Nike reported fiscal fourth quarter earnings that beat Wall Street's expectations on revenue but missed on profits.
Nike's fourth quarter revenue beat Wall Street's estimates but its profits fell short of expectations.Follow your favorite stocksA customer enters a Nike store along the Magnificent Mile shopping district on December 21, 2022 in Chicago, Illinois.reported mixed fiscal fourth-quarter earnings on Thursday, as lower margins weighed on profits.
The company's reported net income for the three-month period that ended May 31 was $1.03 billion, or 66 cents per share, compared with $1.44 billion, or 90 cents a share, a year earlier.Investors have been eager to see if Nike managed to improve its bloated inventory levels, which have weighed on its margins.The company attributed the drop to higher product input costs, elevated freight and logistics costs, an uptick in promotions and unfavorable currency exchange rates.
Nike has been relying on its wholesale partners to reduce inventory levels. The push boosted its wholesale revenue over the past few quarters, but didn't help its margins much. Macy's hasn't received a shipment from Nike since December 2021, but will now resume selling its apparel, including plus size women's, big and tall men's, kid's, bags and other gear, the department store told analysts during an earnings call. Nike's more premium offerings appear to be off the table for sale at Macy's.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Wall Street closes higher as upbeat economic data allays slowdown fears By Reuters⚠️BREAKING: *DOW SNAPS 6-SESSION LOSING STREAK, S&P 500, NASDAQ RISE MORE THAN 1% AS WALL STREET CLOSES HIGHER AFTER SOLID ECONOMIC DATA $DIA $SPY $QQQ $IWM $VIX 🇺🇸🇺🇸
Leer más »
Wall Street closes higher as upbeat economic data allays slowdown fearsU.S. stock indexes rebounded on Tuesday from a recent losing streak as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve's aggressive interest rate hikes.
Leer más »
Pickleball injuries could cost up to $500 million this year, Wall Street analysts predictAs pickleball keeps sweeping the nation, the now-popular sport could rack up health care costs as high as $250 million to $500 million in 2023, according to statistics from investment bank UBS.
Leer más »
Stock market today: Global shares mixed despite Wall Street rallyGlobal shares were mixed on Wednesday despite a rally on Wall Street driven by optimism over reports suggesting the American economy is in better shape than feared.
Leer más »
Wall Street Journal: Wagner boss planned to capture top Russian defense chiefs | CNNWagner leader Yevgeny Prigozhin planned to seize two of Russia top military officials when he launched a short-lived mutiny on Saturday, the Wall Street Journal reported on Wednesday, citing Western officials.
Leer más »
Snowflake stock rallies as 'blizzard' of AI product announcements make Wall Street happyShares of Snowflake Inc. stormed higher Thursday after analysts applauded partnerships and a "blizzard" of AI products.
Leer más »