Nike plans $100-and-less shoe line after shares plummet following sales slump prediction

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Nike plans $100-and-less shoe line after shares plummet following sales slump prediction
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The world’s largest athletic apparel retailer is aiming to compete with its more affordable rivals to counteract a sales slump.

Nike will start selling some sneakers that are priced at under $100 after its dismal sales forecast sent shares plummeting, the sportwear giant said Friday.

“Nike shares are headed for a stay in the proverbial penalty box until new product innovations actually start to manifest themselves and management regains investor trust,” Wedbush analyst Tom Nikic said in a note.Costco plans to build 800-unit apartment complex in bid to ease housing crisis“This is likely a bid to secure some more price-sensitive consumers, GlobalData analyst Neil Saunders said, referring to the new $100-and-under line.

The company’s sales grew 1% in the past 12 months, representing the slowest growth — excluding the pandemic drop — that Nike has faced in more than a decade. Nike pulled back its classic Air Jordan 1s to make room for new product launches – but this also hurt the Oregon-based company when it came to digital sales, CFO Matthew Friend said on the quarterly earnings call.

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