Nike has reported a slump in sales and profits for its fiscal first quarter as the sportswear giant wrestles with shoppers’ sluggish demand for new sneaker models.

Nike Inc.’s sales fell short of Wall Street’s expectations, underscoring the challenge that incoming Chief Executive Officer Elliott Hill will face when he takes the reins later this month.

Sneaker maker Nike Inc. reported falling sales and profits for its most recent quarter, with management stressing that the company’s turnaround would take time as it deals with weaker demand and prepares to bring aboard a new chief executive.