Nike CEO Elliott Hill outlines new strategy after retailer blames promotions for declining revenue and profit [MSNBC.com]
FactSet Research Systems Inc. (FDS)
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Source: MSNBC.com
In this articleCustomers shop at a Nike store in an outlet mall in Los Angeles, Nov. 8, 2024.Frederic J. Brown | Afp | Getty ImagesNike'sThe sneaker giant has been relying on promotions to drive sales, and it plans to return its online business to a full-price model, but first, it will need to aggressively liquidate old inventory through "less profitable channels," said Hill and finance chief Matt Friend."What I've seen is traffic in Nike direct, digital and physical has softened because we lack newness... and we're not delivering inspiring stories," said Hill. "The result is we've become far too promotional... Entering the year, our digital platforms were delivering roughly a 50/50 split of full price to promotional sales. The level of markdowns not only impacts our brand, but it also disrupts the overall marketplace and the profitability of our partners."As a result, Nike expects gross margins to be down between 3 and 3.5 percentage points during the holiday quarter. It also expects
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FDS
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