Why Nike's new CEO is struggling to turn things around | Fortune

Nike’s new CEO, Elliott Hill, is still struggling to turn the company’s performance around, according to the sportswear maker’s latest quarterly results. While Nike reported modest growth in North America, with revenue up 3% on Tuesday, the overall picture was overshadowed by declines in China, including lost market share in categories such as running shoes to brands like On and Hoka. The results also showed a steep revenue drop at Nike’s Converse business. Hill and CFO Matthew Friend issued a cautious forecast, citing pressure on consumers worldwide. The article links slower-than-expected progress to operational and marketing missteps, including an April Boston Marathon ad campaign viewed as mocking slower runners and a World Cup merchandise shortage in some U.S. stores. It also notes Nike reduced certain financial disclosures, such as sales breakdowns by gender, drawing scrutiny from analysts. Nike shares fell on the report and are down 75% from their all-time high.