Nike sneakers fuel sales beat, excess apparel stocks still a drag

📆 3/21/2023 10:35 PM
📰 Reuters

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Nike raised its full-year revenue outlook on Tuesday after reporting quarterly results that beat estimates, but warned of margin pressures as it continues to get rid of excess inventory through heavy discounts.

Nike's shares fell 2% in extended trading on Tuesday after the company said it expects 2023 gross margin to decline about 250 basis points, at the low end of its previous forecast range.

Nike is in a much better position with inventories than it was in the past six months, Jessica Ramirez, senior analyst at Jane Hali and Associates said. Nike's recovery in China looks a lot more better than Adidas which has been "falling apart" in the country, Morningstar analyst David Swartz said.

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They need to stop using kangaroo skins for their shoes then maybe they will have better sales…. But I doubt it

So, Chinese child labor is good?

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