Nike posts quarterly sales that miss Wall Street estimates

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Nike shares fell 6 per cent at 5 p.m. in extended New York trading. The stock has declined 13 per cent this year through Thursday’s close. The company will update its outlook for this fiscal year, Chief Financial Officer Matt Friend said in the company’s earnings statement, citing unspecified challenges from the previous quarter.

Bloomberg Intelligence analyst Poonam Goyal said the underperformance at Nike’s own sales channels “comes by surprise and is a reason for concern, as the activewear giant could be turning its core shoppers away due to lack of newness.” She added that the performance in wholesale, which beat estimates, is a “positive indicator for its revived and existing wholesale relationships.”

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