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Article: NIKE STOCK SLUMPS AFTER POOR EARNINGS FORECAST; ATHLETICWEAR GIANT ATTRIBUTES SLUGGISH OUTLOOK IN PART TO RETAIL CONSOLIDATION.(Brief Article)
- Article from:
- Daily News Record
- Article date:
- February 9, 2000
- Author:
CopyrightCOPYRIGHT 2000 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Nike's shares plunged 19.3 percent Tuesday, after the company told analysts its earnings for fiscal 2000 and 2001 would be below what had been expected.
Investors were quick to react to the news, sending Nike shares on the New York Stock Exchange down 8 3/4 to 36 1/2.
During a meeting with reporters at Nike's New York showroom, Tom Clarke, president and chief operating officer, pointed to Just For Feet's bankruptcy filing, continued consolidation in the athletic retail market, overdistribution of Jordan branded merchandise, strength of the U.S. dollar against the Euro and lackluster sales of licensed products as factors affecting sales.
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