$NKE sees inventory up 44% YoY!!!!
Adding to the pain, Nike's biggest growth market, China, has seen double-digit declines in sales. With Zero COVID lockdowns and rising nationalism in China, Nike investors can rest assured that they're not the only American company that's struggling in China.
With retailers like Walmart and Target reportedly canceling billions in orders from vendors, I wouldn't be surprised if companies like Footlocker or Shoe Carnival are also canceling orders with Nike. Maybe that's why Nike has highly bloated inventories.
In the meantime, Dick's Sporting Goods seems to be doing well in the stock market. Being a big client of Nike, it will be interesting to see whether $DKS will do well in the stock market throughout the rest of the year, or not.