Nike Stock Tumbles After Warning on Profit Margin Hit From Inventory Bloat

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The Street

By Martin Baccardax Nike said it will take “decisive action to clear excess inventory” in the coming months, with markdowns set to pressure near-term profit margins for the sports apparel giant. Nike (NKE) – Get Nike Inc. Report shares fell sharply lower Friday after it cautioned that “higher markdowns” will be needed to reduce its bloated global inventory, pressuring profit margins for the World’s biggest sports apparel company. Nike, which topped Street forecasts for its first quarter earnings by a penny, posting a bottom line of 93 cents per share on revenues of $12.7 billion, said inventor…

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