Among the standout developments in Nike Inc.’s (NYSE:NKE) fourth quarter earnings on Thursday was the rapid ascent of its Vomero 18 running shoes, which became a $100 million franchise within just 90 days of launch.
Check out the current price of NKE stock here.
What Happened: During the earnings call, the company’s CEO, Elliot Hill, did not hold back when highlighting the success of this brand, and called it a clear sign of innovation-led growth is returning.
“Vomero has already become a $100 million business with growth in all GEOs,” Hill said, while crediting strong consumer response across its “Nine Box” running shoes lineup and early wholesale enthusiasm as key drivers of the new model's rapid success.
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Hill adds that the company is doubling down on the brand, with variants already on their way. “We have Vomero Plus and Vomero Premium coming in… Both those shoes are beautiful shoes and incredibly innovative and distinctive,” he said.
He, however, acknowledged during the call that the company’s fourth quarter results weren’t “up to the Nike standards,” adding that they’re in the process of repositioning the business around the “WinNow Actions.” This essentially refers to aligning the company around culture, product, marketing, marketplace, and its ground game.
Hill emphasized this cultural and operational transformation, saying that it was “time to turn the page.” The company’s CFO, Matthew Friend, said, “The fourth quarter reflected the largest financial impact from our WinNow actions.”
Why It Matters: Investor Gary Black, the founder of the Future Fund, who notes that he owns no position in the sporting apparel company, applauded its turnaround efforts under Hill in a post on X.
Black, who says that the company’s had a disastrous year, believes the business has “hit bottom,” as a result of its “not as bad as feared” fourth quarter results, and it going “back to its roots” as a product innovator, with a focus on sports and athletes.
Price Action: Shares of Nike were up 2.81% on Thursday, trading at $62.54, and are up 10.73% after hours, following its fourth quarter earnings results after markets closed.
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