reported better-than-expected earnings for the third quarter, but analysts call the beat low quality because it was based on factors like lower expenses rather than higher revenue. Nike (NYSE:NKE) reported earnings per share of 68 cents Tuesday, up from 55 cents for the year-ago period and beating the 53-cent FactSet consensus. However, sales were $8.43 billion, up from $8.03 billion last year, but below the $8.47 billion FactSet consensus. Nike shares on Wednesday closed down 7.1%, or $4.09, marking the biggest price decline since it went public in December 1980. Canaccord Genuity analysts were among those calling the EPS result low quality because it was through tighter expense management, the companys triple-double strategy, new cushioning technology in some of shoes like the Nike Zoom VaporFly 4% coming in June and shortening the lead time in its production process. This accounted for all the upside, they wrote in a Wednesday รองเท้าแฟชั่นชาย note. Read also: Dicks Sporting Goods dumping 20% of vendors to focus on private brands Nike Chief Executive Mark Parker described the triple-double strategy on the late-Tuesday earnings call: In product, were doubling our cadence and scale of innovation through performance and sports style. Throughout our supply chain, were doubling our speed from product insight to delivery to the consumer. And in the marketplace, were doubling our direct connections with consumers through digital, membership and personalization. Canaccord analysts like that the company is making moves to improve its market position, but still have concerns. [W]e continue to believe it will take time to turn the business, analysts wrote in a Wednesday note. Meanwhile, the competitive headwinds from Adidas (ETR:XE:ADS) are stiffening, thus making the share recapture more difficult. Canaccord rates Nike shares hold with a $51 price target.

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