Nike Suffers Record Losing Streak on China, Inventory Woes

(Bloomberg) — Nike Inc. posted a record streak of losses as concern over China’s sluggish consumer recovery builds and elevated merchandise stockpiles continue to weigh on profitability across the activewear industry.

The stock slid 1.4% to $101.46 on Tuesday, falling for a ninth straight session in its longest losing streak since the company’s initial public offering in December 1980. The latest drop came after retailer and Nike customer Dick’s Sporting Goods Inc. reported disappointing fiscal second-quarter results and cut its profit outlook for the year, due in part to more theft at its stores.