Nike cutting back on classic shoes after losing market share to newer rivals

Nike warned on Thursday that its revenue in the first half of fiscal 2025 would shrink by a low single-digit percentage as the world’s largest sportswear maker scales back on franchises to save costs.Nike’s warning came after the stock market closed, and shares were down 5.6% in extended trading. Executives acknowledged that Nike’s direct-to-consumer strategy was not driving growth as expected and that it was losing ground in the running category.In December, Nike outlined a $2 billion savings plan, which i ...