Why Nike Stock Dropped Today | The Motley Fool

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What happened  Shares of Nike (NYSE:NKE) fell 6.2% on Friday following the release of the sports apparel titan's fiscal 2022 first-quarter earnings results and subsequent conference call. So what  Nike's revenue rose 16% year over year to $12.2 billion. The gains were fueled by a 28% jump in Nike's direct sales -- which include company-owned physical retail stores and digital channels -- to $4.7 billion.  "Nike's strong results this quarter are continued proof of our deep consumer connections, unrelenting innovation pipeline, and a digital advantage that fuels our brand momentum," CEO John Donahoe said in a press release.  Nike's stock price fell despite posting solid earnings growth metrics. Image source: Getty Images. Better still, gains in Nike's higher-margin, direct-to-consumer businesses helped to boost its overall gross margin by 1.7 percentage points, to 46.5%. That contributed to a 22% increase in the company's earnings p
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