Nike Should See Healthier Business Over Medium-Term Amid Market Reset -- Market Talk

Dow Jones06-29 00:43

1243 ET - Nike is facing a slowdown in lifestyle sales head-on rather than letting inventory linger, which should help create a healthier business over the medium term, say Lorraine Hutchinson and Christopher Nardone, analysts at BofA Securities, in a research note. The sneaker and sportswear giant's marketplace reset is already underway, and the analysts say they see early signs that innovation is resonating. They cite performance product up double-digits in 4Q and excitement around later product launches including the Pegasus Premium and Vomero 18, among other indications. Shares dive 20% to $75.71, putting it on pace for its lowest close since March 2020, as well as the worst performer in the Dow Jones Industrial Average and S&P 500. (denny.jacob@wsj.com; @pennedbyden)

(END) Dow Jones Newswires

June 28, 2024 12:43 ET (16:43 GMT)

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They cite performance product up double-digits in 4Q and excitement around later product launches including the Pegasus Premium and Vomero 18, among other indications. Shares dive 20% to $75.71, putting it on pace for its lowest close since March 2020, as well as the worst performer in the Dow Jones Industrial Average and S&amp;P 500. 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