Tag: Consumer spending
Nike forecast cut rattles sportswear stocks as consumer spending stumbles
[ad_1] Some analysts said Nike could also be falling behind on innovation and losing share to other brands. (Photo: Reuters)
Nike sank 12% premarket on Friday and dragged shares of other sportswear companies after weak consumer spending forced the Air Jordan 1 shoe maker to cut its annual revenue forecast and signal a profit-over-sales strategy shift.
The company also laid out a $2 billion cost-saving plan on Thursday and said it was adopting a “more prudent approach” to planning for the rest of the year, blaming the forecast cut on weakness in its online business and increased ... Read more
‘Girl math’ is back. Consumers are shopping earlier to ‘save more’ on Christmas day
[ad_1] Pedestrians walk through the festively decorated Burlington Arcade luxury shopping arcade in London, UK, on Monday, Dec. 4, 2023. Inflation in UK shops has fallen to a 17-month low as retailers fight to attract shoppers ahead of the crucial holiday period. Photographer: Jason Alden/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images “Girl math” makes a timely return this holiday season, throwing the spotlight on new seasonal spending habits that consumers are adopting this year. Users on Tiktok say if you’re buying gifts months before Christmas, it will be “free” by December. If you splurged during Cyber Week, ... Read more