Nike Inc. (NYSE: NKE) on Tuesday reported mix results for the fiscal 2018 first quarter, as strong oversea growth was offset by declining sales in North America.
The athletic footwear and apparel giant said revenue was $9.07 billion in the quarter ended August 31, 2017. It slightly missed analysts’ estimates of $9.09 billion. Excluding certain items, the company earned $950 million, or 57 cents per share, compared with $1.25 billion, or 73 cents per share, a year earlier. Analysts polled by Thomson Reuters had projected earnings of 48 cents per share.
“This quarter, we captured near-term opportunities through our new Consumer Direct Offense,” said Mark Parker, Chairman, President and CEO, NIKE, Inc. “Looking ahead to the rest of fiscal 2018, we will ignite NIKE’s next horizon of global growth through the strength of our brand, the power of our innovative products and the most personal, digitally-connected experiences in our industry.”
Strong sales in international market help boost Nike’s first quarter earnings. Sales in Greater China segment jumped 9 percent to $1.1 billion. While sales in North American continue to decline, down 3 percent to $3.9 billion.
"The decrease in revenue was a function of short-term promotional headwinds in the broader marketplace," CEO Parker said on the company's earnings conference call about Nike's domestic sales.
Nike shares fell as much as 4.3 percent to $51.40 per share in the early trading in New York on Wednesday.