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Dec 21 (Reuters) – Nike missed market expectations for quarterly sales on Thursday, hurt by weak wholesale business in North America and a feeble recovery in China as customers in both the key markets continue to spend cautiously.

The company’s shares fell more than 3% after the bell.

Nike’s wholesale business has been under persistent pressure as retailers keep a tight lid on product stocks and cut back on orders, hurting sales, despite strength in the brand’s own stores and online business.

The company’s wholesale revenues fell 2% to $7.1 billion in the reported quarter.

Sales in Greater China rose 4% in the second quarter for Nike, slowing from the 5% jump seen in the previous quarter, in a sign that demand was yet to stabilize.

The company’s total revenue rose to $13.39 billion in the second quarter from $13.32 billion a year earlier, compared with analysts’ estimates of $13.43 billion, according to LSEG data. (Reporting by Deborah Sophia in Bengaluru; Editing by Shounak Dasgupta)