Nike's Turnaround Plan Seems to be Working as Sales Fall less than expected

Nike's wholesale business and strength in North America powered the company’s latest quarterly sales above Wall Street’s expectations, showing that turnaround efforts at the world’s largest sportswear company are starting to deliver results. Sales fell 1% on a currency-neutral basis in the company’s most-recent quarter, a smaller drop than investors anticipated, according to a statement. Revenue in the period was $11.7 billion, higher than the $11 billion projected by analysts. The results mark progress in Chief Executive Officer Elliott Hill’s push to reset Nike by clearing out old inventory and reorganizing its corporate structure, including replacing many top executives. Nike has suffered from a prolonged sales slump after previous management pulled back too aggressively from longstanding wholesale partners and overemphasized casual footwear over performance products such as running shoes. Bloomberg Intelligence Senior Analyst for E-Commerce and Athleisure Poonam Goyal joins Bloomberg Businessweek Daily to discuss. She speaks with Carol Massar and Tim Stenovec.
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