Nike Shares Fall After Company Misses Q1 Revenue, Slashes FY22 Outlook - Nike (NYSE:NKE)

Nike Inc NKE reported first-quarter FY22 sales growth of 16% year-on-year, to $12.25 billion, missing the analyst consensus of $12.46 billion.
Revenue from North America increased 15% Y/Y, Europe, Middle East & Africa rose 14%, Greater China climbed 11%, and the Asia Pacific & Latin America 33%.
Nike Direct sales rose 28% Y/Y, and Brand Digital sales increased 29%.
Gross profit rose 20% Y/Y to $5.7 billion, and the gross margin increased 170 basis points Y/Y to 46.5%.
EPS of $1.16 beat the analyst consensus of $1.11.
Nike held $13.7 billion in cash and equivalents as of August 31, 2021.
Outlook: Nike expects FY22 revenue to grow in mid-single digits (prior outlook low double-digit growth), citing supply chain impacts.
For Q2, the company expects revenue growth to be flat to down low single digits versus the prior year.
Meanwhile, the company said it is optimistic inventory supply availability will improve heading into FY23.
Price Action: NKE shares are trading lower by 6.9% at $148.54 on the last check Friday.