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Nike drops 9% on revenue decline
Nike's stock fell by 9% in pre-market trading after announcing first-quarter results that showed mixed performance. The company's adjusted earnings were 48 cents per share, exceeding Wall Street expectations of 44 cents. However, revenues were below forecasts, amounting to $11.21 billion versus an estimated $11.35 billion, representing a 5% decline compared to the previous year. The challenges were concentrated in weak revenues in China, Europe, the Middle East, and Africa, with the "Nike Direct" segment experiencing an 8% decrease in revenue. Despite an increase in gross profit margin to 42.8%, the outlook for fiscal year 2027 remains negative, with revenue expected to decline between 6% and 9%, and the company reaffirmed that the stock has not yet reached its lowest levels.
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