Nike pops after crushing earnings and sales estimates (NKE)

pulse

March 22, 2018 8:26 PM

Demand for Nike sneakers in North America has weakened.

"As we close Q3, we now see a significant reversal of trend in North America ... ," said Mark Parker, Nike's CEO. Demand for the company's sneakers in North America has waned.
Gross margins fell for a ninth straight quarter, indicating Nike continued to compete with rivals on price.

Nike on Thursday reported third-quarter earnings that beat analysts' forecasts for earnings and revenue.

The footwear maker reported $0.68 in adjusted earnings per share excluding charges related to the Tax Cuts and Jobs Act, and $8.98 billion in revenue.

Earlier on Thursday, The Wall Street Journal reported that Pershing Square CEO Bill Ackman had exited the stake he acquired in the fourth quarter after earning about $100 million.

Nike's earnings were released days after the company announced an executive shakeup. Trevor Edwards, the president of Nike Brand, resigned over "workplace behavior" complaints.

Nike's stock gained about 22% in the year through the market close on Thursday.

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