Nike Grows Revenue Through Direct Channels -- Earnings Review

   By Imani Moise

Nike Inc. reported third-quarter earnings after the closing bell Thursday. Here's what you need to know:

EARNINGS: The sportswear company swung to a loss of $921 million, or 57 cents a share, due to changes in U.S. tax laws that dented earnings by $1.25 a share. Excluding this impact the company reported earnings of 68 cents. Analysts polled by Thomson Reuters had forecast adjusted earnings of 53 cents a share.

REVENUE: Sales rose 7% to $8.98 billion, driven by the company's direct-to-consumer push. The consensus estimate from analysts was $8.85 billion in revenue.

STOCK MOVE: Shares rose 5% to $67.60 in the extended session after falling 2.9% during Thursday trading. The stock had risen 3% so far this year through Thursday's close while the S&P 500 has fallen 1.1%.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

March 22, 2018 16:51 ET (20:51 GMT)

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