Nike expects Q3 sales to be down low doubledigits
Hill says refocusing business on sport selling more items at premium prices
Co beats Q2 revenue and profit estimates

Reuters Nike offered a muted forecast on Thursday, reversing gains in its shares made earlier in the day after the embattled sportswear seller39;s quarterly results beat estimates.

The Beaverton, Oregonbased sportswear company, which has been scrambling to regain market dominance in the face of intensifying competition, predicted revenue would fall by low doubledigits in the third quarter.

Analysts, on average, had expected revenue to fall 7.65 to 11.48 billion for the current quarter, according to data compiled by LSEG.

New CEO Elliott Hill said Nike39;s efforts to regain lost market share would mean some shortterm pain. The company had lost its obsession with sport, he said in his first earnings call since taking the helm in October.

Hill vowed to put Nike back on track by refocusing its business on sport and selling more items at premium prices, but added the shift39;s gonna take time.

Earlier in the day, Nike reported earnings per share of 78 cents, compared with estimates of 63 cents per share, according to analysts39; estimates compiled by LSEG.

Secondquarter net revenue fell 7.7 to 12.35 billion, less than the 9.41 fall analysts had expected, as newer versions of performance and running shoes attracted shoppers.

Shares surged 11 immediately after the earnings report but gave up those gains…