Nike shares crash to 10-year low as critics cite 'woke push' amid sharp sales drop

Joe Sledge
Thu, 02 Apr 2026 21:07:33 +0000

Nike shares have fallen to their lowest level in more than a decade, marking a sharp decline for the American sportswear company.

The drop on April 1 leaves the business down around three-quarters from its peak valuation in 2021.

The company is now valued at less than £68billion, placing it significantly below the market capitalisation of retailer TJ Maxx.

Investor sentiment weakened further after Nike forecast a four per cent decline in revenue for the current quarter.

TRENDING

Stories

Videos

Your Say

The projected fall equates to roughly £500million in reduced sales across footwear, sportswear and apparel.

The company is facing challenges across several fronts, including weaker consumer demand, changes to its retail strategy and declining performance in China.

Nike’s previous shift away from wholesale partners has affected its visibility in key markets.

Under former chief executive John Donahoe, the firm reduced its presence with major retailers such as Foot Locker and Dick's Sporting Goods in favour of direct-to-consumer sales.

The move aimed to improve margins but resulted in reduced shelf space and exposure to customers.

Competitors including Adidas, Hoka and On have expanded their market share during this period.

Nike has since taken steps to reverse some of these decisions, including returning to Amazon in May 2025 after a five-year absence.

The company’s performance in China has also deteriorated, with sales in the region falling 11 per cent in the latest quarter.

LATEST DEVELOPMENTS

Pressure mounts on Ed Miliband after SNP softens stance on North Sea oil

Sir Jim Ratcliffe backs Tory pledge to scrap Net Zero levies amid 'killing British industry' fears

Leisure operator collapses into administration putting 100 sites at risk as councils step in

Retail analyst Neil Saunders said: "Nike is still falling out of favor with customers who find other brands, including local ones, more appealing.

"Nike needs to find a way to better connect with Chinese consumers."

Chief executive Elliott Hill, who took over the role in October 2024, acknowledged the scale of the challenge facing the business.

Mr Hill said: "I'm so tired, and I know you are, too, of talking about fixing this business."

He added: "I want to move to inspiring and driving growth and having fun."

Nike has also faced scrutiny over aspects of its brand positioning and marketing strategy in recent years, with Conservatives criticising the brand for a shift towards 'woke' culture.

It faced backlash over partnerships with political activists such as Colin Kaepernick, who protested during the US national anthem, and its all-female Super Bowl advert.

The combination of falling revenues, shifting strategy and increased competition has contributed to the recent decline in its market value.