Nike (NYSE: NKE) has dominated the sportswear industry for more than a generation, but the sneaker king looks surprisingly vulnerable these days.

Revenue growth has ground to a halt, and the company is backing away from its direct-to-consumer strategy, admitting that it made a mistake in turning away from its wholesale relationships with retailers like Foot Locker.

Indeed, its revenue has been contracting -- it was down 2% in its fiscal fourth quarter, which ended on May 31, and the stock has plunged, now down more than 50% from its peak in 2021. But is Nike's stock poised for a turnaround or will it head even lower?

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Source Fool.com