Nike’s stock is plummeting to a 12-year low, down over 48% in the past year and dragging the Dow Jones with it. JPMorgan downgraded the company, warning its strategy could hurt profits, while rival On Holding’s disappointing earnings added to sector-wide jitters. Internal turmoil mounts as Nike’s Chief Accounting Officer departs next month, with the CFO stepping in temporarily—adding uncertainty at a time when sales are falling, especially in key markets like Greater China. Despite reporting earnings that look decent thanks to a big refund, actual profits are much weaker. Nike is trying to regain control by cutting ties with online distributors and pushing sales through its own platforms—but even with these moves, leadership doesn’t expect conditions to improve soon.
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