The sneaker company is reducing supply of its Air Force 1, Air Jordan 1 and Dunk models to revive consumers’ interest.

Nike sales and profits slumped in its fiscal first quarter as the sportswear giant wrestles with shoppers' sluggish demand for new sneaker models and other products. The lackluster results Tuesday came after Nike announced last month that its CEO,

Nike is expected to report a 10% decline in quarterly sales from a year earlier in Tuesday's earnings report, and could cut its annual sales forecast again. Will Nike's efforts to aggressively reduce supply of its most iconic sneakers help revive consumer interest?