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Nike shares falter as weak consumer spending prompts forecast cut
![IndiaTimes]()
Friday, 22 December 2023
Nike's shares fell 11% after the company cut its revenue forecast and announced a $2 billion cost-saving plan. The sportswear giant is shifting its strategy to prioritize profit over sales due to weak consumer spending. Nike plans to manage costs by reducing supplies of key product lines. The forecast also affected the shares of Adidas, Puma, and Foot Locker. The company aims to simplify its product assortment, increase automation, and launch fresh styles to attract consumers. Several retailers, including Walmart and Target, share Nike's concerns about weak consumer spending.
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Friday, 22 December 2023
