Nike CEO Turnaround Rests on Unraveling Predecessor Mistakes (2)

Nike Inc.’s new Chief Executive Officer Elliott Hill pledged to reignite growth by refocusing on sports and revamping the company’s products. But first, he has to undo all the things his predecessor did wrong.

The world’s largest sportswear company reported revenue, profit and gross margin that surpassed analyst estimates in the quarter ended Nov. 30 — an early positive development in Hill’s turnaround bid. But the sales slump that began under previous CEO John Donahoe persisted, and Nike expects revenue in the current quarter to fall in the low double digits, a steeper drop than the 7.7% decline posted ...