Source: www.reuters.com
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(Reuters) - Nike missed Wall Street estimates for first-quarter sales on Thursday, fanning fears that demand for its sneakers is tapering amid tight consumer spending and increasing competition from newer brands.
The company’s total revenue rose to $12.94 billion in the quarter, from $12.69 billion a year earlier. Analysts had expected $12.98 billion, according to LSEG data.
Reporting by Deborah Sophia in Bengaluru; Editing by Shounak Dasgupta
