Nike reported fiscal first-quarter earnings that fell short of Wall Street's revenue expectations for the first time in two years.Sales fell 2% in North America, Nike's largest market, but rose in every other region it operates in.A shopper leaves a Nike store along the Magnificent Mile shopping district with a purchase in Chicago, Dec. 21, 2022.
Sales rose to $12.94 billion, up about 2% from $12.69 billion a year earlier. Revenue for the quarter was just shy of the $12.98 billion analysts had expected, according to LSEG.Investors have been laser focused on Nike's recovery in China, its relationship with its wholesale partners and how theThey're also keen to see Nike's margins recover after bloated inventories, high promotions and supply chain woes contributed to lower profits over the last few quarters.
While Nike remains bullish on China, the region's economic recovery has so far been a mixed bag. Following a sluggish July,during the month of August to rise 4.6% compared to the prior year, beating expectations of a 3% growth forecast by Reuters.
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Nike earnings on deck with focus on US consumer demand, profit marginsA gloomy outlook from Foot Locker, as well as ongoing weakness in China, will challenge Nike’s near-term sales forecasts.
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