Trending: Nike Drops Fiscal Year Guidance, Postpones Investor Day
10:40 ET -- Nike is one of the most mentioned companies in the U.S. across all news items in the past 12 hours, according to Factiva data. Nike withdrew its full-year guidance and postponed its first investor day in seven years while it evaluates the direction of the company following the appointment of Elliott Hill as chief executive. For the second quarter, Nike said it expects revenue to be down 8% to 10% as it deals with higher promotions and lower benefits from its pricing actions. Analysts polled by FactSet expect second-quarter revenue to be down 6.7%. Nike's change of plans comes as it reports a 10% drop in revenue in its first quarter after delivering lower-than-expected unit sales. Dow Jones & Co. owns Factiva. (chris.wack@wsj.com)
(END) Dow Jones Newswires
October 02, 2024 10:55 ET (14:55 GMT)
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