Nike reports earnings drop

By Agence France-Presse

Oct 03, 2024 12:11 am

NEW YORK — Nike reported a drop in profits on Tuesday on sagging revenues as the sports giant cautioned that a turnaround from a rocky period would take time under a new chief executive officer (CEO).

The athletics company's financials showed lower sales in every operating region, as its chief financial officer (CFO) pointed to lackluster store traffic in China and excess inventories in leading markets.

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