Nike, the world’s largest sportswear brand, is on a mission to regain its stride after a challenging year.

Analysts say a yearslong series of strategic errors led to the company’s worst trading day ever over the summer, during which shares fell 20%, wiping $28 billion off of Nike’s market cap.

Last week, the company posted its first earnings report under new CEO Elliott Hill, which analysts say could mark the beginning of a long turnaround for the brand.

“When Nike puts innovation behind their products, they can bring back growth,” said Stacey Widlitz, president of SW Retail Advisors. “But it’s going to be a long-term, painful process.”

The company’s challenges started in 2020, when the retailer began limiting ties with wholesale partners, like Foot Locker and Dick’s Sporting Goods, in an effort to boost sales from its own platforms and stores. The plan initially saw increased direct sales, but as Covid lockdowns lifted in 2021, Nike’s revenue from direct channels began stalling.

Analysts say Nike’s lack of product innovation and absence from wholesalers also allowed newer rivals like Hoka and On Running to gain market share.