Nike Inc. reported earnings in the first quarter that exceeded analysts’ estimates on Tuesday, after new launches of footwear and clothing boosted sales in North America.
The company’s stock, which earlier this month unveiled a controversial publicity campaign that includes former NFL player Colin Kaepernick, fell almost 2% to US $83.30 after the close of the regular market session.
Quarterly sales rose 6% in North America, its second consecutive increase, showing signs of recovery after competition from rivals Adidas AG and Under Armor eroded sales in three of the past four quarters.
Nike’s revenues grew 9.7% to US $9.950 billion, surpassing estimates of US $9.940 billion, according to Reuters.
The company’s net profit increased to US $ 1.090 billion, or 67 cents per share, in its first quarter ending August 31, from US $ 950 million, or 57 cents per share, in the same period last year.