(AOF) – Nike rose 6.48% to $95.31. Investors welcome the quarterly performance of the American sports equipment manufacturer which generated a profit higher than expectations. For the first quarter of its fiscal year ended August 31, the Swoosh firm generated net profit per share of 94 cents, compared to 93 cents a year earlier and 76 cents consensus. This performance benefited the two European competitors Adidas and Puma on the stock market, increasing by 6.52% and 6.04% respectively in Frankfurt.
However, Nike published, for the first time in two years, a turnover below forecasts, at 12.94 billion dollars, against 13 billion anticipated.
Its sales recorded solid growth both in China (+12% excluding currency impact) and in Europe, Africa, Middle East (+6%). But those in North America, a region which represents nearly 45% of its revenues, fell by 1% excluding currency effects.
Its stocks also decreased by 10% over one year, reaching $8.7 billion.
Stifel, which remains Buy on Nike, sees fiscal 2024 as the first in a series of years in which the margin structure will normalize upwards.
Despite an increasingly obvious competitive environment, Nike has also maintained its annual forecast of revenue growth between 4% and 6% and an expansion in gross margin of 1.4 to 1.6 points. basic.
© 2023 Agence Option Finance (AOF) – All reproduction rights reserved by AOF. AOF collects its data from the sources it considers the safest. However, the reader remains solely responsible for their interpretation and use of the information made available to them. The reader must therefore hold AOF and its contributors harmless from any claim resulting from this use. Agence Option Finance (AOF) is a brand of the Option Finance group
Did you like this article ? Share it with your friends using the buttons below.
