Shoe drops on Nike

Filed under: After the bell, Earnings reports, Tiffany and Co (TIF), NIKE, Inc'B' (NKE), Abercrombie and Fitch (ANF), Recession

Nike (NYSE: NKE) has thus far navigated this downturn exquisitely. It has maintained sales overseas, in particular in Asia. Nike's legendary supply-chain mastery and inventory management skills have likewise served it very well. So it was a shock when the shoe giant announced Wednesday that future orders had dropped by 12%, according to Bloomberg. Bummed out investors bid down Nike share's by nearly 5% in after-hours trading.

Granted, Nike faced difficult comps. During the Beijing Olympic Games last summer Nike togs were selling like hotcakes around the globe. And a chunk of the reduction in order value came due to currency fluctuations. But it's hard to deny that this quarterly earnings announcement was a bleak reminder that the "green shoots" may be more of a Washington creation than a reality in the global economy.

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Shoe drops on Nike originally appeared on BloggingStocks on Thu, 25 Jun 2009 08:00:00 EST. Please see our terms for use of feeds.

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