Shares of Nike Inc. dipped over 3 percent after the market close Thursday following the company’s sales miss in the first quarter. Net income at the Beaverton, Ore.-based company in the first quarter of fiscal 2027 was $712 million, down 2 percent from $727 million at the same time last year. Diluted earnings per share in the first quarter were 48 cents, down from 49 cents a share in the first quarter of 2026. Net sales in the quarter tallied $11.2 billion, down 4 percent from $11.7 billion in the first quarter last year on a reported basis, and down 5 percent on a currency-neutral basis. The company’s first-quarter sales results fell short of Wall Street’s best guess. Analysts, on average, were expecting net sales of $11.32 billion and EPS of 43 cents, according to LSEG. By business segment, the company said Nike brand’s first-quarter revenues were $11 billion, down 4 percent on a reported and currency-neutral basis, primarily due to declines in Greater China and Europe, the Middle East and Africa, partially offset by growth in North America. Wholesale revenues in the first quarter were $6.8 billion, down 1 percent on a reported and currency-neutral basis, primarily due to declines in Greater China, partially
Follow Footwear News on Twitter or become a fan on Facebook.