Mark G. Parker

Nike posts loss due to tax law, but beats expectations

Nike reported its first quarterly loss in 20 years, due to a $2 billion tax expense related to recent changes in U.S. tax law. But the sneaker company's third-quarter results easily beat expectations and its shares jumped in after-hours trading.

It also addressed recently announced departures by high-level executives. CEO Mark Parker acknowledged that there were problems with the company's culture, but didn't provide any details.

"We became aware of some behavioral issues that are inconsistent with Nike's values of inclusively, respect, and empowerment," Parker said during a conference call Thursday with Wall Street analysts. "I'm committed to ensure that...

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