Oh, the irony! Nike, that bastion of woke capitalism, is whining about tariffs imposed by our great President Trump! Seems their virtue signaling doesn’t pay the bills, does it?
Nike’s shares rose a measly 3% after they managed to clear some inventory. CEO Elliott Hill thinks he can restore Nike to its “former glory.” Good luck with that, pal, while you’re busy pushing your woke agenda.
Nike expects tariffs to cost them $1.5 billion this year. Maybe they should move production back to America instead of outsourcing to countries that have been “hit with steep duties under President Donald Trump.” But no, that would be too logical, wouldn’t it?
China, Nike’s third-largest market, is a “particular problem” for them. Sales in China fell for the fifth straight quarter. Maybe the Chinese are finally waking up to the woke garbage Nike is peddling.
Nike sent LeBron James and Ja Morant to China as ambassadors. That’s not going to help.
Nike reported first-quarter earnings per share of 49 cents, beating estimates of 27 cents. But their gross margin decreased 320 basis points to 42.2%. They can cook the books all they want, but they can’t hide the fact that they’re failing.
