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Nike Inc. dropped 12.7% to $106.90 after the athletic shoe and sportswear maker lowered its annual sales growth outlook.

Revenue in the fiscal second quarter ending in November increased 1% to $13.4 billion from $13.3 billion, net income advanced $1.6 billion from $1.3 billion, and diluted earnings per share rose to $1.03 from 85 cents a year ago.

Inventories declined 14% from a year ago to $8.0 billion, reflecting a decrease in units and a sharp reversal from elevated inventories a year ago after the company discounted heavily old-style products to make way for new merchandise.

The company repurchased 11.9 million shares for $1.2 billion as a part of its $18 billion stock repurchase program for four years, starting in June 2022.

As of the end of November, the company had repurchased 65.9 million shares for $7.1 billion.

The company also announced its plan to cut $2 billion in costs over the next three years.

Foot Locker, the retailer that relies heavily on Nike products, dropped 8.9% to $29.49 after the announcement of the Nike results.

22 Dec, 2023

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