Nike’s new CEO will have several challenges to overcome when he takes over in less than two weeks.
The sportswear giant brought veteran employee Elliott Hill out of retirement to lead the company through turbulent times, and he has his work cut out for him. Nike released its first-quarter fiscal 2025 earnings report on Tuesday, and revenue declined 10% from the previous year to $11.6 billion.
Hill, who’s scheduled to start as CEO on October 14, wasn’t present for Tuesday’s earnings call. Nike withdrew full-year guidance and said it would provide quarterly guidance instead.
Shares fell as much as 8% as Nike delivered the results during post-market trading. Hill’s first quarter as CEO will give some indication of how the sports apparel company plans to turn its dip in sales around in the coming years.
During the earnings call, Nike asserted that it was a running brand — adding that it’s been “intentionally reducing the proportion of our business” that’s driven by retro styles like Air Force Ones or Dunks.
“Newness and innovation” sound like they’ll be pillars of Hill’s first several months as CEO. His start date is less than two weeks away, and he’s preparing for the role amid a port strike that could send the US economy into a downward spiral if lasts longer than four weeks.
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Author: Faith N
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