Nike Inc. (NKE) reported its first-quarter financial results after the market close on Thursday, and the market's reaction was swift and brutal. The stock slid to levels it hasn't seen since 2013, as investors digested a revenue miss and a gloomy outlook for the coming year.

Nike Q1 Earnings Highlights

Nike brought in first-quarter revenue of $11.21 billion, falling short of the $11.33 billion analysts were expecting, according to market data. On the bottom line, the company posted adjusted earnings of 48 cents per share, beating estimates of 44 cents.

Total revenue was down 4% year-over-year. Nike Brand revenues totaled $11 billion, also down 4%. Nike Direct revenues dropped 8% to $4.1 billion, while Wholesale revenues slipped 1% to $6.8 billion.

Here's how sales broke down by region:

• North America: up 2%
• Greater China: down 22%
• Europe, Middle East and Africa: down 5%
• Asia Pacific and Latin America: down 2%

Inventories stood at $7.8 billion at the end of the quarter, down 3% from the prior year. Nike returned approximately $610 million to shareholders during the period and ended with $8.4 billion in cash, cash equivalents and short-term investments.

"The Sport Offense is driving measurable progress across our performance business, and we introduced Pace to help us accelerate and scale that momentum across Nike," said Elliott Hill, president and CEO of Nike.

"We have more work to do in Nike Sportswear, Jordan Brand and Greater China, and we're taking deliberate actions to strengthen those businesses the right way for the long-term."

That Pace initiative is a big deal. It's an operating model transformation designed to accelerate and scale the success of the Sport Offense. The plan includes modernizing Nike's global supply chain, opening a new campus in India to expand enterprise capabilities, realigning into three geographic regions, and further streamlining the organization to cut costs.

Looking ahead, Nike expects revenues to decline in the high-single digits in fiscal 2027. The company also guided for fiscal 2027 adjusted earnings of $1.15 to $1.35 per share, well below the $1.69 per share analysts were expecting. That guidance excludes approximately 15 cents of restructuring expenses related to Pace.

Nike typically discusses guidance on its earnings call, which is scheduled to start at 5 p.m. ET.

NKE Shares Slide After Earnings

NKE Price Action: Nike shares were down 4.17% in after-hours trading Thursday, changing hands at $33.64 at the time of publication, according to market data. The stock last traded at these levels in 2013.