Nike, the largest sportswear brand, has experienced slow growth due to increased competition, a consumer pullback, and strategy missteps. Sales grew 1% last year and were flat last quarter, with a projected 10% sales drop for the next quarter. Nike faces challenges in the online marketplace and competition from running brands like Hoka and On. Customers are prioritizing basics and experiences over expensive sneakers and athletic clothing. Nike’s distribution strategy changes backfired, as the reduction of retailers hurt sales. However, some retailers have been brought back.
