Nike misses on revenue for first time in two years, but stock pops as earnings, margins beat
Publishing timestamp: 2023-09-28 19:04:46
Summary
Nike reported fiscal first-quarter earnings that fell short of Wall Street's revenue expectations for the first time in two years. However, the sneaker giant beat expectations on earnings and gross margin. Sales fell 2% in North America but rose in every other region. Nike's stock soared in after-hours trading following the earnings report. The company maintained its full-year guidance and expects revenue growth in mid-single digits. Nike's recovery in China and its margins are areas of focus for investors.
Sentiment: POSITIVE
Tickers: DBI, FL, NKE, M, DKS,
Keywords: business, nike inc, earnings, dick's sporting goods inc, designer brands inc, china, foot locker inc, breaking news: business, business news, retail industry, macy's inc, dividends, breaking news: earnings,
Source: https://www.cnbc.com/2023/09/28/nike-nke-earnings-q1-2024.html