Nike earnings sprint higher but shares hamstrung by cagey outlook

US sportswear behemoth Nike Inc limped into the start of Wednesday's session after disappointing investors with soft sales numbers and a cautious outlook statement.

Sales for the Oregon-based company reported sales figures which were slightly below what had been estimated in the run-up to the third quarter report, though earnings easily surpassing analyst estimates.

The company posted earnings per share of $0.68 after analysts predicted that Nike would earn $0.53 adjusted EPS.

Revenue for Q3 was $8.43bn, having been estimated at $8.47bn by analysts polled by FactSet.

Nike CEO Mark Parker warned that the retail sector was in the midst of a challenging period, as the transformation towards online shopping hits full speed.

"The important thing to point out is that these changes are being driven by the consumer," Parker said in the earnings presentation on Tuesday. He added that consumers have decided that “digital isn't just part of the shopping experience. Digital is the foundation of it."

Sales in North America, Nike’s biggest market, increased 3% during the period to 28 February 2017.

Nike’s shares fell 5.62% in premarket trading on the back of the quarterly results publication, as US stocks faced sell-offs across the board following months of gains.