Nike (NKE) - Get Report fanatics apparently didn't care about the huge price tag on a new pair of Jordan sneakers released during the holidays.

The $220 "Space Jam" Air Jordan 11 sneakers were the most successful shoe launch in the history of Nike, the athleticwear maker's brand president Trevor Edwards revealed on a conference call on Tuesday. Edwards didn't disclose a sales number for the sneaker line.

The latest edition to the now annual Air Jordan 11 line was released on December 10, and has become hotly anticipated among sneaker heads.

To be sure, Nike could use all the hits it could get in what has become a brutally competitive sneaker space.

Shares of the sneaker king plunged 7% to $53.93 on Wednesday after reporting third quarter revenue rose 5% to $8.4 billion, a hair under analysts' expectations of $8.47 billion. However, Nike posted earnings of 68 cents a share, crushing Wall Street's estimations for 53 cents a share.

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The market's response is likely a result of the slight sales miss and because the company's gross margins declined 140 basis points to 44.5% due to higher product costs, unfavorable changes in foreign exchange rates and the impact of higher off-price sales. Further, Nike revealed on the earnings call that futures orders in North America -- a key measure of future demand from major retailers -- fell a worrying 9%.

Editor's Pick: Originally Published March 22.