Nike has posted lower sales for the second quarter as the company continued to execute its turnaround strategy under new leadership.

The company’s revenues for the quarter ended November 30 dropped 8 per cent to $12.4 billion, with direct-to-consumer sales down 13 per cent and wholesale sales down 3 per cent.

“After an energizing 60 days of being back with my Nike teammates, our clear priority is to return sport to the center of everything we do,” said Elliott Hill, president and CEO.

 “We’re taking immediate action to reposition our business, so we can get back to driving long-term shareholder value. Our team is ready to go, and I’m confident you will see more moments of Nike being Nike again.”

By region, sales were down 8 per cent in North America, down 7 per cent in EMEA, down 3 per cent in Apac & Latin America, and down 8 per cent in Greater China.

On the bottom line, gross margin decreased 100 basis points to 43.6 per cent, primarily due to higher discounts and changes in channel mix. Net income was down 26 per cent to $1.2 billion. 

Matthew Friend, EVP and CFO, said the results met expectations as the company continued to shift its portfolio.

“Under Elliott’s leadership, we are accelerating our pace and reigniting brand momentum through sport,” he added.