After the market closed, Nike reported quarterly results. The papers sank sharply after the numbers were known.
The sports clothing company, Nikewhich also has its cedars in the local ball, presented your latest quarterly balance but the numbers were worse than expected so its shares sank up to 8% in the aftermarket.
The reported revenues of US$11.59 billion were below the US$11.65 billion expected by analysts. For the next quarter it expects its revenue to fall between 8 and 10%.
Despite the weakness in the first line of the income statement, it managed to improve its gross margin by 1.2 percentage point, reaching 45.4%.
Last month, Nike announced that Elliot Hill would take the reins of the company, replacing John Donahoe.a change that will be effective on October 14. Due to these changes, Nike decided to postpone its investor day to the month of November.
Nike also announced that it will withdraw its annual growth forecasts for the current fiscal year. “This will provide Elliott with greater flexibility to reconnect with our employees and our work teams,” the company explained.
In relation to the company’s latest quarterly results, it was recognized that the numbers are not good and that The company would need more time to achieve a recovery of sufficient magnitude.
Source: Ambito
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