Nike warned that current-quarter sales will drop by a double-digit percentage, according to CNBC. The sneaker faces new tariffs, weak consumer confidence, and a slower-than-expected turnaround. Nike expects its fiscal fourth-quarter sales to decline at the lower end of its projected range. The company also anticipates a sharp drop in gross margin as it clears out excess inventory and outdated styles, a process likely to extend into the next fiscal year. Nike's sales forecast came in well below Wall Street expectations, surprising analysts with a more pessimistic outlook.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Nike warned that current quarter sales will drop by a double-digit percentage,
00:06according to CNBC.
00:07Sneaker faces new tariffs, weakened consumer confidence,
00:10and a slower-than-expected turnaround.
00:12Nike expects its fiscal fourth quarter sales to decline at the lower end of its projected range.
00:17The company also anticipates a sharp drop in gross margin
00:20as it clears out excess inventory and outdated styles,
00:23a process likely to extend into next fiscal year.
00:26Nike's sales forecast came in well below Wall Street expectations,
00:30surprising analysts with a more pessimistic outlook.
00:33For all things money, visit Benzinga.com slash GSTV.