Nike warned that current-quarter sales will drop by a double-digit percentage, according to CNBC. The sneaker faces new tariffs, weak consumer confidence, and a slower-than-expected turnaround. Nike expects its fiscal fourth-quarter sales to decline at the lower end of its projected range. The company also anticipates a sharp drop in gross margin as it clears out excess inventory and outdated styles, a process likely to extend into the next fiscal year. Nike's sales forecast came in well below Wall Street expectations, surprising analysts with a more pessimistic outlook.