Nike (NKE) stock price plummets after their earnings report was released. “Nike brand still holds value despite a tough-near term outlook. Nike struggled with surplus inventory but the worst of the issue has passed. A quick recovery is expected with a boost from new products and the 2022 FIFA World Cup,” says Morningstar’s David Swartz. “Nike near term challenges include supply chain costs, markdowns, inventory, and a strong U.S. Dollar. Impressive revenues globally offset expected weakness in China. Nike sales show strength of a direct sales strategy, product innovation, and brand loyalty,” adds McMillanDoolittle’s Amanda Lai.
30 Sep 2022