Nike (NKE) Withdraws Annual Guidance, Prepares for New CEO Transition

Core Insights - Nike has announced the withdrawal of its annual performance guidance and the postponement of its Investor Day event due to the upcoming CEO transition [1][2] - The company reported a net profit of $1.05 billion for the three months ending August 31, which is a decline from$1.45 billion in the same period last year [3] Group 1: CEO Transition and Guidance Changes - Current CEO John Donahoe will depart in October, with Elliott Hill set to take over on October 14 [1] - Nike will provide quarterly performance updates instead of full-year guidance to allow the new CEO to assess strategies and trends [1][2] - The Investor Day event, originally scheduled for November, has been postponed with no new date announced [2] Group 2: Financial Performance and Market Trends - Nike's first-quarter revenue was reported at $11.59 billion, a decline of approximately 10$12.94 billion the previous year [3] - The company expects an 8% to 10% revenue decline for the current quarter and a drop in gross margin by roughly 1.5 percentage points [2] - Despite a slight improvement in revenue trends in the latter half of the year, overall expectations have been lowered due to digital traffic and market retail trends [2]