Nike stepped in something, and it stinks. After decades of stellar sales and stock performance, the company has slipped into decline, and shares, which peaked above $175 just over three years ago, have collapsed to $77.

Nike's new CEO Elliott Hill warned of a long road to sales recovery for the sportswear giant, but the veteran executive's plan to turn the spotlight on sports like basketball and running, allayed some investor worries.

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Chief Financial Officer Matt Friend said that revenue in the company’s current quarter is expected to decline in the low double digits.

Nike's results beat modest estimates on Thursday and its shares jumped briefly, but the company soon dashed investor hopes and sent shares lower when a top executive predicted revenues would fall by double digits in the third quarter.

Nike Inc.’s new Chief Executive Officer Elliott Hill pledged to reignite growth by refocusing on sports and revamping the company’s products. But first, he has to undo all the things his predecessor did wrong.

Nike reported lower profits on another drop in revenue Thursday, with new CEO Elliott Hill vowing to get the slumping sports giant back on track.