Facing one of its toughest periods in decades, Nike decided to reset Wall Street expectations ahead of the arrival of CEO Elliott Hill.
The sportswear company on Tuesday withdrew its full-year sales guidance, citing its leadership transition later this month. Nike is also postponing its investor day, which had been scheduled for November, giving Hill more time to develop his turnaround strategy.
Investors are looking to Hill to rebuild Nike’s troubled relationships with retailers while retaining and inspiring staff who have lost confidence in the company’s trajectory. Crucially, he must also accelerate the development of new products.
