Nike misses on revenue for first time in two years, but stock pops as earnings, margins beat

  • 📰 CNBC
  • ⏱ Reading Time:
  • 38 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 72%

United States News News

United States United States Latest News,United States United States Headlines

Nike fell short of revenue expectations during its fiscal first quarter but beat on earnings and margins.

Nike reported fiscal first-quarter earnings that fell short of Wall Street's revenue expectations for the first time in two years.Sales fell 2% in North America, Nike's largest market, but rose in every other region it operates in.A shopper leaves a Nike store along the Magnificent Mile shopping district with a purchase in Chicago, Dec. 21, 2022.

Sales rose to $12.94 billion, up about 2% from $12.69 billion a year earlier. Revenue for the quarter was just shy of the $12.98 billion analysts had expected, according to LSEG.Investors have been laser focused on Nike's recovery in China, its relationship with its wholesale partners and how theThey're also keen to see Nike's margins recover after bloated inventories, high promotions and supply chain woes contributed to lower profits over the last few quarters.

While Nike remains bullish on China, the region's economic recovery has so far been a mixed bag. Following a sluggish July,during the month of August to rise 4.6% compared to the prior year, beating expectations of a 3% growth forecast by Reuters.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

These Stocks Are Moving the Most Today: Micron, Peloton, Workday, Nike, CarMax, and MoreFiscal fourth-quarter revenue at chip maker Micron falls sharply from a year earlier, Peloton stock surges after signing a five-year partnership with...
Source: MarketWatch - 🏆 3. / 97 Read more »

Stocks edge higher, jobs data up next, Peloton, Micron, NikeStocks edge higher, jobs data up next, Peloton, Micron, Nike
Source: startelegram - 🏆 248. / 63 Read more »

Nike earnings on deck with focus on US consumer demand, profit marginsA gloomy outlook from Foot Locker, as well as ongoing weakness in China, will challenge Nike’s near-term sales forecasts.
Source: startelegram - 🏆 248. / 63 Read more »