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Nike shares fall as overstocked inventory weighs on earnings

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NKE

A woman shops for shoes in the Nike Factory Store at the Outlet Shoppes at El Paso, in El Paso, Texas on November 26, 2021.
Paul Ratje | AFP | Getty Images

Nike on Thursday said it had a strong first fiscal quarter despite volatility in the market, as the sneaker giant continues to face challenges around the supply chain and rising costs.

Still, shares dropped 2.3% in after-hours trading,

Here’s how Nike did in its first fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:

Earnings per share: 93 cents vs. 92 cents expectedRevenue: $12.69 billion vs. $12.27 billion expected

Nike reported net income for the three-month period ended Aug. 31 of $1.5 billion, or 93 cents per share, compared with $1.87 billion, or $1.18 per share, a year earlier.

Revenue during the period was up 4% to $12.7 billion, compared with $12.2 billion a year earlier.

Read the company’s earnings release here.

This story is developing. Please check back for updates.

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