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

By Wallace WitkowskiMarketsMarketWatch Pulse

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.

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