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Tuesday, December 20, 2022 4:58:51 PM
By: Investing.com | December 20, 2022
Nike reported Tuesday better-than-expected second-quarter results even as margins were dealt a blow from price cuts as the sportswear company makes strides to resize inventory.
Nike Inc (NYSE:NKE) shares gained 6.7% in after-hours trade following the report.
Nike reported earnings per share of $0.85 on revenue of $13.3 billion. Analysts polled by Investing.com anticipated EPS of $0.65 on revenue of $12.58B.
The 17% rise in revenue was underpinned by a 25% increase in Nike brand digital sales amid "strong growth across all geographies and channels," the company said.
Sales in North America were up 30% for Q2 year-on-year, while in China, an important market for the company, sales slipped 3%.
Gross margin, however, decreased 300 basis points to 42.9%, driven mainly by a step up in promotional activity to liquidate inventory, particularly in North America.
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