Nike shares down 4% after company‘s quarterly results

Shares of Nike Inc. fell more than 2% in the extended session Tuesday after the retailer posted fiscal 2019 first-quarter earnings that were above expectations but said its expenses increased. Nike earned $1.1 billion, or 67 cents a share, in the quarter, compared with $950 million, or 57 cents a share, in the year-ago period. Revenues rose 10% to $9.9 billion, from $9.1 billion a year ago. Analysts polled by FactSet had expected Nike to report earnings of 62 cents a share on sales of $9.9 billion. Selling and administrative expense increased 7% to $3.1 billion, the company said, including "demand creation" expenses of $964 million, up 13%, driven by sports marketing investments, brand campaigns and key sports moments, the company said. "We are delivering stronger global growth and profitability than we anticipated entering this fiscal year," Chief Financial Officer Andy Campion said in a statement. Nike shares ended the regular session up 0.6%.

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails.