Nike shares erased most of their after-hours gains Tuesday evening, after better-than-expected sales and earnings results had initially sent the stock more than 5 percent higher.
The pullback occurred after management said that Nike's future orders grew just 2 percent on a constant currency basis, including a 4 percent contraction in North America. That's despite the company's best efforts to shift investors' focus away from this metric, which has traditionally been used to gauge future demand.
Future orders refer to goods that have been requested by wholesale customers, but were not delivered during the quarter. Last quarter, Nike said it would no longer provide this figure in its earnings releases, as a shift in selling to the web and in its branded stores has made the metric less relevant.
That advisory didn't stop investors from reacting to its shortfall, which analysts had expected to increase 5.2 percent on a currency neutral basis, according to a FactSet.
Nike's stock was trading some 2 percent higher, near $53, shortly after its call with investors.
"The key takeaway is that our revenue guidance reflects a much more comprehensive outlook for our business," Andy Campion, Nike's CFO, reiterated.
The company confirmed that it expects full-year revenue to grow in a high-single-digit range.