NKE
Nike up 2% after strength in China paces another big quarter
- Nike (NYSE:NKE) reports revenue was up 7% in FQ2 on a currency-neutral
basis, driven by growth across all geographies, led by Greater China
reported revenue growth of 24%.
- Nike Direct sales rose 32% during the quarter to $4.3B.
- Gross margin decreased 90 bps to 43.1% of sales, primarily driven by
higher promotional activity to reduce excess inventory resulting from
COVID-19 impacts and restructuring-related costs for the previously
announced reorganization, both partially offset by favorable full-price
product margins.
- No big fireworks were announced by Nike after the unusual Friday night
timing of an earnings release stirred up some chatter. No guidance was
issued as well.
- Shares of Nike are up 1.94% in AH trading after carving out a new high
of $141.14 during the regular session.
- Nike has the highest profitability grade in the footwear sector.
|Yesterday, 4:20 PM|10 Comments
Nike up 2% after strength in China paces another big quarter
- Nike (NYSE:NKE) reports revenue was up 7% in FQ2 on a currency-neutral
basis, driven by growth across all geographies, led by Greater China
reported revenue growth of 24%.
- Nike Direct sales rose 32% during the quarter to $4.3B.
- Gross margin decreased 90 bps to 43.1% of sales, primarily driven by
higher promotional activity to reduce excess inventory resulting from
COVID-19 impacts and restructuring-related costs for the previously
announced reorganization, both partially offset by favorable full-price
product margins.
- No big fireworks were announced by Nike after the unusual Friday night
timing of an earnings release stirred up some chatter. No guidance was
issued as well.
- Shares of Nike are up 1.94% in AH trading after carving out a new high
of $141.14 during the regular session.
- Nike has the highest profitability grade in the footwear sector.
|Yesterday, 4:20 PM|10 Comments
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