Shares of Nike (NYSE: NKE) fell 6.2% on Friday following the release of the sports apparel titan’s fiscal 2022 first-quarter earnings results and subsequent conference call.
Nike’s revenue rose 16% year over year to $12.2 billion. The gains were fueled by a 28% jump in Nike’s direct sales — which include company-owned physical retail stores and digital channels — to $4.7 billion.