On Thursday, Nike (NYSE: NKE) reported its fourth quarter earnings, shares plunging more than 12% in after hours trading. Sponsoring nine national teams at the UEFA Euro 2024 football tournament, Nike is the top sponsor of jerseys in that arena, beating out its rivals like Adidas AG (OTC: ADDYY), but the overall vibe is that Nike just hasn’t innovated enough with its products not being accompanied by the quality storytelling it built its success upon. The world’s largest sportswear maker by sales lowered its full year sales outlook, rattling the stocks of Foot Locker (NYSE: FL) and Dick's Sporting Goods (NYSE: DKS), as it seems even the upcoming Olympics Games won't be able to help it get out of its sales slump.
Nike Is Going Back To Embracing Wholesalers
Nike’s strategy to drift away from wholesalers like Foot Locker and Dick Sporting ...