Nike Inc
What Happened: Nike said fiscal first-quarter revenue increased 2% year-over-year to $12.939 billion, which missed the consensus estimate of $12.98 billion, according to Benzinga Pro. The athletic footwear and apparel company reported quarterly earnings of 94 cents per share, which beat analyst estimates of 74 cents per share.
North America sales were down about 2% year-over-year. Greater China sales were up about 5%. European sales climbed 8%, and Asia Pacific and Latin American sales were up 2%.
Nike Direct revenues were up 6%, Nike Brand Digital sales increased 2% and wholesale revenues were flat.
Gross margin decreased 10 basis points to 44.2%. Inventories came in at $8.7 billion, down 10% year-over-year. The company ended the quarter with $8.8 billion in cash, equivalents and short-term investments.
"Q1 offered proof of what NIKE can deliver when we connect great innovation, great storytelling and great marketplace experiences to consumers," said John Donahoe, president and CEO of Nike.
"Moving forward, we are laser-focused on scaling these successes with greater consistency and speed as we continue to integrate and streamline our business. This is how we'll extend our leadership position and drive growth over the long term."
Nike didn't provide guidance, but management is set to hold a conference call to discuss the company's quarterly results at 5 p.m. ET.
NKE Price Action: Nike shares were down 23.5% year-to-date heading into the print. The stock was up 1.08% after hours at $90.55 at the time of publication, according to Benzinga Pro.
