Never agree to 3 points on top of the vig.
- Posts: 17669
- Joined: Tue Jun 15, 2004 2:53 am
- Location: The 33rd Ward, Chicago
Anaxagoras wrote: ↑Thu Jan 17, 2019 4:51 amHas the boycott been effective? How is Nike doing lately?
Nike crushes earnings expectations, helped by strong online sales, shares surge
Nike reported quarterly earnings and revenue on Thursday that beat analysts' expectations.
Shares of the company were up 8 percent in premarket trading.
Nike said revenue grew in nearly every category, with footwear and apparel seeing growth in the double digits globally.
Not so fast...
Nike reports unexpected loss as sales tumble 38%, shares fall
They're trying to blame the Wuhan virus, but even with that analysts expected earnings of 7 cents a share. They are wildly underperforming.The Portland, Oregon-based sneaker maker on Thursday reported an unexpected quarterly net loss and a sales decline of 38% year-over-year, as its business was hurt from its stores being shut temporarily, and online revenue was not enough to make up for that.
Its inventories also piled up, weighing on profits, as its wholesale partners such as department stores also had their shops shut and took in fewer orders for shoes and clothes.
Nike shares were recently down around 4% in after-hours trading.
Here’s how Nike did during its fiscal fourth quarter:
Loss per share: 51 cents
Revenue: $6.31 billion
Nike reported a loss of $790 million, or 51 cents per share, during the period ended May 31, compared with net income of $989 million, or earnings of 62 cents a share, a year ago.
Total revenue was down 38% to $6.31 billion from $10.18 billion a year ago. Sales in North America were down 46%, while sales in China were down just 3%, with many of Nike’s stores in that region reopening sooner during the pandemic than in the U.S.
Get woke, go broke.