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Business

Nike reports revenue for the third quarter of last year 2019




Nike shares tumbled after the clock on Thursday after the sneaker manufacturer reported weaker than expected sales in North America during the third quarter.

Although earnings increased analysts' expectations and total revenues were in line with estimates, Nike shares reduced more than 4 percent to the news. to a record high of $ 88.01

This is what Nike reported for its fiscal third quarter compared to what analysts expected, based on a Refinitiv poll:

* Earnings per share adjusted: 68 cents vs 65 cents expected
* Revenue: $ 9,61[ads1]1 billion against $ 9,612 billion expected [19659003] "Our business moment is accelerated by our ability to scale innovation at a faster pace and expand new digital consumer experience around the world," says CEO Mark Parker. The company also shouted "Continued momentum in China", a geography it is saying there is still "bullish" abou t in spite of uncertainty about tariffs.

"We have great speed in China, but we are still far from realizing the long-term potential of this market," CFO Andy Campion analysts said.

Nike reported a net income of $ 1.1 billion, or 68 cents per share, compared to a net loss of $ 921 million, or a loss of 57 cents per share, a year ago. Earnings per share came in 3 cents ahead of analysts' expectations, based on a survey by Refinitiv.

Revenues increased 7 percent in the quarter to $ 9,611 billion from $ 8,984 billion a year ago. It was about in-line with what analysts had expected. It marked the first time in six quarters, but Nike did not have the best expectations.

Inside, the sales of the Converse shoe brand were down 2 percent to $ 463 million, mainly driven by the downturn in the US and Europe, the company said.

In North America, sales increased by 7 percent to $ 3.81 billion, except for currency changes. There was softer growth than anyone had expected. Analyst Cristina Fernandez, analyst from Telsey, asks that North American sales increase by 10 percent during the third quarter.

In Europe, the Middle East and Africa sales increased by 12 percent, except for currency changes, Nike said. In China, revenues increased by 24 percent. And in Asia and the Pacific and Latin America sales increased 14 percent, as Nike's business continues to grow more overseas than in the United States, which is still saturated with competition from Adidas, Under Armor and Vans.

Nike said its digital business increased by 36 percent as it continues to invest in online initiatives such as its mobile app. The company said buyers are using the Nike dealer application to trade an average of 40 percent higher sales than those who don't. .

It said traffic and sales through its "Snkrs" app – which sells shoes with limited circulation by means of collaboration with athletes, celebrities and universities – climbed three figures in the quarter.

The hope of continuing to build momentum for its brand, the Nike focus has shifted from wholesale partners to selling as much as it can directly to consumers, through its own stores and websites. It is evident from Nike's new store openings, which include a high-tech New York flagship store on Fifth Avenue, and a new mini-format store that tests in Los Angeles. Nike's online business, however, has been strong as long as the company has innovated with new products – such as the Air Max 720 and Epic React Flyknit 2 – and exclusive launches that drive traffic to the site.

"The innovation pipeline is full on Nike and it gives us great confidence that we will continue to win with consumers in the years to come," said Parker.

Looking for growth pockets, Nike has said it plans to invest more in clothing and women's products in the future. For women, it launches several things like yoga pants and sports goggles in expanded sizes. The company said that from the third quarter, its Jordan business for women with double-digit interest rates is increasing, and women "embrace" sneaker culture more and more every day. "

However, Nike is expected to have ripped as rival sneaker maker Adidas North American sales growth has weakened. Adidas has said it will face a shortage of supply chains by 2019."

by Nike's superior product platform, "said Jefferies analyst Randal Konik before Thursday's report.

Nike was caught up in controversy recently when Duke University star Zion Williamson blew through his Nike sneakers during a basketball game and sprained his knee. After the debacle, the company responded by sending a team of sneaker designers to Duke in North Carolina, and then to China, to create a new shoe for Williamson, who has since returned to play basketball after he had to sit out some games with his

Also on Thursday, Nike said the buyback 9.8 million shares, worth $ 754 million, in the quarter.

On Thursday's market closed, Nike shares increased more than 30 percent over the past twelve months. The shares have climbed almost 18 per cent only this year.



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