Nike (NKE) - Get NIKE, Inc. (NKE) Report fanatics apparently didn't care about the huge price tag on a new pair of Jordan sneakers released during the holidays. 

The $220 "Space Jam" Air Jordan 11 sneakers were the most successful shoe launch in the history of Nike, the athleticwear maker's brand president Trevor Edwards revealed on a conference call on Tuesday. Edwards didn't disclose a sales number for the sneaker line.

The latest edition to the now annual Air Jordan 11 line was released on December 10, and has become hotly anticipated among sneaker heads.  

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To be sure, Nike could use all the hits it could get in what has become a brutally competitive sneaker space. 

Shares of the sneaker king plunged 7% to $53.93 on Wednesday after reporting third quarter revenue rose 5% to $8.4 billion, a hair under analysts' expectations of $8.47 billion. However, Nike posted earnings of 68 cents a share, crushing Wall Street's estimations for 53 cents a share.

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The market's response is likely a result of the slight sales miss and because the company's gross margins declined 140 basis points to 44.5% due to higher product costs, unfavorable changes in foreign exchange rates and the impact of higher off-price sales. Further, Nike revealed on the earnings call that futures orders in North America -- a key measure of future demand from major retailers -- fell a worrying 9%.

Editor's Pick: Originally Published March 22.