Nike’s Q3 sales trail estimates
NEW JERSEY: Nike posted thirdquarter sales that trailed analysts’ estimates, drawing critics ire at its losing ground to rivals.
Revenue rose five per cent to US$8.43 billion (RM37.3 billion), said the firm. Analysts estimated US$8.47 billion, on average.
Rivals Under Armour and Adidas have been grabbing market share from Nike. The stock recorded its first annual decline in eight years last year.
Worldwide futures orders, excluding the effects of currency exchange-rate fluctuations, fell one per cent. Analysts had expected a 3.4 per cent gain. Bloomberg