June 28 (Reuters) - Nike ( NKE ) will roll out new

$100-and-under sneakers in countries around the world, its chief

financial officer said Thursday, as the sportswear giant tweaks

its product lineup in a plan aimed at getting sales back on

track.

Nike ( NKE ) has significantly hiked the list price of its

top-end Air Jordan 1 sneakers in recent years. The shoes

currently sell for as much as $200 at some retailers including

Nordstrom on Nike.com.

Top-end Air Force 1 sneakers meanwhile sell for about $150

on its website. In comparison, Adidas' three-striped white and

black Samba and multi-colored Gazelle sneakers are priced at

$100 and $120 respectively.

Nike ( NKE ), which outlined a $2 billion cost-cut plan last year,

reported a surprise sales decline in its latest quarter. The

company has seen sales growth slow as the company battles

competition from the likes On and Deckers' Hoka brand, while

also having to clear out excess inventory.

The sportswear giant shares slumped 20% and was on track for

its worst day ever on Friday a day after Nike ( NKE ) reported

disappointing results that showed shoppers remain selective with

their spending.

Executives also flagged softer traffic in its factory stores

that sell discounted shoes and clothing, highlighting increasing

pressure being felt by the value consumer.

"This is likely a bid to secure some more price-sensitive

consumers, GlobalData analyst Neil Saunders said, referring to

the new $100-and-under line. Nike CFO Matthew Friend told

investors on Thursday "Our teams are also attacking

opportunities across price points."

Americans are cautious in their spending, especially when it

comes to nice-to-have, or non-essential, merchandise like trendy

sneakers. However, rival Cloudflow 4 and Hoka's Clifton 9

running shoes, which sell for $159.99 and $145 respectively,

recently have been making the cut with many shoppers.

Nike's ( NKE ) competitors in the "affordable" category include

Hoka and Roger Federer backed-On, analysts said. "That's an area

that they can compete in better in the near term," said Truist

Securities analyst Joseph Civello.

Nike's ( NKE ) roll-out of a new line could be a risky move for the

company because its sales decline is worsening.

"It might work to a degree, but it does not remedy the wider

problem of a lack of innovation" at Nike ( NKE ), a sponsor of the U.S.

Olympic and Paralympic Committee, Saunders said.

Some key Nike ( NKE ) styles have recently lost value on the resale

market, where Air Jordan 1 Retro High OGs resale price is at a

discount of about 32% as of May, according to Altan Insights,

which studies the collectible sneaker market.