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Nike has suffered its worst single day performance, but can it keep on running?

I lost my trainers in the gym. They were Nike. Ironically, on that same day, Nike had its worst day ever. The irony wasn’t lost on me. Perhaps I should switch brands.

Although it’s the world's leading athletic brand, it experienced a historic 20 percent plunge in its stock price two Fridays ago, marking its worst trading day in over 40 years.

The steep decline followed the company's sobering forecast of a 10 percent drop in sales for the current quarter. This is a particularly alarming projection given that it coincides with the Olympics, typically a period of robust growth for the sportswear giant.

Analysts point to a confluence of factors behind Nike's struggles, including waning demand for classic footwear lines, softening sales in China, decreased digital traffic, and the rising popularity of competitors like On Running and Hoka in the burgeoning "running culture" market.

I’ll be completely honest, I’m still loyal to Nike running shoes. I can’t stand “On Running”. I live in Switzerland and have never taken to this brand. I just don’t get it. They are nice, but they are just not me. Running in Nike gives me a sense of freedom that I’ve enjoyed as a jogger since I was 14 years old. I’m sticking to Nike. How about you?

Source: Chartr

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• The world’s top 20 retailers by revenue in 2024

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