American sports brand Nike's third quarter was excellent, but despite this good performance, its share dropped as analysts expected an even higher turnover.
Strong American performance
Nike's third quarter turnover grew 7.6 % to slightly above 8 billion dollars (7 billion euro). However, analysts had expected an 8.2 billion dollar (7.3 billion euro) turnover. Turnover dropped 8 % in growth markets, but strong Chinese and North American performances more than made up for that turnover drop. Chinese turnover grew 22.6 %, while North American turnover spiked 13 % thanks to increased demand for basketball brands LeBron and Jordan.
The company's profit did manage to beat forecasts: analysts targeted a 49 cent profit per share, but thanks to a 20 % increase, profit reached 55 cents per share, which is 950 million dollars (850 million euro).
Nike expects full-year turnover to grow 10 %, on the back of an additional 12 % in shoe and clothing orders in this quarter compared to last year.