Nike Inc (NYSE:NKE) shares are trading lower Wednesday on the heels of the company’s first-quarter financial results. Multiple analysts lowered price targets on the stock following the print.
What Happened: Nike missed revenue estimates of $11.65 billion, turning in first-quarter revenue of $11.59 billion, but the athletic footwear and apparel company beat on the bottom line, reporting first-quarter earnings of 70 cents per share versus estimates of 52 cents per share.
Total revenues were down 10% year-over-year as North America sales fell 11%, Greater China sales fell 4%, European sales fell 13% and Asia Pacific and Latin American sales fell 7%. Nike Direct revenues were down 13%, Nike Brand revenues were down 10% and Wholesale revenues were down 8%.
"NIKE's first quarter results largely met our expectations. A comeback at this scale takes time, ...
