Followers | 680 |
Posts | 141092 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Friday, September 29, 2023 8:45:45 AM
By: Investing.com | September 29, 2023
Nike reported much better than expected fiscal first-quarter earnings that overshadowed a miss on revenue, pressured by weakness in North America and an economic slowdown in its key China market.
Nike Inc (NYSE:NKE) rose 8% in premarket Friday trade following the report.
Nike reported EPS of $0.94 on revenue of $12.94 billion. Analysts polled by Investing.com anticipated EPS of $0.75 on revenue of $13.02B.
Nike brand digital sales increased 2% but growth in EMEA, Greater China, and APLA was partially offset by a decline in North America.
Sales in North America fell 2%, while in China, a key market for the company, sales rose 5% to $1.74B, though was short of StreetAccount estimates of $1.84 billion.
Gross margin decreased 10 basis points to 44.2%, pressured by "higher product costs and unfavorable changes in net foreign currency exchange rates, largely offset by strategic pricing action," the company said. Inventory levels decreased by 10% year-over-year.
The company maintained its FY24 guidance.
Bernstein analysts said Nike delivered "a nice beat."
Nike used "the ~20c EPS beat to de-risk Q2 and cushion H2 - the best possible outcome we could have expected from this print. The combination of decelerating macro and debates on DTC and Running will keep an overhang over the stock ST - but we remain bullish on the stock LT as an undervalued outperformer, with EPS growth forecasts outperforming peers and valuation at a 5-yr low," they wrote in a note.
BofA analysts continue to see "a balanced risk/reward as an improving gross margin trajectory is offset by a challenging sales environment (particularly in wholesale).
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent NKE News
- NIKE, Inc. Declares $0.370 Quarterly Dividend • Business Wire • 05/02/2024 08:15:00 PM
- Li Auto Stock Drops 7.3% Amid Tesla Price Cuts, Salesforce Retreats from Informatica Deal, and Other Market Updates • IH Market News • 04/22/2024 12:09:21 PM
- Paramount’s Shares Surge Following Sony and Apollo’s Joint Bid; ISS Backs Berkshire Hathaway Director Re-election, and More • IH Market News • 04/19/2024 11:31:22 AM
- Paramount Global Board Shrinks, Morgan Stanley Faces Regulatory Probe, and More News • IH Market News • 04/12/2024 11:05:29 AM
- Nike Kicks Off Multi-Year Innovation Cycle • Business Wire • 04/11/2024 06:01:00 PM
- Costco Increases Dividend by 14%, Meta Introduces ‘Artemis’ AI Chip, and More News • IH Market News • 04/11/2024 11:24:54 AM
- Tech Sector Weakness May Weigh On Wall Street • IH Market News • 03/25/2024 01:26:54 PM
- U.S. Stocks Close Mixed On The Day But Sharply Higher For The Week • IH Market News • 03/22/2024 08:40:00 PM
- FedEx Soars 13% with Profits Above Forecasts, Nike Hit by China Slowdown, and Latest News • IH Market News • 03/22/2024 01:07:53 PM
- NIKE, Inc. Reports Fiscal 2024 Third Quarter Results • Business Wire • 03/21/2024 08:15:00 PM
- U.S. Index Futures Rise as Fed’s Dovish Outlook Spurs Positive Investor Sentiment; Oil Prices See Minor Declines • IH Market News • 03/21/2024 11:26:38 AM
- Apple Pre-Market Drop Due to Antitrust Threats, Surprising Profit Boosts Micron Shares, and Latest Market Updates • IH Market News • 03/21/2024 11:17:26 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/11/2024 08:30:45 PM
- Futures Pointing To Continued Weakness On Wall Street • IH Market News • 03/05/2024 02:03:27 PM
- NIKE, Inc. Announces Third Quarter Fiscal 2024 Earnings and Conference Call • Business Wire • 02/22/2024 09:15:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/16/2024 09:33:40 PM
- Nike Workforce Reduction, The Trade Desk Soars 19% on $606 Million Revenue, and Latest News • IH Market News • 02/16/2024 11:08:22 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/14/2024 03:36:33 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/13/2024 09:31:34 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/13/2024 09:29:17 PM
- NIKE, Inc. Declares $0.370 Quarterly Dividend • Business Wire • 02/08/2024 09:46:00 PM
- Wall Street Highlights: Vroom Shuts Down Online Car Sales, Ericsson Warns of Decline Outside China, and More • IH Market News • 01/23/2024 10:40:18 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/12/2024 09:19:41 PM
- Crypto: UBS Imposes BTC ETF Trading Restrictions, CoinShares Acquires Valkyrie’s ETF, and More • IH Market News • 01/12/2024 06:50:44 PM
- Wall Street Highlights: Mastercard’s Financial Rise, Citigroup’s $3.8 Billion Charges, and More • IH Market News • 01/11/2024 11:18:22 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM