Nike is struggling with declining sales: profits fall by 32 percent!

Nike is struggling with declining sales: profits fall by 32 percent!

Sporting goods giant Nike continues to face challenges despite fresh leadership. In the third quarter of the 2024/25 financial year, which ended at the end of February, revenue fell by nine percent to $11.3 billion compared to the previous year. However, these figures exceeded the forecasts of analysts, who on average had expected revenues of around eleven billion dollars oe24 reported. Once again, the China business was a significant loser in sales and fell by 17 percent.

Despite these declines, Nike has seen success in some areas. Net income fell 32 percent to $794 million. On a positive note, earnings per share of 54 cents significantly exceeded analysts' forecasts of 29 cents. This caused Nike shares to rise more than three percent in after-hours trading, as Cash reported. New strategies under returning CEO Elliott Hill, who replaced James Donahoe, rely more on direct sales, but this also led to Nike losing shelf space in stores and thus making competitors more visible to customers.