Nike, facing one of its roughest patches in decades, moved to reset Wall Street’s expectations ahead of incoming Chief Executive Officer Elliott Hill’s arrival.
The sportswear company withdrew its full-year sales guidance on Tuesday, citing the leadership transition later this month. Nike is also postponing its investor day, which had been scheduled for November, giving Hill more time to develop his turnaround strategy.
Investors are looking for Hill to rebuild Nike’s frayed relationships with retailers while retaining and inspiring staff who’ve lost faith in the company’s trajectory. Crucially, he’ll also need to accelerate development of new products.
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