Nike faces continued problems due to declining sales and a negative full-year forecast; the turnaround is not yet complete.
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Oh, Nike is at its lowest point in 13 years. Poor Nike, let's talk about this, please. Well, the problems at Nike continue. Another earnings report where the company excelled in earnings per share , but it is a company whose overall sales continue to decline.
They had some cautious comments afterward. Here are the numbers. Revenues were 11.2 billion, a decrease of 4%. Diluted earnings per share, 48 cents. This actually exceeded expectations.
Net income, 712 million, down 2%. Gross profit margins have expanded, but they also spoke of upcoming layoffs and planned workforce reductions. The full-year forecast is expected to fall by a high single-digit percentage.
So, the transformation we've been waiting for with Elliott Hill and Nike may be on the way. It's not time yet, Nicole. The stock is down about 10% this morning.
What this channel has said about $NKE
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