(1145) Nearing the end of elevenses, folks. (1145)
15. Thems were the days
14. Safe passage
13. Moo corner
12. Lord Toby’s site this morning
Nike is sliding towards disaster as its stock slumps to its lowest level in a decade and sales are forecast to continue to decline following a woke rebrand that sent customers looking elsewhere. The Mail has the story.
Nike’s stock has slumped to its lowest level in more than a decade after the sportswear giant warned sales will keep falling through 2026.
Shares hit an 11-year low on April 1st, capping a brutal stretch that has seen the company lose around 75% of its value since shares peaked in 2021.
It is now worth under $68 billion – a third of the value of TJ Maxx.
The latest sell-off was triggered by a bleak outlook, with Nike forecasting sales will slump 4% this quarter – a staggering $500 million fall in the value of shoes, tracksuits and t-shirts.
The brand is being hit by a triple whammy: backlash to its more ‘woke’ image shift, a failed retreat from major retail partners in favor of direct-to-consumer selling, and a deepening slump in China.
11. Why am I half expecting Graham Chapman?