People walk past the Nike Store on September 29, 2026 in New York.
Kemaz | GVN | Getty Images
nike on Thursday announced fiscal first-quarter profits that beat Wall Street expectations, even though sales were lower than expected.
The company also provided its full-year outlook, saying it expects sales to decline by a low single-digit percentage in fiscal 2027.
Nike stock fell about 4% in extended trading Thursday.
According to LSEG’s consensus estimates, here’s what the company has reported in the period compared to analyst expectations:
Earnings per share: 48 cents vs. 43 cents expected Earnings: $11.21 billion vs. $11.32 billion expected
Nike reported net income of $712 million, down 2% from $727 million in the year-ago period.
Sales decreased 4% to $11.21 billion. The retailer said Nike brand revenue was hit primarily by a sustained decline in its China business. Market revenue decreased by 26%
According to Street accounts, North American sales were $5.13 billion, slightly above expectations of $5.11 billion. Nike also reported a gross profit margin of 42.8% versus expectations of 42.4%.
The retailer is in the midst of a turnaround plan, focused on improving individual parts of the business at varying rates based on priorities. Nike consumers are also under macroeconomic pressures, as geopolitical tensions and high inflation lead to weaker spending.
Nike stock has plummeted more than 40% this year.
