Nike Turnaround Struggles as CEO Hill Cuts Jobs
Nikes ongoing struggles are testing investor confidence in CEO Elliott Hill as the sportswear giant announces more job cuts and weak forecasts. Shares fell after the company warned that its turnaround will take years. Weakness in China and the Jordan brand continue to weigh on the business.
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Nike Inc. Class B shares fell 8% to $32.22 in late morning trading on Friday after forecasting steeper-than-expected sales and profit declines. The sportswear giant's market value has more than halved since CEO Elliott Hill returned to office in October 2024. The prolonged slump tests investor patience as turnaround efforts face persistent headwinds in China and wholesale channels.
