Nike‘s results beat modest estimates on Thursday and its shares jumped briefly, but the company soon dashed investor hopes and sent shares lower when a top executive predicted revenues would fall by double digits in the third quarter. Nike’s new CEO Elliot Hill warned of short-term pain as the embattled sportswear seller works to revive…
Representative Image Demand for sportswear from running shoes to joggers and yoga mats slowed down for leading firms such as Puma, Adidas, Nike, Skechers and Asics, halting their sprint since the easing of the Covid-19 pandemic when they doubled their sales in two years. Sportswear firms have reported 1-25% year-on-year increase for FY24, down from…
Representative image Nike‘s ongoing struggles are giving Adidas a chance to keep taking market share from its larger U.S. rival, but the German brand will have to work harder to keep shoppers interested in its key Samba and Gazelle terrace sneakers. The shoes have boosted Adidas sales over the past year, and analysts expect it…
Representative image Investors and analysts expect Nike to lower annual forecasts on Tuesday when it posts quarterly results, the company’s first earnings report since announcing a new CEO earlier this month. Elliott Hill, who spent 32 years at the sportswear giant before retiring in 2020, will return as top boss starting Oct. 14 to succeed…
Representative image New Delhi: International brands that are moving their third-party operations to India are unlikely to reduce product prices for Indian consumers, according to Nuvama’s September report on footwear trends. Outsourcing is primarily geared toward cost efficiency in international markets rather than benefiting domestic consumers through reduced prices says the report. The report adds…
Nike said on Thursday that former senior executive Elliott Hill will rejoin the company to succeed John Donahoe as president and CEO, as the sportswear giant shakes up its leadership amid efforts to revive sales and battle rising competition. The company’s shares rose 8% in after-hours trading. Hill was at Nike for 32 years and…
Shannon Sharpe is a former American football tight end born on June 26, 1968, in Chicago, Illinois. He played 14 seasons with the Denver Broncos and was one of the greatest tight ends of all time. He is the first NFL tight end to gather over 10,000 receiving yards. He retired from football in May…
New Delhi: Reliance Retail plans to extend Superdry into the athleisure segment which will place it in direct competition with leading sportswear brands like Nike, Adidas and Asics. Last year, the British fashion brand had inked a joint venture agreement with Reliance Brands for the sale of Superdry’s intellectual property assets in India, Sri Lanka,…
Representative image The success of Adidas‘ low-rise multi-coloured Samba and Gazelle sneakers, along with weaker sales at rival Nike, should help the German sportswear brand deliver strong second-quarter sales and its biggest profit margin in three years. Nike forecast a surprise drop in annual sales at the end of June, adding to investor worries about…
(Representative Image) Nike reported higher profits due to cost-cutting efforts Thursday, but shares fell sharply on the company’s tepid outlook despite a hoped-for boost from the upcoming Olympic Games. The sports giant, which has been criticized in recent times over a lack of innovation and strategic stumbles, reported a dip in quarterly revenues as executives…
