Nike (NKE) Q1 2022 earnings beat, sales miss

Pedestrians walk past the American multinational sport clothing brand, Nike store and its logo seen in Hong Kong.

Budrul Chukrut | LightRocket | Getty Images

Nike shares dropped in extended trading Thursday after the sneaker giant reported quarterly revenue that missed analysts’ expectations, due to softening demand in North America.

Its stock was recently down less than 1%.

Here’s how Nike did during its fiscal first quarter compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Earnings per share: $1.16 vs. $1.11 expected
  • Revenue: $12.25 billion vs. $12.46 billion expected

Net income for the three-month period ended Aug. 31 grew to $1.87 billion, or $1.16 per share, compared with $1.52 billion, or 95 cents per share, a year earlier. That topped analysts’ expectations for $1.11 a share.

Sales climbed to $12.25 billion from $10.59 billion a year earlier. That was short of expectations for $12.46 billion.

Sales in Greater China were up 11%, the smallest increase of its geographies. The region had been one of Nike’s biggest revenue drivers in quarters past.

Revenue in North America rose 15% to $4.88 billion. That was short of the $5.05 billion that analysts polled by FactSet were looking for.

Digital sales for the Nike brand rose 29% year over year. The retailer has been investing in its website and a suite of mobile apps. That has been especially beneficial during the health crisis, when many people have opted to shop from their homes.

But Nike has faced other challenges, which could impact its future performance. Since mid-July, the company has been working through factory shutdowns in Vietnam, where it produces roughly 50% of its footwear and 30% of its apparel.

Analysts and investors have been expecting sales to take a temporary hit from the drop-off in manufacturing. Facilities are still not yet fully up and running.

After reporting a blowout fiscal fourth quarter in June, Nike had said it was expecting annual revenue to grow at a low double-digit pace, surpassing $50 billion. But analysts recently lowered their expectations to $49.81 billion, according to a Refinitiv survey. In its press release, Nike didn’t provide an updated forecast.

Nike said it ended the latest quarter with inventories of $6.7 billion, which was about flat from a year earlier, and down slightly from inventories of $6.9 billion in the prior period.

The company said its in-transit inventories, meaning goods en route to warehouses, were up due to extended lead times from ongoing supply chain disruptions.

Nike shares are up about 13% year to date, as of Thursday’s market close, but down about 9% from an all-time high reached in early August. The company has a market cap of $252.6 billion.

Find the full press release from Nike here.

Source link

The post Nike (NKE) Q1 2022 earnings beat, sales miss appeared first on Chop News.



from Chop News https://ift.tt/3kBb1Zh

Comments

Post a Comment

Popular posts from this blog

Where To Find Undetected Black Ops Cold War Hacks? | RVCJS

Image
Black Ops Cold War hacks are highly popular and there’s absolutely no question about it. If you regularly play the game on PC, there’s no doubt you haven’t encountered at least a few players that have used said Cold War hacks. You’ve probably thought about using them too at least once or twice, but haven’t done so because of a fear of getting banned. Luckily, there’s now a great solution for that which we’ll be discussing more about today. This solution is undetected Cold War hacks.  The Key Points to Keep in Mind Hacks for Cold War are very popular, but it’s very risky to use them.  Once you get banned, there’s no chance of recovering your account, which is why undetected hacks are a necessity.  Not all ‘’undetected’’ are truly undetected. You have to clearly decide which of them you choose.  Battlelog.co is the most trustable cheat provider of all in this department, as they offer truly amazing undetected Black Ops Cold War hacks .    Ho...
Read more

How to Manage Your Spinal Cord Injury in Arizona

Image
How to Manage Your Spinal Cord Injury in Arizona:  Arizona is a prosperous state in the United States, with a population of more than seven million people in 2019. It has a robust economy with an unemployment rate of 5.1% during the year. The state also posted a 2.7% job growth in 2018-2019, mainly driven by its healthcare industry. One of the growing segments in the state’s healthcare sector is medical cannabis. Experts recommend it to treat ailments like chronic pain and spinal cord injuries (SCI). However, you need to have a medical marijuana card in Arizona to buy medical cannabis legally. How to Manage Your Spinal Cord Injury in Arizona When to Seek Medical Help for Your SCI The National Spinal Cord Injury Association claimed an estimated 450,000 Americans are living with SCI. Also, there are around 17,000 new SCI cases in the U.S. every year. If you are an SCI sufferer, you should go to the hospital immediately if you experience one or more of the following symptoms af...
Read more

Jaydev Compares Cutting Beans With Pujara’s Ranji Final Innings, Gets A Hilarious Reply From Him | RVCJS

Image
The Indian cricketers are presently sitting inside their houses as the coronavirus outbreak has compelled each one of us to remain indoors to save ourselves from getting infected. While some players are getting active on social media networks and interacting with their fans or colleagues, several others are letting their fans know how they are spending time in the 21 days lockdown period. Indian cricketer Jaydev Unadkat under whose captaincy the Saurashtra team won the Ranji Trophy recently took to the micro-blogging site Twitter and posted a photo in which he showed the vegetables that he chopped. He also wrote heartwarming message for his mother as she has done such things infinite times but never showed off. Jaydev Unadkat’s tweet read, “By, Yours truly.. To, The Mother.. (who does it infinite times without any such show-off & appreciation)  #QuarantineLife” By, Yours truly.. To, The Mother.. (who does it infinite times without any such show-off & appreciation) #Q...
Read more