Nike Anticipates Steeper Fourth-Quarter Revenue Decline Amid Inventory Clearance and Retailer Relationship Rebuilding

Nike has projected a more significant drop in its fourth-quarter revenue than analysts had anticipated, expecting a mid-teens percentage decline. This forecast surpasses the previously expected 12% decrease to $11.07 billion.

The company’s shares fell nearly 5% in after-hours trading following this announcement.

In the third quarter, Nike reported revenues of $11.27 billion, a 9% year-over-year decline, but still above Wall Street’s expectations. The company’s earnings per share for the quarter were 54 cents, surpassing analysts’ predictions of 30 cents.