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Nike Stumbles After Warning of Drag on Next Year's Results

Stocks in this article: NKE

NEW YORK (TheStreet) -- Shares of Nike slip on Friday after the company warned that weaker currencies in key emerging markets will weigh on next year's results.

VIDEO TRANSCRIPT:

Shares of Nike (NKE) are falling on Friday, one day after the company reported better-than-expected third-quarter profit and sales.

The company reported total revenue that rose 12.7% to nearly $7 billion during the quarter, beating analysts' expectations for almost $6.7 billion, according to Thomson Reuters.  Excluding discontinued operations, Nike's profit came to 76 cents a share, beating analyst expectations by 4 cents.

With the World Cup soccer tournament approaching this summer, Nike reported a 12% rise in orders to be delivered between March and July, led by Western Europe, which saw a 33% jump.

On a weaker note, future orders in China for the third quarter fell 1%, and going forward Nike warned that weaker currencies in key emerging markets will weigh on next year's reported revenue, gross margin and profit growth.

At last check, shares of Nike were slipping more than 3% to $76.74.

In New York, I'm Brittany Umar for TheStreet.

Written by Brittany Umar in New York.

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