October 2, 2024 – 6:37 AM PDT
(Reuters) – Nike (NKE.N) shares fell about 8% in early trading on Wednesday after the sportswear giant withdrew its annual revenue target, leaving investors guessing on the timeline for a turnaround under incoming CEO Elliott Hill.
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The company on Tuesday also called off its investor day set for Nov. 19, while CFO Matthew Friend said pulling the outlook would give Hill “much-needed flexibility to evaluate Nike’s strategies and business trends”.
“Just how quickly a turnaround can happen is up in the air … There’s not anything really that I could say at this point gives us a definite timeline or early hints to what is in store for the future,” said Jessica Ramirez, senior analyst at Jane Hali & Associates.
Last month, Nike…
