Nike's stock declined during trading today, Friday, following the announcement of the company's shoes, tools and sportswear for disappointing business results during the first quarter of 2022.
The American company revealed that it achieved profits of $1.9 billion, or the equivalent of $1.16 per share, in the first fiscal quarter, compared to a profit of $1.5 billion, or the equivalent of 95 cents per share, in the same period last year.
Nike's revenue jumped 16 percent to $12.2 billion from $10.6 billion a year earlier, and profit margins improved, but administrative expenses rose 20 percent to $3.6 billion.
Excluding some refined items, Nike's earnings increased by $1.12 per share on sales of $12.5 billion.
In percentage terms, administrative expenses increased from total revenues to 29% in the first fiscal quarter of 2022 from 28%.
In terms of trading, Nike's stock fell at 15:37 GMT by 7% to $148.
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