Pedestrians pass by the Nike Store and its logo, an American multinational sports clothing brand found in Hong Kong.
Budrul Chukrut | LightRocket | Getty Images
Nike Stocks fell in an extended deal on Thursday after a sneaker giant reported lower-than-expected quarterly earnings due to softening demand in North America.
Its inventory has recently dropped by about 2.5%.
Based on an analyst survey by Refinitiv, here’s how Nike behaved compared to what Wall Street expected in the first quarter.
- Earnings per share: $ 1.16 vs. $ 1.11 forecast
- Revenue: $ 12.25 billion vs. $ 12.46 billion forecast
Net income for the three months ended August 31 increased to $ 1.87 billion ($ 1.16 per share) compared to $ 1.52 billion ($ 95 per share) in the year-ago quarter. This exceeded analysts’ expectations of $ 1.11 per share.
Sales increased from $ 10.59 billion in the previous year to $ 12.25 billion. That was below the $ 12.46 billion forecast.
Greater China sales increased 11%, the smallest increase in the region. The region has been one of Nike’s largest revenue drivers in the last few quarters.
North American revenue was up 15% to $ 4.88 billion. This didn’t reach the $ 5.05 billion that FactSet polled analysts were looking for.
Nike’s share price has risen about 13% year-to-date at the end of the market on Thursday, but has fallen about 9% from its all-time high in early August. The company has a market capitalization of $ 252.6 billion.
This story is developing. Please check for updates.
Find the full press release from Nike here..
Nike (NKE) First Quarter 2022 Revenue
Source link Nike (NKE) First Quarter 2022 Revenue