Nike (NYSE:NKE) posted fiscal first-quarter earnings that exceeded expectations, resulting in a 6% surge in its stock price on Friday, even though the company missed revenue estimates. The revenue shortfall was attributed to challenges in North America and an economic slowdown in its crucial Chinese market.

For the fiscal first quarter, Nike reported earnings per share (EPS) of $0.94 on revenue of $12.94 billion. Street estimated EPS of $0.75 on revenue of $13.02 billion.

While Nike brand digital sales recorded a 2% increase, growth in the EMEA (Europe, Middle East, and Africa), Greater China, and APLA (Asia Pacific and Latin America) regions partially offset a decline in North America. Sales in North America dropped by 2%, while sales in China, a critical market for the company, rose by 5% to $1.74 billion, though this figure fell short of Street’s estimate of $1.84 billion.

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