Nike warns of sales decline again, as CEO talks up international growth
New York — Nike shares declined early on Wednesday after the company squelched any hope of a quick turnaround at its ailing domestic operations. The world’s biggest sportswear maker expects North American sales to decline again this quarter, following a 3% dip in the region last quarter. Nike’s Converse business also will drop in the current period. The slump has forced Nike to rely more heavily on overseas growth, especially in China. International sales — along with an aggressive cost-cutting plan — helped the company post first-quarter profit that topped estimates on Tuesday. CEO Mark Parker vowed to ignite global growth by "innovative products and the most personal, digitally connected experiences in our industry". But it is hard to tell how soon that vision will revive sales at home. Nike expects its annual sales to rise by a percentage in the mid-single digits, up from $34.4bn in 2016. Its margins will narrow in the latest current period, at about the same rate as the previous...
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