NIKE, Inc. (NYSE:NKE) shares were trading more than 5% lower Tuesday afternoon following the company’s reported Q4 results.
Revenue declined 1% year-over-year to $12.2 billion, above the Street estimate of $12.07 billion, as strong trends in Europe, Middle East, Africa (EMEA), and the Asia Pacific and Latin America (APLA) helped offset weakness in China and softer results in North America.
While EPS of $9.90 came in better than the Street estimates, it was driven by below-the-line items as EBIT dollars missed the Street by 8% due to weaker gross margin performance. The company took specific actions in order to manage supply and demand in Greater China following the Covid-related disruption which resulted in a gross margin shortfall along with elevated freight and logistics costs.
At CWEB, we are always looking to expand our network of strategic investors and partners. If you're interested in exploring investment opportunities or discussing potential partnerships and serious inquiries. Contact: jacque@cweb.com