Nike on Thursday warned Wall Street that growing pressures from weaker currencies in key emerging markets would take a big toll on its profit in the current quarter and into the next fiscal year.
The maker of sports shoes and apparel also said sales in China would be unchanged or even down slightly this quarter, reawakening concerns it is having trouble finding its bearings in that market after signs of progress in recent quarters.
Nike shares fell 3 percent to $76.88 in after-hours trading. (Click here for the latest quote.)
Chief Financial Officer Donald Blair told analysts on a call that the devaluation of developing market currencies against the U.S. dollar "will be a significant drag on next year's reported revenue, gross margin and profit growth."
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