Nike’s results beat modest estimates on Thursday and its shares jumped briefly, but the company soon dashed investor hopes and sent shares lower when a top executive predicted revenues would fall by double digits in the third quarter.
Nike’s new CEO Elliott Hill warned of short-term pain as the embattled sportswear seller works to revive tepid demand for its brands. Shares of Nike surged 11% immediately after the earnings report but gave up those gains after Hill and CFO Matthew Friend reined in expectations.
Hill said in his first earnings call since taking the helm in October that Nike “lost its obsession with sport,” vowing to right the ship by refocusing its business on sport and selling more items at premium prices.
Nike’s quarterly profit beat modest expectations. Revenue also fell less than expected as newer versions of performance and running shoes attracted shoppers.
So far this year, Nike shares have slumped nearly 30%. Analysts said Hill faces tough critics and a long slog to claw back lost market.
Hill told the call he was prioritizing rebuilding Nike’s retail partnerships, boosting innovation and ensuring discounts and promotions are limited to traditional retail moments, and not at the consistent rates at which they have been employed lately.
“Weve become far too promotional,” Hill said, speaking in lively, impassioned tones. “The level of markdowns not only impacts our brand but disrupts the overall marketplace and the profits of our partners.”
With rivals launching more comfortable, better cushioned shoes, Nike has been scrambling to regain dominance in the market, shelling out money to introduce new products like Air Max 95, and to promote staple franchises like Jordans and Pegasus.
Last month, the company under Hill announced it would double down on three running franchises – Pegasus, Structure and Vomero – by launching various iterations of each shoe next year, at different price points.
Hill has been popular with retailers, who are optimistic he’ll revive the third-party partnerships Nike backed away from in 2020, when it pivoted toward its direct-to-consumer business.
At the time, some retailers quickly filled shelf space with fashionable competitors like On and Hoka, but others struggled.
Foot Locker, for example, continued to rely heavily on Nike in 2022 and 2023, buying 65% of its sports apparel from the company.
It blamed weak demand for Nike shoes when it reported disappointing sales earlier this month. Foot Locker executives said at the time they were looking forward to working with Hill.
Nike’s second-quarter net revenue fell 7.7% to $12.35 billion. Analysts had expected a 9.41% fall to $12.13 billion, according to estimates compiled by LSEG.
Nike reported earnings per share of 78 cents, compared with estimates of 63 cents per share, according to analysts estimates compiled by LSEG.
“If you really look at it, the numbers are not good,” said Jane Hali & Associates senior analyst Jessica Ramirez. “But it’s better than most people feared.”
Stanley Tucci says he doesn’t understand why there has been a sudden rise in the “very far right”.
The 64-year-old actor, author and food connoisseur leads a new show aptly named Tucci In Italy, where he looks at the world-renowned cuisine and how its ingredients tell much more than just what is served on the plate.
Speaking to Sky News, he says painting the full picture of the Italian landscape was the driving force behind the show and that he made a conscious decision to include stories from all backgrounds.
Image: Stanley Tucci tries lampredotto while in Florence. Pic: National Geographic/Matt Holyoak
“I asked that we include a story about a gay couple and their children, whether it was adopted or surrogate or however, because I thought it was a really interesting story.
“I am confused as to the direction that so much of the world is heading now to the very far right and sort of vilifying the other, meaning people who aren’t like us, but I don’t quite know what that means because we are all so different.
“There is no us, right? We’re all different, so I don’t know what the problem is there.”
Image: Canci checi, a Ladin staple consisting of fried ravioli. Pic: National Geographic
Image: Tucci cooks at BBQ joint ristoro mucciante in Abruzzo with one of the owners, Rodolfo Mucciante, right. Pic: National Geographic/Matt Holyoak
Tucci adds that he wants to “look at what’s happening in Italy politically and how it’s affecting people but, of course, all through the prism of food”.
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“Those people are sitting there having a traditional Sunday lunch with the grandparents, with the grandkid, and they’re a family and yet the government says they’re not a family.
“I think that’s really interesting because Italy puts so much emphasis on family and for all practical purposes, Italy has a negative birth rate so why wouldn’t you want to welcome more children into your society who are Italian?”
Image: Chef and owner Matilde Pettini opened Dalla Lola in 2021 and discusses their dishes with Tucci. Pic: National Geographic/Matt Holyoak
Image: Ramadan El Sabawy hands Tucci a plate with his son’s crispy margherita pizza. Pic: National Geographic
In 2016, Italy passed a law that now recognises civil unions for same-sex couples in the country.
It grants couples many of the same rights and financial protections as married heterosexual couples, however, it doesn’t give LGBT+ couples the right to joint adoption or in vitro fertilisation.
In 2023, the Italian government extended its initial ban on surrogacy to include arrangements made by its citizens abroad.
Its legislation subjects any intended parent who breaks the law to jail terms of up to two years and fines of up to €1m (£846,000).
The law doesn’t include those children who were already registered before it came into effect.
Image: Tucci holding a cheese made in Lazio. Pic: National Geographic/Matt Holyoak
Image: Torcinello, a traditional sausage, served with scampi, sea asparagus, and sweet pepper sauce. Pic: National Geographic
The buzzword on social media over the last few weeks has been “conclave” following the death of Pope Francis and of course, the Oscar-winning film of the same name.
Our interview took place just before the real conclave took place, which resulted in Pope Leo XIV becoming the first American-born leader of the Catholic Church.
Starring in the film alongside Ralph Fiennes, Tucci became inadvertently connected to the news agenda when life began to imitate art.
“It’s fascinating. I mean, look, I don’t know anything about it, really, other than I made a movie about it. That’s all I know. But it is, the timing of it is unfortunate, but it’s also oddly coincidental.”
Tucci In Italy looks at traditional Italian cuisine but also explores the impact history, changing political landscapes, migration and culture can have on a dinner plate.
Image: Timballo being cut, revealing the intricate layers of crespelle and meatballs inside. Pic: National Geographic
Image: Mr Tucci fly fishes in a glacial river with locals in Trentino-Alto Adige. Pic: National Geographic/Matt Holyoak
Image: Hay soup in a loaf of homemade bread, served in the restaurant Gostner Schwaige. Pic: National Geographic
He visits the northern area of Trentino-Alto Adige, which borders Austria, to look at how Mussolini’s intense policies regarding German identity shaped the area and people today.
“It’s an incredibly beautiful region, but also it’s the way those two cultures have figured out a way to get along without violence, without blame, without hating each other, without divisiveness.
“I think it’s really wonderful. It’s a testament to… How easy it can be for us to get along.”
Tucci In Italy premieres 21 May at 8pm on National Geographic and all episodes stream from 19 May on Disney+.
EDMONTON, Alberta — Reilly Smith scored with 0.4 seconds left on a shot that deflected in off Edmonton forward Leon Draisaitl‘s stick to give the Vegas Golden Knights a stunning 4-3 victory in Game 3 on Saturday night.
Smith’s goal is tied for the latest game winner in regulation in Stanley Cup playoffs history along with Nazem Kadri‘s goal for the Colorado Avalanche in 2020 and Jussi Jokinen’s goal for the Carolina Hurricanes in 2009, according to ESPN Research.
“Honestly, I’ve seen [Vegas forward William Karlsson] use that play a few times where he forechecks and spins it out in front of the net, jumping off the bench,” Smith said when asked about the play. “I think there was around seven seconds. I just tried. And being first on it. … So I thought there was a chance. And once it popped out I saw a lot of guys sell out. So I just hope that I had enough time to kind of pump-fake and find a lane and, you know, worked out.”
The game-winning goal came after Oilers star Connor McDavid tied it with 3:02 to go with a centering pass that went in off defender Brayden McNabb‘s skate.
“We didn’t sort it out very well to let the puck get into the slot. After that, it’s unlucky, it’s unfortunate,” Draisaitl said of the game-winning goal. “It goes off my stick, and I’m just trying to keep it out of the net. It’s just a bad bounce.”
After Corey Perry gave Edmonton an early 2-0 lead, Nicolas Roy and Smith tied it with goals in a 54-second span late in the first period. Karlsson put the Golden Knights in front with 2:55 left in the second, beating goalie Stuart Skinner off a give-and-go play with Noah Hanifin. And Adin Hill made 17 saves for Vegas.
The Golden Knights’ win Saturday cut Edmonton’s lead to 2-1 in the Western Conference semifinal series. Game 4 is Monday night in Edmonton.
“Before the series starts, if you were to tell us that we were gonna be up 2-1 after three, we’d be happy,” Edmonton coach Kris Knoblauch said. “We’d be pleased with that, not only up 2-1, but Game 4 at home.”
“Big win for our team,” Smith said. “We need to use the momentum in front of us to push forward, but focus one game at a time. That’s kind of always been the mindset for this group. We have a lot of resiliency. So as long as you focus on that next game and get a little bit better every night.”
Roy, playing a day after being fined but not suspended for cross-checking Trent Frederic in the face in overtime in Game 2, cut it to 2-1 off a rebound with 4:43 left in the first. Smith then slipped a backhander through Skinner’s legs with 3:49 to go in the period.
Skinner stopped 20 shots, taking over in goal for the injured Calvin Pickard. Pickard appeared uncomfortable and was seen shaking out his left leg after Vegas forward Tomas Hertl landed on his left pad in Game 2.
Houston Astros right-hander Lance McCullers Jr. said he and his family were the subjects of death threats made on social media after he allowed seven runs as part of a 10-run first inning for the Cincinnati Reds on Saturday night.
A team spokesperson said the Astros notified the Houston Police Department and Major League Baseball security about the threats.
“I understand people are very passionate and people love the Astros and love sports, but threatening to find my kids and murder them is a little bit tough to deal with,” McCullers said. “So just as a father I think there have been many, many threats over the years aimed at me mostly, and I think actually one or two people from other issues around baseball actually had to go to jail for things like that. But I think bringing kids into the equation, threatening to find them or next time they see us in public, they’re gonna stab my kids to death, things like that, it’s tough to hear as a dad.”
McCullers and his wife, Kara, have two young daughters.
McCullers (0-1) was making just his second start since Game 3 of the 2022 World Series after battling a series of right arm issues. An All-Star in 2018, he has spent all eight of his big league seasons in Houston.
A visibly upset manager Joe Espada addressed the threats at his postgame news conference.
“There are people who are threatening his life and the life of his kids because of his performance,” Espada said. “It is very unfortunate that we have to deal with this. After all he’s done for this city, for his team, the fact that we have to talk about that in my office — I got kids too and it really drives me nuts that we have to deal with this. Very sad, very, very sad.
“Listen, he hasn’t pitched in 2½ years. … It’s going to take a little bit of time to get him going. And that’s fine. But this can’t happen. I’m really upset that this can happen to athletes.”
McCullers struggled with his command from the start Saturday. He walked leadoff hitter TJ Friedl before plunking Matt McLain on the backside. Elly De La Cruz then smacked an opposite-field, three-run homer to left to make it 3-0.
McCullers walked two more batters with one out before Tyler Stephenson hit an RBI single. Will Benson followed with an RBI double to make it 5-0 and chase McCullers.
He was replaced by Logan VanWey, but the Reds kept piling on, sending 15 batters to the plate before Santiago Espinal finally struck out to end the inning.
It was Cincinnati’s most runs in a first inning since August 1989, when they scored 14, also against the Astros.
“If you fail you fail on a very large stage [with] a lot of eyes and there’s nowhere to hide,” McCullers said. “At the end of the day, I just want to do my job. I just want to be a good pitcher for the Astros and I believe I’ll get there, but like I said I just think that having to worry about that, worry about leaving town and leaving them and things like that or dropping her off at school, I just think … there should be some type of decency.”
The Reds went on to win Saturday’s game 13-9 as Houston lost for the fourth time in the past six games.
Information from The Associated Press was used in this report.