Nike reported that quarterly sales were below Wall Street expectations. The company, which recently announced new CEO Elliott Hill, is looking to improve its relationships with investors.
According to Bloomberg, revenue in the first quarter fell by 10%, totaling US$11.59 billion, below the average set by analysts. Earnings per share were 70 cents during this period.
In contradiction to Wall Street’s analysis, Matthew Friend, Nike’s chief financial officer, said in a statement that first-quarter results fully met expectations and that there were already signs of recovery.
“A return on this scale takes time, but we are already seeing some wins. From strengthening major sports to accelerating the pace of modernity and innovation. Our team has been energized by the return of Elliott Hill,” Friend said.
Despite the positive market reaction to the CEO’s announcement, analysts took a conservative view, noting that complex challenges remain for Nike to fully recover.
