Nike Q2 results top estimates

Investing.comDec 20, 2024 12:59 AM

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Investing.com -- Nike reported Thursday fiscal second-quarter results that beat expectations even as the sportswear giant struggles to arrest sluggish sales despite a uptick in promotional activity.

Nike Inc (NYSE:NKE) shares jumped 7% in after-hours trade following the report.

Nike announced Q2 earnings per share of $0.78 on revenue of $12.4 billion. Analysts polled by Investing.com anticipated EPS of $0.65 on revenue of $12.18B.

Revenue fell 8%, with Nike brand revenues down 7% to $12B. Gross margin fell 100 basis points to 43.6%, driven by "higher discounts and changes in channel mix," the company said.

In China, the company's struggles continue as sales fell by 27% to $375M.

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