Nike's recent quarterly report showed a sales drop of 12% year-over-year totaling $11.1 billion, although the decline was less severe than expected. CEO Elliott Hill, who succeeded John Donahoe in September, believes the company has turned a corner despite shrinking net income. Nike's direct channel sales fell by 14%, and wholesale decreased by 9%, which Hill attributes to a strategy shift towards sports and athletes under the new 'Win Now' approach aimed at stabilizing the brand and enhancing future growth prospects.
Nike's sales in the fourth quarter decreased by 12 percent year-over-year, amounting to $11.1 billion, though the decline was less than expected against earlier predictions.
CEO Elliott Hill mentioned, 'While our financial results are in line with our expectations, they are not where we want them to be. Moving forward, we expect our business to improve as a result of the progress we're making through our Win Now actions.'
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