Nike sales are tumbling

(CNN)– The largest shoemaker in the world is in a slump.

On Thursday, March 20, Nike announced its global sales have fallen 9%.

That includes a 17% drop in China as well as a 9% drop in North America, the company’s largest market.

The sports apparel giant has seen its stock drop 30% over the past year.

More consumers are passing up pricey shoes and athletic attire for cost effective basics.

Nike is also seeing tough competition from upstarts like ‘Hoka’ and ‘On.’