Nike

(NKE) - Get Report

lowered its fiscal third-quarter earnings projections on Monday, citing sluggish U.S. footwear sales and problems implementing new demand and supply planning systems.

The shoe and apparel maker said it is reducing its earnings expectations for the third quarter ending Feb. 28 to between 34 cents and 38 cents a share, down from the range of 50 cents to 55 cents previously forecast. Eleven analysts polled by

First Call/Thomson Financial

were calling for the company to post earnings of 53 cents a share.

Shares of Nike gained 17 cents, or 0.4%, to $49.17 in regular session

New York Stock Exchange

trading, but tumbled 15.6% to $41.50 in after-hours

Instinet

action.

Nike, which is based in Beaverton, Ore., said its fourth-quarter earnings should be unaffected and reaffirmed its previous guidance of 60 cents to 65 cents a share in the period. Wall Street is calling for a profit of 63 cents.

For the full year, Nike said it doesn't expect to achieve its goal of earnings per share growth in the mid-teens, but did project "positive" EPS growth.

"Nike's business is healthy in every area except one," the company said in a statement. "We are enjoying strong results in all of our international regions, and in U.S. apparel and equipment. However, our U.S. footwear business continues to pose challenges."