Nike, Foot Locker shares sink after athletic apparel maker cuts revenue outlook
Publishing timestamp: 2023-12-22 12:51:43
Summary
Nike has cut its revenue outlook for the fiscal year and announced $2 billion in cost cuts. This has led to a plunge in Nike's shares and also affected sneaker retailer Foot Locker, which heavily relies on Nike products. Nike attributes the lowered outlook to challenges in Greater China and EMEA, as well as digital traffic softness and a stronger U.S. dollar. Analysts have expressed concerns about Nike's marketing and innovation, while Goldman Sachs maintains a buy rating but acknowledges the challenges the company faces.
Sentiment: NEGATIVE
Keywords: apparel retail, nike inc, retail industry, breaking news: business, business, business news, sports, foot locker inc,
Source: https://www.cnbc.com/2023/12/22/nike-foot-locker-stock-weak-outlook.html