Nike Misses Q3 Sales Estimates

Nike Inc NKE released its third quarter earnings results after Tuesday's close. Shares are up 14 percent year-to-date after a rough 2016 that saw the company as one of two negative performing Dow components.

• Nike reports Q3 EPS $0.68, beating estimates by $0.15
• Sales came in at $8.4 billion, missing by $70 million
• Revenues were up 5 percent, Inventories up 7 percent
• Nike repurchased 8.9 million shares in the third quarter

“The power of NIKE’s diverse, global portfolio delivered another solid quarter of growth and profitability,” said Mark Parker, Chairman, President and CEO. “To expand our leadership and ignite NIKE’s next phase of growth, we’re delivering a relentless flow of innovation through performance and style, increasing speed throughout the business and creating more direct connections with consumers leveraging digital and membership.”

Worldwide futures orders, a key metric for the Nike brand, will be revealed in the company conference call later today.

Shares of Nike were down about 2 percent at $57.06 in the after-hours session.