Nike Shares Slump 4% After Single-digit Order Rise, Inventory Jump

Nike Inc. shares fell in the extended session Tuesday after the athletic apparel company topped Wall Street estimates for the quarter but reported a single-digit rise in future orders and a double-digit rise in inventories. Nike shares dropped 4.2% to $52.99 after hours. The company reported fiscal first-quarter earnings of 73 cents a share on revenue of $9.06 billion. Analysts surveyed by FactSet had estimated 56 cents a share on revenue of $8.86 billion. Futures orders for September 2016 through January 2017 rose 5% to $12.3 billion, while inventories as of Aug. 31 rose 11% to $4.9 billion from the year-ago period.