By Alimat Aliyeva

At the beginning of the new financial year, Nike asked investors to be patient, Azernews reports.

The company's net profit decreased by 28 percent to $ 1.1 billion. At the same time, sales decreased by 10 percent and amounted to $ 11.6 billion. The world's largest manufacturer of sporting goods had previously forecast a drop in sales of about five percent. At the last auction, the company's shares lost 2.5 percent.

In mid-October, Elliot Hill, whom Nike is counting on, will replace John Donahue as CEO of the company. However, the company's analysts predict that sales will decrease by 8-10 percent in the second quarter. Austerity measures such as job cuts and the abandonment of low-end products are unlikely to fix the situation in the near future.