2024-03-19 20:50:00 ET
Summary
- After hitting an all-time-high in November ’21 at $179.10, Nike has had a tough 2.5 years as the stock is still down almost 45% from that all-time-high.
- Last quarter in fiscal Q2 ’24, Nike lowered revenue guidance from an expected +4% to just 1% annual growth.
- Nike did announce $2 billion in expected cost savings over the next two fiscal years.
After hitting an all-time-high in November ’21 at $179.10, Nike ( NKE ) has had a tough 2.5 years as the stock is still down almost 45% from that all-time-high.
Here’s a weekly chart for readers:
The problems are well known by now. Last quarter in fiscal Q2 ’24, Nike lowered revenue guidance from an expected +4% to just 1% annual growth. At one time, as of February ’22, the sell-side consensus was expecting 11% revenue growth for the shoe and apparel giant in fiscal ’24....
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For further details see:
Nike Earnings Preview: EPS, Revenue Estimates Still Declining But 4% Free Cash Yield Helps