Sportswear firm Nike (NKE:NYSE) has extended the losses it has endured since a big pre-Christmas warning, with the shares now down more than 30% over the last year.

A big chunk of those losses came after fourth quarter results on 27 June. While earnings beat Wall Street expectations, thanks to cost-cutting, revenue of $12.61 billion came in 2% light of consensus. But the real damage was done by cuts to 2025 guidance, partly because of weakness in China, but also on its home court.

Revenues in North America, Nike’s largest market, came in below market expectations at $5.28 billion and the company now expects sales to fall 10% in the current quarter amid‘uneven consumer trends’ across its markets, including a decline in online sales and a poor performance from its Converse brand.

Competition from specialist players in areas like running have also hit the business, so having previously guided towards full year 2025 sales growth, Beaverton-based Nike now forecasts sales to be down by mid-single digits. 

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