If you invested $1,000 in shares of athletic apparel titan Nike (NKE 2.97%) one year ago, I’m sorry for your losses. The stock is down about 34% during the last 12 months, leaving just $660 in value for anyone who invested a grand.
It gets worse: Nike stock is now down nearly 60% from all-time highs reached in 2021. A 60% drawdown isn’t necessarily rare on the stock market, but it is rare for Nike. Since going public in 1980, it’s only dropped 60% or more two other times. And it hadn’t happened during the last 20 years until now.
NKE data by YCharts
Nike stock is dropping because the business is losing some ground to competitors. In its fiscal fourth quarter of 2024 (the period that ended in May), CFO Matthew Friend said that looking at the long term, the company is “focused on taking back market share,” which means it’s definitely lost some.
Looking beyond its lost market share in…
