LIVE: Nike reports earnings (NKE)
Brian Snyder/Reuters
Nike reported on Tuesday reported earnings and sales for its fiscal second quarter that were better than expected.
Its adjusted earnings per share was $0.50, beating the forecast for $0.43. Sales totaled $8.2 billion, topping analysts' expectation for $8.1 billion.
The company is the worst performer on the Dow this year, with its stock down about 17% through the market close on Tuesday. It is on pace for its first annual decline since 2009.
The activewear maker continues to operate in a super-competitive industry. One of analysts' major concerns is how high its gross margins can remain while it entices customers with price cuts.
There are also concerns about the company's market share in North America, as the consumer preference shifts from basketball to retro and lifestyle footwear.
Futures orders — a gauge of sales that reflects demand from retail stores — won't be included in earnings releases starting this quarter. Nike said last quarter that futures orders will be mentioned in the context of guidance given during the earnings call, and then filed separately with the Securities and Exchange Commission.
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