As Sales Disappoint, Nike Tells Investors to Think Long-Term

As Sales Disappoint, Nike Tells Investors to Think Long-Term

In the face of rising competition, an ongoing slowdown in North America and consumer shifts, Nike Inc. is asking shareholders to focus on its long-term growth prospects.

Following the release of its third-quarter earnings results Tuesday — which showed sluggish overall sales growth for the firm and negative futures orders — Nike’s management said it will ramp up its efforts in digital and innovation to power through consumer shifts.

“The current backdrop represents a tremendous opportunity for Nike, because the brands that win are going to be the ones that have an out-in-front with digital and lead with service,” Nike president, chairman and CEO Mark Parker said during the company’s Q3 conference call. “While we don’t expect this transition to be simple, we are clear about what it will take to get there. We’re aligning all of our firepower against the consumer experience.” (Specifically, Parker said the company is focusing on a “2x innovation, 2x speed and 2x direct” approach, calling it the “triple-double” strategy.)..

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