Key facts
- Nike reported first-quarter sales of $11.2 billion.
- Analysts had estimated Nike's first-quarter revenue at $11.32 billion.
- Weak demand in China and heightened competition contributed to the sales miss.
Nike missed analysts' expectations for quarterly revenue on Thursday, as the sportswear giant continues to grapple with weak demand in China and heightened competition. The company posted sales of $11.2 billion for the first quarter, falling short of the $11.32 billion average estimate compiled by LSEG. Investors are closely watching the pace of CEO Elliott Hill's turnaround efforts amid these challenges.