Nike posts smaller fall in second-quarter sales as newer launches drive demand

Reuters12-20

UPDATE 1-Nike posts smaller fall in second-quarter sales as newer launches drive demand

Adds shares in paragraph 2 and background in paragraph 3

Dec 19 (Reuters) - Nike NKE.N posted a smaller-than-expected drop in second-quarter revenue on Thursday, as the embattled sportswear brand's release of newer versions of performance and running shoes drew customers to its stores and website.

Shares of the company were up 11% in aftermarket trading.

With rivals launching more comfortable, better cushioned shoes, Nike has been scrambling to regain dominance in the market, shelling out money to introduce new products like Air Max 95, and to promote staple franchises like Jordans and Pegasus.

Investors on Thursday's earnings call will be keen to hear new CEO Elliott Hill's vision for how to rebuild Nike's retail partnerships, boost innovation and sharpen its focus on its core business of running.

The company's second-quarter net revenue fell to $12.35 billion from $13.39 billion a year earlier. Analysts had expected a 9.41% fall to $12.13 billion, according to estimates compiled by LSEG.

(Reporting by Ananya Mariam Rajesh in Bengaluru and Nicholas P. Brown in New York; Editing by David Gregorio and Pooja Desai)

((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam;))

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