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Nike Inc. declined 4.8% to $72.83 after the athletic shoemaker reported fiscal second quarter sales declined and the company forecasted weaker sales in the fiscal third quarter. 

Revenue in the fiscal second quarter ending in November decreased 8% to $12.4 billion from $13.4 billion, net income fell 26% to $1.2 billion from $1.6 billion, and diluted earnings per share eased to 78 cents from $1.03 a year earlier. 

Nike's sales have been affected by the lack of new products and higher levels of discounting, which are also affecting gross margin. 

The company estimated gross margin to decline between 3.0% and 3.5% in the holiday quarter. 


20 Dec, 2024

     

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