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.

Nike Inc. withdrew its full-year guidance after sales missed estimates, underscoring the challenge that incoming Chief Executive Officer Elliott Hill will face when he takes the reins later this month.

Key Takeaways Nike shares tumbled in extended trading Tuesday after the company withdrew its full-year outlook ahead of its transition to a new CEO later this month.The athletic apparel giant also said it will postpone its investor day originally scheduled for Nov.