🚨Nike Q1 revenue falls short of estimates; postpones investor day 📉
Nike reported mixed fiscal Q1 results, with earnings per share (EPS) of $0.70 beating analyst expectations of $0.52, but revenue fell short at $11.59 billion versus the anticipated $11.65 billion. Despite a 120 basis point rise in gross margin to 45.4%, the company’s revenue miss led to a more than 3% drop in after-hours trading. Nike also announced the postponement of its investor day due to a leadership transition, with Elliott Hill set to take over as president and CEO on October 14.
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