Nike Q1 Revenue Misses Estimates; Investor Day Postponed

Nike recently reported its mixed results for the first quarter of the fiscal year. The company’s revenue fell short of analysts’ expectations, and it announced a delay in its investor day amid an ongoing leadership transition.

Following the report, Nike’s stock dropped over 3% in after-hours trading. The company posted earnings per share of $0.70 on revenue of $11.59 billion, whereas analysts had forecasted earnings of $0.52 per share with revenues of $11.65 billion.

The earnings beat was attributed to a 120 basis points increase in gross margin, reaching 45.4%.

In light of the leadership changes, Nike has postponed its previously planned investor day. The company indicated it would provide updates on its guidance approach during the upcoming post-earnings conference call.

On September 19, Nike announced the appointment of Elliott Hill as president and CEO, with Hill officially stepping into the role on October 14.