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Nike Q1 revenue falls short of estimates; postpones investor day

Investing.com — Nike reported Tuesday mixed fiscal first-quarter results as revenue fell short of analyst estimates and the sportswear giant said it would postpone its investor day amid a leadership transition.

Nike Inc (NYSE:NKE) was down more than 3% in afterhours following the report.

Nike announced earnings per share of $0.70 on revenue of $11.59 billion. Analysts polled by Investing.com anticipated EPS $0.52 on revenue of $11.65B.

The beat on the bottom line was given by a 120 basis points jump in gross margin to 45.4%.

Nike postponed its previously announced investor day and said it would address its approach to guidance on the post-earnings conference call given that it is in the midst of a chief executive transition.

On Sept 19, Nike said it had appointed Elliott Hill as president and chief executive. Hill is set to take the leadership reigns on Oct. 14.

This post appeared first on investing.com

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