NKE - Nike Shares Crash 15% In Pre-Market Amid Missed Q4 Expectations And Potential 'Headwinds' Next Year | Benzinga
Shares of Nike Inc. (NYSE:NKE) experienced a 15% drop during Friday’s pre-market trading. This followed the company’s announcement of its fourth quarter revenues on Thursday, which fell short of expectations.
What Happened: Nike’s fourth-quarter revenue was $12.6 billion, a 2% decline year-over-year, failing to meet the Street’s consensus estimate of $12.91 billion, according to data from Benzinga Pro.
Nike Direct’s revenue saw an 8% year-over-year decrease, settling at $5.1 billion, while wholesale revenues saw a 5% year-over-year increase to $7.1 billion. Converse revenue also fell by 18% year-over-year to $480 million. Despite growth in several regions, including China, the overall performance was negatively impacted by ...