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Nike Q1 Sales Miss Estimates at $11.2B, Sees High Single-Digit Revenue Decline for Fiscal Year
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Nike reported fiscal first-quarter sales of $11.2 billion for the period ending August 31, falling short of analyst expectations compiled by Bloomberg. The company attributed the miss to weakness in the Chinese market, as well as sluggish performance in its sportswear and Jordan brand segments. Nike now forecasts a high single-digit percentage decline in revenue for the current fiscal year. CEO Elliott Hill, entering his third year at the helm, faces mounting pressure to demonstrate a turnaround. Nike's stock has fallen over 40% year-to-date and is on track for a fifth consecutive annual decline. In after-hours trading on Thursday, shares dropped approximately 6% following the earnings release.
Source report
Source: Bloomberg
Nike Inc. reported quarterly results that fell short of expectations, citing weakness in China, as well as in its sportswear and Jordan brand segments.
In the fiscal first quarter ended August 31, the company posted sales of $11.2 billion, below the average analyst estimate compiled by Bloomberg. Nike now expects revenue for the current fiscal year to decline by a high single-digit percentage.
CEO Elliott Hill is about to enter his third year at the helm of Nike, and the company faces mounting pressure to show signs of improvement. Nike's stock has fallen more than 40% this year and is on track for a fifth consecutive annual decline. In after-hours trading in New York on Thursday, the stock dropped approximately 6% as of 4:18 p.m.
Source
bloombergWestern