Nike shares closed nearly 7% lower on Wednesday after the sportswear giant withdrew its annual revenue target, leaving investors guessing on the timeline for a turnaround under incoming CEO Elliott Hill.

Nike’s (NKE) shares dropped 8% during early trading hours on Wednesday after the company withdrew its full-year guidance and postponed its investor day. The moves created uncertainty among investors on the company’s turnaround efforts under incoming CEO Elliott Hill,

Nike shares fell by about 6% in premarket trading after the company withdrew its annual revenue target, creating uncertainty over its turnaround strategy under new CEO Elliott Hill. Investors remain concerned as the company delayed its investor day,

Shoppers are backing off the brand, and it’s up to new leadership to reinvigorate the product lines.

The sneaker company is reducing supply of its Air Force 1, Air Jordan 1 and Dunk models to revive consumers’ interest.

Nike sales and profits slumped in its fiscal first quarter as the sportswear giant wrestles with shoppers' sluggish demand for new sneaker models and other products. The lackluster results Tuesday came after Nike announced last month that its CEO,