Nike's new CEO is good news—but the CFO will need to help steer a turnaround [Fortune]
Macy's Inc (M)
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Source: Fortune
But the sneaker giant's CFO, Matthew Friend, was on the call explaining Nike's latest tough quarter and its plans to avert further decline as it goes through transition. For the three-month period that ended August 31, Nike's revenue declined 10% year over year to $11.6 billion. Nike Direct sales were down 13%. In addition, it had a 20% decline in digital revenue, and wholesale revenue fell 8%. But Nike stores were up 1%. The company is moving “aggressively” to shift its product portfolio, create better balance in its business, and reenergize brand momentum through sport, explained Friend, CFO since 2020 and with the company for more than 15 years. “That said, a comeback at this scale takes time; and while there are some early wins, we have yet to turn the corner,” he added. On Wednesday morning, Nike shares fell about 5%, after the company withdrew its full-year guidance and postponed its investor day indefinitely during Tuesday's earnings call, Fortune reported Turnaround he
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