Nike Inc., facing one of its roughest patches in decades, moved to reset Wall Street’s expectations ahead of new Chief Executive Officer Elliott Hill’s arrival. The sportswear company withdrew its full-year sales guidance on Tuesday,

Hill, a Nike veteran who started as an intern decades ago, is coming out of retirement to take the top job on October 14. He replaces Donahoe, who became CEO in 2020 when sales were soaring, but oversaw Nike during one of the most tumultuous years in the company’s half-century history.

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.