Here's Why Nike Stock Pulled Back Today
Shares of Nike (NYSE: NKE) pulled back on Friday after the company announced financial results for the third quarter of its fiscal 2021. It grew both revenue and profits from last year, although not as much as Wall Street had expected. Because of this, Nike stock was down 4% as of 10:45 a.m. EST today.
For the third quarter, Nike reported revenue of $10.4 billion, which was technically up 3% year over year. But there are a few meaningful clarifications to make. First, adjusting for currency fluctuations, the company's revenue was down 1%. Second, sales for the Nike brand were down 2% when adjusting for currency fluctuations; the growth came from the company's Converse brand, which was up 8% from last year. And third, analysts had expected revenue closer to $11 billion, so these top-line results fell far short of expectations.
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Source Fool.com
