- "As we close Q3, we now see a significant reversal of trend in North America ... ," said Mark Parker, Nike's CEO. Demand for the company's sneakers in North America has waned.
- Gross margins fell for a ninth straight quarter, indicating Nike continued to compete with rivals on price.
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Nike pops after crushing earnings and sales estimates (NKE)
Demand for Nike sneakers in North America has weakened.
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Nike on Thursday reported third-quarter earnings that beat analysts' forecasts for earnings and revenue.
The footwear maker reported $0.68 in adjusted earnings per share excluding charges related to the Tax Cuts and Jobs Act, and $8.98 billion in revenue.
Earlier on Thursday, The Wall Street Journal reported that Pershing Square CEO Bill Ackman had exited the stake he acquired in the fourth quarter after earning about $100 million.
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Nike's earnings were released days after the company announced an executive shakeup. Trevor Edwards, the president of Nike Brand, resigned over "workplace behavior" complaints.
Nike's stock gained about 22% in the year through the market close on Thursday.
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