Nike Stock Hits 13-Year Low Amid Persistent Retail Struggles

Nike's stock has hit a 13-year low in October 2026, plunging about 5% last week following a disappointing Q1 report. Revenue dropped 4% to $11.2 billion, while earnings per share fell 2% to $0.48. The decline was driven by a 26% plunge in Greater China sales and struggles in sportswear and the Jordan brand. Nike announced another round of job cuts and expects sales and profit to decline more than analysts anticipated. For the full fiscal year, management forecasts a high single-digit revenue decline and adjusted EPS between $1.15 and $1.35.

The company's new cost-cutting plan, called Pace, aims to save $2.5 billion, but most savings won't materialize until fiscal 2029 and 2030. Analysts remain skeptical, with RBC's Piral Dadhania warning that things will get worse before they improve. GlobalData's Neil Saunders noted that job cuts may help margins but won't solve the brand problems. Guggenheim's Simeon Siegel suggested management wanted to clear out bad news before Investor Day, set for November 16 and 17.

Despite the challenges, Nike's performance business grew in the high single digits, with running, football, tennis, and golf all showing double-digit growth. The company also emphasized that its dividend remains a priority, with $8.4 billion in cash and short-term investments on hand. Investors are waiting for proof, not promises, and the next big test for Nike stock is Investor Day.