Here’s How Nike Missed Earnings Expectations
Nike (NYSE:NKE) beat Wall Street expectations, but inventories are growing. As a result, the global retailer is down over 5% in after-hours trading.
Nike Earnings Cheat Sheet
Earnings: Increased to a profit of $457 million ($0.94/share) versus $375 million ($0.76/share) YoY.
Revenue: Up 9.75% YoY to $4.84 billion.
Actual vs. Wall St. Expectations: NKE beat the street, as analysts were expecting EPS of $0.88/share on revenues of $4.8 billion.
Notable Stats: Inventories were $2.3 billion, up 8% YoY.
Future orders for December 2010 to April 2011 delivery rose 11% to $7.7 billion YoY.
Did You Hear That? “We had a great second quarter. Almost every brand, category and geography delivered growth,” said Mark Parker, President and CEO of Nike.
Disclosure: No holdings in companies mentioned.