![]() ![]() “We remain focused on what we can control and we are on track to deliver on our operational and financial goals, setting the foundation for sustainable, profitable growth. stocks rallied Wednesday as strong earnings from Nike and FedEx, along with upbeat consumer confidence data, lifted sentiment after a recent bout of. “Consumer demand for Nike’s portfolio of brands continues to drive strong business momentum in a dynamic environment,” said Matthew Friend, executive vice president and chief financial officer. Still, Nike executives remain optimistic for the company’s future. ![]() Diluted earnings per share rose 2 percent to $0.85, compared with $0.83 a share last year. The company’s profits were roughly flat at $1.331 billion, compared with $1.337 billion a year ago, as a result. In addition, overhead costs increased 10 percent to $3 billion, driven by investments in technology and wage-related expenses. The company credited an increase in units lapping from last year’s supply chain disruption for the surplus of goods, as well as rising input costs. Nike’s inventories rose 43 percent during the quarter, year-over-year, to $9.3 billion. In addition, excess inventory was costly. So did unfavorable exchange rates and elevated freight, logistics and production costs. How’s that, you ask At the end of May, CNN Business reported that the U.S. Double-digit growth in North America (as high as an increase of 39 percent, year-over-year, for footwear) helped offset declines in Asia.īut additional markdowns to help clear excess inventory, particularly in North America, cut into profits.
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