Nike has surprised analysts with an underwhelming growth forecast for the financial year, which led to its shares falling by as much as seven per cent.
Analysts expected Nike to forecast sales increases between 10 and 15 per cent after a strong start to 2016, which saw it post a profit of $950m (£668m) with revenues rising nearly eight per cent to $8bn.
However the sportswear giant said it expects sales to increase by a high single digit percentage and for overall earnings to be in the low teens in the fiscal year ending May 2017. The lower than expected estimation resulted Read full story ›
Source: The Drum
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