Nike Projects Bigger Sales Slide as Earnings Disappoint Investors

Nike's financial struggles continue as the company projects a bigger decline in sales than analysts anticipated. The sports apparel maker's fiscal first-quarter earnings fell short of expectations, with sales sliding 4% year-over-year to $11.21 billion.

The company attributed the drop primarily to weakness in China and its Europe, Middle East, and Africa segment. In response, Nike said it will take deliberate actions to strengthen these businesses for the long-term.

Shares of Nike (NKE) declined 6% in extended trading Thursday after the forecast was announced. The stock has lost almost half its value since the year began amid worries about a turnaround for the company's sales.