Nike Forecasts Revenue Dip Despite Profit Beat; Looks to New Shoes and Cost Cuts Amid Rising Competition

• Nike warned revenue will shrink in the first half of 2025 as it scales back on classic shoes like Air Force 1 to focus on new launches.

• Nike is losing ground in the running shoe category to newer brands like On Running and Hoka.

• Nike reported better-than-expected fiscal Q3 revenue and profit, boosted by discounts and new shoe launches.

• CEO said Nike will debut more new running shoes this year to draw customers amid rising competition.

• Nike maintained its fiscal 2024 revenue growth forecast of 1% and outlined a $2 billion cost savings plan.