Last year, revenue and profit at Nike plummeted, but new CEO Elliott Hill is trying to turn the tide. Although the quarterly figures show another decline, management sounds remarkably optimistic.
“Better from now on”
“There is a clear path to recovery ahead of us. From now on, the results will improve,” said Hill in an analyst briefing. For the entire past fiscal year (up to the end of May), revenue amounted to 46.3 billion dollar (43.3 billion euros), a decrease of 10%. The annual profit was 3.2 billion dollar (3 billion euros), a staggering 44% less than last year.
