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- Nike Inc NKE reported first-quarter FY22 sales growth of 16% year-on-year, to $12.25 billion, missing the analyst consensus of $12.46 billion.
- Revenue from North America increased 15% Y/Y, Europe, Middle East & Africa rose 14%, Greater China climbed 11%, and the Asia Pacific & Latin America 33%.
- Nike Direct sales rose 28% Y/Y, and Brand Digital sales increased 29%.
- Gross profit rose 20% Y/Y to $5.7 billion, and the gross margin increased 170 basis points Y/Y to 46.5%.
- EPS of $1.16 beat the analyst consensus of $1.11.
- Nike held $13.7 billion in cash and equivalents as of August 31, 2021.
- Outlook: Nike expects FY22 revenue to grow in mid-single digits (prior outlook low double-digit growth), citing supply chain impacts.
- For Q2, the company expects revenue growth to be flat to down low single digits versus the prior year.
- Meanwhile, the company said it is optimistic inventory supply availability will improve heading into FY23.
- Price Action: NKE shares are trading lower by 6.9% at $148.54 on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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