Nike Reports Mixed Q1 Results

Investing.com — Nike reported Tuesday mixed fiscal first-quarter results as revenue fell short of analyst estimates and the sportswear giant said it would postpone its investor day amid a leadership transition.

Nike Inc (NYSE:NKE) was down more than 3% in after-hours trading following the report.

Financial Highlights

• Earnings per Share (EPS): $0.70
• Revenue: $11.59 billion

Analysts polled by Investing.com anticipated an EPS of $0.52 on revenue of $11.65 billion.

The earnings beat was attributed to a 120 basis points jump in gross margin to 45.4%.

Leadership Transition

Nike postponed its previously announced investor day and stated it would discuss its approach to guidance during the post-earnings conference call, given the ongoing CEO transition.

On September 19, Nike announced the appointment of Elliott Hill as president and chief executive, with Hill set to take leadership on October 14.