Nike shares fall as weaker sales in North American lead to revenue shortfall

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Pedestrians walk past the American multinational sport clothing brand, Nike store and its logo seen in Hong Kong.Budrul Chukrut | LightRocket | Getty ImagesNike shares dropped in extended trading Thursday after the sneaker giant reported quarterly revenue that missed analysts' expectations, due to softening demand in North America. Its stock was recently down around 3%. Here's how Nike did during its fiscal first quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: Earnings per share: $1.16 vs. $1.11 expected Revenue: $12.25 billion vs. $12.46 billion expected Net income for the three-month period ended Aug. 31 grew to $1.87 billion, or $1.16 per share, compared with $1.52 billion, or 95 cents per share, a year earlier. That topped analysts' expectations for $1.11 a share. Sales climbed to $12.25 billion from $10.59 billion a year earlier. That was short of expectations for $12.46 billion. Nike shares are up about 13% year to date,
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