Nike pops after crushing earnings and sales estimates (NKE)
AP Photo / David Zalubowski
- Nike reported third-quarter earnings and sales that beat analysts' forecasts.
- "As we close Q3, we now see a significant reversal of trend in North America ... ," said Mark Parker, Nike's CEO. Demand for the company's sneakers in North America has waned.
- Gross margins fell for a ninth straight quarter, indicating Nike continued to compete with rivals on price.
Nike on Thursday reported third-quarter earnings that beat analysts' forecasts for earnings and revenue.
The footwear maker reported $0.68 in adjusted earnings per share excluding charges related to the Tax Cuts and Jobs Act, and $8.98 billion in revenue. Analysts had forecast earnings of $0.53 a share on revenue of $8.85 billion, according to Bloomberg.See the rest of the story at Business Insider
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