Nike, Foot Locker shares sink after sneaker maker cuts revenue outlook

Shares of both Nike and Foot Locker plunged on Friday as Nike slashed its revenue outlook and announced cost-cutting measures. Nike fell by more than 10%, while Foot Locker was down over 4%. Nike reported that its revenue growth for the fiscal year is now expected to be 1%, significantly lower than the previous outlook. The revised outlook reflects challenges in key markets and the impact of a stronger U.S. dollar. Analysts have noted the need for improved marketing and innovation outside of basketball and lifestyle trends. Goldman Sachs maintained its buy rating on Nike’s stock but acknowledged the challenges the company faces.