NIKE Q1 Profit Drops; Stock Down In After-hours

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(RTTNews) - NIKE Inc. (NKE) reported that its first-quarter net income dropped to $1.05 billion or $0.70 per share from $1.45 billion or $0.94 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.52 per share for the first quarter. Analysts' estimates typically exclude special items.

NKE closed Tuesday's regular trading at $89.13 up $0.73 or 0.83%. But in the after-hours trading the stock dropped $2.82 or 3.16%.

"NIKE's first quarter results largely met our expectations. A comeback at this scale takes time, but we see early wins — from momentum in key sports to accelerating our pace of newness and innovation," said Matthew Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc.

Quarterly revenues were $11.59 billion down from $12.94 billion in the prior year. Analysts expected revenue of $11.65 billion for the quarter. Quarterly revenues were down 10 percent on a reported basis compared to the prior year and down 9 percent on a currency-neutral basis.

NIKE Brand revenues were $11.1 billion, down 10 percent on a reported basis and down 9 percent on a currency-neutral basis, due to declines across all geographies.

NIKE Direct revenues were $4.7 billion, down 13 percent on a reported basis and down 12 percent on a currency-neutral basis, primarily due to a 20 percent decrease in NIKE Brand Digital, partially offset by a 1 percent increase in NIKE-owned stores.

Wholesale revenues were $6.4 billion, down 8 percent on a reported basis and down 7 percent on a currency-neutral basis.

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