Nike Sales Drop, Converse Struggles in China
Update: 2025-12-19
Description
Nikes shares plummeted after the company forecasted a sales decline this quarter, following two consecutive growth periods. The sportswear giant anticipates revenue to drop in the low single digits for the quarter starting December first, primarily due to ongoing issues in China and with its Converse brand. Converse sales dropped by thirty percent earlier this week, and sales in Greater China were down seventeen percent. Nikes CEO, Elliott Hill, described the companys recovery as being in the middle innings. The stock is on track for its fourth consecutive annual decline, with European rivals Adidas and Puma also seeing their shares drop on the news. Nike is grappling with a deeply discount-driven market in China, where consumers have reduced spending due to economic slowdowns and job market uncertainties. The company is also working to reset its Converse brand and regain ground in the running category and in North America.
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