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Bloomberg
This might sound familiar to Nike Inc investors.
The world’s largest sportswear company delivered strong third-quarter earnings, but missed on one important metric: North American sales. The home market dogged Nike for much of 2017 and early 2018, and the latest sales miss sent the shares down as much as 4.3 percent in New York.
Third-quarter sales in Nike’s home market, by far its biggest, totalled $3.81 billion in the period ended on February 28, short of the $3.85 billion average of estimates. Nike outpaced expectations in each of its other regions — Europe, Middle East and Africa, greater China, as well as Asia Pacific and Latin America.
This is old terrain for Nike investors — albeit on a less-frightening scale. The Beaverton, Oregon-based company suffered three quarters of lower North American sales in 2017 and 2018, with rival Adidas gaining ground.