Nike (NYSE: $NKE) stock tumbled 10.25% to $31.55 premarket on Friday after weaker-than-expected fiscal first-quarter revenue and a full-year sales forecast showing a much steeper decline than Wall Street had expected.
The company also noted that the planned Dunk pullback trimmed Sportswear revenue by around $200 million for the quarter.
Nike expects full-year revenue to fall by a high-single-digit percentage, well below the average analyst estimate of about a 2% decline.
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The company also noted that the planned Dunk pullback trimmed Sportswear revenue by around $200 million for the quarter.
Nike expects full-year revenue to fall by a high-single-digit percentage, well below the average analyst estimate of about a 2% decline.
#Crypto