Nike Stock Plummets, Everything Is On Sale, And Investors Aren’t Happy
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October 1, 2022Like many conservatives these days, I try to put my money where my mouth is. If I know a company is anti-American, or anti-conservative, I simply don’t give them my money. There are exceptions of course; my daughter’s dance team had to get the same custom Nike sneakers for competition, and I wouldn’t want to punish her for my political beliefs, but I’m not buying Nike for everyday wear.
Honestly every sporting gear store I go to seems to have an exclusive contract for Nike apparel, it’s everywhere! So I assumed they were doing just fine without my meager dollars. Well I was absolutely tickled, TICKLED I say, to hear that their stocks plummeted the most it has in twenty years. I don’t want to sound petty, but I legit laughed out loud.
Higher freight costs and foreign-exchange effects were cited in its earnings report, and that’s to be expected with the state of the world and the economy today. But the real issue is Nike’s huge surplus in inventory. There are over 40% more Nike shoes and sweatpants than last quarter just sitting in shipping containers, warehouses, and stockrooms, collecting dust around the world. There’s 65% more boxed up inventory in America alone. Items have been be moved at any cost, so you’ll be seeing new $50 jackets on the clearance rack soon.
If you’ve ever wanted to buy Nike gear, it’s all hugely discounted right now, so have at it! You’ll likely see some items were “discontinued”, so they can sell the remaining products as special editions. Don’t fall for the Hail Mary. Nothing they’re selling is special, they just need it gone yesterday.
4 Comments
I’m with you, Ksenya! I try to avoid some of the more woke companies but still patronize a few like Netflix and PepsiCo (they distribute my favorite 7up Zero). Nike, Dick’s, Target, and Ben & Jerry’s are tops on my boycott list. So it amuses me to no end that Nike is suffering for their insufferable wokeism!
I understand. I really try to keep my youngest out of politics where I can and just let her enjoy childhood without worrying about such things. It will come soon enough!
I hear you loud and clear and if I had it my way I purchased my last Nike product years ago. Dick’s sporting goods and numerous woke companies are in that boat too. Like you, when push comes to shove, I’m gonna but products that I absolutely don’t support under the guise of supporting my kids is more important. I know, I probably suck as a “principled person”, but kids…
I understand. I really try to keep my youngest out of politics where I can and just let her enjoy childhood without worrying about such things. It will come soon enough!