Nike stock closed at $38.59 on Wednesday, a 12-year low putting the shoemaker on pace for its worst calendar year since 1993. Fiscal 1994 saw revenue fall 3.6% to $3.79 billion and net income drop 18% to $298.8 million. Greater China has now posted eight consecutive quarters of revenue decline, with operating profit down 45%. The stock has shed 78.55% from its November 2021 record high. An investor day is scheduled for November 16-17, and these two dates may decide whether 2026 marks a bottom or simply a waypoint.
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