Just doin’ it… Nike reports Thursday, after posting its first earnings miss in three years in the previous quarter. Inventory glut, up 23% since 2021, has been a stone in Nike’s shoe. The swoosh icon has been dialing back its direct-to-consumer biz and repairing relationships with wholesale partners like Foot Locker and Macy’s, hoping to clear out some excess sneakers. Analysts aren’t expecting much as US retail spending weakens, but Nike’s hoping its powerful brands (like the $6.6B Jordan line) can step up demand.
A rollin’ throne… Premium-furniture maker MillerKnoll, which owns brands like Herman Miller and Design Within Reach, took a hit during the pandemic when its ergonomic chairs were sitting empty. As unsold Aerons filled warehouses, MillerKnoll’s sales (and stock) sank. In major American cities the office-occupancy rate has remained below 50% since last year, but a renewed RTO push may boost orders (FYI: 90% of US cos say they’ll require some in-office days by next year). We’ll see whether MillerKnoll is beating its Covid hangover when it reports tomorrow.