According to Forbes, Nike’s sales continue its dramatic decline, now getting kicked off of the S&P 100 after 18 years. Nike stock has plummeted 78% from its 2021 peak, now facing removal from the S&P 100, a symbolic blow confirming years of underperformance
Forbes reported that in 2017, they cut ties with Foot Locker and DSW and focused on their online sales. That didn’t work out well. They had large inventories, but people still prefer to shop in brick-and-mortar stores for their shoes.
Competitors increased.
Additionally, shoppers shifted to domestic sellers rather than international ones.
Finally, Nike spent large sums on “social justice” education and economic opportunity in black communities. The George Floyd riots and sanctification of George, the career criminal were the impetus.
In 2019, the company also canceled a planned sneaker featuring the Betsy Ross flag after Kaepernick and others raised concerns about the design’s historical associations. Additional campaigns have addressed equality and inclusion.
Kaepernick is anti-American, and everything is racist to him.
Definitely a bad idea to listen to radical Kaepernick over the pro-America sports enthusiasts.
What a coincidence that sales fell when they went DEI. They fell 78% after their 2021 peak.