Currency pressures are expected to reduce sales growth during the fourth quarter by about 6 percentage points, CFO Andy Campion tells analysts, resulting in low single digit gains compared with a year ago.
Nike shares fell Friday morning after the sneaker maker reported weaker-than-expected sales in North America during its latest quarter and warned revenue growth could slow down during the fourth and current quarter.
Nike shares were falling more than 5 percent in premarket trading on Friday. The stock had closed Thursday at a record high of $88.01, having climbed more than 32 percent over the past 12 months. He said Nike selling more directly to consumers, and at full price, should continue to boost gross margins and help the company exceed its own outlook.
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