Nike quarterly sales fall short of forecast

Nike announced that it failed to meet analysts' expectations for its quarterly sales, recording $11.2 billion in revenue for the first quarter, compared to the expected $11.32 billion. The company faces weak demand in China and increased competition, along with strategic issues and a failure to launch new and appealing products, leading to more promotions and discounts. As a result, its stock fell by 4% after the market closed. Despite the decline in revenue, the gross profit margin increased by 60 basis points to 42.8%, supported by lower warehousing and logistics costs.

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