Nike earnings and revenue top estimates, but inventories and costs rise
Nike's earnings and revenue easily beat Wall Street's expectations, but rising inventories squeezed the company's margins.
Here's how Nike did in its second fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:vs. $12.57 billion expected Inventories were up 43% to $9.3 billion in the quarter, compared to last year. The merchandise glut led to aggressive markdowns, which helped reduce Nike's gross margin to 42.9% from 45.9% a year ago.
Nike's sales in China, its third biggest market by revenue, dropped by 3% compared to last year, continuing a trend the retailer contending with as the country continues to deal with lingering Covid lockdowns and a slowdown in retail spending.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
5 things to know before the stock market opens TuesdayHere are the most important news items that investors need to start their trading day.
Read more »
Here are Monday's biggest analyst calls: Tesla, Amazon, Netflix, Moderna, Nike, Coinbase & moreHere are Monday's biggest calls on Wall Street.
Read more »
Clouds Increase Monday; Rain Monday Night, Tuesday - Alabama NewsTemperatures remain cool with highs in the low 50s. Showers arrive west to east late Monday afternoon or during the evening. A cool rain continues Monday night through Tuesday morning.
Read more »
N.J. Rep. Pascrell’s 6-year quest to obtain Trump’s taxes ends in victory TuesdayRep. Bill Pascrell Jr. has been trying to get his hands on former President Donald Trump's tax returns since 2017. A key House committee will examine the returns on Tuesday.
Read more »
Kings, Ducks both seek to gain a little momentum in Tuesday matchupBoth teams come into this season’s first Freeway Faceoff at Crypto.com Arena with modest two-game winning streaks.
Read more »
SoCal to see cool temperatures, sunny skies TuesdaySouthern California will see cool temperatures and clear skies on Tuesday, but temperatures will start warming up later in the week.
Read more »