Nike shares down 16% premarket (Il Sole 24 Ore Radiocor) - New York, 28 Jun - Nike shares fell sharply in premarket trade after the footwear retailer reported a drop in quarterly sales and said it expected revenue in the coming year to fall more than expected.

The retailer said revenue in the fourth quarter, ended May 31, fell 2% from the same period last year to 12.6 billion dollars.

It said it expected revenue to fall mid-single digits in 2025 compared to original guidance for overall sales growth.

"We are driving better balance across our portfolio. While we are encouraged by our progress, our fourth quarter results highlighted challenges that have led us to update our Fiscal '25 outlook," said Matthew Friend, Executive Vice President & Chief Financial Officer, NIKE.

Net income in the fourth quarter grew 45% to 1.5 billion dollars, or 0.99 dollars per share.

At 1307 GMT Nike shares were down 16%.

AAA-Sje

(RADIOCOR) 28-06-24 15:10:04 (0419) 5 NNNN