BUZZ-Nike down on tightening online sales in China

NIKE, Inc. Class B

NIKE, Inc. Class B

NKE

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** Shares of sportswear giant Nike NKE.N down 2% at $42.06

** Co tightens China's online sales, with major retailers stopping online sales from January to drive consumers to official Nike channels

** Co aims to rebuild trust with Chinese shoppers and sell its products at full price - Cathy Sparks, vice president and general manager of Greater China

** China, Nike's third-largest market, remains a key challenge, with Greater China sales down 17% in fourth-quarter results

** "Nike pulled back on wholesale partners in the west, and that opened up shelf space for competitors," says Laurent Vasilescu, analyst at BNP Paribas

** "Nike doesn't have a distribution problem in China and elsewhere. It has a product problem," Vasilescu adds

** As of last close, Nike down ~33% YTD


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