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Nike shares fall 9 percent
Nike reported that its first fiscal quarter earnings fell short of expectations, amounting to $11.21 billion compared to the projected $11.35 billion, representing a 5% decrease from the same period last year. This decline was driven by weaker performance in major markets such as China, Europe, the Middle East, and Africa. Although adjusted earnings per share reached 48 cents, beating Wall Street's forecast of 44 cents, the company's results highlight the challenges it faces in reigniting growth after years of weak demand. Nike also projected a revenue decline of between 6% and 9% for the 2027 fiscal year, with earnings per share expected to range from $1.15 to $1.35, factoring in some estimates based on restructuring costs. Additionally, the gross profit margin saw a slight increase to 42.8%, supported by reduced inventory and logistics costs. However, concerns over revenue trajectory remain, as the stock experienced a significant drop in the market before trading.
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