1113 GMT - Nike's turnaround plan should support the brand, but it will also increase competition with Adidas and Puma, Citi analysts say in a note. Under new CEO Elliott Hill, the U.S. athletic-gear giant is implementing a turnaround plan for its digital unit. It plans to ditch discounts on its e-commerce platform Nike Digital and scale up product innovation. This should help Nike elevate its direct channel and achieve full-price realization in the medium term, Citi says. In the short term, Nike anticipates a decline in sales and gross margin over the next two quarters, as it keeps clearing inventories to make way for new products. Shares in Adidas and Puma are down 0.6% and up 0.1%, respectively. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
December 20, 2024 06:16 ET (11:16 GMT)
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