Nike Beats Profit Estimates as Sneaker Demand Stays Strong; Sees Higher Margins Ahead

Nike beats Wall Street profit estimates as demand for sneakers remains strong despite pressures.
Company forecasts 100 basis point increase in gross margins next quarter as it reduces markdowns and freight costs.
Inventories fell 10% as Nike successfully cut excess products ahead of holidays.
Plans to focus more on running shoes like Air Max, Infinity, V2K to tap growing demand.
Will refresh basketball portfolio across Nike and Jordan brands amid competition.

reuters.com

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