Nike’s 2024 pressured by weak North American demand, inventory glut – Reuters

Nike’s 2024 pressured by weak North American demand, inventory glut – Reuters

June 28 (Reuters) - Nike (NKE.N) is expected to forecast full-year profit below Wall Street estimates, as demand for the sportswear giant's products from wholesalers such as Foot Locker (FL.N) and Hibbett (HIBB.O) wanes in the United States due to still-high inflation.

At least seven analysts trimmed their fiscal 2024 expectations for Nike's earnings per share since the beginning of June and 10 slashed their price targets on the company's stock, ahead of its fourth-quarter results.

"Coming into this current calendar year ... wholesale orders are weak at the moment," said Morningstar analyst David Swartz, adding that declines in these orders will have a negative impact on Nike.