Nike anticipates a significant sales drop in the current quarter. The company projects a decline at the low end of the mid-teens range. This forecast is much worse than the 11.4% drop Wall Street had anticipated. Nike’s gross margin is expected to decrease by 4 to 5 percentage points. The company attributes this to efforts to clear out old inventory, a process expected to continue until fiscal 2026. In the fiscal third quarter, Nike’s net income was $794 million, or 54 cents per share, down from $1.17 billion, or 77 cents per share, the previous year. Sales for that quarter fell 9% to $11.27 billion from $12.4 billion. Gross margin dropped by 3.3 percentage points to 41.5%. Sales in China, a key market, decreased by 17% to $1.73 billion. In North America, sales fell 4% to $4.86 billion.
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