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Sportswear giant pulls financial guidance for the year to provide incoming CEO Elliott Hill ‘flexibility’
Nike pulled its financial guidance for the year, reported a steep drop in revenue and postponed a highly anticipated update for shareholders, days after announcing the replacement of its CEO.
Profits at the American sportswear giant, grappling with falling sales and intense competition from fast-growing rivals, also declined. “A comeback at this scale takes time,” it said.
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