By almost all measures, the past year was an annus horribilis for Nike. The sportswear group’s sales fell at the second-fastest rate in its history. The 10 per cent drop the company reported for the fiscal year that ended in May was only surpassed by an 18 per cent drop in 1987. Earnings, meanwhile, almost halved year on year, one of the biggest falls since Nike went public in 1980.
As if that weren’t enough to make investors lace up their trainers and run for the hills, Nike did not offer full-year guidance for the current fiscal year. It did warn, however, that it expected to pay $1bn in additional costs for the current fiscal year as a result of US President Donald Trump’s tariffs on its important trading partners.
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