Nike added Alexandre Arnault to its board, a potential positive, but continued double-digit category declines and a >$1 billion China revenue hit leave the company's prospects unchanged.
Alexandre Arnault joining Nike's board brings a luxury retail turnaround executive and public praise from Bill Ackman. Those positives sit against reported double-digit sales drops in key categories and a >$1 billion China revenue hit. The new board member may help, but the report's opposing facts are large enough to leave Nike's outlook unchanged.
The story notes Apple chairman Tim Cook sits on Nike's board, but it reports no new business developments for Apple.
Bill Ackman publicly praised Nike's board addition, but that commentary does not change Pershing Square's business or fund holdings described in the story.
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