The Globe and Mail reports in its Wednesday, July 1, edition that Nike forecast a surprise drop in annual revenue, as its turnaround struggles to find its footing. A Reuters dispatch to The Globe reports that investors were disappointed with Nike's outlook, having grown impatient with chief executive officer Elliott Hill's nearly two-year effort to revamp the business by clearing excess inventory and boosting product innovation. Nike's shares have fallen 35 per cent so far this year. Mr. Hill, who became CEO in 2024, pledged to refocus Nike on key sports like soccer and running while also rebuilding relationships with wholesale retailers severed during former CEO John Donahoe's direct-to-consumer shift. Mr. Hill reiterated on a post-earnings call that progress in Nike's efforts to improve its sports-focused product line "continue to be uneven." The company would introduce more than a dozen new footwear styles in its sportswear collection, but the work would take time to scale and translate into consistent results, said Mr. Hill. Nike expects fiscal 2027 revenue to be down in low- to mid-single digits, compared with analysts' average estimate of a 0.4-per-cent rise to $46.47-billion (U.S.).