Nike's Latest Quarterly Report Is Above Estimates but American Sales Are Still Falling

With adidas eclipsing Jordan Brand and gaining on Nike in the North American sportswear market, it has been a rocky few months for the Portland-based brand. The latest in bad news for Nike is that American sales are still falling, with a decrease of 3% over the past quarter. This puts the brand in stark contrast to adidas, with the German label reporting a 29% rise in North American sales.

Due to this worse-than-expected performance, Nike’s stock price is set to hit $51.76 USD, which would wipe almost all of the 5.6% gain that has occurred over the course of 2017 so far. It wasn’t all bad news for Nike though, with the last quarterly report seeing the brand come in above Wall Street estimates. While the earnings of 57 cents a share were still a fall from last year’s performance, the news was around 9 cents higher than analysts had initially predicted.

Nike has also begun laying off staff, with the second phase of its plan to fire 1,400 workers beginning earlier this month.