Nike stock plummets nearly 20% in 1 day

Nike shares plunged nearly 20% on Friday after the company said it expected sales to decline in fiscal year 2025.

PORTLAND, Ore. (KOIN) -- Nike shares plunged nearly 20% on Friday after the company said it expected sales to decline in fiscal year 2025.

This comes after the shoe and athletic wear company missed Wall Street’s revenue targets and cut its full-year sales guidance.

Company executives said they expect sales to decline by single digits, citing a “challenging” environment.

Nike's dour outlook dragged other athletic apparel companies down with it. Foot Locker fell 2.4%, Skechers lost 1% and Under Armour -- with operations in Portland -- dropped 2.6%.

Nike founder Phil Knight told CNBC that CEO John Donahue has his full support.