Nike IncNKE
▼ NegativeDemandrelevance
Greater China sales down 12% amid intense local competition
Impact on stocks 1
Consumer Discretionary
Nike IncNike profit boosted by tariff refund but China sales slump and tepid outlook weigh
Earnings
Nike reported a $1.1 billion quarterly profit, mostly from a $986 million US tariff refund, but weak sales in China and a cautious forecast pressured shares. Revenues fell 1% to $11 billion, with Greater China sales down 12% to $1.3 billion amid intense local competition. CEO Elliot Hill said the turnaround will take time, while CFO Matthew Friend expects flattish profit over the next two quarters and a low-to-mid single-digit revenue decline in the upcoming quarter. Shares dropped 2% in after-hours trading.
Nike IncGreater China sales down 12% amid intense local competition