Nike is in a slump ...Middle East

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Nike is in a slump
By Nathaniel Meyersohn, CNN New York (CNN) — Nike posted sluggish growth as the largest sportswear brand in the world faced rising competition, a consumer pullback in its key markets and strategy missteps. Nike’s sales grew 1% last year and were flat last quarter, the company reported Thursday. The company projects sales to drop 10% next quarter as the company’s classic brands slow down and Nike faces challenges in the online marketplace. Nike (NKE) stock plunged 12% during after-hours trading. Nike faces a consumer slowdown for discretionary goods and tough competition from upstart running brands like Hoka and On. Customers are changing their behaviors, passing up discretionary p

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