New York CNN —
Nike is in a major slump.
The company’s global sales dropped 9% last quarter, including a 17% drop in China, Nike said Thursday.
In North America, Nike’s largest market, sales dropped 9%.
But the results weren’t as bad as investors feared: Nike’s stock (NKE) inched up 4% during after-hours trading Thursday. Still, the company’s stock has dropped around 30% over the last year.
The largest shoemaker in the world faces a consumer slowdown and tough competition from upstart running brands like Hoka and On. Customers are changing
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