Athletic footwear and apparel giant Nike on Thursday reported a 9 per cent decline in third-quarter revenues, as the company continues to navigate challenging market conditions.
The results were better than analyst expectations but the struggling company鈥檚 share price nevertheless sank by more than four per cent in after-hours trading.
The Oregon-based sportswear manufacturer posted revenues of $11.3 billion for the quarter ended on February 28, down from the same period last year.
On a currency-neutral basis, revenues fell seven per cent.
Nike鈥檚 direct-to-consumer business, which includes Nike-owned stores, recorded a steeper decline, with revenues dropping 12 per cent to $4.7 billion. Online sales were particularly hit, plunging 15 per cent.
