• Loading stock data...
Friday, August 1, 2025
Tuned In returns to NYC on September 16. Hear from the biggest names in sports media. Click here to get your spot

Nike Struggles Continue, but Signs of Turnaround Appear

The bar is still relatively low in what’s expected out of Nike these days, but the sports apparel and footwear company is seeing some glimmers of recovery. 

Kirby Lee-Imagn Images

Nike’s attempted comeback under new president and CEO Elliott Hill is showing some initial signs of life, with the sports apparel and footwear giant beating expectations in its most recent quarter.

The Oregon-based Nike said it generated $11.3 billion in revenue for its fiscal third quarter, down 9% from the comparable period last year but above analyst projections. Net income of $794 million also trailed last year’s third quarter by 32%, but that total, too, surpassed the relatively tepid expectations of Wall Street—indicating there could be at least the roots of a recovery emerging.

“Look, it’s been a tough couple of years. We’ve been through a lot of change,” Hill said in an earnings call with analysts. “What’s encouraging is that in the 150 days since I’ve been back, we’ve reclaimed our identity. We know who we are.”

Investors had mixed feelings on the sentiment of progress, initially sending up shares in Nike by more than 2% in after-hours trading Thursday before a subsequent decline of more than 4%. The stock is down by 17% in the last six months, driven significantly by internal turbulence that has included leadership turnovers, multiple rounds of layoffs, and sliding company performance in the wake of heightened competition. 

Upcoming quarters will have more bumpiness with Nike detailing an outlook of further revenue and margin declines as the retooling continues. Hill, however, outlined a series of ongoing initiatives, including a slate of new products and retooled inventories. 

“Nike is getting back to being Nike again,” Jefferies analyst Randal Konik wrote in a research note. 

Hill also cited the brand’s work with the NFL and Eagles quarterback Jalen Hurts leading up to and during Super Bowl LIX—including a hugely popular “Love, Hurts” hoodie and massive exposure during the halftime show—as a key initiative during the quarter. 

The latest financial results follow an expectedly downbeat report last fall for the fiscal first quarter and a similarly sluggish one in December for the fiscal second quarter. 

Leadership Shifts

Nike’s comeback bid, meanwhile, includes the departure of additional senior executives. Chief strategy and transformation officer Daniel Heaf had his role eliminated, with his teams now being moved to the company’s finance department. Chief communications officer KeJuan Wilkins is also exiting after nearly two decades with Nike.

These shifts follow several similar ones in recent months across other major departments including sports marketing, legal, and human resources.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Jul 26, 2025; Minneapolis, Minnesota, USA; Minnesota Twins shortstop Carlos Correa (4) walks to the dugout after the ninth inning against the Washington Nationals at Target Field.

MLB’s Biggest Buyers in Frantic Deadline Weren’t Top Markets

Teams besides the Dodgers, Mets, and Yankees dominate MLB’s trade deadline.
Happy Gilmore 2

Is ‘Happy Gilmore 2’ Really About LIV vs. PGA Tour?

The movie’s main plotline may sound familiar to many golf fans.
Bristol Motor Speedway

MLB’s Long Road to Its Most Unusual Game Yet

The special-event game features a unique blending of baseball and racing.
Apr 25, 2025; Minneapolis, Minnesota, USA; Los Angeles Lakers guard Luka Doncic (77) looks on against the Minnesota Timberwolves in the first half during game three of first round for the 2024 NBA Playoffs at Target Center.

Luka Dončić Eligible to Sign $229M Extension Saturday

Dončić can sign a four-year, $229 million extension on Aug. 2.

Featured Today

Las Vegas sign

College Sports Embracing Vegas After Years of Cold Shoulder

The Big Ten became the latest newcomer to Sin City.
2000, Jupiter, FL, USA; FILE PHOTO; Montreal Expos pitcher Hideki Irabu in action on the mound against the New York Mets at Roger Dean Stadium during Spring Training
July 28, 2025

Dead Sports Franchises Are Alive and Well on Twitter

The Expos, Sonics, and Whalers have active social media accounts.
Limited Hype
July 27, 2025

Sneaker Reselling Was Once Easy Money. Success Is Now Complicated

Vendors need to evolve what they’re selling and how they do it.
HAPPY GILMORE 2. BTS - (L to R) Adam Sandler as Happy Gilmore and Rory McIlroy as himself on the set of Happy Gilmore2.
July 26, 2025

‘Cool As Hell’: How ‘Happy Gilmore 2’ Hooked Golf’s Top Stars

The process was “cool as hell,” Adam Sandler tells FOS.
Jonathan Mariner

Former MLB CFO Jumps to PE, Says Teams Are Undervalued

Mariner worked in Major League Baseball for 24 years.
Oracle Park
March 18, 2025

S.F. Giants Selling Stake to Private Equity to Pay for Facility Upgrades

The team said the cash would not be used to grow payroll.
James Harden
April 24, 2025

Adidas Posts Big Profits in First Quarter Without Yeezy

Profits and sales are up after selling off remaining Yeezys last year.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Dealmaker Jeffrey Kaplan maps the evolution of sports as an asset class
Aug 11, 2024; Paris, France; Medals are carried out on Louis Vuitton trays after the women's volleyball gold medal match during the Paris 2024 Olympic Summer Games at South Paris Arena
February 16, 2025

LVMH’s New Push: World’s Most Powerful Luxury Group Is Coming for Sports

LVMH is making long-term deals—and they’re not done.
February 14, 2025

DraftKings Turns First Full-Year Profit, Stock Up 47% in 2025

The company’s sports betting business continues to grow despite headwinds.
Billie Jean King
February 13, 2025

Billie Jean King: ‘Billionaires, Not Millionaires’ Are Fueling Women’s Sports Boom

Billie Jean King wants more women involved in team ownership, too.
February 5, 2025

Under Armour’s Desired Turnaround Sees Sparks With Q3 Earnings Beat

The 2010s darling has been struggling to find the right formula.