Nike (NKE) reported better-than-expected third-quarter results. The athletic apparel retailer posted adjusted earnings per share of $0.77 compared to a $0.74 estimate. Revenue of $12.43 billion topped expectations of $12.31 billion. Gross margin of 44.8% was just shy of the 45.1% estimate, while Greater China revenue of $2.08 billion was about in line with the estimate of $2.04 billion. Yahoo Finance's Julie Hyman and Josh Lipton break down the report. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Stephanie Mikulich.
Nike (NKE) reported better-than-expected third-quarter results. The athletic apparel retailer posted adjusted earnings per share of $0.77 compared to a $0.74 estimate. Revenue of $12.43 billion topped expectations of $12.31 billion. Gross margin of 44.8% was just shy of the 45.1% estimate, while Greater China revenue of $2.08 billion was about in line with the estimate of $2.04 billion.
Yahoo Finance's Julie Hyman and Josh Lipton break down the report.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Stephanie Mikulich.
Reuters
Nike had launched new styles such as LeBron 21 and Ultrafly to compete with On and Hoka, which helped pull in sales after seeing demand falter in recent quarters. The company reported a 3% jump in its largest market, North America, where it offered heavy promotions on its Jordan shoes to attract customers. Nike's wholesale business, which had been suffering for the last few quarters after retailers cut back on orders, bounced back and saw a 3% rise in the third quarter.
Bloomberg
(Bloomberg) -- The pressure is on Nike Inc. this week to show investors it has a plan to boost sales, after its shares posted back-to-back annual losses for the first time since the 1980s and continue to trail both peers and the broader market.Most Read from BloombergNY Gears Up to Seize Trump Westchester Assets If Fraud Fine Is UnpaidBaltimore Wants to Sell Hundreds of Vacant Homes for $1 EachJustice Department to Sue Apple for Antitrust Violations as Soon as ThursdayWhat Happens If Trump Can’t
Reuters
Nike has increasingly leaned on its iconic basketball shoes to boost sales, but as the sportswear giant bleeds market share to newer brands, some analysts and investors are wondering if that is a mistake. The Jordan brand and best-selling styles such as the Nike Dunk have long driven the company's sneaker sales but consumers have new favorites in the market - On and Deckers-owned Hoka that have grabbed more shelf space globally. "If we do a post-mortem, maybe there’s been too much reliance on legacy or historical product," said Jim Tierney, chief investment officer of Concentrated US Growth Equities at AllianceBernstein, which owns Nike shares.
Reuters
Senior executives at Archer-Daniels-Midland Co, the grain trader under government investigation for accounting issues, will receive millions of dollars in bonus compensation, according to an internal email seen by Reuters and Securities and Exchange Commission filings. ADM had delayed paying performance bonuses to some executives until the company completed and audited its financial statements, Reuters previously reported. ADM published 2023 financial results on March 12, nearly two months later than initially planned, after conducting an internal investigation.
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