Nike Stock Retreats as Sales Fall Short in Q4 Report
Nike stock fell in late Thursday trading after missing sales expectations for Q4. Despite a 50% increase in earnings to 99 cents per share, revenue dipped by 2% to $12.6 billion. Nike brand sales dropped by 1% to $12.1 billion, while Converse revenue fell by 18% to $480 million. Analysts at Oppenheimer upgraded Nike to outperform, expecting a turnaround in the second half of 2025.
Sabrina Ionescu Rumored to Get New Nike Signature Shoe
WNBA star Sabrina Ionescu is rumored to be getting a new Nike signature shoe, possibly the Nike Sabrina 2. Images of the shoe have surfaced, showcasing a purple and black colorway with iridescent Swoosh branding. While details remain undisclosed, fans are excited for the release. In the meantime, the current Nike Sabrina 1 model is available on Nike.com for $130, featuring forefoot Zoom Air units, React foam cushioning, and more. As the 2024 WNBA season begins, Ionescu and the New York Liberty are preparing for their upcoming games.
Nike to Lay Off 740 Employees in Beaverton as Part of Global Workforce Downsizing
Nike is set to lay off 740 employees in Beaverton as part of a 2% downsizing of its global workforce. The company’s decision comes after announcing plans to reduce about 1,600 employees worldwide due to underperformance. Despite the layoffs, Nike remains committed to pursuing growth opportunities in sports, health, and wellness sectors, aiming to position itself for future success by aligning its organization with strategic objectives.
Air Jordan 39 Unveiled: A New Chapter for Jordan Brand
The Air Jordan 39, the latest game shoe from Jordan Brand, set to release in July in the ‘Sol’ colorway priced at $200. Lead designer Joël Greenspan shares insights into working closely with Michael Jordan on the design, emphasizing Jordan’s personal touch. The upcoming release marks a shift towards simplicity and functionality, prioritizing agility and maneuverability for basketball players. Stay tuned for Jordan Brand athlete Paolo Banchero showcasing the sneaker in an upcoming game, signaling a new chapter for Jordan Brand in basketball footwear.
Devin Booker Gifts Final Four Teams with Nike Book 1s
Phoenix Suns’ Devin Booker gifts Final Four teams with his Nike Book 1s, showcasing support and camaraderie within the basketball community. NBA stars like Anthony Edwards also extend their support, leaving a lasting impression on the college basketball teams.
Fortnite Airphoria Vol. 2 Bundle Set to Hit Item Shop on March 27, 2024
Get ready for the ‘Airphoria Vol. 2′ Bundle in Fortnite, featuring new cosmetics like the Eclipse Outfit and Vac n’ Hack Pickaxe. Epic has confirmed the release date for March 27, 2024, with speculations of the original set also making an appearance. Stay tuned for updates and mark your calendars for this game-changing event!
Top Analyst Downgrades Nike to Sell
Top Street analyst Sam Poser of Williams Trading criticizes Nike for losing appeal and failing to make significant improvements. He predicts a slight miss in Q3 earnings and a cut in FY24 guidance, leading to a downgrade from Hold to Sell with a price target of $85, implying a downside of ~15% from current levels.
New Nike store opening at River Park shopping center in Fresno, California
A new Nike store is set to open at the River Park shopping center in Fresno, California, this week, offering a range of athletic wear and footwear. The 14,000 square foot retail space will provide shoppers with a selection of Nike clothing and shoes at competitive prices. The addition of the Nike store is part of a larger development, with plans for a new restaurant and other retail spaces at the shopping center. As the River Park shopping center continues to evolve, visitors can anticipate new signage and a growing array of retail options by the end of the year.
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Jacquemus and Nike are continuing their eccentric partnership with the release of a must-have ‘Swoosh Bag.’ The French luxury fashion brand’s collaboration with Nike has generated mixed reactions, but their upcoming release of a leather cross-body bag shaped like a Swoosh is creating buzz. The teaser of a collaborative partnership with Nike athlete Sha’Carri Richardson adds to the anticipation of this drop, leaving fans wondering if it’s part of a larger accessories collection with Nike.