Nike earnings fell for the second quarter in a row to 78 per share from $1.03 per share last year. Revenue fell for the third consecutive quarter, sliding 8% to $12.4 billion.
FactSet expected earnings of 63 cents per share on $12.1 billion in revenue.

Nike brand revenues fell 7% to $12 billion, with a 13% decline in Nike Direct revenue to $5 billion. Wholesale revenues eased 3% to $6.9 billion. Sales for Converse tumbled 17% to $429 million.
The retailers gross margin decreased 100 basis points to 43.6%, due to higher discounts and sales channel changes. However, it was partially offset by lower product input costs, as well as lower housing and logistics costs. Inventories were flat year-over-year at $8 billion.

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