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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nike Inc | NYSE:NKE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.17 | 0.18% | 92.89 | 94.34 | 92.60 | 92.99 | 7,810,985 | 00:49:55 |
By John Kell
Nike Inc.'s (NKE) fiscal third-quarter sales leapt a better-than-expected 13%, as the sporting-gear company reported broad sales growth among key regions as consumers spent more on footwear and apparel.
Shares fell 3% to $76.90 after hours, after Nike during a conference call with analysts tempered outlook targets due to unfavorable currency fluctuations.
Currency headlines led Nike to temper expectations for the fiscal fourth quarter, now seeing revenue to rise at a high-single-digit rate, down from the December view of low-double-digit growth. Nike also sees ongoing currency pressure next fiscal year, affecting earnings growth.
Despite the currency woes, demand for athletic gear in the U.S. has been impressive in recent years, and Nike and other competitors have also benefited from rising growth in several international markets.
Nike's slate of new gear has excited analysts and consumers, including Flyknit shoes and a new Nike+FuelBand movement-tracking wristband. Later this year, Nike and other sporting gear makers are poised to benefit from sales of products tied to the World Cup soccer tournament.
Regionally, sales in the latest quarter jumped 12% in North America and rose 19% in Western Europe excluding currency changes. Greater China sales rose 7%, and the top line rose 19% in emerging markets.
Total Nike-branded footwear sales grew 16% excluding currency changes, while apparel posted a 12% increase and equipment sales jumped 9%.
Future orders, an indicator of growth, grew 14% excluding currency impacts in the latest quarter, with growth in North America, Europe and emerging markets more than offsetting modest declines in Japan and greater China.
The future orders are for Nike-branded footwear and apparel delivery between March and July, but don't necessarily reflect actual revenue growth. Still, the metric is closely followed by analysts.
For the quarter ended Feb. 28, Nike reported a profit of $685 million, down from $866 million a year ago. On a per-share basis, earnings from continuing operations rose to 76 cents from 73 cents a share. The prior-year results included a $231 million gain, net of tax, tied to the sale of Cole Haan.
Analysts surveyed by Thomson Reuters predicted a profit of 72 cents a share.
Revenue grew 13% to $6.97 billion, compared with Nike's projection of top-line growth in the single digits, while Wall Street forecast an 8% increase.
Gross margin widened to 44.5% from 44.2%, boosted by higher average prices.
Write to John Kell at john.kell@wsj.com
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