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Nike reports lower-than-expected quarterly revenue
March 21, 2017 / 8:26 PM / 8 months ago

Nike reports lower-than-expected quarterly revenue

March 21 (Reuters) - Nike Inc, the world’s largest footwear maker, reported lower-than-expected quarterly revenue on Tuesday amid intense competition from a resurgent Adidas AG and Under Armour Inc in North America.

Shares of the Dow component were down 1.7 percent at $57.00 in after-market trading on Tuesday.

Nike’s net income rose to $1.14 billion, or 68 cents per share, in the third quarter ended Feb. 28, from $950 million, or 55 cents per share, a year earlier.

Revenue climbed 5 percent to $8.43 billion.

Analysts on average had expected revenue of $8.47 billion, according to Thomson Reuters I/B/E/S. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty)

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