Nike stock rallies after another earnings beat

Shares of Nike Inc. rallied after hours on Tuesday after the athletic-gear giant reported third-quarter results that topped expectations.

The maker of sneakers and sports apparel reported third-quarter net income of $1.24 billion, or 79 cents a share, compared with $1.4 billion, or 87 cents a share, in the same quarter a year ago. Revenue increased 14% to $12.39 billion, compared with $10.87 billion in the prior-year quarter.Nike’s NKE gross margin fell 330 basis points to 43.4%. Inventories stood at $8.9 billion, up 16%, amid “higher product input costs and elevated freight costs.

Nike reported earnings after it cut prices in an effort to clear clothing and other items from its warehouses, following supply-chain hiccups that led to an excess of off-season goods and rising prices for basics. Those higher prices made customers less interested in dropping money on a new pair of sneakers.

Looks like Nike is really keeping up with the Joneses!

Then why is it dumping? I don’t get it

المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

5 things to know before the stock market opens TuesdayHere are the most important news items that investors need to start their trading day. That it’s failing us all by design CNBC CNN FOXNEWS ! GET YOUR MONEY 💰 OUT OF THE MARKETS !
مصدر: CNBC - 🏆 12. / 72 اقرأ أكثر »

Credit Suisse and banking crisis, Fed meeting, Nike earnings top week aheadThe future of First Republic Bank and Credit Suisse will dominate the headlines in the coming week ahead of the Federal Reserve's decision on interest rates.
مصدر: FoxBusiness - 🏆 458. / 53 اقرأ أكثر »