Nike shares plunged yesterday after its turnaround was tripped up by grim results in China.
Investors were spooked after the US sportswear group posted its sixth quarterly sales decline in a row in the East Asia region of Greater China.
Sales fell 17 per cent to £1.06billion for the three months to November 30, with footwear sales crashing by 21 per cent.
Chief executive Elliott Hill said: ‘It’s clear we need to reset our approach to the China marketplace.’ The business has been struggling with weak footfall to its Chinese shops and has been forced to discount unsold stock.
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Shares tumbled 11 per cent in New York trading, adding to losses of almost 21 per cent this year so far.
Nike has been criticised for a lack of new products that appeal to Gen Z. Total sales for the quarter across the group rose by 1 per cent to £9.3billion.
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