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Nike quarterly sales miss estimates as China weakness, competition weigh
Revenue came in below Wall Street estimates as China sales fell 12% last quarter and Nike shares dropped more than 40% this year.
- Nike reported fiscal first-quarter revenue of $11.2 billion Thursday, missing Wall Street expectations and causing shares to dip over 3 percent.
- Amid the company's turnaround plan, CEO Elliott Hill faces challenges in Greater China where sales dropped last quarter, complicating efforts to improve performance across diverse business segments.
- Shares have plummeted this year, leading Bank analysts to downgrade the stock last week while warning that "risks are rising" for the firm.
- Wholesale revenues in the first quarter were $6.8 billion, down 1 percent, while North America saw Direct revenues of $4.1 billion, down 8 percent on a reported basis.
- Following previous guidance from Former Chief Financial Officer Matt Friend that sales for the first two quarters of fiscal 2027 would be "flattish," the company will host an analyst conference call in the afternoon today.
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