Nike Inc. executives gave a cautious outlook and warned about elevated consumer anxiety, adding to investor concerns about the sportswear company’s painfully slow turnaround.
“We are not expecting the environment to improve meaningfully over the next six months,” Matt Friend, Nike’s outgoing chief financial officer, said Tuesday on a call with investors. Customers are “under pressure around the world, and we can particularly see it having a larger impact on sportswear,” he added.
Nike expects a slowdown in the coming quarter compared to the current period, citing the timing of wholesale shipments in North America among other factors.
The shares fell as much as 4.2% in premarket trading in New York on Wednesday. The downbeat commentary offset better-than-expected sales and profit in the latest quarter