Nike ($NKE) has announced plans to cut $2 billion in costs over the next three years, with staff cuts and a simplified product mix among the targeted areas. The company reported a 400 basis points headwind from supply chain disruption, leading to a nearly 12% drop in its stock price. Nike's YOY revenue declined 4% in North America, signaling a decline in legacy brands. In response to the challenges, Nikola Jokić has left Nike in favor of a multiyear deal with Chinese brand 361 Degrees. The company's sales outlook has been lowered, leading to downgrades and price target adjustments from various analysts. Nike will also lay off over 1,000 employees during the holidays and over 7,000 over the next couple of years.
A poor run for Nike? @MichaelSantoli digs into the data and how the company stacks up to its competition $NKE $LULU https://t.co/HstOxV36L2
$NKE announcing will lay off over 1,000 during the holidays and over 7,000 over next couple years
$NKE is down almost 12% today #stocks #options #trading
LISTEN NOW: One member of the investment committee is ringing the register on Nike after the company slashed its sales outlook. Listen and follow the @HalftimeReport podcast here: https://t.co/I1PNHn6kQl https://t.co/7DiNtCojbi
We should not be concerned about $NKE after the company lowered its sales outlook & unveiled plans to cut costs, says J Rogers Kniffen WWE CEO Jan Kniffen. “I see cutting expenses as a good thing” https://t.co/h3PhirULjd
$NKE shares tumbled after the company released its earnings and lowered its sales outlook. @CarlQuintanilla, @ScottWapnerCNBC & @LesliePicker discuss the news and outlook for the company. “I feel like this stock is so emblematic of the moment of where we are.” https://t.co/F1tvgAG6pt
TD COWEN: ".. $NKE needs improved marketing outside of basketball .. Innovation at the higher end of its assortment is not resonating .. Jordan brand moving into lower price points .. China, EMEA and N. America macro is deteriorating while .. valuation .. is not cheap. We…
📉 $NKE: TD Cowen Downgrades to Market Perform from Outperform - PT $104 (from $129) 🔸 $NKE: BMO Capital raises price target to $118 from $110 🔸 $NKE: HSBC raises price target to $120 from $113 🔸 $NKE: Evercore ISI cuts price target to $122 from $137 🔸 $NKE: Stifel cuts…
Nikola Jokić has left Nike in favor of a multiyear deal with Chinese brand 361 Degrees. Nike is also looking to reduce $2 billion in costs over the next three years, with staff cuts and a simplified product mix among the targeted areas.
Legacy Brands are In Decline: Nike is down after reporting earnings. Consider that Nike’s YOY revenue *declined* 4% in North America. The business is giving ground to new players like On. And China has its own version of Nike. Nike transitioning to a Value stock. https://t.co/LG9Lhc4Efj
And the correction *CORRECT: NIKE REPORTS 400 BPS HEADWIND FROM SUPPLY DISRUPTION https://t.co/bNhyHJBGS1
$NKE SEES 400 BPS HEADWINDS FROM SUPPLY CHAIN DISRUPTION
Here we go: *NIKE SEES 400 BPS HEADWINDS FROM SUPPLY CHAIN DISRUPTION the inflationoooooory forces are back
$NKE unveils plan to cut $2 billion in costs over the next three years. "They just haven't creative enough newness," Williams Trading equity analyst Sam Poser says. https://t.co/wpQIAcKu2p