As Converse Continues to Struggle, Nike CEO Elliott Hill Shrugs Off Sale Speculation [Yahoo! Finance]
Nike, Inc. (NKE)
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Source: Yahoo! Finance
quarter earnings call on Tuesday that he's not interested in selling Converse despite growing speculation of a deal. “Converse will remain an important part of the Nike, Inc. family, and we are excited about its long-term prospects,” Hill said on the call. “Overall, the work is not finished, but the direction is clear. Our teams are moving with focus and urgency, and our foundation is getting even stronger.” The CEO added that the Converse team took some “decisive steps” this quarter to bring the brand back to a healthy business. This included layoffs at the brand in February. The exact number of employees affected were not disclosed at the time. Still, revenues for Converse in the third quarter were $264 million, down 35 percent on a reported basis from $405 million the same time last year. The company noted this result was due to declines across all territories. The company said it expects to have more details on its turnaround efforts for Converse by the time it hosts its investor
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