Nike's forecast for future orders misses estimate

Source : REUTERS
Last Updated: Wed, Sep 28, 2016 02:21 hrs
Nike shoes are seen in a shop in Rome

(Reuters) - Nike Inc forecast future orders below analysts' estimate on a constant currency basis, in part due to weakness in its basketball category and increased competition from rival Adidas , which has continued to gain ground in North America.

The company's net income rose to $1.25 billion, or 73 cents per share, in the first quarter ended Aug. 31, from $1.18 billion, or 67 cents per share, a year earlier. [nBw5FpHpBa]

Revenue for the world's largest footwear maker rose to $9.06 billion from $8.41 billion.

The company's worldwide orders for delivery from September 2016 through January 2017, a demand gauge it calls "futures orders", were up 7 percent on constant currency basis.

Analysts on average had expected futures orders to rise 8 percent, according to Consensus Metrix.

(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Sriraj Kalluvila)

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