Nike’s Q3 Results Comfortably Beat Street’s Estimates (NKE)
Shares of Nike Inc. (NYSE: NKE) rallied on aftermarket hours on Thursday after the sports footwear and apparel maker reported fiscal third quarter results which comfortably beat Street’s estimates.
The Beaverton OR based Company said that its futures orders rose 6% while net earnings leaped 55%.
“Our team delivered strong results in the third quarter. We did it with a relentless flow of innovation into our key categories,” said the President, CEO and Director, Mark Parker said in a statement.
For the fiscal third quarter, Nike reported net income of $866 million or 73 cents a share, compared to a profit of $560 million or 61 cents a share, in the same quarter of last year.
Analysts’ consensus estimate was for earnings of 67 cents a share.
Revenue during the period climbed 9% to $6.19 billion from $6.23 billion. Gross margins widened to 44.2% from 43.9%.
The Company said that worldwide future orders for goods meant to be delivered between March and July, a key gauge on sports gear and apparel industry since it indicates business outlook, jumped 6% to $9.9 billion, from the year earlier quarter.
Sales, climbed 15% to $1.69 billion in North America, it declined 9% to $635 million in China while to rose 6% to $839 million in emerging markets. The revenue growth in the Western Europe was also fairly healthy considering the fact that the euro zone’s economy is still struggling to show signs of recovery.
While sales in Western Europe climbed 8% to $1.04 billion, sale in central and Eastern Europe jumped 16% to $318 million.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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