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published in Blogs
Mar 22, 2022
Nike (NKE, $130.03) beats fiscal Q3 earnings expectations

Nike (NKE, $130.03) beats fiscal Q3 earnings expectations

Nike posted its fiscal third quarter earnings that surpassed analysts’ expectations, on the back of solid demand in its North American market.

The sneaker giant’s earnings for the quarter came in at 87 cents per share, well above the 71 cents expected by analysts polled by Refinitiv.

Revenue rose +5% year-over-year to $10.87 billion in the quarter, beating the $10.59 billion expected.

Nike said sales in North America rose 9% from the year-ago quarter, while sales in Greater China fell -5%.

CEO John Donahoe mentioned in a press release, “Marketplace demand continues to significantly exceed available inventory supply” .

Nike’s wholesale revenue in the third quarter decreased -1%, while store sales rose +14% year over year. Nike’s digital sales climbed +19% year-over-year, amid a solid +33% growth in North America.

Nike reiterated its current fiscal year projections for sales growth at mid-single-digits from the prior 12-month period. Analysts had predicted revenue growth of +5.3%, according to Refinitiv data.

 

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