Nike’s stock has slumped to its lowest level in more than a decade after the sportswear giant warned sales will keep falling through 2026. 

Shares hit an 11-year low on April 1, capping a brutal stretch that has seen the company lose around 75 percent of its value since shares peaked in 2021. 

It is now worth under $68 billion - a third of the value of TJ Maxx. 

The latest sell-off was triggered by a bleak outlook, with Nike forecasting sales will slump 4 percent this quarter -  a staggering $500 million fall in the value of shoes, tracksuits, and t-shirts. 

The brand is being hit by a triple whammy: backlash to its more ‘woke’ image shift, a failed retreat from major retail partners in favor of direct-to-consumer selling, and a deepening slump in China. 

The scale of the pressure inside Nike was laid bare in a recent all-hands meeting, where CEO Elliott Hill struck an unusually blunt tone with staff in a recording leaked to Bloomberg News.

'I’m so tired, and I know you are, too, of talking about fixing this business,' Hill said during the meeting. 'I want to move to inspiring and driving growth and having fun.'

'You can’t just sit there and say everything’s great,' Hill said, referring to the investor call. 'Frankly it needed to be different.' 

For years, conservatives have criticized Nike for a shift toward 'woke' culture, pointing to partnerships with political activists such as Colin Kaepernick, who protested during the national anthem. The company also faced backlash over its company's all-female Super Bowl ad. 

 Meanwhile, a major strategic bet has backfired. Under former CEO John Donahoe, Nike pulled back from wholesale partners such as Foot Locker and Dick’s Sporting Goods as it chased higher-margin sales through its own stores and website.

The move was meant to boost margins - but instead cost Nike shelf space and allowed rivals including Adidas, Hoka and On to gain ground. 

And overseas, the picture is getting worse. China, Nike’s second-largest market, is expected to post another sharp decline, with sales projected to fall 20 percent next quarter after already dropping 11 percent in the latest period. 

Retail analyst Neil Saunders said the market remains a serious problem for the company as local rivals become more appealing. 

'Nike is still falling out of favor with customers who find other brands, including local ones, more appealing,' Saunders said. 'Nike needs to find a way to better connect with Chinese consumers.' 

Sales in China have decreased across the board, with giant companies like McDonald's, Apple and Starbucks reporting similar trends. For Nike, however, this decline is especially detrimental. 

Nike CFO Matt Friend said during an earnings call that the company is focusing on 'what we can control' amid rising oil prices and uncertainty in the Middle East. 

Nike's revenue has been dropping pretty consistently since early 2024 while competitors Adidas and Hoka have seen profits soar. 

There has been some progress by Nike to be more available to consumers. In May 2025, Nike returned to Amazon after a five year hiatus. 

'Nike is investing in our marketplace to ensure we're offering the right products, best services and tailored experiences to consumers wherever and however they choose to shop,' Amazon said at the time. 

The company originally agreed to sell its products on the e-commerce site in 2017 in exchange for stricter policing of unauthorized third-party sellers. 

'Nike’s results are somewhat better than anticipated, though they show that the brand is having a very uneven recovery and has a lot of work to do to get back on the front foot,' Saunders said.