Nike's Withdrawn Outlook Pushes Stock Lower With New CEO Waiting in the Wings

Nike (NKE) shares fell Wednesday, a time aft nan institution declined to connection a full-year outlook alongside its fiscal first-quarter results. 

The sports apparel elephantine is transitioning to a caller Chief Executive Officer (CEO), pinch Nike seasoned Elliott Hill returning to nan company to return nan reins later this month. The institution said its decisions not to connection fiscal 2025 guidance and to hold its November investor time were made to springiness Hill much clip to get settled. 

Last month, nan sneaker shaper announced that Hill would switch John Donahoe amid a strategy reset successful an ongoing effort to revive sales, rebuild wholesale partnerships, and amended branding.

Nike Q1 Profit Sank 28%, Revenue Declined 10%

Nike's first-quarter gross fell 10% year-over-year to $11.59 billion, narrowly missing nan statement estimate of analysts polled by Visible Alpha. Net income was $1.1 billion, down 28% from a twelvemonth agone but supra expectation. 

Shares of Nike, which fell much than 5% to $84.15 early Wednesday afternoon, are down 22% this year.