Bill Ackman-Backed Nike Reports Worst Footwear Revenue In More Than A Decade, Takes Action To Continue 'Liquidating Inventory' Amid Grim Outlook

Nike Inc. (NYSE:NKE) reported its worst footwear revenue in over a decade as the company transitions under its new CEO. The athletic footwear and apparel company beat its third-quarter earnings and revenue expectations while issuing a disappointing outlook for the fourth quarter.

What Happened: Nike posted a total footwear revenue of $7.208 billion in the third quarter as compared to $8.162 billion in the same quarter of the previous fiscal. This represents a 12% year-on-year decline in its footwear revenue, which was worse in over a decade according to FinChat.

Nike's Footwear revenue declined ~12% YoY this quarter.That's the company's worst growth rate in more than a decade.$NKE pic.twitter.com/zrlZnEgaWJ

— FinChat (@finchat_io) March 20, 2025

CFO Matthew Friend spoke about clearing excess inventory picking up from the previous quarter, during the company’s earnings call. He said, “Inventory declined 2% versus the prior year. But as I said last quarter, inventory remains elevated across all geographies.”

He emphasized that the company has been providing its wholesale partners with higher “discounts to liquidate aged inventory.”

Elliott Hill, ...