Nike CEO Elliott Hill admitted the company's restructuring is progressing more slowly than initially planned, citing the scale of challenges amplified by U.S. tariffs and rising oil prices that have dampened consumer spending. In an interview with The Financial Times, Hill said he did not fully grasp the amount of work and time needed until he took the role, and stressed that Nike still has work to do to deliver a consistent brand, product, and marketing experience worldwide. He expects revenue and profit growth to follow once those areas improve, with the full impact of the turnaround likely becoming evident early next year as new products roll out. Analysts at RBC Capital Markets have pushed expected gains from Hill's plan to 2027 rather than 2026, lowered profit forecasts for 2027 and 2028, and warned of potential market-share losses, while Needham noted that Nike expects revenue declines to persist before improving toward the end of the year.
Nike IncCEO admits turnaround slower than expected, with tariffs and oil prices dampening consumer spending, leading to lower revenue and profit forecasts.