Shares of Nike (NYSE: NKE) slid by 21.9% in September, according to data provided by S&P Global Market Intelligence. Shares of the sports apparel and footwear company have nearly halved year to date as investors worry over a plethora of problems.

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Nike released its fiscal 2023's first-quarter earnings, and it wasn't a pretty picture. Although revenues inched up 4% year over year (YOY) to $12.7 billion, gross profit slid by 1% YOY to $5.6 billion as gross margin fell from 46.5% a year ago to 44.3%. The reasons for the weaker margins were plenty -- a strengthening of the U.S. dollar against a basket of foreign currencies, higher freight and logistics expenses, and discounting to clear off excess inventory.

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Source Fool.com