Nike Falls After Warning Fiscal-Year Sales Will Shrink

$NKE fell about 6% after hours after Nike warned that sales will decline this fiscal year.
Quarterly revenue fell 4% to $11.2B, with Greater China revenue down 22%, digital sales down 13% and Converse down 28%.
Nike's full-year EPS forecast of $1.15-$1.35 came in below the $1.65 analysts expected. JPMorgan, Bank of America and Morgan Stanley now rate the stock the equivalent of a sell.
$NKE is down more than 80% from its 2021 peak, erasing roughly $230B in market value.