Nike Shares Down 2% Despite Better Than Expected Q1 Results

September 29, 2022 4:36 PM EDT

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Nike (NYSE: NKE) shares were trading more than 2% lower after-hours despite the company’s reported Q1 results, with EPS of $0.93 coming in better than the consensus estimate of $0.92. Revenue grew 4% year-over-year (up 10% on a currency-neutral basis) to $12.7 billion, compared to the consensus estimate of $12.29 billion.

NIKE Direct sales grew 8% year-over-year (up 14% on a currency-neutral basis) to $5.1 billion. NIKE Brand Digital sales grew 16% year-over-year (up 23% on a currency-neutral basis) led by double-digit growth in EMEA, North America and APLA, partially offset by declines in Greater China.

"Our strong start to FY23 highlights the depth and breadth of NIKE’s global portfolio, as we continue to manage through volatility,” said John Donahoe, President and CEO of NIKE.

By Davit Kirakosyan

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