New York CNN —
Nike posted sluggish growth as the largest sportswear brand in the world faced rising competition, a consumer pullback in its key markets and strategy missteps.
Nike’s sales grew 1% last year and were flat last quarter, the company reported Thursday. The company projects sales to drop 10% next quarter as the company’s classic brands slow down and Nike faces challenges in the online marketplace.
Nike (NKE) stock plunged 12% during after-hours trading.
Nike faces a consumer slowdown for discretionary goods and tough competition from upstart running brands like Hoka and On.
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