{"id":14115,"date":"2023-08-24T05:21:20","date_gmt":"2023-08-24T05:21:20","guid":{"rendered":"https:\/\/isafespend.com\/investing\/nikes-stock-falls-with-sporting-retailers-and-is-now-at-risk-of-longest-losing-streak-on-record\/"},"modified":"2023-08-24T05:21:22","modified_gmt":"2023-08-24T05:21:22","slug":"nikes-stock-falls-with-sporting-retailers-and-is-now-at-risk-of-longest-losing-streak-on-record","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=14115","title":{"rendered":"Nike\u2019s stock falls with sporting retailers and is now at risk of longest losing streak on record"},"content":{"rendered":"
\n

Nike Inc.\u2019s stock fell nearly 3% Wednesday to mark a 10th straight day of declines, weighed down by disappointing earnings from Foot Locker Inc. that came after an equally soft performance from Dick\u2019s Sporting Goods Inc. a day earlier.<\/p>\n

Nike\u2019s stock
\n NKE,
\n -2.67%<\/bg-quote>
\n is down for 11 of the last 12 days, its longest losing streak on record, based on data provided by Dow Jones Market Data\u2019s team that goes back to Dec. 2, 1980. <\/p>\n

\n

The stock closed at $98.75, its lowest close since Nov. 9, 2022, when it closed at $92.10.<\/p>\n

Foot Locker
\n FL,
\n -28.28%<\/bg-quote>
\n shocked investors by swinging to a loss, missing on sales and lowering its guidance. The company also said it would suspend its quarterly dividend to conserve cash. <\/p>\n

For more, see: <\/strong>Foot Locker\u2019s stock tumbles 34% as company suspends dividend after swinging to a loss<\/p>\n

The news came a day after Dick\u2019s Sporting Goods Inc.
\n DKS,
\n -0.34%<\/bg-quote>
\n also published weak earnings and highlighted a big spike in shoplifting. <\/p>\n

Jefferies said Nike could feel a negative effect from Foot Locker\u2019s subdued sales outlook and efforts to draw down inventory heading into the holiday season. Foot Locker is already actively working to reduce its reliance on Nike and is aiming to get to the point where non-Nike sales make up more than 40% of its sales by fiscal 2026.<\/p>\n

Nike still accounted for about 64% of Foot Locker\u2019s second-quarter sales, analysts led by Randal Konik said in a note to clients. <\/p>\n

\u201cTo this end, we believe Nike products helped propel the Foot Locker banner\u2019s comps above the chain average in the second quarter as the company prioritized this brand for key launches and constrained supply of Nike products during the reset,\u201d the analysts wrote. \u201cThis suggests demand for Nike products was relatively healthy in Foot Locker\u2019s fiscal second quarter, in our view.\u201d<\/p>\n

Overall, Jefferies, which has a buy rating on Nike\u2019s stock, remains bullish for the company.<\/p>\n

\u201cWe continue to believe NKE is best in class and is likely to drive ongoing share gains ahead,\u201d said the note.<\/p>\n

Most analysts are still bullish on Nike. Among 28 analysts that have published ratings on FactSet, 20 gave the stock a buy rating, while two rated it a sell and six a hold. <\/p>\n

Nike\u2019s stock has fallen 16% in the year to date, while the S&P 500
\n SPX
\n has gained 14%. <\/p>\n

See:<\/strong>\u00a0Walmart\u2019s \u2018shrink\u2019 challenges differ from those of other retail giants, CEO says<\/p>\n

Related:<\/strong>\u00a0Target facing \u2018unacceptable amount\u2019 of retail theft and organized retail crime, CEO says<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nike Inc.\u2019s stock fell nearly 3% Wednesday to mark a 10th straight day of declines, weighed down by disappointing earnings from Foot Locker Inc. that came after an equally soft performance from Dick\u2019s Sporting Goods Inc. a day earlier. Nike\u2019s stock NKE, -2.67% is down for 11 of the last 12 days, its longest losing<\/p>\n","protected":false},"author":1,"featured_media":14116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[],"class_list":{"0":"post-14115","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing"},"yoast_head":"\nNike\u2019s stock falls with sporting retailers and is now at risk of longest losing streak on record | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Nike Inc.\u2019s stock fell nearly 3% Wednesday to mark a 10th straight day of declines, weighed down by disappointing earnings from Foot Locker Inc. that came\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=14115\" \/>\n<meta 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