Nike stock went steeply negative after Chief Financial Officer Matthew Friend projected only one per cent revenues growth in the upcoming quarter, its fiscal fourth quarter. — Reuters picNEW YORK, March 22 — Shares of Nike tumbled yesterday after the sports giant signaled a tepid near-term revenue outlook even as it promised to wow consumers with new offerings in an Olympic year.
Shares initially rallied on the results, which came only hours after the German football team picked Nike over Adidas in a win highlighted by the CEO on a conference call. Profits in the quarter ending February 29 came in at US$1.2 billion, down five per cent from the year ago period. Revenues were US$12.4 billion, essentially level with the year-ago stretch.
Donahoe promised “major advancements” in the coming month centreing on its “Air” footwear brand in football, basketball, track and other sports.
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