Shares of Nike fell for the tenth straight day on Wednesday, putting it on track for its longest losing streak since it went public in 1980.
could also be weighing on Nike's stock. The retailer does about a third of its business there — and its business could suffer if the economy slows.
"The investors we speak to are increasingly concerned about the outlook in China given the negative macro data points coming out of that market," said Patel., the world's second largest, is slowing. It reported a modest 2.5% year-over-year increase in retail sales, and youth unemployment has skyrocketed.for the period ended May 31, it posted a 16% sales jump in the region to $1.81 billion, ahead of Wall Street's estimates of $1.68 billion, according to StreetAccount.
Nike's CEO John Donahoe told analysts at the time it's"clear" that consumers are back in China and the Nike and Jordan brands are strong in the region. However, it's unclear if that growth is continuing and what the results will look like when Nike next reports earnings.
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