Nike announced it is withdrawing its full-year guidance and postponing its investor day as it prepares for Elliott Hill to take over as CEO on October 14. The company's decision aims to give Hill time to reconnect with employees, evaluate business strategies, and adjust future plans. The move follows weaker revenue expectations for fiscal 2025, with sales expected to decline by mid-single digits. Sales of legacy franchises like Air Force 1s and Air Jordans have dropped, and direct and digital sales were down. The company also faces challenges in China. Shares fell by 5% in extended trading.
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00:00It's Benzinga and here's what's on the block.
00:02Nike announced it is withdrawing its full year guidance and postponing its investor
00:06day as it prepares for Elliott Hill to take over as CEO on October 14.
00:11The company's decision aims to give Hill time to reconnect with employees, evaluate
00:16business strategies, and adjust future plans.
00:19The move follows weaker revenue expectations for fiscal 2025, with sales expected to decline
00:24by mid-single digits.
00:26Sales of legacy franchises like Air Force Ones and Air Jordans have dropped and direct
00:30and digital sales were down.
00:32The company also faces challenges in China.
00:35Shares fell by 5% in extended trading.
00:38For all things money, visit Benzinga.com.