LONDON (Brand Republic) - Sports clothing company Nike issued a profits warning last night, saying its third-quarter earnings would be hit by the slowdown in the US economy.
The company cut its earnings forecast from between 50 and 55 cents a share to between 34 and 38 cents a share. Consensus estimates, according to analysts First Call Thomson Financial, had been 53 cents a share.
Nike predicted that the weakness in US footwear revenues would mean a flat year-on-year third quarter. Its forecasts for the fourth quarter ending May 31 were unchanged, at 60 to 65 cents a share.
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