Nike (NKE) needs a slam dunk quarter on Tuesday to begin reversing one of the worst-looking stock charts in all of retail.
The insight: Nike stock is now trading at more than 11-year lows, per Yahoo Finance AlphaSpace data, taking the shares back to a price last seen during the presidency of basketball-loving Barack Obama. The stock is down a startling 36% this year and 43% over the past 12 months.
What's behind the stock move: To prevent further declines, Nike's quarter this week can't look any worse than the one shared three months ago.
The report was littered with red flags as it undergoes a restructuring under CEO Elliott Hill and tougher competition from the likes of Adidas (ADS.DE) and upstarts such as On Holding (ONON).
On top of that, Nike has faced continued pressure on its all-important China business. Sales in China fell 10% from the previous year, with digital sales down 21% and wholesale off by 13%.
The insight: Nike stock is now trading at more than 11-year lows, per Yahoo Finance AlphaSpace data, taking the shares back to a price last seen during the presidency of basketball-loving Barack Obama. The stock is down a startling 36% this year and 43% over the past 12 months.
What's behind the stock move: To prevent further declines, Nike's quarter this week can't look any worse than the one shared three months ago.
The report was littered with red flags as it undergoes a restructuring under CEO Elliott Hill and tougher competition from the likes of Adidas (ADS.DE) and upstarts such as On Holding (ONON).
On top of that, Nike has faced continued pressure on its all-important China business. Sales in China fell 10% from the previous year, with digital sales down 21% and wholesale off by 13%.
4 months ago
