Nike Profitability Lags Even as Sales Outpace Expectations

Bloomberg2023-03-22

Nike Inc. reported quarterly sales that beat Wall Street’s expectations as the sportswear brand worked down its excess inventory, but profitability missed estimates amid markdowns and high freight and...

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Andrewinho
2023-03-22
Andrewinho
Opportunity!! 🤭🤭🤭

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Nike sees revenue growing this fiscal year in by a high-single-digit percentage, up from its prior guidance of mid-single-digit expansion.Nike shares slipped about 3% at 5:50 p.m. in after-market trading, erasing an earlier gain. The stock had been up about 7% this year through Tuesday’s close.Weakness in China persisted, though Nike’s troubles there may alleviate as the nation’s reopening reaches full swing. 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