Nike reported having higher inventory than wanted.was on the minds of investors Thursday as the sportswear giant unveiled its latest set of quarterly earnings. The headline results looked promising, but the stock still tanked 10% afterhours.at $0.92, and it came in at $0.93. The revenue consensus forecast was at $12.2 billion and again the figure came in ahead at $12.7 billion. So far so good, right? Well, the devil is always in the details.
"Based on current spot rates, net of hedging activity, we estimate the full-year negative impact of foreign exchange on reported revenue and EBIT to now be approximately $4 billion and $900 million, respectively, creating a wide divergence in constant versus real dollar performance. [...
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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