Latest news with #WinNow
Fibre2Fashion
06-05-2025
- Business
- Fibre2Fashion
US brand Nike restructures leadership to boost growth strategy
NIKE, Inc. (NYSE:NKE) announced a series of strategic changes to its Senior Leadership Team (SLT), elevating experienced leaders to accelerate progress against its Win Now action plan to position the company for future growth. Elliott Hill, President and CEO, NIKE, Inc. and Heidi O'Neill, President of Consumer, Product, and Brand, have decided the Consumer, Product, and Brand leadership will now be divided into three distinct areas: Consumer and Sport, Marketing, and Product Creation, inclusive of Innovation and Design. These roles will now report directly to Hill. As a result of these changes O'Neill has decided to retire from Nike after 26 years. She will continue to serve in an advisory capacity until September 2025. Nike, Inc has restructured its senior leadership, splitting Consumer, Product, and Brand into three areasâ€'Consumer and Sport, Marketing, and Product Creationâ€'reporting directly to CEO Elliott Hill. Heidi O'Neill will retire after 26 years, remaining an advisor until September 2025. Hill praised her lasting impact on the brand and sport globally. 'For nearly three decades, Heidi has been a true champion for Nike, for sport and for athletes across the globe. Her vision and dedication over the years have left an indelible mark on Nike and created an impact on the world of sport,' said Hill . 'Among Heidi's many successes, she most recently elevated our brand voice, and innovation and product pipeline by putting sport and athletes at the center of everything we do. I want to thank Heidi for her passion, commitment and service and wish her the best on her next adventure.' The new Senior Leadership appointments will be effective immediately and include: Amy Montagne, previously VP/GM Global Women's, has been promoted to President, Nike, responsible for obsessing and serving consumers across all sports and driving future growth for the Nike Brand. Phil McCartney, formerly VP, Footwear, has been promoted to EVP, Chief Innovation, Design & Product Officer responsible for the creation of innovative and coveted product, season-after-season. This includes how Nike, Jordan and Converse innovates, designs, and creates products for athletes around the world. Nicole Graham, previously Chief Marketing Officer, has been promoted to EVP, Chief Marketing Officer, leading Nike, Jordan and Converse storytelling to inspire consumers and shape the brands for distinction through the passion and emotion of sport. Tom Clarke, currently strategic advisor to the CEO and member of the SLT, has assumed the new role of Chief Growth Initiatives Officer. 'I'm confident that with this new structure and leadership team in place we will be able to better line up and leverage all the advantages that make Nike great,' said Hill . 'These exceptional leaders bring extensive Nike experience and have been instrumental in resetting our priorities to lead with sport and put the athlete at the center of everything we do.' Background information on key leaders: Amy Montagne has worked at Nike for 20 years, most recently serving as VP/GM Global Women's. Previously she held various VP/GM roles, including Asia Pacific and Latin America, Global Men's, Global Categories, Global Women's, Global Merchandising, and other leadership positions in North America, Running, Women's Training, and Sportswear. Before joining Nike, Montagne worked in allocation, planning, and merchandising at Gap Inc., Mervyn's, and Walmart. She has a deep understanding of the athlete and how Nike can drive operational excellence to serve them effectively. She is recognized for her leadership capabilities and her ability to implement change, foster innovation, and build brand impact. Phil McCartney is a seasoned professional with 27 years of experience at Nike. He previously served as the VP of Nike Footwear, a position he has held since 2016. Over the past nine years, he has contributed significantly to the growth of Nike by working across product development, design, and merchandising for all sports and Nike Sportswear. Phil is renowned for his ability to build, drive, and inspire teams to achieve product excellence. His diverse career at Nike includes various roles in different geographies and functions. He began his journey as an EKIN in the UK, progressed to product roles in Amsterdam, and ultimately joined Nike World Headquarters in Beaverton. Prior to his tenure at Nike, Phil was a long-distance runner representing Great Britain, which underscores his profound passion for sports. Nicole Graham has more than 20 years of experience in Marketing and is a visionary leader experienced at building iconic brands. She re-joined Nike as the CMO in 2023 and has a proven track record of creating world-class marketing for Nike that has energized global sports moments like the Olympics and Paralympics, the World Cup, the NBA Finals and the Super Bowl. In 2020, Nicole co-founded Adopt, a creative agency that partners with athletes, start-ups, and top consumer companies. Prior to that, she spent 18 years at Nike, honing her expertise across all facets of Marketing from sport categories to retail and Nike Direct across global, geo, and key cities. Dr. Thomas Clarke is a 45-year veteran of Nike. He joined Nike in 1980 as the Director of Biomechanics Research, before going on to serve in roles such as Director of Research and Development; VP, Product, VP, Marketing; and GM, Nike Brand. His first senior leadership role was VP, Footwear and Apparel, and he was President and Chief Operating Officer from 1994-2000. Prior to becoming the strategic advisor to the CEO in 2023, Clarke served as the President of Innovation for Nike for 11 years, overseeing advanced innovation for the company across footwear, apparel, and accessories. He also previously served on the boards for NIKE, Inc., Newell Rubbermaid and Starwood Hotels. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (RM)
National Post
05-05-2025
- Business
- National Post
NIKE, Inc. Announces Senior Leadership Changes to Accelerate Growth and Drive Win Now Action Plan
Article content Article content BEAVERTON, Ore. — NIKE, Inc. (NYSE:NKE) announced a series of strategic changes to its Senior Leadership Team (SLT), elevating experienced leaders to accelerate progress against its Win Now action plan to position the company for future growth. Article content Elliott Hill, President and CEO, NIKE, Inc. and Heidi O'Neill, President of Consumer, Product, and Brand, have decided the Consumer, Product, and Brand leadership will now be divided into three distinct areas: Consumer and Sport, Marketing, and Product Creation, inclusive of Innovation and Design. These roles will now report directly to Hill. As a result of these changes O'Neill has decided to retire from Nike after 26 years. She will continue to serve in an advisory capacity until September 2025. Article content 'For nearly three decades, Heidi has been a true champion for Nike, for sport and for athletes across the globe. Her vision and dedication over the years have left an indelible mark on Nike and created an impact on the world of sport,' said Hill. 'Among Heidi's many successes, she most recently elevated our brand voice, and innovation and product pipeline by putting sport and athletes at the center of everything we do. I want to thank Heidi for her passion, commitment and service and wish her the best on her next adventure.' Article content The new Senior Leadership appointments will be effective immediately and include: Article content Amy Montagne, previously VP/GM Global Women's, has been promoted to President, Nike, responsible for obsessing and serving consumers across all sports and driving future growth for the Nike Brand. Phil McCartney, formerly VP, Footwear, has been promoted to EVP, Chief Innovation, Design & Product Officer responsible for the creation of innovative and coveted product, season-after-season. This includes how Nike, Jordan and Converse innovates, designs, and creates products for athletes around the world. Nicole Graham, previously Chief Marketing Officer, has been promoted to EVP, Chief Marketing Officer, leading Nike, Jordan and Converse storytelling to inspire consumers and shape the brands for distinction through the passion and emotion of sport. Tom Clarke, currently strategic advisor to the CEO and member of the SLT, has assumed the new role of Chief Growth Initiatives Officer. Article content 'I'm confident that with this new structure and leadership team in place we will be able to better line up and leverage all the advantages that make Nike great,' said Hill. 'These exceptional leaders bring extensive Nike experience and have been instrumental in resetting our priorities to lead with sport and put the athlete at the center of everything we do.' Article content Amy Montagne has worked at Nike for 20 years, most recently serving as VP/GM Global Women's. Previously she held various VP/GM roles, including Asia Pacific and Latin America, Global Men's, Global Categories, Global Women's, Global Merchandising, and other leadership positions in North America, Running, Women's Training, and Sportswear. Before joining Nike, Montagne worked in allocation, planning, and merchandising at Gap Inc., Mervyn's, and Walmart. She has a deep understanding of the athlete and how Nike can drive operational excellence to serve them effectively. She is recognized for her leadership capabilities and her ability to implement change, foster innovation, and build brand impact. Article content Phil McCartney is a seasoned professional with 27 years of experience at Nike. He previously served as the VP of Nike Footwear, a position he has held since 2016. Over the past nine years, he has contributed significantly to the growth of Nike by working across product development, design, and merchandising for all sports and Nike Sportswear. Phil is renowned for his ability to build, drive, and inspire teams to achieve product excellence. His diverse career at Nike includes various roles in different geographies and functions. He began his journey as an EKIN in the UK, progressed to product roles in Amsterdam, and ultimately joined Nike World Headquarters in Beaverton. Prior to his tenure at Nike, Phil was a long-distance runner representing Great Britain, which underscores his profound passion for sports. Article content Nicole Graham has more than 20 years of experience in Marketing and is a visionary leader experienced at building iconic brands. She re-joined Nike as the CMO in 2023 and has a proven track record of creating world-class marketing for Nike that has energized global sports moments like the Olympics and Paralympics, the World Cup, the NBA Finals and the Super Bowl. In 2020, Nicole co-founded Adopt, a creative agency that partners with athletes, start-ups, and top consumer companies. Prior to that, she spent 18 years at Nike, honing her expertise across all facets of Marketing from sport categories to retail and Nike Direct across global, geo, and key cities. Article content Dr. Thomas Clarke is a 45-year veteran of Nike. He joined Nike in 1980 as the Director of Biomechanics Research, before going on to serve in roles such as Director of Research and Development; VP, Product, VP, Marketing; and GM, Nike Brand. His first senior leadership role was VP, Footwear and Apparel, and he was President and Chief Operating Officer from 1994-2000. Prior to becoming the strategic advisor to the CEO in 2023, Clarke served as the President of Innovation for Nike for 11 years, overseeing advanced innovation for the company across footwear, apparel, and accessories. He also previously served on the boards for NIKE, Inc., Newell Rubbermaid and Starwood Hotels. Article content Article content Article content Article content Article content Article content
Yahoo
24-03-2025
- Business
- Yahoo
Nike Stock: Is the Worst Over?
Investors hoping for a turnaround at Nike (NYSE: NKE) will have to wait longer. The world's leading sportswear company posted yet another quarter of declining revenue and profits and told investors that things would get worse in the fiscal fourth quarter, the current period. The quarter marked Nike's fourth straight period of declining revenue as sales fell 9% to $11.3 billion, dragging earnings per share down to $0.54, well below the $0.98 it reported after adjustments in the quarter a year ago. While the results were ahead of analyst estimates, investors were unimpressed by the quarter. The stock hit a five-year low and was down 5% in Friday afternoon trading. Excluding the pandemic crash, the stock was trading at its lowest point since 2018, underscoring the crisis the business now finds itself in. Nike brought longtime company veteran Elliott Hill out of retirement to replace John Donahoe as CEO after Donahoe's focus on performance marketing, direct-to-consumer sales, and classic styles seemed to lead the business astray. Hill's turnaround strategy, which is focused on reestablishing relationships with retailers, putting sports back at the center brand, and returning to a pull marketing strategy sounds like the right prescription, but the numbers continue to disappoint. While Nike did beat analyst estimates, its Q4 guidance indicated that performance would get even worse. The company sees revenue falling in the mid-teens, which includes the effect of unfavorable shipment timing, and it expects gross margin to fall 400 to 500 basis points, which includes the effect from new tariffs. There was a silver lining, however. Management expects the headwinds from the Win Now turnaround strategy, which is focused in part on streamlining inventory, to moderate after Q4, indicating that the financial recovery should begin in earnest in fiscal 2026. Nike's revenue declined in nearly every category, but there were some bright spots that investors shouldn't ignore. Its running business grew by mid-single digits, driven by new products like Pegasus Premium and Vomero 18, as well as the continued success of Pegasus 41. The recovery in running is key, as that's an area where Nike has struggled, losing share to upstart brands like On Holding and Deckers' HOKA. It also returned to revenue growth in Japan and Latin America, though overall revenue in the Asia-Pacific Latin America (APLA) segment, which does not include China, was down 4% on a currency-neutral basis. Finally, its performance footwear and apparel business delivered growth, which was offset by declines in sportswear and the Jordan brand. However, the strength in performance gear is also promising, as it shows that new product launches are resonating. The performance category is where the company needs to shine in order to win athletes and influencers and create a broader halo effect for the brand. Nike is still working to overhaul its inventory and get back to a full-price business model, though that process seems likely to take at least a few more quarters. Nike's guidance was ugly, and there are real questions about the brand's ability to regain the business it's lost. Fashion trends are always changing, and competitors like On and HOKA are gaining market share quickly. The company hasn't given guidance for fiscal 2026, but Nike seems like it will be in a good place to rebuild margins after this year's reset. With the exception of the quarter when the pandemic started, Nike just reported its worst gross margin in a decade at 41.3%, and Q4 is set to be even worse. In other words, this may be the "kitchen sink" earnings report that signals that the company's performance is finally bottoming out as it dumps all the bad news on investors to reset expectations. While the macro environment is fluid, Hill does seem to have the business pointed in the right direction. Investors don't like being told to be patient, and they'd like to see improving results now rather than later. It's understandable for the stock to be hovering around seven-year lows after several quarters of declining revenue. However, the sell-off also presents an opportunity. With the margin reset, inventory clearance, and focus on reestablishing retail relationships and a full-price business model, Nike seems likely to be in a better position in a year from now. Hill has been at the helm for just six months, and the changes he's made will take some time to play out. Patience could pay off for investors here. Before you buy stock in Nike, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Nike wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $721,394!* Now, it's worth noting Stock Advisor's total average return is 839% — a market-crushing outperformance compared to 164% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of March 24, 2025 Jeremy Bowman has positions in Nike. The Motley Fool has positions in and recommends Deckers Outdoor and Nike. The Motley Fool recommends On Holding. The Motley Fool has a disclosure policy. Nike Stock: Is the Worst Over? was originally published by The Motley Fool
Yahoo
21-03-2025
- Business
- Yahoo
FTSE 100 Live 21 March: Travel stocks weaken, JD Wetherspoon falls on margin squeeze
Public sector borrowing overshoots ASOS lifts earnings guidance Pub chain flags NI cost impact 10:09 , Graeme Evans Heathrow disruption hit IAG shares today as the British Airways owner joined JD Sports Fashion near the bottom of a weaker FTSE 100 index. IAG fell 4% at one point before recovering ground to settle 6.5p cheaper at 281.4p, down a fifth since forecast-beating results at the end of February. The closure of Europe's busiest airport comes with investor confidence already fragile due to concerns about a US recession and low consumer confidence. Elsewhere in the travel sector, easyJet fell 7.1p to 482.9p, InterContinental Hotels dropped 3% or 264p to 8310p and Premier Inn owner Whitbread dipped 66p to 2557p.. The FTSE 100 index fell 0.5% or 41.01 points to 8660.98, driven by expectations for a poor start to Wall Street trading in the wake of this week's central bank meetings. The Federal Reserve signalled two rate cuts this year but also downgraded growth projections alongside an increase in its inflation forecast. The Bank of England yesterday voted 8-1 to leave interest rates on hold. The worst performing stock in the FTSE 100 index was JD Sports Fashion, which fell 5% or 4.4p to 75.5p on the read-across to last night's Nike results. The US giant, which is a key partner for JD, reported a 9% drop in third quarter revenues to $11.3 billion and said its gross margin had weakened due to the early stages of its Win Now overhaul. Nike's shares fell 5% in extended hours trading. A drop in copper futures meant miners featured on the fallers board as Antofagasta lost 88.5p to 1821p and Anglo American eased 58p to 2268.5p. On the risers board, defensive moves by investors meant Centrica rose 1.5p to 146.5p and Reckitt Benckiser lifted 32p to 5232p. The FTSE 250 index fell 0.7% or 133.50p to 19,964.48, with JD Wetherspoon down 9% after the pub chain's robust sales performance in the first half of its financial year was offset by margin pressure from labour and utility costs. The shares weakened 54.5p to their lowest level in two years at 542.5p after JD posted an unexpected 4.3% drop in half-year operating profit to £64.8 million. Despite increases in National Insurance and labour rates costing it approximately £1,500 per pub per week, the chain remains confident of a 'reasonable' full-year outcome after like-for-like sales growth of 5% in the past seven weeks. ASOS shares jumped 23% or 58.2p to 313.2p after it lifted half-year earnings guidance on lower markdown activity and increased full-price sales. The online fashion chain expects to post a figure above the City's £34 million estimate, which compared with the previous year's loss of £16.3 million. The shares, which started the year at 436p, rallied 11% yesterday on the disclosure that Danish billionaire Anders Povlsen has increased his stake nearer to 30%. 09:04 , Graeme Evans The shares of JD Sports Fashion have fallen 5% after Nike last night posted results showing a 9% decline in third quarter revenues to $11.3 billion. The gross margin dropped 330 basis points to 41.5%, primarily due to higher discounts and inventory clearance under the company's Win Now overhaul. Nike chief executive Elliott Hill said: "The progress we made against the 'Win Now' strategic priorities we committed to 90 days ago reinforces my confidence that we are on the right path.' Net income for the quarter of $794 million fell 32% on a year earlier. The US giant's shares reversed 5% in after-hours dealings while UK-based wholesale partner JD Sports dropped 4p to 75.8p in the FTSE 100 index. UBS said: 'In the short term, JD Sports may still feel the impact of Nike's inventory clearance efforts, which according to Nike, could continue through the first half of fiscal 2026. 'However, a key takeaway from the call was management's commitment to supporting wholesale partners by clearing old inventories and offering higher wholesale discounts.' 08:23 , Graeme Evans IAG shares have fallen 3% after the British Airways owner's flight schedules were disrupted by today's closure of Heathrow Airport. Kathleen Brooks, XTB research director, said: 'The airline sector is fragile now, due to concerns about a US recession and a weak global consumer. 'IAG's share price is down 16% in the past month, so news of disruption at Europe's busiest airport is the latest event to knock this sector.' IAG's fall of 8.4p to 282.2p came in a weak session for the FTSE 100 index, which dropped 24.30 points to 8677.69. Low-cost carrier easyJet also weakened 9.5p to 480.5p and hotel chain IHG lost 142p to 8432p. The biggest faller in the top flight was JD Sports Fashion, which reversed 3p to 76.8p on the read-across to last night's weaker sales and earnings by Nike. Sainsbury's rose 2p to 239p at the top of the FTSE 100 index after HSBC lifted the supermarket to a Buy recommendation with 285p target price. In the FTSE 250, ASOS shares jumped 24% or 62.8p to 317.8p after it boosted earnings guidance. JD Wetherspoon fell 56.5p to 540.5p following the release of half-year results. 08:03 , Graeme Evans GfK's long-running Consumer Confidence Index increased by one point to minus 19 in March. Expectations for the general economic situation over the next 12 months improved by two points to minus 29 – six points lower than a year ago. The view on personal finances over the next 12 months fell by one point to positive one, while the major purchase index, a measure of confidence in buying big ticket items, remained unchanged at minus 17. Read more here 07:33 , Graeme Evans Pub chain JD Wetherspoon today said increases in National Insurance and labour rates will cost it £60 million a year - approximately £1,500 per pub, per week. Presenting half-year results, chair Tim Martin pointed out that labour costs are around 35% of the pub industry's sales, compared to around 11% for supermarkets. He said the disproportionate impact on pubs exacerbated the already-wide price differential for customers between the on and off-trade. Martin added: "The combination of much higher VAT rates for pubs than supermarkets, combined with increased labour costs will weigh heavily on the pub industry.' Wetherspoon reported a 4.8% increase in like-for-like sales in the 26 weeks to 26 January, with total revenues up 3.9% to £1.03 billion. Pre-tax profits fell 8.6% to £32.9 million. In the last seven weeks to Sunday, like-for-like sales rose by 5%. Martin said: "The company currently anticipates a reasonable outcome for the financial year, subject to our future sales performance." Shares fell 8% or 49p to a two-year low of 548p. Richard Hunter, head of markets at Interactive investor, said: 'There are clearly signs of further progress for Wetherspoon, but a weaker wider market and the moribund outlook for the UK economy have brushed any positives aside. 'Spoons has been dealt some difficult hands over the years which, for the most part, it has been dogged in turning into profit.' 07:21 , Graeme Evans Online fashion chain ASOS today reported a bigger-than-expected improvement in profitability for the first half of its financial year. In a brief update ahead of interim results on 24 April, the FTSE 250-listed business forecast earnings better than the City consensus of £34 million. This compares with the previous year's loss of £16.3 million and 2023's £4.6 million surplus. The performance follows strong margin progress driven by lower markdown activity and increased full-price mix, as well as continued cost discipline. Sales are down in line with expectations by 13% although ASOS said full-price sales returned to growth in the half year. Shares jumped 22% or 52.9p to 311p following the update, adding to yesterday's rebound of 11% on the back of further stake building by Danish billionaire Anders Povlsen, Aarin Chiekrie, equity analyst, Hargreaves Lansdown, said: 'Despite the positive momentum, investors should keep in mind that there are still plenty of challenges to navigate as ASOS attempts to turn its fortunes around. 'Key metrics like active customer numbers were heading in the wrong direction at the last count. And there's plenty of competition from the likes of Next, Shein and Temu which could put downward pressure on pricing and weigh on ASOS' ability to rebuild its profitability.' 07:07 , Graeme Evans The Government borrowed £10.7 billion last month, the fourth highest February figure since records began in 1993 and above City forecasts of about £7 billion. Borrowing in the financial year to February was £132.2 billion, an increase of £14.7 billion on the same point in the last financial year. In October, the Office for Budget Responsibility (OBR) forecast that the public sector would borrow £127.5 billion for the whole of the financial year to March. An updated OBR forecast will be published in the Chancellor's Spring Statement on Wednesday. Capital Economics said: 'Although they will have no impact on the fiscal update next week, the significant overshoot in borrowing in February highlights the Chancellor's tight fiscal backdrop. 'The OBR will still most likely conclude that the Chancellor's headroom against her fiscal rules has been wiped out. So we expect her to announce further non-defence spending cuts, on top of the welfare cuts already unveiled earlier this week.' Read more here 07:01 , Graeme Evans Stock markets are struggling to make headway in the aftermath of central bank meetings in countries including the US and UK. The S&P 500 index last night fell 0.2% and the Nasdaq Composite lost 0.3%, while the Dow Jones Industrial Average finished near to its opening mark. The muted performance followed Wednesday's rally after the Federal Reserve stuck to guidance for two interest rate cuts this year. The FTSE 100 index dipped 4.67 points to 8701.99 after the Bank of England's 8-1 vote to leave interest rates on hold. London's top flight is expected to open flat after leading benchmarks in Shanghai and Hong Kong fell by more than 1% this morning.
