Nike slips after Q1 sales miss expectations
NKE•Nike shares fell 4.2% in extended trading after Q1 sales missed expectations. The company expects fiscal 2027 revenue to decline by a high-single-digit percentage, versus Wall Street expectations for a 2% decline.
1. Sales and outlook
Nike missed Wall Street estimates for Q1 sales as it grappled with weak demand in China and heightened competition. CEO Elliott Hill said the company had more work to do in Nike Sportswear, Jordan Brand and Greater China; Nike also plans to cut jobs as it streamlines the firm to reduce costs.
