Nike, Lululemon Sink as Annual Forecasts Disappoint

Nike shares tumbled 8% on Friday after the Air Jordan maker warned of lower sales in its first half as it replaces older styles with trendier sneakers, while Lululemon Athletica sank 17% as demand waned for its premium athleisure. While Lululemon's gloomy forecast spotlights the challenges for retailers as customers reduce discretionary spending due to sticky inflation, Nike's projection signals its efforts to battle newer brands for market share.

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