Nike Inc reported quarterly revenue that failed to beat Wall Street estimates fo...
- Nike Inc reported quarterly revenue that failed to beat Wall Street estimates for the first time in over a year, as sales fell short of expectations in its biggest market of North America, sending its shares tumbling 5 percent on Thursday.
The company has launched timed, limited-edition sales on its app, often in collaboration with celebrities and athletes, called “drops,” generating hype around its brands, especially with its Jordan line of basketball shoes. “While it’s not very clear what caused the domestic weakness, it’s possible that the news of what happened with the Duke University player’s shoe had a short-term negative impact,” said Kian Salehizadeh, a senior analyst at investment firm Blockforce Capital.
Nike Chief Financial Officer Andrew Campion highlighted timing of launches of some NBA apparel products last year on a post-earnings call. A decline at the Converse brand also weighed.
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