Nike shares are set to tumble on Friday after the world’s largest sportswear maker by revenue warned sales would fall this year, rattling retail stocks from JD Sports to Foot Locker.
Nike on Thursday reported weaker than expected quarterly sales and lowered its outlook for the year ahead, projecting that revenue would fall by a mid-single-digit percentage amid a slowdown in demand.
Others retail stocks were pulled down following the update including London-listed JD Sports, which fell 4 per cent in morning trading on Friday, and US sportswear groups including Foot Locker and Under Armour, which dropped in after-hours trading in New York.
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