Nike Beats Estimates and Rallies as Demand Stays Strong Despite Macro Worries

Nike reported Q1 results that beat Wall Street estimates for revenue, EPS, and margins. Stock rallied over 9% during earnings call.
Nike execs said consumer demand remains "very, very strong" despite macroeconomic concerns. Revenue in Greater China was $1.74B vs. $1.83B expected.
Inventories fell 10% to $8.7B, easing concerns after 2022 inventory glut. Direct-to-consumer sales grew 6% to $5.4B.
Wholesale revenues were flat vs. year ago, better than the 4% decline expected. Foot Locker warning didn't appear to impact Nike.
Nike CEO said he feels "good" about China market and Nike's position despite economic outlook. Sport is back in China which gives confidence.

yahoo.com

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