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Nike (NKE) reported sales fell from a year ago, but not as much as analysts expected, as new CEO Elliott Hill works to engineer a turnaround.
The athletic apparel giant saw its fiscal third-quarter revenue drop 9% year-over-year to $11.27 billion, though the figure topped the analyst consensus from Visible Alpha. Earnings of $794 million, or 54 cents per share, declined from $1.17 billion, or 77 cents per share, a year earlier, a narrower drop than Wall Street expected.
The better-than-expected quarter represents Nike’s second under CEO Elliott Hill, who took over in October. Earlier this month, Oppenheimer analysts said Hill’s efforts to revitalize Nike appear to be “taking shape,” based on quarterly results from Foot Locker (FL), which sells Nike apparel.
Shares of Nike rose about 2% in after-hours trading Thursday following the release. They’ve lost more than one-quarter of their value over the past 12 months through the closing bell.
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