Nike Stocks Reach All-Time High Despite Ongoing Scandal
The troubles haven’t affected the bottom line.
Since March, Nike has been caught up in a scandal regarding the company’s corporate culture. So far, the scandal has led to numerous resignations – beginning with president Trevor Edwards and also including a number of other executives — and the promise of a review from CEO Mark Parker. Despite this rocky few months, though, Nike’s stock prices have recently hit an all-time high.
The surge in stock price — a rise of 7% since March — saw shares hit a record of $71.70 USD, before finishing the day’s trading at $71.38. This performance is attributed to a report from Macy’s, with stronger-than-expected first-quarter earnings noted. Macy’s report had a ripple effect across the industry, with a number of other retail and apparel companies strengthened by its improved performance.
As the corporate culture and harassment scandal around Nike continues, adidas CEO Kasper Rorsted recently shared his thoughts on the issue.
