(CNN)– The largest shoemaker in the world is in a slump.
On Thursday, March 20, Nike announced its global sales have fallen 9%.
That includes a 17% drop in China as well as a 9% drop in North America, the company’s largest market.
The sports apparel giant has seen its stock drop 30% over t
he past year.
More consumers are passing up pricey shoes and athletic attire for cost effective basics.
Nike is also seeing tough competition from upstarts like ‘Hoka’ and ‘On.’
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