Nike stock sees worst day on record, prompting CEO criticism

Nike on Friday saw its stock prices plummet 20% after the company warned its current quarter sales would see a steep decline. Hope King, a senior business reporter for Axios, joined CBS News to discuss what has led to the falloff for the shoemaker.
#news #nike
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[@adidas3s506]

This is what happens when your entitled senior staff s buys the inventory for their kids to sell and make a 2000% profit for the last 20 years

[@RayNLA]

Old news…

[@bblwarrantydepartment981]

Destroyed respect for the company and is a good reason why people stopped messing w Nike

[@day8day]

Nike has raised prices, lessened quality and has failed to innovate as they rely heavily on retro models like Jordans, Dunks, Air Maxes and Air Force 1s

[@JClovestha80s]

Nike's quality has gotten cheaper and cheaper.

[@tonyballesteros8458]

Their MLB jerseys are a good example

[@therealjayz8036]

What are those newer brands ?

[@jonpetter8921]

Has always been

[@215thuglord]

While price has gone up and up

[@GeeNee13]

It's falling back because there greedy $120 for joggers $60 for shirts? I can buy another brand joggers and shirt for $30 total...🤨🤨

[@Totalpckge]

Facts!

[@TheRokaphella]

BINGO!!!!

[@rmfinance1781]

Walmart. Some of my best workout shirts are Russell Athletics. Whenever I go visit El Paso, TX (usually veterans Day weekend) I take a trip to fort Bliss. There they have an under armour store where there always have sales plus an additional 10% military discount. So I get their gear for a fraction of the cost. The only time I buy Nike shoes is when I see em at Ross for $40. I'm not buying that expensive ish from the site.

[@mvil]

EXACTLY!!! When ppl hear nike, they only think about the hyped sneakers. Ppl keep forgetting they have apparel and non hype sneakers sitting too.

[@mokaLARE]

And they will last longer. I used to be addicted to Nike. Not anymore from the moment I decided to try other brands. You have beautiful and more durable but cheaper products out there. At times, I still buy Nike but not as much as I used to buy them before.

[@ThumbdownMan]

Nike has flashy design but shoe doesn't last long. New Balance is more durable.

[@dutchberry]

Switched to adidas

[@aleffush]

This is soo true.

[@angelcuriel19]

Who wrote this haha puma

[@michaelc5019]

Clearly you don't buy Nikes. They're shoes last plenty long

[@reezyb]

Adidas yeezys way better

[@nickjones3860]

Nike started focusing on fashion , sneaker culture . Their shoes aren’t even made for athletics anymore.

[@rayrobelo7262]

Their QC has been in the dumpster too

[@huckfin1598]

It’s bc they went woke and forgot about innovating

[@qbcomicaddict2590]

Kobe’s are the best basketball shoe you can buy so not sure what you mean by

[@huckfin1598]

@@qbcomicaddict2590 these Kobe’s were designed almost ten years ago. 😂😂Please be smarter

[@MightyMouse11]

I’ve always said Nike are not comfortable but fashionable

[@syahmed88]

Quality trash

[@mrt094]

Air Force Ones are one of the most comfortable shoes I own.

[@ThumbdownMan]

It's built to last less than 6 months.

[@OctogonOxygen024816]

Put on jordan 7s ​@@mrt094

[@MightyMouse11]

@@mrt094 Do you only on Nikes

[@bboyizzy]

They're failing because lack of innovation. They have become overpriced and overrated

[@huckfin1598]

They focused on going woke over innovating

[@C-Thunder]

Yup, just look at shoe reviews for their running and basketball shoes on this platform.

[@wolfthornhawkridge5705]

Nike is going to continue to put out Jordan’s, Retro-Jordan’s and Jordan CLASSICS. The issue is there is only a certain demographic that purchases Jordan’s. Kudos to the new shoe companies for taking on the giant.

[@tucool2c]

With Jordan retros starting @ $200 🤦🏾

[@wolfthornhawkridge5705]

@@tucool2c that part

[@LamarA-bq1zz]

I'll pay the 200 versus paying 600 or more to greedy sneaker companies using bots to get them

[@kengvang3062]

No one got money to buy expensive shoes. Inflation got everyone hurting.

[@Me97202]

* has. Not “got.”

[@comfortmobilecarwash9561]

who called the annoying grammar police

[@ProSePlaintiff]

When fake Nike shoes are better and last longer than real Nike shoes, there is a problem.

[@nicholassealy251]

skechers, new balance, under armour, adidas is cheaper and more comfortable

[@khon6339]

rather go to the store so i can physically see the product. online shopping is risky if you're looking for a certain. returning the product can be a hassle when you really need to use the product or not what the picture is showing

[@SarimAllah]

Not really… there is plenty more options online store inventory is the same recycled products. When I purchase online I can return the item at any physical store. Not a hassle at all.

[@edwarddapra7674]

$140 for new Pegasus says it all. For a entry level type daily trainer. Much better running shoes at that price point. Glad to see Zegama 2 went to Vibram, but still $180. Hoka Speedgoat $123 this past weekend. That’s one of the issues why Nike struggling.

Their toe boxes are not designed for human feet. I've never felt such tight and narrow toe boxes in any other brand.

[@JWSpaceX]

Buy the dip, sell the rip. Obviously a strong buy

[@Zoomerland]

Nike is too expensive even on sale. I’ll never buy another Nike again.

[@RigginTheRod010]

I just bought some Nikes 😂 they were on sale

[@MrDjambronk]

Same with Adidas

[@bigbertha8]

Can't remember the last Nike product I bought

[@jamesgilarte2793]

As a Nike basketball fan I want to buy Kobe shoes but I can’t get a pair as Nike make all these exclusives which resellers get and are killing the market by increasing the retail value, making it hard for everyday people to get them. Make the shoes more accessible for people no matter what their financial terms are

[@ybemad]

It's not about the marketing it's about the PRODUCT! Their design has focused on the wrong aspects instead of function.

[@kpckutsum]

Nike constantly wastes an unusually loyal fan base by making constant marketing and strategy mistakes. They seem to always act from a reactionary standpoint and that's what's pushed them behind some of the smaller brands. You mean to tell me nobody high enough at Nike understands that consumers want affordable, available, quality products? Also, it's kind of ironic that they put a pair of Kobe's as the thumbnail for this story, but the story was about running shoes. Lol

[@dantrevino4166]

New Balance makes wide shoes that are supportive and comfortable. Nike's wide and extra wide shoes are a joke. I would love to buy some of nike shoes to try them out, but they are not marketing to me, they are marketing to the under-aged kids that know no better about their feet or arch support. Nike used give you little arch support inserts with their running shoes.

[@JayLifts]

You can blame losing bids on SKNRS app! Do better Nike!

[@jamesbrowne7601]

SNKRS app is a joke having to enter a raffle to buy a pair of shoes that cost £200 plus then if you can’t get them you have to go on reseller sites

[@jaquansmith1461]

I think its because theyve made it a challenge to get a sneaker. How can you possibly make money if the consumer cant get what they want

[@joshshapiro175]

Quality. They lack in quality. Cool design but …

[@Autotad]

The sad part is that the workforce is going to pay. Hopefully not another round of layoffs…

[@icharus]

I have a pair of shoes made by Columbia that I’ve been wearing for almost 30 years and they still look brand new. A pair of Nikes that I bought for $200 a year ago has holes in both toe meshes and the bottom back sole is peeling off. Just from walking and wearing them to the office. Complete garbage.

[@HaveyoumetKen]

Nike keeps making bulkier soles to compensate for uncomfortable designs. Their older stuff was so much better. And these prices are outrageous when the quality is downhill

[@Novilicious]

ON is the new Nike and I switched completely to ASICS. Nike toe-boxes are so narrow and they have had no new innovation in their shoes in over 10 years. You can only rest on your laurels for so long because nobody cares about high dollar sponsorships anymore.

[@henryzhao4622]

Time to buy some Nike while the idiots panic

[@02nupe]

that part

[@bonniebob2802]

I don’t even wear a lot of Nike but the company is a beast and will bounce back.

[@randomkevinislasok]

Online sizes fluctuate a lot from shoes but still like them

[@thomascamus3136]

They used to be the leader in innovations. Now, they'd rather focus on the nostalgia of their products, throwbacks and make insurmountable collaborations that don't even make sense most of the time. Plus, their durability issues.

[@OILDHANS8841]

They shot themselves in the foot with outrageous price and poor quality. Now independent brands can get footing in athletics. “He who wants all gets none”

[@alexx1713]

And Nike's customer service is the worst. They are not investing in customer service, don't check their outsourcing centers and are defrauding consumers. Forums are full of complaints.

[@tj3806]

£200 for an average pair of shoes is why they are struggling

[@katyrebel18]

The sneaker game is down

[@mikesnowleopard]

i bought an uptempo recently, and the quality is just off. the new balance i have, which is 75% cheaper than the uptempo has better quality.

[@MikeBoss303]

I used not like Nike a lot. Still do to an extent. But my wife and I are now big on Puma. Better priced and good quality shoes and clothes for us.

[@MuhammadImHardBruceLee]

It's marketing... Some people do not want to be seen wearing the same Nike products as certain demographics. So they opt to wear brands like On, so they can appear to belong to a certain other demographic.

[@SheLoveSports]

I am not a sneakers/tennis shoe person. Normally, I only have 1 pair at a time. Recently, I was looking for a pair of sneakers and found that they were soooo expensive and over-designed for a person like me. I wanted something simple, basic, and reasonably priced. Ultimately, I found a pair of Under Armor shoes that had been reduced in price, with an extra 50% off on top of it, I paid $30. I had never considered Under Armor before but walking into their store, I liked the simplicity of their designs. They just switch up color combinations but their shoes are not too bulky looking. The shoes are very comfortable, too. I don't know when I will need another pair of shoes again but I would certainly put Under Armor above Nike in my search.

[@Schoolboy-Q]

All of the Air Jordans that I brought did not last.

[@mikemurphy8996]

The Nike store in Toronto is really expensive. Jordan’s still seem to do really well though.

[@DomViktor]

Bought a pair of AJ1 Lows at the height of it’s popularity a few years ago when it was always out of stock. I’ve since bought a few more pairs of the same shoe but they are not as well made. Looks like nike cut a lot of corners just to keep up with demand.

[@jaddyrose9318]

Whats driving low sales are high prices with so much competition

[@macoyupadoodle]

Nike running has been getting too expensive with less than stellar reliability.

[@plpa8250]

Haven't bought Nike in a long time. They fall apart easily, expensive, and not too comfortable.

[@jinglebells6378]

Nike - Please make quality products again.

[@infallibleblue]

Yeah, they need to go back to the basics of just making a really good pair of walking, running shoes. Keep some of the fashionable stuff but the core market should get some attention.

[@tubefreeeasy]

The one reason I wear Under Armour is because my shoes sole wears evenly. Nike tends to wear on my outer heel and inner toe. UA wear like Crocs which wears down properly and evenly.

[@albertosayas]

Translation: Nike stock is on sale! Buy! Buy! Buy! BTW Hoka and On are only running shoes, Does either have a basketball shoe or a skateboarding shoe? No

[@jpcios47]

That’s what I got from this! Buy the dip! Wait till NBA and NFL season start

[@C-Thunder]

Hoka and On may not have their basketball and skateboarding departments but, their shoes are very comfortable to wear.

[@nashiebells29]

The only thing keeping them afloat are Jordans all of their current releases are not good. The designs are weak and prices doesn't justify the quality.

[@oscargonzalez9656]

It's failing because of innovation 💡, people are asking to create comfortable shoes that fit well. Also help relieve pain from being on your feet for long periods of day. With price in mind

[@JasonOwensYT]

They also make super narrow shoes for people with cat feet. Not realistic for a world quickly moving towards wider toe boxes and feet shaped shoes. Nike deserves their downfall for destroying people's feet.

[@shauncobbs6155]

Nike is losing money because of these people buying on these shoes in bulk and reselling it with a mark up

[@LamarA-bq1zz]

I agree.

[@702_el_maloso5]

If they actually focus on selling the actual shoes and not the logo, things would be different. Stop making limit quantities of shoes. If they sell out quick, why not make more? But hey I'm just a normal shoe buying costumer. I'm just tired of shoes I like, selling it fast and resale is a f'n joke

[@smrk2452]

I could never wear Nike bc their cuts don’t fit my body type. Looks good on other people tho!

[@bloodspartan300]

The short answer is its not... just because investors have bailed on nike doesn't mean nike is going anywhere

[@georgedaniels9980]

Are Nike's still made in sweatshops?

[@superbackyardbreeder1084]

Nike is pretty strong shoes though.

[@jimmyjones416]

stock buy backs will help...the shareholders

[@tlapace]

i twisted my ankle a few times in vapormax. i only where them casually. i got rid of them and bought on cloud shoes.

[@musicspider911]

They need to start selling Kobe’s in mass retail again. Make them more accessible and not behind an invisible paywall.

[@cristiancardenas6832]

Gotcha running dept Nike , that makes sense I’ve been seeing a lot of hookak’s on feet. Why is a Kobe basketball shoe the thumbnail then? lol

[@pushslice]

Fast-fashion foot-candy, but sold at high-fashion prices. those who want (but aren’t pros & thus have to pay for it) actual athletic gear, go elsewhere. Horrific labor practices don’t help either.

[@swgerman]

Nike focused on sneaker culture and unfortunately with high demand shoes that drop the masses cannot get them and then people are charged 1.5 - 10x the sale price of the shoe and that is not sustainable nor will consumers go for it too long. Let’s be real, they over depend on Jordan brand and now people are beginning to move on.

[@aceocean3450]

Nikes are hard to get they became to exclusive period

[@SantoineBethel]

You have to spend at least $400 for a complete Nike outfit. $200 for shoes, $100 for pants, $80 for a shirt, $10 for a pair of socks, and the underwear is $30 for a 4”3 pack. I switched to Puma and Under Armour for their deals and fit, though UA’s shoes don’t last as long.

[@JHtx991]

wtffff😂

[@SantoineBethel]

@@JHtx991 What’s the issue?

[@Skillkrong1027]

I tried to buy Kyries and couldn't find them. Hmmmmm. Was he not one of the best selling shoes? I found them on ANTA. They are called the Kai. Great looking and comfortable.

[@lyinbobbycottonseed]

Um Kyrie was dropped from Nike over a year ago so they no longer sell those shoes

[@PolarBimbi]

against similarly priced shoes from adidas, new balance, asics, etc. nike's shoes are lower in quality overall. they are very easy to tear even from daily use.

[@BOSSenjoyer]

Along side the track segment, LeBruh James isn't exactly popular right now lol

[@JimmyJamesBlueFlames]

Nike still dominates the running shoe market....just not as much as it has in the past. It is tough staying number 1.

[@AK-qo6tx]

Nike running shoe materials aren't the same after 2019. My go to running shoe the Pegasus has never been the same since 2019. Material feels cheaper and less breathable.

[@MiguelRodriguez-ry9wg]

Quantity over quality that’s what it is look at the baseball jersey 🤦🏻‍♂️

[@drezc5444]

re-sellers, cheap material to maximize profit and fashion instead of purpose is to blame

[@alexx1713]

The quality of Nike shoes has also become worse. They fall apart at the seams or the outsole is done after less than 50 miles.

[@wkdlama]

nike dominates the athletic appearal market no one is close. It dropped 20% making it a good time to invest.

[@peewee3030]

Nah, I still only buy Nike/Jordan

[@mailonwilliams6864]

Every second all over the world nike sells something 😂

[@Dats_dope]

I’d rather wear hoka for running when I use Nike shoes for that my feet hurt.

[@sp123]

This is why i buy ETFs, I wont buy a stock and hope it goes up forever

[@soupbums]

Nike is like bud light 🏳️‍🌈

[@yungblackcat]

But im barely buying shoes its other things that are more important

[@_CPerk]

Failing because they leaned too heavy on the Retro designs and stopped innovating

[@boon58]

Many brands come and go. Nike is an icon it will never go away. ON and Hokka will not last. I have full faith in Nike

[@andreward8268]

Yeah ok 😆- Nike can collapse

[@LordOtorai]

Adidas has always had the best running products for athletes. The only thing Nike really had going in their favour was the marketing and hype. The quality of their items have always been inferior. Easily since 2010.

[@FEARGod1988]

Nike, just do it, or maybe it's like don't do it

[@richardpauly1635]

Oh no nike shoes are not the best no more

[@dool1002]

Nike has a lot of capital to acquire other brands and companies and maintain their market dominance.

[@ShoeCrewTV]

Nike use to be innovative and they sat back and stopped for 10 years becoming a catalog company plus their production line has been out of wack since 2020. They also invested in the snkrs app that gets botted and Nike don't care cause they make money but you have to build community something Nike use to do back from 85-2017. Once kanye Virgil left they aren't pushing the culture anymore and it shows. If they don't turn it around they will fall in 15 years especially with the internet age speeding everything up good and bad. You got to build community and do it genuinely so people can talk good about your brand. These companies are becoming out of touch with the people and it shows that's why alof of businesses are failing you can't put humanity on the back burner and take there money the fall is inevitable.

[@vixola9268]

Cut thr price of their shoes

[@senorc4416]

They dropped Kyrie….now they’re tanking

[@luisvilla799]

Bud I can’t afford this

[@yungblackcat]

Most people don't run in nike😂😂😂😂

[@Beeman2892]

they deserve that for supporting Botters resellers scalpers backdoorers

[@user-kv2mj8lq3x]

make in Vietnam, "good" quality

[@chrisandrade03X]

Nike all my life. Switched to hoka… never going back to Nike

[@bbbt8090]

I wear what ever is on sale lol

[@hkhk5241]

Cos they make all those Kobes so damn hard to buy, serves them right!

[@irvinp3224]

Nike never helped me get back my $50 gift card from scammers so…karma!

[@Nikeair453]

They retro things