Nike to post steepest sales drop since COVID, analysts expect target reset

Investors and analysts expect Nike to lower annual forecasts on Tuesday when it posts quarterly results, the company's first earnings report since announcing a new CEO earlier this month. Elliott Hill, who spent 32 years at the sportswear giant before retiring in 2020, will return as top boss starting Oct. 14 to succeed John Donahoe, Nike announced on Sept. 19. "This is going to be one of those quarters where they're probably going to try to dump all the bad news as much as they can now and get it over with and start new," said Jay Woods, chief global strategist at investment banking firm Freedom Capital Markets.