Quarterly sales estimates were missed due to weak North American wholesale business and slow recovery in China.
Nike’s shares fell 6% after the announcement. Nike’s wholesale revenue fell 2% to $7.1 billion in the reported quarter. The company is undergoing a restructuring aimed at delivering up to $2 billion in cost savings.

Sales in Greater China rose 4% in the second quarter, slower than the previous quarter. Nike’s gross profit margins increased 170 basis points to 44.6%. Total revenue in the second quarter was $13.39 billion, slightly below analysts’ estimates of $13.43 billion