Nike warns on soft sales, increased promotions
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 22 December 2023
⏱️ 8 minutes
🧾️ Download transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning, it's finally Friday, December 22nd. I'm Julie Morgan. Nike and its peers are down pre-market following |
| 0:16.2 | the company's earnings report. Cyto-kinetics has some takeover interests and the |
| 0:21.3 | DOT is investigating frequent flyer programs. |
| 0:25.0 | Nike is down in pre-market action following its earnings report. |
| 0:30.0 | Margins and EPS top estimates but a soft quarter in North America dragged down the revenue |
| 0:35.7 | total to below the consensus expectation. |
| 0:38.8 | Nike's Q2 Gap EPS of $1.3,000,000, beat by $18. Revenue of $1.3, cents, beat by 18 cents. |
| 0:44.0 | Revenue of $13.39 billion missed by $40 million. |
| 0:48.8 | Revenue increased 4% year over year in greater China to 1.86 billion dollars but fell short of the |
| 0:55.2 | consensus expectation of 1.97 billion. The Asia Pacific and Latin America segment |
| 1:01.6 | saw a 13 percent increase in revenue during the quarter and the Europe segment |
| 1:06.1 | generated 2% revenue growth, but revenue fell 4% in North America. |
| 1:11.7 | Net income for the apparel giant was 1.6 billion dollars |
| 1:15.4 | versus 1.33 billion a year ago. Nike guided for fiscal Q3 reported revenue to be |
| 1:22.0 | slightly negative and for fiscal Q3 reported revenue to be slightly negative and for fiscal Q4 reported |
| 1:25.2 | revenue to be up at a low single digits rate which were both below the prior |
| 1:29.9 | expectation of analysts. Nike said the forecast reflects increased macro headwinds |
| 1:35.6 | particularly in China, Europe, the Middle East and Africa as well as some supply |
| 1:41.0 | chain disruption. |
| 1:42.6 | The company also outlined its streamlining efforts that will include reducing management |
| 1:47.4 | layers, simplifying the product assortment, increasing automation and use of technology, |
... |
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