Nike Turned Out to Be the Loser in Sneaker Game -- Market Talk

Dow Jones10-25

1752 ET - Quarterly results from Skechers and Hoka-maker Deckers Outdoor serve as additional proof of Nike's brand strategy failure. The companies had sales growth of 16% and 20%, respectively, with Hoka seeing a 35% sales gain. European competitor Adidas last week reported a 10% sales gain, and raised its outlook for the year. The three companies cited brand momentum. Nike withdrew its outlook for the year earlier this month to give newly appointed CEO Elliott Hill more time to evaluate how to restore the appeal of the Nike brand. (sabela.ojea@wsj.com; @sabelaojeaguix)

(END) Dow Jones Newswires

October 24, 2024 17:52 ET (21:52 GMT)

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