Stock Groups

Nike misses estimates for quarterly revenue, shares fall By Reuters

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: Nike shoes were displayed at a New York City sports goods store on May 14, 2019. REUTERS/Mike Segar/File Photo

(Reuters) – Nike Inc (NYSE:) missed estimates for quarterly revenue on Thursday, signaling demand for its sports shoes and apparel was slowing.

Nike shares fell by 3% in extended trades, despite being down about 9.9% from the August record.

The long-running factory shutdowns in Vietnam where half of Nike’s footwear was made have put more strain on the global supply chain, already struggling to cope with the effects of the pandemic. Some analysts predict that Nike may run out of product during this crucial season of holiday shopping.

Refinitiv data shows that revenue increased to $12.25Billion from $10.59B in the quarter ending Aug. 31. However, analysts had been expecting $12.46B.

Nike reported a 23% increase in net income to $1.87billion, which is $1.16 per share.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs are stocks, futures, indexes or Forex. The prices of Forex and CFDs are not supplied by exchanges. However, market makers provide the prices. This means that prices might not reflect actual market prices and prices could be incorrect. Fusion Media does not accept any liability for trade losses caused by the data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]