Nike shares fall as weaker sales in North American lead to revenue shortfall

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Pedestrians walk past the American multinational sport clothing brand, Nike store and its logo seen in Hong Kong.
Budrul Chukrut | LightRocket | Getty Images

Nike shares dropped in extended trading Thursday after the sneaker giant reported quarterly revenue that missed analysts’ expectations, due to softening demand in North America.

Its stock was recently down around 3%.

Here’s how Nike did during its fiscal first quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $1.16 vs. $1.11 expected
  • Revenue: $12.25 billion vs. $12.46 billion expected

Net income for the three-month period ended Aug. 31 grew to $1.87 billion, or $1.16 per share, compared with $1.52 billion, or 95 cents per share, a year earlier. That topped analysts’ expectations for $1.11 a share.

Sales climbed to $12.25 billion from $10.59 billion a year earlier. That was short of expectations for $12.46 billion.

Nike shares are up about 13% year to date, as of Thursday’s market close, but down about 9% from an all-time high reached in early August. The company has a market cap of $252.6 billion.

This story is developing. Please check back for updates.

Find the full press release from Nike here.

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