Nike's chief executive Elliott Hill received public backing from a major retail partner on Thursday, as JD Sports' boss praised Hill's leadership while the sportswear giant attempts to stabilize its business.
Regis Schultz, chief executive of British retailer JD Sports, told Reuters after the company released its full year results that Hill was "doing a great job." Schultz described JD's commercial ties with Nike as "fantastic" and urged patience, saying Hill simply needed time to complete his turnaround plans.
Schultz was quoted directly explaining his view of Hill's approach: "Elliott Hill has done the right thing which is to change the culture, to come back to a culture of innovation of product, we feel good about what he’s doing."
Hill, who spent more than three decades at Nike before returning to the top role in October 2024, has been charged with reversing strategic missteps that previously strained relations with retailers. Despite those efforts, the company continues to face headwinds: the article notes that 18 months into Hill's attempt to revive Nike, the firm is losing market share.
Investors have signaled growing impatience, according to the same report, as Wall Street watches Nike's ability to reduce inventory and to produce the highly desirable sneaker releases that drive strong sales. The article states that these concerns have not gone unnoticed by the market.
Nike's products remain a dominant component of JD Sports' assortment, representing about 45% of the retailer's sales, a concentration that underscores the commercial significance of the relationship between the two companies.
Market reaction noted in the article included stock moves shown as NKE+1.9% and JD+2.35% at the time of reporting.
Context
The comments from JD Sports' chief come alongside the retailer's full year results and serve as an affirmation of its ongoing partnership with Nike, even as Nike works through operational and product challenges described in the report.