Nike stock closed at $40.18 on Monday, a price last seen in 2014 and a level that represents a roughly 78% decline from the record close of $177.51 the shares reached in November 2021, according to The Wall Street Journal. Nike shares fell 4.1% on the day, reaching an intraday bottom of $38.86 and marking a fresh 52-week low. The shares have shed more than 48% of their value over the past twelve months.
Several forces converged to push Nike stock lower. JPMorgan cut its rating on Nike to Underweight from Neutral, with analysts warning that the company's "Win Now" strategic initiatives risk eroding margins and dragging on earnings ahead. On Holding AG also reported second-quarter sales of $1.076 billion, missing the analyst consensus of $1.110 billion, and issued full-year 2026 revenue guidance of $4.39 billion to $4.50 billion that fell short of market expectations — a result that rattled the broader athletic footwear sector, according to Investing.com.
Nike also disclosed that Chief Accounting Officer Johanna Nielsen will leave the company on September 4, with CFO David Denton taking on the Corporate Controller role on an interim basis — a leadership change that injected fresh uncertainty into an already difficult period for the brand, according to Investing.com. Broader equity markets were also under mild pressure, with the S&P 500 losing 0.4% and the Dow Jones Industrial Average giving up 0.5% by the close. Nike finished at the bottom of the Dow's leaderboard, dragging the index down by 9.75 points on its own, according to the Wall Street Journal.
Monday's move adds to a difficult stretch for Nike. The company reported fiscal fourth-quarter results in which headline earnings of 72 cents per diluted share included a 52-cent benefit tied to an anticipated $986 million refund of import duties. Stripping out that item, underlying profit came to 20 cents per share.
Revenue fell during the quarter, and Greater China sales dropped 17% on a constant-currency basis as local brands gained ground with consumers. The region accounts for roughly 15% of Nike's total annual sales. CFO Matthew Friend said conditions in the marketplace were unlikely to improve through at least the first half of fiscal 2027.
Nike has also been restructuring its China distribution. The company announced it would sever ties with thousands of online distributors in China starting in January, consolidating sales toward its owned digital properties and dedicated storefronts on Tmall, JD.com, and Douyin. Nike said the move is intended to reduce pricing inconsistency and strengthen its brand image in the region.
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