Nike Shares Down After Mixed Quarterly Results

Shares of Nike Inc. fell more than 4% late Tuesday after the apparel and footwear maker reported mixed fiscal third-quarter results. Nike said it earned $950 million, or 55 cents a share, in the quarter, compared with $791 million, or 45 cents a share, in the year-ago period. Revenue reached $8 billion, up 8% from $7.46 billion a year ago. Gross margins were flat compared to prior-year margins, with higher average selling prices offset by higher warehousing costs, excess inventory in North America, and a stronger dollar, the company said. Analysts polled by FactSet had expected the apparel retailer to report earnings of 48 cents a share on sales of $8.2 billion. Shares of Nike ended the regular trading day up 0.3%.