Nike sees slower sales decline ahead

Nike expects its sales and margins to decline at a slower pace this quarter as it clears excess inventory and boosts marketing efforts.

CEO Elliott Hill admitted that the results are below Nike’s standards but said the company’s focus on key sports and distinct products is starting to show promise.

The sports brand saw sales fall 12% last quarter and expects a mid-single digit decline in inventory movement in the current quarter.

Revenue declined by $11.1 billion.