07:31 AM EDT, 10/01/2024 (MT Newswires) -- Nike ( NKE ) is aggressively reducing the supply of some of its iconic sneakers due to oversupply issues, The Wall Street Journal reported on Tuesday.

"They're digging themselves a hole because they put out too much stuff that people don't want," sneaker reseller Anthony Treviso told WSJ.

The report added that the company is selling some of its limited-edition shoes at discounted prices on its website and even making them available at retailers like Foot Locker, which traditionally did not carry them.

The company is expected to report a 10% decline in sales for the quarter ending Aug. 30 compared to last year, according to WSJ.

Nike ( NKE ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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