Nike Cuts Fiscal-Year Guidance Amid Weak Growth Prospects
22 12월 2023 - 8:44AM
Dow Jones News
By Sabela Ojea
Nike trimmed its fiscal-year revenue guidance on views for a
negative topline performance in the current quarter.
Shares drop 11%, to $108.97, in after-hours trading
Thursday.
The shoe and apparel company now expects to end its fiscal year
ending in May with revenue growth of about 1%, Finance Chief Matt
Friend said during a call with analysts.
Nike had most recently guided for full-year revenue growth of
mid-single digits.
The company also forecasts revenue to be up low-single digits in
the fourth quarter, Friend added.
Nike's outlook comes as it announces $2 billion cost-cutting
plan amid growing competition from rivals such as Deckers
Outdoor-owned Hoka and Swiss footwear company On.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
December 21, 2023 18:29 ET (23:29 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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