Nike falls on downbeat Q2 profit amid tariff pressures

Shares of sportswear giant Nike NKE.N drop about 10% at $59.40 after the bell

Co reports decline in Q2 profit, as pressure from tariffs, wider fall in revenue in China and its efforts to clear out aged inventory hurt its gross margins

Q2 profit declines 32% to $792 million, or 53 cents per share, compared to last year

Nike raises annual tariff costs expectations to $1.5 billion vs prior expectations of 1 billion

Co's Q2 gross margin fell 300 basis points vs 320 basis points fall in the prior quarter

Expects Q3 revenue to be down low-single digits vs analysts' estimates of 1.5% fall to $11.43 billion

However, quarterly revenue grew 1% to 12.43 billion, beating analysts' estimate of $12.22 billion, as per data compiled by LSEG

Up to last close, stock down ~15% YTD