Nike Inc (NYSE:NKE) reported its fiscal first quarter results this week, topping earnings estimates but falling short on revenue, along with withdrawing guidance and postponing its investor day that was scheduled for November. The sneaker giant is in for a CEO change on October 14th.
Fiscal First Quarter Higlights
For the quarter that ended on August 31st, Nike reported revenue dropped about 10% YoY to $11.59 billion, which was short of LSEG's estimate of $11.65 billion. More precisely, direct to consumer sales shrinked 13% to $4.7 billion, and digital sales recorded an even sharper drop of 15%. Wholesale revenue also recorded a drop of 8% as it...
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