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NikeCNBC
•83% Informative
Nike reported its slowest annual sales growth in 14 years , excluding the Covid-19 pandemic.
For the fiscal fourth quarter , the sneaker giant handily beat earnings estimates but fell short on Wall Street's sales expectations.
Nike executives attributed the sales miss to a slowdown in lifestyle sales, among other factors.
Shares were down about 6% in extended trading.
Nike is betting that a suite of new styles, along with the 2024 Paris Olympics , can get the company back on solid footing.
It's contended with a rough macroeconomic environment that's seen consumers pull back on new sneakers.
Some analysts expect the overall athletic category to face a slowdown this year as denim makes a comeback.
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