Nike shares fell in after-hours trading Tuesday despite a strong fiscal first quarter report that saw the apparel giant top Wall Street’s expectations for both quarterly earnings and revenue.
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The Oregon-based company posted earnings per share of 67 cents on $9.95 billion in quarterly revenue. Analysts had projected earnings of 63 cents on $9.94 billion in revenue.
“Nike’s Consumer Direct Offense, combined with our deep line up of innovation, is driving strong momentum and balanced growth across our entire business,” Nike CEO and Chairman Mark Parker said. “Our expanded digital capabilities are accelerating our complete portfolio and creating value across all dimensions as we connect with and serve consumers.”
The apparel giant drew widespread scrutiny earlier this month when it unveiled former NFL quarterback Colin Kaepernick, who was among the first players to kneel during the national anthem to protest police brutality, as the face of a major marketing campaign.
Quarterly results do not include the impact of the Kaepernick campaign, which was announced after the last three-month report period.
Nike executives are expected to comment on the company’s outlook, including the Kaepernick campaign, during a conference call later Tuesday.
