Nike Beats on Earnings Despite Revenue Miss; Stock Jumps After Hours

Nike reported revenue below Wall Street expectations for the first time in 2 years, but beat on earnings and margins. Stock rose 8% after-hours.
Revenue was $12.94B vs $12.98B expected. EPS was 94 cents vs 75 cents expected.
Sales grew 2% overall but fell 2% in North America. China sales grew 5% but missed expectations.
Nike maintained full-year guidance of mid-single digit revenue growth and gross margin expansion.
Inventory fell 10% to $8.7B as Nike worked through excess. Footwear sales rose 4% while apparel fell 1%.

cnbc.com

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