‘Just Do It’—Nike Maintains Forecast Despite Missing Growth Estimates
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Despite missing revenue and order estimates last quarter, Nike is reiterating its sales forecast for the year.
The company says sales will grow at a high single-digit percentage in the fiscal year ending next May, which helped bolster its stock after Nike reported future order growth at 11%, below the 13% expected, Bloomberg reports. Future orders are a closely watched metric for investors, since they help indicate the level of demand.
After experiencing years of strong growth, Nike is facing hurdles around every bend—the strong dollar is hurting overseas sales while competitors Under Armour and Adidas are taking bites out of long-dominated Nike markets like basketball and running shoes. [Bloomberg]