Nike Stock Hits New 12-Month Low Amid Broader Athletic Apparel Decline

Nike (NKE) hit a new 12-month low on Monday, trading as low as $39.46 before closing at $39.5090 with over 9.8 million shares traded.

The stock's decline is part of a broader trend in the athletic apparel industry, with some brands struggling to keep up with changing consumer preferences and increasing competition from online retailers.

Despite this, Nike has been working to revamp its business strategy, investing heavily in digital platforms and e-commerce capabilities. The company recently reported quarterly earnings that beat analyst estimates, but also revealed a 1.1% decline in revenue compared to the same period last year.