A shock sales warning from the world’s largest sportswear maker sent a shudder through the industry on Friday, rattling stocks of key suppliers such as JD Sports.
Nike reported weaker than anticipated sales and cut its full-year guidance, despite hopes that a summer of sport featuring the Euros and Olympics will boost trade.
Shares in the New York-listed trainer giant came under heavy selling pressure immediately after the warning. By the close of trading in New York they were down 20 per cent, or $18.83, at $75.36, the biggest percentage fall on record, as the update amplified investor concerns about it ceding more market share to newer rivals such as On and Hoka, as well as longstanding competitors such as Adidas.
The forecast for a