Nike's New CEO Blames Promotions For Declining Profits, Says Turnaround Efforts May Hurt As Company Moves To Clear Excess Inventory: 'We Lost Our Obsession With Sport'

Benzinga · Dec 20 16:04

AfterNike Inc.(NYSE:NKE) delivered its second-quarter earnings beating analyst estimates, its new CEOElliott Hillrebuked his predecessor's strategies and said that the athletic footwear and apparel brand was not maximizing its strengths.

What Happened:Nike reported second-quarter revenue of $12.35 billion, beating analyst estimates of $12.13 billion. The company reported second-quarter earnings of 78 cents per share, beating analyst estimates of 65 cents per share.

Hill started at the company as an intern in the 1980s and left Nike in 2020.John Donahoe, was his predecessor before he joined Nike again as its CEO in October.

Nike Direct revenues...

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

Nike's New CEO Blames Promotions For Declining Profits, Says Turnaround Efforts May Hurt As Company Moves To Clear Excess Inventory: 'We Lost Our Obsession With Sport'

Risk Disclaimer