(Reuters) – Nike posted a bigger-than-expected drop in first-quarter revenue on Tuesday, as the sportswear giant battles weak demand in key market China and faces stiff competition from newer brands globally. The company’s first-quarter net revenue fell to $11.59 billion from $12.94 billion a year earlier. Analysts had expected a 10% fall to $11.65 billion, according to analysts’ estimates compiled by LSEG.
(Reporting by Ananya Mariam Rajesh in Bengaluru and Nicholas P. Brown in New York; Editing by Devika Syamnath)
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