Investors in Nike (NYSE: NKE) were hit with a few unwelcome surprises in the company's latest earnings report. Sales growth turned negative over the holiday season, the company revealed, and inventory levels are spiking.

Yet management affirmed its aggressive growth outlook for the year and even boosted Nike's projected profitability for the rest of 2021. In a fiscal 2021 third-quarter conference call with investors, CEO John Donahoe and his team explained why the last quarter's weak results should be an outlier in an otherwise strong growth rebound story.

Let's look at three highlights from that presentation.

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Source Fool.com