Nike’s wholesale business and strength in North America powered the company’s latest quarterly sales above Wall Street’s expectations, showing that turnaround efforts at the world’s largest sportswear company are starting to deliver results. Sales fell 1% on a currency-neutral basis in the company’s most-recent quarter, a smaller drop than investors anticipated, according to a statement. Revenue in the period was $11.7 billion, higher than the $11 billion projected by analysts. The results mark progress in Chief Executive Officer Elliott Hill’s push to reset Nike by clearing out old inventory and reorganizing its corporate structure, including replacing many top executives. Nike has suffered from a prolonged sales slump after previous management pulled back too aggressively from longstanding wholesale partners and overemphasized casual footwear over performance products such as running shoes. Bloomberg Intelligence Senior Analyst for E-Commerce and Athleisure Poonam Goyal joins Bloomberg Businessweek Daily to discuss. She speaks with Carol Massar and Tim Stenovec.
——–
More on Bloomberg Television and Markets
Like this video? Subscribe and turn on notifications so you don’t miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9
Visit http://www.bloomberg.com for business news & analysis, up-to-the-minute market data, features, profiles and more.
Connect with Bloomberg Television on:
X: https://twitter.com/BloombergTV
Facebook: https://www.facebook.com/BloombergTelevision
Instagram: https://www.instagram.com/bloombergtv/
Connect with Bloomberg Business on:
X: https://twitter.com/business
Facebook: https://www.facebook.com/bloombergbusiness
Instagram: https://www.instagram.com/bloombergbusiness/
TikTok: https://www.tiktok.com/@bloombergbusiness?lang=en
Reddit: https://www.reddit.com/r/bloomberg/
LinkedIn: https://www.linkedin.com/company/bloomberg-news/
More from Bloomberg:
Bloomberg Radio: https://twitter.com/BloombergRadio
Bloomberg Surveillance: https://twitter.com/bsurveillance
Bloomberg Politics: https://twitter.com/bpolitics
Bloomberg Originals: https://twitter.com/bbgoriginals
Watch more on YouTube:
Bloomberg Technology: https://www.youtube.com/@BloombergTechnology
Bloomberg Originals: https://www.youtube.com/@business
Bloomberg Quicktake: https://www.youtube.com/@BloombergQuicktake
Bloomberg Espanol: https://www.youtube.com/@bloomberg_espanol
Bloomberg Podcasts: https://www.youtube.com/@BloombergPodcasts
