Nike forecasts 2% to 4% revenue drop amid Iran conflict
Nike management just gave a heads-up: the company expects its revenue to drop by 2% to 4% this quarter, which is quite a shift from the growth analysts were hoping for.
The news sent Nike's stock down nearly 9% in after-hours trading.
Ongoing conflict in Iran has made things tougher, causing travel issues and leaving Nike with extra inventory in Europe and the Middle East.
Nike Greater China sales slump
Nike's sales in Greater China are set to fall by almost 20%, thanks to economic pressures and heavy competition.
To bounce back, Hill is doubling down on sports like basketball and running, especially since Converse hasn't been pulling its weight.
North America is looking brighter, though, with wholesale revenue up and steady growth expected as Nike regains shelf space from rivals.