Nike Slides to New Low Amid China Weakness and Athletic Apparel Pressure

Nike shares slid by 3% on Monday to reach a fresh 52-week low of $39.42, a decline that has taken the stock down 51% from its previous high of $80.16.

The drop was driven by ongoing pressure in the athletic apparel market and unresolved issues in China, where sales were down 11% as reported and 13% currency-neutral in Nike's fiscal 2026 results.

Nike's wholesale revenue rose 6% to $27.45 billion, but this increase was offset by a decline of 6% in direct-to-consumer sales to $17.72 billion and a drop of 12% in digital sales.

The company's gross margin climbed 890 basis points to 49.2%, but CFO Matthew Friend noted that the underlying margin remained close to unchanged, with the tariff recovery benefit accounting for most of the increase.