Nike Inc beat estimates for third-quarter revenue and profit on Tuesday, boosted by strong demand for its sneakers as consumers snapped up newer franchise launches and classic styles such as Jordan Retro in North America and Europe.
with Kanye West and the German company is expected to post its first annual loss in three decades this year.
Still, the company's shares fell about 1% to $124.30 in extended trading after gross margins in the third quarter decreased 330 basis points to 43.3%, pressured by a strong U.S. dollar and the company's efforts to offer steeper discounts in an attempt to get rid of excess inventory. Sales in Greater China fell about 8% even as the country eased pandemic-related restrictions, which is expected to benefit the company in the near term.
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