Nike Reports Sluggish North American Sales
June 28 2016 - 4:59PM
Dow Jones News
By Tess Stynes
Nike Inc. said its revenue rose 6% in the latest quarter as the
athletic gear giant's growth in most of its international markets
offset sluggish sales in its North American business.
For the period ended May 31, Nike's revenue rose to $8.24
billion from $7.78 billion a year earlier. Analysts polled by
Thomson Reuters expected revenue of $8.28 billion. Excluding
currency fluctuations, revenue improved by 9%.
Shares of Nike slid 6.4% to $49.80 in after-hours trading.
The world's largest sportswear maker by revenue reported that
its sales in North America edged up 0.1% to $3.74 billion.
In all, Nike reported a profit of $846 million, down from $865
million a year earlier. On a per-share basis, earnings were flat at
49 cents amid fewer shares outstanding. Analysts expected per-share
profit of 48 cents.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
June 28, 2016 16:44 ET (20:44 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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