Nike Inc.
(NYSE:NKE) stock edged lower in premarket trading Wednesday after the athletic apparel maker reported fourth-quarter revenue and earnings that topped Wall Street estimates but warned of continued weakness in key lifestyle categories and issued a cautious outlook.
The company's biggest challenge remained its Nike Sportswear and Jordan Streetwear businesses, both of which posted double-digit sales declines during the quarter.
Executives said a volatile macroeconomic environment and pressured consumer spending continued to weigh on discretionary purchases.
Fourth-Quarter Results Nike reported fourth-quarter revenue of $10.97 billion, topping analysts' estimate of $10.86 billion.
