Nike skids after warning on squeeze from higher discounts, stronger dollar

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Reuters

By Mehr Bedi (Reuters) -Nike Inc cautioned on Thursday that gross margins would remain under pressure through the year as the World’s largest sportswear maker joined peers in warning of a blow from ramped up discounts and a rapidly strengthening dollar. The company’s shares, already one of the worst performing Dow components for the year, fell 10% in extended trading. “We’re going to see substantial markdowns this year through the holiday season. But going into the calendar year 2023, I believe inventories will be much lower after the holiday sell through and then the post holiday sales,” Morn…

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