Earlier this year, Nike’s value in the stock market fell due to the company’s earnings not living up to Wall Street’s expectations. The sportswear giant then rebounded with numbers at the next quarterly report that exceeded expectations, despite the domestic market continuing to slump.
That pattern has continued, with strong sales aboard but less-than-stellar numbers in North America.
Overall, the $767 million quarterly earnings are outdoing analysts’ expectations and, with revenue at $8.2 billion – a 6 percent increase on last year – everything seems to be running smoothly for the Swoosh.
This has also led to Nike making moves like closing down and relocating its Nike Town store in Manhattan in favor of an address a few blocks further west of the original Fifth Avenue location.
For a more detailed breakdown of Nike’s second quarter results in 2017, go here.
The fact that Nike is struggling domestically comes hot on the heels of a research survey, that found that teens are starting to stray from brands like Nike in favor of adidas, Vans, and Supreme.
- Source: Forbes
- Main & Featured Image: Ben Hoskins / Getty Images for Nike & Michael J Fox Foundation