Nike shares plunge after retailer says quarterly sales will fall 10%, warns on China weakness

Nike cut its full-year guidance and said it expects sales to drop 10% during its current quarter as it warned of soft sales in China. For the fiscal fourth quarter, the sneaker giant handily beat earnings estimates but fell short on Wall Street’s sales expectations. Nike executives told CNBC the revenue miss was attributable to a slowdown in lifestyle sales, among other factors.