Nike (NYSE:NKE) announced its latest quarterly earnings report after the bell today and the company brought in results that were stronger than what analysts were calling for, but NKE stock was sliding after hours.
For its third quarter of fiscal 2019, the athletics apparel maker brought in adjusted earnings of about $1.1 billion, or 68 cents per share, topping the net loss of $921 million, or 57 cents per share, from the year-ago quarter.
The amount was roughly 3 cents ahead of what analysts were calling for in the Wall Street consensus estimate, according to a poll conducted by Refinitiv. Sales came in at $9.61 billion for the third quarter, topping the $8.98 billion from its third quarter of 2018, while also coming in roughly in line with expectations, per Refinitiv.
“Our business momentum is being accelerated by our ability to scale innovation at a faster pace and expand new digital consumer experiences around the world,” Nike CEO Mark Parker said. The company also revealed that sales in North America gained 7% year-over-year, excluding currency changes, which was softer than what some expected from the business.
Sales were up about 12% in Europe, the Middle East and Africa when excluding currency changes. In China, this figure was strong, increasing 24%.
NKE stock is down about 3.9% after the bell Thursday following the company’s results. Shares had been up 1.5% during regular trading hours today.