A gloomy outlook from Foot Locker, as well as ongoing weakness in China, will challenge Nike’s near-term sales forecasts.
Foot Locker, which relies on Nike for around 60% of its annual sales, slashed its full year profit forecast in late August and said revenues would likely fall between 8% and 9% from prior year levels.
CrispIdea analyst Aishwarya Dinesh, who carries a 'buy' rating on Nike stock with a $113 price target, however, thinks the group's constant focus on innovation, and its newly-developing use of AI, will cement its lead in a global sportswear market that could be worth nearly half a trillion dollars by 2026.
"Nike is focusing on strengthening direct relationships with consumers through its online platform. This strategic move not only allows them to gain a deeper understanding of its brand-loyal customers but also brings about significant strategic and financial advantages for the company," Dinseh said. "Though, the company is in the early stages of implementing these and creating better experiences, it is expected that there is greater potential for enhancing consumer experiences and outcomes in the future," he added.
Nike shares were marked 0.2% higher in pre-market trading to indicate an opening bell price of $89.59 each.
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