Nike’s turnaround under new CEO Elliott Hill will take longer than anticipated, following a decline in revenue and profit attributed to deep discounting. Hill plans to shift towards a full-price online model while liquidating old inventory through less profitable channels. The company reported a fiscal second-quarter revenue of $12.35 billion, down 8%, and net income of $1.16 billion, a decrease from the previous year. Hill criticized prior strategies focused on online sales and emphasized rebuilding trust with wholesale partners. Despite challenges, including a 27% decline in 2024 shares, Nike secured a contract renewal with the NFL, bolstering confidence in the brand’s future.
