Nike reported adjusted earnings of $0.70/share vs estimates of $0.523 on revenue of $11.58B vs estimates of $11.65B according to Bloomberg Analyst estimates  in the first quarter of the firm's fiscal year 2025.

Both the Nike and Converse segments missed estimates. The firm said in a press release it would address forward-looking guidance during its conference call, due to a still yet to take office CEO. Friday, the firm announced Elliott Hill would take the position of President and CEO by October 14th.

The firm said revneue in the first quarter was down 10 percent on a reported basis compared to the prior year. Direct revenues were $4.7 billion, down 13 percent on a reported basis and down 12 percent on a currency-neutral basis.

Wholesale revenues were $6.4 billion, down 8 percent on a reported basis and down 7 percent on a currency-neutral basis. Gross margin increased 120 basis points to 45.4 percent. Diluted earnings per share was $0.70 for the first quarter, down 26 percent.

"NIKE's first quarter results largely met our expectations. A comeback at this scale takes time, but we see early wins — from momentum in key sports to accelerating our pace of newness and innovation," Matthew Friend, EVP and CFO said in a relase. "Our teams are energized as Elliott Hill returns to lead NIKE's next stage of growth."