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Nike shares falter as weak consumer spending prompts forecast cut
Credit: IndiaTimes- Published on December 22, 2023
Nike's shares fell 11% after the company cut its revenue forecast and announced a $2 billion cost-saving plan. The sportswear giant is shifting its strategy to prioritize profit over sales due to weak consumer spending. Nike plans to manage costs by reducing supplies of key product lines. The forecast also affected the shares of...