Nike Sees Revenue Decline Amid New CEO Transition

Nike's fiscal first-quarter results showed a 10% decline in revenue to $11.59 billion, missing Wall Street expectations and contributing to a 28% drop in net income. The company has withdrawn its full-year sales guidance and postponed its investor day, signaling uncertainty as it transitions to new CEO Elliott Hill on October 14. Sales were particularly weak in North America and the EMEA region, although there was growth in Greater China. The stock dropped as much as 8% following the news, reflecting investor concern about the company's future direction. Hill is expected to focus on regaining market share in running shoes and reinvigorating product innovation while addressing strained wholesale relationships. Analysts and investors are closely monitoring how Hill's leadership will impact Nike's strategy and performance in the coming quarters.