Nike Q1 revenue falls short of estimates; postpones investor day
Investing.com — Nike reported Tuesday mixed fiscal first-quarter results as revenue fell short of analyst estimates and the sportswear giant said it would postpone its investor day amid a leadership transition.
Nike Inc (NYSE:NKE) was down more than 3% in afterhours following the report.
Nike announced earnings per share of $0.70 on revenue of $11.59 billion. Analysts polled by Investing.com anticipated EPS $0.52 on revenue of $11.65B.
The beat on the bottom line was given by a 120 basis points jump in gross margin to 45.4%.
Nike postponed its previously announced investor day and said it would address its approach to guidance on the post-earnings conference call given that it is in the midst of a chief executive transition.
On Sept 19, Nike said it had appointed Elliott Hill as president and chief executive. Hill is set to take the leadership reigns on Oct. 14.
