Nike posts smaller-than-expected drop in quarterly revenue
(Reuters) -Nike reported a smaller-than-expected drop in fourth-quarter revenue on Thursday, helped by demand for its newer products as well as discounts on its legacy sneaker lines.
To claw back lost ground in the running space, Nike has invested in running shoe and sneaker lines such as Pegasus and Vomero, and cut its stock of older models such as the Air Force 1 and Air Jordan 1 through discounts.
Under CEO Elliott Hill, Nike has also rekindled relationships with wholesale partners, expanding its presence at more physical retailers, and started selling on Amazon.com for the first time in six years.
The company's fourth-quarter revenue fell 12% to $11.10 billion, compared with analysts' expectation of a 14.9% drop to $10.72 billion, according to data compiled by LSEG.
The company's shares were up about 2% in choppy extended trading. They have fallen about 19% so far this year.
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