Nike shares reverse course to fall after co expects weaker Q4 revenue

Sportswear giant Nike's NKE.N shares reverse course, last down ~4% at $68.75 in extended trading

Co expects fourth-quarter revenue to be down in mid-teens percentage range vs analysts' estimates of a 12.22% fall to $11.07 billion, as per data compiled by LSEG

NKE also expects Q4 gross margins to be down about 400 to 500 basis points

However, co posts smaller-than-expected drop in quarterly revenue owing to benefits from a holiday season and an uptick in demand

NKE's Q3 revenue fell 9% to $11.27 billion, vs analysts' estimates of a 11.5% drop to $11.01 billion

Logs quarterly profit of 54 cents per share vs analysts' estimates of 29 cents per share

NKE fell about 30% in 2024