Nike postpones investor meeting after hiring new boss amid falling sales

Nike pulled its financial guidance for the year, reported a steep drop in revenue and postponed a highly anticipated update for shareholders, days after announcing the replacement of its CEO.Profits at the American sportswear giant, grappling with falling sales and intense competition from fast-growing rivals, also declined. “A comeback at this scale takes time,” it said.Shares in the firm dropped 8% during out-of-hours trading in New York.Revenue at Nike fell 10% to $11.59bn in the three months to 31 Augus ...