Nike stocks fell sharply as full-year guidance fell short of expectations

Nike, which has famous brands such as Jordan and Converse under its umbrella, anticipates a mid-single-digit decline in sales for the current fiscal year, which began this month. Analysts had previously predicted Nike's sales growth of around 2% this year.

Nike shares fell 12% in New York overtime trading. At Thursday's closing price, the stock price has recorded a 13% drop since the beginning of this year.

Nike's performance has continued to be sluggish in recent quarters, and attempts to concentrate on its own sales channels rather than wholesalers have been difficult. Sales of the company's website, app, and shop fell 8% in the fourth quarter, falling short of Wall Street's expectations.

Industry research analyst Poonam Goyal pointed out that Nike's own sales channel slump is surprising, and there are concerns that major sportswear companies will be abandoned by core customers due to lack of novelty.

Nike's fourth quarter sales fell 1.7% to $12.6 billion, below analysts' average expectations. In particular, Converse was forced to struggle, and sales of the same subsidiary declined 18% due to poor sales in North America and Western Europe. Greater China achieved sales of 1.86 billion dollars, which exceeded average expectations, and earnings per share also exceeded expectations.