs to save $2 billion in the next three years, as consumers remain cautious and online sales lag, spurring more promotions.NKE was last seen down 10.3% at $109.87, following a downgrade from TD Cowen to "perform" from "outperform," and a price-target cut to $104 from $129 ...

Nike's stock sank 10% on Friday and dragged shares of other sportswear companies after weak consumer spending forced the Air Jordan 1 shoemaker to cut its annual revenue forecast and signal a profit-over-sales strategy shift. The company also laid out a $2 billion cost-saving plan on Thursday and said it was adopting a "more prudent approach" to planning for the rest of the year, blaming the forecast cut on weakness in its online business and increased promotions.That sent shares of rivals Adidas and Puma d ...