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Nike Inc. delivered a disappointing outlook this week, sending its shares sharply lower and prompting CEO Elliott Hill to acknowledge growing internal frustration during a company-wide call.<\/p>\n
Speaking at a Tuesday all-hands meeting, Hill told employees he is ready to move past efforts to “fix” the business and shift toward rebuilding momentum, according to Bloomberg.<\/p>\n
“I\u2019m so tired, and I know you are too, of talking about fixing this business,” Hill said. “I want to move to inspiring and driving growth and having fun.”<\/p>\n
COSTCO’S SURPRISE NIKE COLLABORATION SENDS SNEAKER RESALE MARKET INTO COMPLETE FRENZY<\/p>\n
Elliott Hill, CEO at Nike Inc., following a Bloomberg Television interview in Milan, Italy, on Feb. 11, 2026. (Francesca Volpi\/Bloomberg via Getty Images \/ Getty Images)<\/p>\n
The remarks came after Nike reported its fiscal 2026 third-quarter results, with net income falling 35% year over year.\u00a0<\/p>\n
The company also warned that revenue is expected to decline in the current quarter and continue falling through the rest of the year.<\/p>\n
Shares dropped as much as 15% on Wednesday, hitting their lowest intraday level since 2014, Bloomberg reported.<\/p>\n
NIKE PLANS TO CUT HUNDREDS OF JOBS AMID AUTOMATION PUSH<\/p>\n
The logo of Nike is pictured in a store in Manhattan on March 30, 2026, in New York City. (Zamek\/VIEWpress \/ Getty Images)<\/p>\n
Chief Financial Officer Matthew Friend underscored the company\u2019s cautious stance, urging employees to limit spending as Nike works to stabilize performance, according to Bloomberg.<\/p>\n
“We\u2019re going to be managing costs carefully as we have been doing,” Friend said. “I realize that that creates a tension inside, but I just need you to know that the reason why that tension is there is because our business is not moving in the right direction.”<\/p>\n
Hill, who took over as CEO in October 2024 and has since reshaped parts of Nike\u2019s strategy, also signaled the company needs to be more transparent with investors, Bloomberg reported.<\/p>\n
NIKE ANNOUNCES CAITLIN CLARK AS ITS NEWEST SIGNATURE ATHLETE<\/p>\n
Nike shoes are on display at the Nike store during the Sport Expo in Krakow, Poland, on March 15, 2026. (Marcin Golba\/NurPhoto via Getty Images \/ Getty Images)<\/p>\n
“You can\u2019t just sit there and say everything\u2019s great,” Hill said. “Frankly, it needed to be different.”<\/p>\n
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A Nike spokesperson told the outlet that the company regularly holds post-earnings meetings with employees to review key messages shared with investors and to coordinate next steps.<\/p>\n
Nike did not immediately respond to FOX Business’ request for comment.<\/p>\n
#Nike #CEO #vents #frustration #company #braces #declines #report<\/p>\n","protected":false},"excerpt":{"rendered":"
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