The company Nike exceeds expectations with quarterly figures
The recently weakening sporting goods giant Nike is on the road to recovery with a new boss. In the last quarter, the Adidas rival exceeded analysts' expectations - even though sales and profits once again fell significantly year-on-year.
19.12.2024, 23:48
SDA
In October, former top manager Elliott Hill returned to Nike from retirement to take over the top job. Part of his predecessor John Donahoe's strategy was to focus more on direct sales. The downside, however, was that the shelf space given up by Nike in stores was filled by products from competitors. As a result, consumers became more aware of the rivals.
In the second quarter, which ended in November, sales fell by eight percent year-on-year to 12.3 billion dollars (11.9 billion euros). However, analysts' expectations were somewhat lower at an average of 12.1 billion dollars. Profit fell by 26 percent to 1.16 billion dollars. The share price rose by around eight percent at times in after-hours trading.
