Nike's revenue has plunged 10 percent in the past year
The sportswear company Nike has had a turnover of 46.3 billion dollars in the past year - almost 298 billion.
This is a decrease of 10 percent compared to the previous year.
This is evident from the American company's annual report, which was presented on Thursday.
It can also be read here that the company's gross profit - that is, before fixed costs, taxes and the like are paid - has fallen by 14 percent to 19.8 billion dollars.
Nike's financial year ended on May 31.
In the quarter leading up to, turnover also fell, but things have still gone a little better for the sports giant than expected, writes Reuters.
The news agency attributes this to a strategy from Nike's new CEO, Elliot Hill, who took over the position in October last year.
His strategy, called Win Now, is, among other things, about investing more in marketing focused on sports in order to regain a strong position as a sports brand.
In addition to sportswear, Nike also sells clothing and shoes for everyday use, including through the Converse brand.
Elliot Hill expects Nike to turn things around in the coming year.
- While our financial results are in line with our expectations, they are not where we would like them to be. Going forward, we expect our business to perform better as a result of the development from our Win Now efforts, he says in a press release.
Nike is challenged by strong competition in running shoes, where the company has invested heavily in the Pegasus and Vomero model series.
At the same time, Nike has reduced the prices of old models such as the Air Force 1 and Air Jordan 1.
Sneaker sales are also struggling in the Chinese market. In the fourth quarter, Nike's sales in China fell by 21 percent. In the three months before that, sales had fallen by 17 percent.
/ritzau/
