But investors may be overlooking strong sales of footwear in the second quarter, particularly for basketball sneakers.
"There are a few places where we've seen some of the [slowing] macro-economies start to, at least in the near term, affect consumer confidence," said Nike President and Chief Executive Mark Parker during Thursday evening's second-quarter earnings call. "Brazil's an example of that, and certainly we think over time we've got to keep a close eye on Russia."
Slowing economic growth in key overseas markets was captured in the company's future orders.
Nike's global futures orders excluding currency translation, which gives investors insight into the consumer appetite for footwear and apparel months in advance, rose 11% in the second quarter. Wall Street was looking for an 11.3% increase.
Comments from Nike on cooling demand overseas overshadowed robust sales of footwear in the quarter. Footwear comprised about 58% of the company's sales in the first six months of its latest fiscal year.
Footwear sales, excluding currency translation, were led by 32%, 30%, and 26% year-over-year gains in Central and Eastern Europe, China, and Western Europe, respectively. Sales in North America rose 18%.
"It was the 13th-consecutive quarter of double-digit sales growth in the basketball category," Trevor Edwards, president of the Nike brand, said during the earnings call.
He pointed to the new Lebron 12, KD 7 and assorted retro Jordan sneakers as standout performers not only in the United States, but also in China and Europe.
Skittish investors should take heart that Nike's retail partners in the mall are seeing a hearty appetite for its marquee basketball footwear styles, where the Jordan brand reigns supreme.
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