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Why Nike Stock Dropped Today

TheMotleyFool

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Shares of Nike (NYSE: NKE) fell 6.2% on Friday following the release of the sports apparel titan's fiscal 2022 first-quarter earnings results and subsequent conference call.

Nike's revenue rose 16% year over year to $12.2 billion. The gains were fueled by a 28% jump in Nike's direct sales -- which include company-owned physical retail stores and digital channels -- to $4.7 billion.

"Nike's strong results this quarter are continued proof of our deep consumer connections, unrelenting innovation pipeline, and a digital advantage that fuels our brand momentum," CEO John Donahoe said in a press release.

Source Fool.com

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